Annual report pursuant to Section 13 and 15(d)

Statements of Income and Total Comprehensive Income

v3.3.1.900
Statements of Income and Total Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income:      
Oil and gas royalties $ 24,860,205 $ 29,346,103 $ 24,496,851
Grazing lease rentals 483,989 500,292 494,210
Land sales 22,616,635 3,698,312 6,413,588
Interest income from notes receivable 40,866 140,291 484,238
Easements and sundry income 31,413,158 21,517,232 12,220,187
79,414,853 55,202,230 44,109,074
Expenses:      
Taxes, other than income taxes 1,476,576 1,692,256 1,420,635
Salaries and related employee benefits 1,195,598 917,726 1,189,141
General expense, supplies, and travel 777,842 $ 629,990 $ 589,307
Basis in real estate sold 10,458
Legal and professional fees 665,423 $ 517,497 $ 755,132
Depreciation 25,374 19,730 16,286
Trustees’ compensation 8,000 8,000 8,000
4,159,271 3,785,199 3,978,501
Operating income 75,255,582 51,417,031 40,130,573
Interest income earned from investments 27,440 14,523 12,005
Income before income taxes 75,283,022 51,431,554 40,142,578
Income taxes (note 6):      
Current 25,430,382 17,641,531 13,708,995
Deferred (185,867) (974,997) (784,925)
25,244,515 16,666,534 12,924,070
Net income 50,038,507 34,765,020 27,218,508
Amortization of net actuarial costs and prior service costs, net of income taxes of $51,638, $18,109, and $39,093 respectively 95,899 33,632 72,601
Net actuarial gain (loss) on pension plan net of income taxes of $4,302, $(423,848), and $145,211 respectively 7,989 (764,414) 259,352
Total other comprehensive gain (loss) 103,888 (730,782) 331,953
Total comprehensive income $ 50,142,395 $ 34,034,238 $ 27,550,461
Net income per Sub-share Certificate (in dollars per share) $ 6.10 $ 4.14 $ 3.16