Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Total Comprehensive Income

v3.8.0.1
Consolidated Statements of Income and Total Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income:      
Oil and gas royalties $ 61,315 $ 29,997 $ 24,860
Easements and sundry income 44,760 18,346 26,612
Water sales and royalties 25,536 8,125 4,801
Land sales 220 2,945 22,617
Other income 498 498 525
132,329 59,911 79,415
Expenses:      
Taxes, other than income taxes 3,161 1,779 1,477
Salaries and related employee benefits 3,232 1,241 1,196
General and administrative expenses 1,762 1,004 788
Water service-related expenses 491
Legal and professional fees 3,523 778 665
Depreciation and amortization 376 43 25
Trustees’ compensation 8 8 8
12,553 4,853 4,159
Operating income 119,776 55,058 75,256
Interest income earned from investments 84 29 27
Income before income taxes 119,860 55,087 75,283
Income taxes:      
Current 46,864 22,041 25,430
Deferred benefit (3,365) (4,194) (186)
43,499 17,847 25,244
Net income 76,361 37,240 50,039
Amortization of net actuarial costs and prior service costs, net of income taxes of $38, $49, and $52, respectively 70 91 96
Net actuarial gain on pension plan net of income taxes of $46, $107, and $4, respectively 86 198 8
Total other comprehensive gain 156 289 104
Total comprehensive income $ 76,517 $ 37,529 $ 50,143
Net income per Sub-share Certificate (in dollars per share) $ 9.72 $ 4.66 $ 6.10
Weighted average number of Sub-share Certificates outstanding (in shares) 7,854,705 7,989,030 8,197,632