Texas Pacific Land Trust 10-K 29 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Entity Registrant Name	TEXAS PACIFIC LAND TRUST
Entity Central Index Key	97,517
Trading Symbol	tpl
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)	8,118,064
Entity Public Float		$ 1,189,777,052
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Royalty Interests in Acres 1_16 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):
1/16 nonparticipating perpetual royalty interest in 373,777 acres	$ 0	$ 0
Royalty Interests in Acres 1_128 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):
1/128 nonparticipating perpetual royalty interest in 85,414 acres	0	0
Cash and cash equivalents	45,011,969	26,814,759
Accrued receivables	3,787,534	3,220,020
Other assets	121,426	114,491
Prepaid income taxes	0	815,937
Notes receivable for land sales ($32,906 due in 2016 and $75,185 due in 2015) (note 2)	139,114	923,115
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation	260,901	89,107
Real estate acquired (notes 2 and 4)	1,114,601	1,125,059
Land (surface rights) situated in eighteen counties in Texas – 878,268 acres in 2015 and 899,149 acres in 2014	0	0
Total assets	50,435,545	33,102,488
LIABILITIES AND CAPITAL
Accounts payable and accrued expenses	868,807	828,672
Income taxes payable	634,911	406,945
Other taxes payable	167,290	159,301
Unearned revenue (note 2)	2,579,406	3,940,353
Deferred taxes (note 6)	163,213	293,140
Pension plan liability (note 5)	333,239	754,260
Total liabilities	$ 4,746,866	$ 6,382,671
Commitments and contingencies (note 7)
Capital (notes 1, 2 and 8):
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates	$ 0	$ 0
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 8,118,064 Sub-shares in 2015 and 8,322,399 Sub-shares in 2014	0	0
Accumulated other comprehensive income (loss)	(1,248,906)	(1,352,794)
Net proceeds from all sources	46,937,585	28,072,611
Total capital	45,688,679	26,719,817
Total liabilities and capital	$ 50,435,545	$ 33,102,488

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals)	Dec. 31, 2015USD ($)a$ / sharesshares	Dec. 31, 2014USD ($)a$ / sharesshares
Land Surface Rights [Member]
Land (surface rights)	878,268	899,149
Royalty Interests in Acres 1_16 [Member]
Nonparticipating perpetual royalty interest in acres	373,777	373,777
Royalty Interests in Acres 1_128 [Member]
Nonparticipating perpetual royalty interest in acres	85,414	85,414
Notes receivables for land sales | $	$ 32,906	$ 75,185
Land (surface rights)	10,064.78	10,124.78
Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 100	$ 100
Certificates of Proprietary Interest, outstanding (in shares) | shares	0	0
Sub-share Certificates in Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 0.0333	$ 0.0333
Sub-share Certificates in Certificates of Proprietary Interest, outstanding (in shares) | shares	8,118,064	8,322,399

Statements of Income and Total

Statements of Income and Total Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income:
Oil and gas royalties	$ 24,860,205	$ 29,346,103	$ 24,496,851
Grazing lease rentals	483,989	500,292	494,210
Land sales	22,616,635	3,698,312	6,413,588
Interest income from notes receivable	40,866	140,291	484,238
Easements and sundry income	31,413,158	21,517,232	12,220,187
	79,414,853	55,202,230	44,109,074
Expenses:
Taxes, other than income taxes	1,476,576	1,692,256	1,420,635
Salaries and related employee benefits	1,195,598	917,726	1,189,141
General expense, supplies, and travel	777,842	$ 629,990	$ 589,307
Basis in real estate sold	10,458
Legal and professional fees	665,423	$ 517,497	$ 755,132
Depreciation	25,374	19,730	16,286
Trustees’ compensation	8,000	8,000	8,000
	4,159,271	3,785,199	3,978,501
Operating income	75,255,582	51,417,031	40,130,573
Interest income earned from investments	27,440	14,523	12,005
Income before income taxes	75,283,022	51,431,554	40,142,578
Income taxes (note 6):
Current	25,430,382	17,641,531	13,708,995
Deferred	(185,867)	(974,997)	(784,925)
	25,244,515	16,666,534	12,924,070
Net income	50,038,507	34,765,020	27,218,508
Amortization of net actuarial costs and prior service costs, net of income taxes of $51,638, $18,109, and $39,093 respectively	95,899	33,632	72,601
Net actuarial gain (loss) on pension plan net of income taxes of $4,302, $(423,848), and $145,211 respectively	7,989	(764,414)	259,352
Total other comprehensive gain (loss)	103,888	(730,782)	331,953
Total comprehensive income	$ 50,142,395	$ 34,034,238	$ 27,550,461
Net income per Sub-share Certificate (in dollars per share)	$ 6.10	$ 4.14	$ 3.16

