Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income and Total Comprehensive Income

v3.20.2
Condensed Consolidated Statements of Income and Total Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Total revenues $ 74,383 $ 98,530 $ 228,250 $ 377,164
Expenses:        
Salaries and related employee expenses 7,678 8,537 27,235 22,742
Water service-related expenses 2,260 5,122 11,205 15,423
General and administrative expenses 1,883 2,864 7,290 6,877
Legal and professional fees 1,987 5,558 6,955 15,198
Land sales expenses 67 0 2,773 225
Depreciation, depletion and amortization 3,760 2,631 10,773 5,286
Total operating expenses 17,635 24,712 66,231 65,751
Operating income 56,748 73,818 162,019 311,413
Other income, net 1,287 941 2,306 1,771
Income before income taxes 58,035 74,759 164,325 313,184
Income tax expense (benefit):        
Current 11,146 9,918 33,153 43,485
Deferred 614 4,819 (86) 20,093
Total income tax expense 11,760 14,737 33,067 63,578
Net income 46,275 60,022 131,258 249,606
Other comprehensive income — periodic pension costs, net of income taxes of $4, $2, $11 and $7, respectively 13 9 40 27
Total comprehensive income $ 46,288 $ 60,031 $ 131,298 $ 249,633
Weighted average number of Sub-share Certificates outstanding (in shares) 7,756,156 7,756,156 7,756,156 7,756,643
Net income per Sub-share Certificate — basic and diluted (in dollars per share) $ 5.97 $ 7.74 $ 16.92 $ 32.18
Cash dividends per Sub-share Certificate (in dollars per share) $ 0 $ 0 $ 16.00 $ 6.00
Oil and gas royalties        
Revenues:        
Total revenues $ 31,758 $ 38,259 $ 94,631 $ 111,113
Easements and other surface-related income        
Revenues:        
Total revenues 18,936 33,911 69,970 87,635
Water sales and royalties        
Revenues:        
Total revenues 12,139 21,654 47,525 65,067
Land sales        
Revenues:        
Total revenues 11,463 4,621 15,855 113,020
Other operating revenue        
Revenues:        
Total revenues $ 87 $ 85 $ 269 $ 329