Annual report pursuant to Section 13 and 15(d)

Statements of Income and Total Comprehensive Income

v2.4.0.8
Statements of Income and Total Comprehensive Income (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income:      
Oil and gas royalties $ 24,496,851 $ 14,670,915 $ 14,685,502
Grazing lease rentals 494,210 488,694 499,400
Land sales 6,413,588 5,809,747 11,873,112
Interest income from notes receivable 484,238 706,252 879,749
Easements and sundry income 12,220,187 10,911,848 6,362,745
44,109,074 32,587,456 34,300,508
Expenses:      
Taxes, other than income taxes 1,420,635 941,757 922,951
Salaries and related employee benefits 1,189,141 1,106,599 1,002,489
General expense, supplies, and travel 589,307 601,590 571,705
Basis in real estate sold     36,445
Legal and professional fees 755,132 609,555 1,008,853
Depreciation 16,286 16,504 12,675
Trustees’ compensation 8,000 8,000 8,000
3,978,501 3,284,005 3,563,118
Operating income 40,130,573 29,303,451 30,737,390
Interest income earned from investments 12,005 19,435 18,528
Income before income taxes 40,142,578 29,322,886 30,755,918
Income taxes (note 6):      
Current 13,708,995 10,287,844 11,318,631
Deferred (784,925) (612,776) (1,157,482)
12,924,070 9,675,068 10,161,149
Net income 27,218,508 19,647,818 20,594,769
Amortization of net actuarial costs and prior service costs, net of income taxes of $39,093, $42,812, and $24,467 respectively 72,601 79,507 45,438
Net actuarial gain (loss) on pension plan net of income taxes of $145,211, $(109,244), and $(196,015) respectively 259,352 (199,158) (364,028)
Total other comprehensive gain (loss) 331,953 (119,651) (318,590)
Total comprehensive income $ 27,550,461 $ 19,528,167 $ 20,276,179
Net income per Sub-share Certificate (in Dollars per share) $ 3.16 $ 2.20 $ 2.21