Quarterly report pursuant to Section 13 or 15(d)

Statements of Income and Total Comprehensive Income (Unaudited)

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Statements of Income and Total Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income:        
Oil and gas royalties $ 6,866,702 $ 5,699,594 $ 12,477,453 $ 12,224,859
Land sales 160,000 86,000 20,428,000
Easements and sundry income 9,198,970 5,802,945 15,269,943 13,605,939
Other income 124,594 125,336 249,032 261,737
16,190,266 11,787,875 28,082,428 46,520,535
Expenses:        
Taxes, other than income taxes 394,217 342,302 740,801 718,580
General and administrative expenses 698,423 503,799 1,447,528 1,111,263
1,092,640 846,101 2,188,329 1,829,843
Operating income 15,097,626 10,941,774 25,894,099 44,690,692
Interest income earned from investments 5,844 7,259 11,785 13,952
Income before income taxes 15,103,470 10,949,033 25,905,884 44,704,644
Income taxes 4,980,353 3,533,021 8,502,716 15,122,543
Net income 10,123,117 7,416,012 17,403,168 29,582,101
Other comprehensive income – periodic pension costs, net of income taxes of $12,307, $12,909, $24,614, and $25,819 respectively 22,855 23,975 45,711 47,950
Total comprehensive income $ 10,145,972 $ 7,439,987 $ 17,448,879 $ 29,630,051
Average number of sub-share certificates and equivalent sub-share certificates outstanding (in shares) 8,048,500 8,244,345 8,064,759 8,262,482
Basic and dilutive earnings per sub-share certificate on net income (in dollars per share) $ 1.26 $ 0.90 $ 2.16 $ 3.58
Cash dividends per sub-share certificate $ 0.31 $ 0.29