Statements of Income and Total5

Statements of Income and Total Comprehensive Income (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amortization of net actuarial costs and prior service costs, income taxes	$ 51,638	$ 18,109	$ 39,093
Net actuarial gain (loss) on pension plan income taxes	$ 4,302	$ (423,848)	$ 145,211

Statements of Net Proceeds From

Statements of Net Proceeds From All Sources (Equity) - USD ($)	Sub-Share Certificates of Proprietary Interest, Per Share [Member]	AOCI Attributable to Parent [Member]	Net Proceeds From All Sources [Member]	Total
Balances (in shares) at Dec. 31, 2012	8,795,258
Balances at Dec. 31, 2012		$ (953,965)	$ 16,550,110	$ 15,596,145
Net income			$ 27,218,508	27,218,508
Periodic pension costs, net of income taxes		$ 331,953		331,953
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(322,056)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			$ (25,216,940)	$ (25,216,940)
Dividends paid
Balances (in shares) at Dec. 31, 2013	8,473,202
Balances at Dec. 31, 2013		$ (622,012)	$ 18,551,678	$ 17,929,666
Net income			$ 34,765,020	34,765,020
Periodic pension costs, net of income taxes		$ (730,782)		(730,782)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(150,803)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			$ (22,963,786)	(22,963,786)
Dividends paid			(2,280,301)	(2,280,301)
Balances (in shares) at Dec. 31, 2014	8,322,399
Balances at Dec. 31, 2014		$ (1,352,794)	28,072,611	26,719,817
Net income			$ 50,038,507	50,038,507
Periodic pension costs, net of income taxes		$ 103,888		103,888
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(204,335)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			$ (28,771,073)	(28,771,073)
Dividends paid			(2,402,460)	(2,402,460)
Balances (in shares) at Dec. 31, 2015	8,118,064
Balances at Dec. 31, 2015		$ (1,248,906)	$ 46,937,585	$ 45,688,679

Statements of Net Proceeds Fro7

Statements of Net Proceeds From All Sources (Equity) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
AOCI Attributable to Parent [Member]
Periodic pension costs, income taxes	$ 55,940	$ (405,739)	$ 184,304
Net Proceeds From All Sources [Member]
Dividends paid - per Sub-share (in dollars per share)	$ 0.29	$ 0.27	$ 0

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 50,038,507	$ 34,765,020	$ 27,218,508
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(129,927)	(1,380,735)	(600,621)
Depreciation and amortization	25,374	19,730	16,286
(Gain) loss on disposal of fixed assets	(712)	5,083	2,795
Changes in operating assets and liabilities:
Accrued receivables and other assets	(563,991)	689,129	(1,240,703)
Income taxes payable	227,966	52,258	113,800
Prepaid income taxes	815,937	(815,937)	416,882
Notes receivable for land sales	784,001	2,964,791	4,483,078
Accounts payable, accrued expenses and other liabilities	(1,629,956)	2,553,084	(344,671)
Net cash provided by operating activities	49,567,199	38,852,423	30,065,354
Cash flows from investing activities:
Proceeds from sale of fixed assets	25,000	21,000	20,500
Purchase of fixed assets	(221,456)	(53,788)	(54,610)
Net cash used in investing activities	(196,456)	(32,788)	(34,110)
Cash flows from financing activities:
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	(28,771,073)	(22,963,786)	$ (25,216,940)
Dividends paid	(2,402,460)	(2,280,301)
Net cash used in financing activities	(31,173,533)	(25,244,087)	$ (25,216,940)
Net increase in cash and cash equivalents	18,197,210	13,575,548	4,814,304
Cash and cash equivalents, beginning of period	26,814,759	13,239,211	8,424,907
Cash and cash equivalents, end of period	$ 45,011,969	$ 26,814,759	$ 13,239,211

