Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income and Total Comprehensive Income (Unaudited)

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Consolidated Statements of Income and Total Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income:        
Oil and gas royalties $ 21,212,568 $ 8,454,876 $ 45,288,306 $ 20,932,329
Easements and sundry income 13,221,548 2,928,095 28,587,706 14,535,517
Water sales and royalties 7,917,581 2,272,653 19,583,897 5,935,174
Land sales 485,505 220,400 571,505
Other income 124,757 124,623 373,467 373,655
42,476,454 14,265,752 94,053,776 42,348,180
Expenses:        
Taxes, other than income taxes 796,633 497,244 2,218,599 1,238,046
General and administrative expenses 2,608,455 676,332 5,927,862 2,123,860
3,405,088 1,173,576 8,146,461 3,361,906
Operating income 39,071,366 13,092,176 85,907,315 38,986,274
Interest income earned from investments 20,073 7,500 39,132 19,286
Income before income taxes 39,091,439 13,099,676 85,946,447 39,005,560
Income taxes 12,686,727 4,170,264 27,944,860 12,672,980
Net income 26,404,712 8,929,412 58,001,587 26,332,580
Other comprehensive income – periodic pension costs, net of income taxes of $9,407, $12,909, $28,221, and $38,728, respectively 17,470 22,855 52,411 68,566
Total comprehensive income $ 26,422,182 $ 8,952,267 $ 58,053,998 $ 26,401,146
Average number of sub-share certificates and equivalent sub-share certificates outstanding (in shares) 7,851,916 7,984,936 7,872,554 8,025,222
Basic and dilutive earnings per sub-share certificate on net income (in dollars per share) $ 3.36 $ 1.12 $ 7.37 $ 3.28
Cash dividends per sub-share certificate $ 1.35 $ 0.31