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 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income:        
Oil and gas royalties $ 8,454,876 $ 6,060,645 $ 20,932,329 $ 18,285,504
Land sales 485,505 1,888,635 571,505 22,316,635
Easements and sundry income 5,200,748 10,091,161 20,470,691 23,697,100
Other income 124,623 139,017 373,655 400,753
14,265,752 18,179,458 42,348,180 64,699,992
Expenses:        
Taxes, other than income taxes 497,244 362,556 1,238,046 1,081,136
General and administrative expenses 676,332 590,984 2,123,860 1,702,248
1,173,576 953,540 3,361,906 2,783,384
Operating income 13,092,176 17,225,918 38,986,274 61,916,608
Interest income earned from investments 7,500 7,290 19,286 21,243
Income before income taxes 13,099,676 17,233,208 39,005,560 61,937,851
Income taxes 4,170,264 5,771,859 12,672,980 20,894,401
Net income 8,929,412 11,461,349 26,332,580 41,043,450
Other comprehensive income – periodic pension costs, net of income taxes of $12,909, $4,527, $38,728, and $13,582 respectively 22,855 23,975 68,566 71,924
Total comprehensive income $ 8,952,267 $ 11,485,324 $ 26,401,146 $ 41,115,374
Average number of sub-share certificates and equivalent sub-share certificates outstanding (in shares) 7,984,936 8,190,757 8,025,222 8,226,185
Basic and dilutive earnings per sub-share certificate on net income (in dollars per share) $ 1.12 $ 1.40 $ 3.28 $ 4.99
Cash dividends per sub-share certificate $ 0.31 $ 0.29