CorEnergy Infrastructure Trust, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Basic earnings per share data is computed based on the weighted-average number of shares of common stock outstanding during the periods. Diluted EPS data is computed based on the weighted-average number of shares of common stock outstanding, including all potentially issuable shares of common stock. For the year ended December 31, 2018, the dilutive shares include 3,453,273 common shares outstanding from the if-converted method for the 7.00% Convertible Notes. Diluted EPS for the years ended December 31, 2017 and 2016 exclude the impact to income and to the potential number of shares outstanding from the conversion of the 7.00% Convertible Notes because such impact is antidilutive. If converted, the 7.00% Convertible Notes would result in an additional 3,454,545 common shares outstanding for the years ended December 31, 2017 and 2016.



Earnings Per Share
	For the Years Ended December 31,
	2018		2017		2016
Net income attributable to CorEnergy stockholders	$	43,711,876	$	32,602,790	$	29,663,200
Less: preferred dividend requirements⁽¹⁾	9,548,377		7,953,988		4,148,437
Net income attributable to common stockholders	$	34,163,499	$	24,648,802	$	25,514,763
Weighted average shares - basic	11,935,021		11,900,516		11,901,985
Basic earnings per share	$	2.86	$	2.07	$	2.14

Net income attributable to common stockholders (from above)	$	34,163,499	$	24,648,802	$	25,514,763
Add: After tax effect of convertible interest	8,766,306		—		—
Income attributable for dilutive securities	$	42,929,805	$	24,648,802	$	25,514,763
Weighted average shares - diluted	15,389,180		11,900,516		11,901,985
Diluted earnings per share	$	2.79	$	2.07	$	2.14
(1) In connection with the repurchases of Series A Preferred Stock during the year ended December 31, 2018, preferred dividend requirements were reduced by $10,554 representing the discount in the repurchase price paid compared to the carrying amount derecognized.