Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Total revenues $ 450,958 $ 302,564 $ 490,496
Expenses:      
Salaries and related employee expenses 40,012 32,173 35,041
Water service-related expenses 13,233 14,233 20,808
General and administrative expenses 11,782 9,751 9,540
Legal and professional fees 7,281 10,778 16,403
Land sales expenses 0 3,973 225
Depreciation, depletion and amortization 16,257 14,395 8,906
Total operating expenses 88,565 85,303 90,923
Operating income 362,393 217,261 399,573
Other income, net 624 2,401 2,682
Income before income taxes 363,017 219,662 402,255
Income tax expense (benefit):      
Current 93,265 46,002 57,492
Deferred (228) (2,389) 26,035
Total income tax expense 93,037 43,613 83,527
Net income 269,980 176,049 318,728
Amortization of net actuarial costs, net of income taxes of $30, $14, and $10 for the years ended December 31, 2021, 2020 and 2019, respectively 114 53 36
Net actuarial gain (loss) on pension plan, net of income taxes of $418, $(342), and $(111) as of December 31, 2021, 2020 and 2019, respectively 1,572 (1,285) (419)
Total other comprehensive income (loss) 1,686 (1,232) (383)
Total comprehensive income $ 271,666 $ 174,817 $ 318,345
Net income per share of common stock/Sub-share Certificate      
Net income per sub-share certificate - basic (in dollars per share) $ 34.83 $ 22.70 $ 41.09
Net income per sub-share certificate - diluted (in dollars per share) $ 34.83 $ 22.70 $ 41.09
Weighted average number of shares of common stock/Sub-share Certificates outstanding      
Weighted average number of Sub-share Certificates outstanding - basic (in shares) 7,752,027 7,756,156 7,756,437
Weighted average number of Sub-share Certificates outstanding - diluted (in shares) 7,752,054 7,756,156 7,756,437
Oil and gas royalties      
Revenues:      
Total revenues $ 286,468 $ 137,948 $ 154,729
Water sales      
Revenues:      
Total revenues 67,766 54,862 84,949
Produced water royalties      
Revenues:      
Total revenues 58,081 50,640 39,119
Easements and other surface-related income      
Revenues:      
Total revenues 37,616 41,398 76,243
Land sales and other operating revenue      
Revenues:      
Total revenues $ 1,027 $ 17,716 $ 135,456