Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v2.4.0.8
Consolidated Statements of Income (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenue        
Lease revenue $ 7,065,677 $ 5,638,244 $ 13,828,085 $ 11,276,488
Sales revenue 1,813,607 1,929,772 5,073,137 4,445,345
Financing revenue 139,728 0 165,347 0
Total Revenue 9,019,012 7,568,016 19,066,569 15,721,833
Expenses        
Cost of sales (excluding depreciation expense) 1,384,998 1,476,348 4,092,356 3,479,987
Management fees 761,265 646,394 1,545,133 1,290,208
Asset acquisition expenses 20,732 53,394 36,949 85,211
Professional fees 265,514 431,508 664,642 885,691
Depreciation expense 3,204,911 2,857,412 6,336,548 5,714,448
Amortization expense 15,342 15,342 30,683 30,621
Operating expenses 213,533 303,480 436,274 510,384
Directors’ fees 63,276 32,557 128,310 50,557
Other expenses 224,173 151,312 392,881 274,018
Total Expenses 6,153,744 5,967,747 13,663,776 12,321,125
Operating Income 2,865,268 1,600,269 5,402,793 3,400,708
Other Income (Expense)        
Net distributions and dividend income 5,988 2,701 11,044 15,825
Net realized and unrealized gain on trading securities 0 0 0 316,063
Net realized and unrealized gain on other equity securities 2,084,026 (30,976) 3,378,208 2,395,010
Interest expense (819,360) (907,275) (1,646,337) (1,644,656)
Total Other Income 1,270,654 (935,550) 1,742,915 1,082,242
Income before income taxes 4,135,922 664,719 7,145,708 4,482,950
Taxes        
Current tax expense 0 581,757 854,075 867,648
Deferred tax expense (benefit) 742,879 (340,003) 402,317 395,050
Income tax expense, net 742,879 241,754 1,256,392 1,262,698
Net Income 3,393,043 422,965 5,889,316 3,220,252
Less: Net Income attributable to non-controlling interest 387,135 352,893 778,249 737,427
Net Income attributable to CORR Stockholders 3,005,908 70,072 5,111,067 2,482,825
Other comprehensive income:        
Changes in fair value of qualifying hedges attributable to CORR Stockholders (270,838) 921,442 (341,458) 921,442
Changes in fair value of qualifying hedges attributable to non-controlling interest (63,324) 215,439 (79,835) 215,439
Net Change in Other Comprehensive Income (334,162) 1,136,881 (421,293) 1,136,881
Total Comprehensive Income 3,058,881 1,559,846 5,468,023 4,357,133
Less: Comprehensive income attributable to non-controlling interest 323,811 568,332 698,414 952,866
Comprehensive Income attributable to CORR Stockholders $ 2,735,070 $ 991,514 $ 4,769,609 $ 3,404,267
Earnings Per Common Share:        
Basic and Diluted (in dollars per share) $ 0.10 $ 0.00 $ 0.17 $ 0.10
Weighted Average Shares of Common Stock Outstanding:        
Basic and Diluted (in dollars per share) 31,637,568 [1] 24,147,958 [1] 30,810,060 24,144,856
Dividends declared per share (in dollars per share) $ 0.129 $ 0.125 $ 0.254 $ 0.25
[1] Warrants to purchase shares of common stock were outstanding during the periods reflected in the table above, but were not included in the computation of diluted earnings per share because the warrants’ exercise price was greater than the average market value of the common shares and, therefore, the effect would be anti-dilutive.