Note 1 - Nature of Operations

Note 1 - Nature of Operations	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	(1) Nature of Operations Texas Pacific Land Trust (Trust) was organized under a Declaration of Trust, dated February 1, 1888, to receive and hold title to extensive tracts of land in the State of Texas, previously the property of the Texas and Pacific Railway Company, and to issue transferable Certificates of Proprietary Interest pro rata to the original holders of certain debt securities of the Texas and Pacific Railway Company. The Trust is organized to manage land, including royalty interests, for the benefit of its owners. The Trust’s income is derived primarily from land sales, oil and gas royalties, easements, grazing and sundry leases, interest on notes receivable, and interest on investments.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). The most significant accounting policies include the valuation of real estate and royalty interests assigned through the 1888 Declaration of Trust and revenue recognition policies. (b) Use of Estimates The preparation of financial statements in accordance with the accounting principles generally accepted in the United States of America requires ( c ) Revenue Recognition Oil and gas royalties Oil and gas royalties (royalties) are received in connection with royalty interests owned by the Trust. Royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. Royalty payments are generally received one to three months after the crude oil and gas products are removed. An accrual is included in accrued receivables for amounts not received during the month removed based on historical trends. The oil and gas royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies with which it has entered into royalty interest leases in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain royalties believed by the Trust to be due and payable may be subject to dispute with the oil company involved as a result of disagreements with respect to drilling and related engineering information. Disputed royalties are recorded when these contingencies are resolved. Grazing lease rentals The Trust leases land to the ranching industry for grazing purposes. Lease income is recognized when earned. These leases generally require fixed annual payments and terms range from three to five years. Lease cancellations are allowed. Advance lease payments are deferred (unearned revenue) and amortized over the appropriate accounting period. Lease payments not received are recorded as accrued receivables . Land sales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost (basis) of the respective parcels of land are reflected as expenses as these parcels of land are not primarily held as income-producing “operating” properties. Inte rest income from notes receivable Interest income is recognized when earned, using the simple interest method. Accrued interest not received is reflected in accrued receivables . Easements and sundry income Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when the Trust receives a signed contract and when the Trust makes available the respective parcel of land to the grantee. Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten years. Lease cancellations are allowed. Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not received are included in accrued receivables . (d) Statements of Cash Flows Cash and cash equivalents consist of bank deposit and savings accounts. The Trust considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. At times the cash may exceed federally insured limits. The Trust maintains its cash and cash equivalents in two large financial institutions. The Trust monitors the credit quality of these institutions and does not anticipate any losses. Cash disbursed for income taxes in 2015, 2014 and 2013 was $24,386,479, $18,405,210 , and $13,178,312, respectively. No new loans were made by the Trust in connection with land sales for the years ended December 31, 2015, 2014 and 2013, respectively. (e) Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No allowance was considered necessary at December 31, 2015 and 2014. (f) Notes Receivable for Land Sales Notes receivable for land sales (notes receivable) consists of installment notes received as partial payment on land sales and are reflected at the principal amounts due net of an allowance for loan losses, if any. The Trust generally receives cash payments on land sales of 25% or more. Thereafter, annual principal and interest payments are required by the Trust. Notes receivable bear interest rates ranging from 7.0% to 7.5% as of December 31, 2015 and are secured by first lien deeds of trust on the properties sold. The weighted average interest rate is 7.1% as of December 31, 2015. The annual installments on notes are generally payable over terms of 10 to 15 years. There is no penalty for prepayment of principal, and prepayments in 2015, 2014 and 2013 were $713,062, $1,764,928, and $2,736,616, respectively. The interest rates on notes receivable are considered comparable with current rates on similar land sales and, accordingly, the carrying value of such notes receivable approximates fair value. Management of the Trust monitors delinquencies to assess the propriety of the carrying value of its notes receivable. Accounts are considered delinquent thirty days after the contractual due dates. At the point in time that notes receivable become delinquent, management reviews the operations information of the debtor and the estimated fair value of the collateral held as security to determine whether an allowance for losses is required. There was no allowance for uncollectible notes receivable at December 31, 2015 and 2014. Three customers represented 100% of notes receivable at December 31, 2015 and approximately 90% at December 31, 2014. The maturities of notes receivable for each of the five years subsequent to December 31, 2015 are: Year ending December 31, Amount 2016 $ 32,906 2017 30,688 2018 32,860 2019 35,165 2020 7,495 Thereafter — $ 139,114 (g) Depreciation Provision for depreciation of depreciable assets is made by charges to income at straight-line and accelerated rates considered to be adequate to amortize the cost of such assets over their useful lives, which generally range from three to five years. Accumulated depreciation as of December 31, 2015 and 2014 is $132,677 and $117,247, respectively . (h) Real Estate Acquired While the Trust is generally not a purchaser of land, parcels are purchased from time to time at the discretion of the Trustees. Newly acquired real estate is recorded at cost. Real estate acquired through foreclosure is recorded at the aggregate of the outstanding principal balance, accrued interest, past due ad valorem taxes, and other fees incurred relating to the foreclosure. Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments, if any, are recorded by a charge to net income and a valuation allowance if the carrying value of the property exceeds its estimated fair value. Minimal, if any, real estate improvements are made to land. (i) Real Estate and Royalty Interests Assigned Through the 1888 Declaration of Trust The fair market value of the Trust’s land and royalty interests was not determined in 1888 when the Trust was formed; therefore, no value is assigned to the land, royalty interests, Certificates of Proprietary Interest, and Sub-share Certificates in Certificates of Proprietary Interest in the accompanying balance sheets. Consequently, in the statements of income and total comprehensive income, no allowance is made for depletion and no cost is deducted from the proceeds of original land sales. Even though the 1888 value of real properties cannot be precisely determined, it has been concluded that the effect of this matter can no longer be significant to the Trust’s financial position or results of operations. For Federal income tax purposes, however, deductions are made for depletion, computed on the statutory percentage basis of income received from royalties. Minimal, if any, real estate improvements are made to land. (j) Net Income per Sub-share Certificate The cost of Sub-share Certificates purchased and retired is charged to net proceeds from all sources. Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period (8,197,632 in 2015, 8,397,314 in 2014 and 8 ,601,171 in 2013). (k) Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry -forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The liability for unrecognized tax benefits is zero at December 31, 2015 and 2014. (l) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 , “ Revenue Recognition (Topic 606): Revenue from Contracts with Customers” No other effective or pending accounting pronouncements are expected to affect the Trust. (m) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under accounting principles generally accepted in the United States of America, are excluded from net income. (n) Significant Customers Two customers represented 18.8%, 29.1% and 20.5% of the Trust’s total revenues for the year ended December 31, 2015, 2014 and 2013, respectively.

