Annual report pursuant to Section 13 and 15(d)

Statements of Income

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Statements of Income (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Income:      
Oil and gas royalties $ 14,670,915 $ 14,685,502 $ 11,573,563
Grazing lease rentals 488,694 499,400 506,211
Land sales 5,809,747 11,873,112 2,738,070
Interest income from notes receivable 706,252 879,749 1,082,019
Easements and sundry income 10,911,848 6,362,745 4,166,102
32,587,456 34,300,508 20,065,965
Expenses:      
Taxes, other than income taxes 941,757 922,951 775,380
Salaries and related employee benefits 1,106,599 1,002,489 1,003,748
General expense, supplies, and travel 601,590 571,705 537,127
Basis in real estate sold   36,445  
Legal and professional fees 609,555 1,008,853 1,327,845
Depreciation 16,504 12,675 15,391
Trustees’ compensation 8,000 8,000 8,000
3,284,005 3,563,118 3,667,491
Operating income 29,303,451 30,737,390 16,398,474
Interest income earned from investments 19,435 18,528 25,707
Income before income taxes 29,322,886 30,755,918 16,424,181
Income taxes (note 6):      
Current 10,287,844 11,318,631 5,545,503
Deferred (612,776) (1,157,482) (430,033)
9,675,068 10,161,149 5,115,470
Net income 19,647,818 20,594,769 11,308,711
Amortization of net actuarial costs and prior service costs, net of income taxes of $42,812, $24,467, and $20,989 respectively 79,507 45,438 38,979
Net actuarial loss on pension plan net of income taxes of $(109,244), $(196,015), and $(35,729) respectively (199,158) (364,028) (66,355)
Total other comprehensive loss (119,651) (318,590) (27,376)
Total comprehensive income $ 19,528,167 $ 20,276,179 $ 11,281,335
Net income per Sub-share Certificate (in Dollars per share) $ 2.20 $ 2.21 $ 1.17