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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenue        
Lease revenue $ 7,191,187 $ 5,638,244 $ 21,019,272 $ 16,914,732
Sales revenue 1,741,209 1,935,868 6,814,346 6,381,213
Financing revenue 413,482 0 578,829 0
Total Revenue 9,345,878 7,574,112 28,412,447 23,295,945
Expenses        
Cost of sales (excluding depreciation expense) 1,284,711 1,411,318 5,377,067 4,891,305
Management fees 813,921 647,380 2,359,054 1,937,588
Asset acquisition expenses 102,591 640,302 139,540 725,513
Professional fees 622,864 305,326 1,287,506 1,191,017
Depreciation expense 3,237,261 2,857,412 9,573,809 8,571,860
Amortization expense 15,343 15,342 46,026 45,963
Operating expenses 210,009 204,446 646,283 714,830
Directors’ fees 50,481 74,437 178,791 124,994
Other expenses 251,636 129,748 644,517 403,766
Total Expenses 6,588,817 6,285,711 20,252,593 18,606,836
Operating Income 2,757,061 1,288,401 8,159,854 4,689,109
Other Income (Expense)        
Net distributions and dividend income 1,688,830 568,332 1,699,874 584,157
Net realized and unrealized gain on trading securities 0 (567,276) 0 (251,213)
Net realized and unrealized gain on other equity securities (865,470) 1,439,296 2,512,738 3,834,306
Interest expense (977,635) (818,134) (2,623,972) (2,462,790)
Total Other Income (154,275) 622,218 1,588,640 1,704,460
Income before income taxes 2,602,786 1,910,619 9,748,494 6,393,569
Taxes        
Current tax expense 486,054 (680,281) 1,340,129 187,367
Deferred tax expense (benefit) (161,171) 1,785,406 241,146 2,180,456
Income tax expense, net 324,883 1,105,125 1,581,275 2,367,823
Net Income 2,277,903 805,494 8,167,219 4,025,746
Less: Net Income attributable to non-controlling interest 389,485 366,042 1,167,734 1,103,469
Net Income 1,888,418 439,452 6,999,485 2,922,277
Other comprehensive income:        
Changes in fair value of qualifying hedges attributable to CORR Stockholders 214,602 (262,972) (126,856) 658,470
Changes in fair value of qualifying hedges attributable to non-controlling interest 50,175 (61,485) (29,660) 153,954
Net Change in Other Comprehensive Income 264,777 (324,457) (156,516) 812,424
Total Comprehensive Income 2,542,680 481,037 8,010,703 4,838,170
Less: Comprehensive income attributable to non-controlling interest 439,660 304,557 1,138,074 1,257,423
Comprehensive Income attributable to CORR Stockholders $ 2,103,020 $ 176,480 $ 6,872,629 $ 3,580,747
Earnings Per Common Share:        
Basic and Diluted (in dollars per share) $ 0.06 $ 0.02 $ 0.23 $ 0.12
Weighted Average Shares of Common Stock Outstanding:        
Basic and Diluted (in dollars per share) 31,641,851 [1] 24,151,700 [1] 31,090,370 [1] 24,147,163 [1]
Dividends declared per share (in dollars per share) $ 0.13 $ 0.125 $ 0.384 $ 0.375
[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.