Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income and Total Comprehensive Income (Unaudited)

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Consolidated Statements of Income and Total Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income:        
Oil and gas royalties $ 12,882,976 $ 6,866,702 $ 24,075,738 $ 12,477,453
Land sales 220,400 220,400 86,000
Easements and sundry income 14,120,696 9,198,970 27,032,474 15,269,943
Other income 124,482 124,594 248,710 249,032
27,348,554 16,190,266 51,577,322 28,082,428
Expenses:        
Taxes, other than income taxes 762,207 394,217 1,421,966 740,801
General and administrative expenses 1,854,463 698,423 3,319,407 1,447,528
2,616,670 1,092,640 4,741,373 2,188,329
Operating income 24,731,884 15,097,626 46,835,949 25,894,099
Interest income earned from investments 9,565 5,844 19,059 11,785
Income before income taxes 24,741,449 15,103,470 46,855,008 25,905,884
Income taxes 8,029,997 4,980,353 15,258,134 8,502,716
Net income 16,711,452 10,123,117 31,596,874 17,403,168
Other comprehensive income – periodic pension costs, net of income taxes of $9,407, $12,307, $18,814, and $24,614 respectively 17,470 22,855 34,941 45,711
Total comprehensive income $ 16,728,922 $ 10,145,972 $ 31,631,815 $ 17,448,879
Average number of sub-share certificates and equivalent sub-share certificates outstanding (in shares) 7,882,184 8,048,500 7,894,542 8,064,759
Basic and dilutive earnings per sub-share certificate on net income (in dollars per share) $ 2.12 $ 1.26 $ 4 $ 2.16
Cash dividends per sub-share certificate $ 1.35 $ 0.31