Annual report pursuant to Section 13 and 15(d)

Statements of Income and Total Comprehensive Income

v3.6.0.2
Statements of Income and Total Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income:      
Oil and gas royalties $ 29,996,962 $ 24,860,205 $ 29,346,103
Grazing lease rentals 489,982 483,989 500,292
Land sales 2,945,505 22,616,635 3,698,312
Interest income from notes receivable 8,279 40,866 140,291
Easements and sundry income 26,470,669 31,413,158 21,517,232
59,911,397 79,414,853 55,202,230
Expenses:      
Taxes, other than income taxes 1,779,277 1,476,576 1,692,256
Salaries and related employee benefits 1,240,802 1,195,598 917,726
General expense, supplies, and travel 1,004,144 777,842 629,990
Basis in real estate sold   10,458  
Legal and professional fees 778,534 665,423 517,497
Depreciation 43,290 25,374 19,730
Trustees’ compensation 7,500 8,000 8,000
4,853,547 4,159,271 3,785,199
Operating income 55,057,850 75,255,582 51,417,031
Interest income earned from investments 29,070 27,440 14,523
Income before income taxes 55,086,920 75,283,022 51,431,554
Income taxes (note 6):      
Current 22,041,171 25,430,382 17,641,531
Deferred (4,193,801) (185,867) (974,997)
17,847,370 25,244,515 16,666,534
Net income 37,239,550 50,038,507 34,765,020
Amortization of net actuarial costs and prior service costs, net of income taxes of $49,227, $51,638, and $18,109 respectively 91,422 95,899 33,632
Net actuarial gain (loss) on pension plan net of income taxes of $106,573, $4,302, and $(423,848) respectively 197,921 7,989 (764,414)
Total other comprehensive gain (loss) 289,343 103,888 (730,782)
Total comprehensive income $ 37,528,893 $ 50,142,395 $ 34,034,238
Net income per Sub-share Certificate (in dollars per share) $ 4.66 $ 6.10 $ 4.14