Note 3 - Segment Information

Note 3 - Segment Information	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 3 ) Segment Information Segment information has been considered in accordance with applicable accounting standards. GAAP suggests using a management approach based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The Trust’s management views its operations as one segment and believes the only significant activity is managing the land, which was conveyed to the Trust in 1888. Managing the land includes sales and leases of such land, and the retention of oil and gas royalties. The cost structure of the Trust is centralized and not segmented.

Note 4 - Real Estate Acquired

Note 4 - Real Estate Acquired	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	(4) Real Estate Acquired Real estate acquired included the following activity for the years ended December 31, 2015 and 2014: 2015 2014 Acres Book Value Acres Book Value Balance at January 1: 10,124.78 $ 1,125,059 10,124.78 $ 1,125,059 Additions — — — — Sales (60.00 ) $ (10,458 ) — — Balance at December 31: 10,064.78 $ 1,114,601 10,124.78 $ 1,125,059 No valuation allowance was necessary at December 31, 2015 and 2014.

Note 5 - Employee Benefit Plans

Note 5 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 5 ) Employee Benefit Plans The Trust has a defined contribution plan available to all regular employees having one or more years of continuous service. Contributions are at the discretion of the Trustees of the Trust. The Trust contributed $46,519, $41,172 and $49,327, in 2015, 2014 and 2013, respectively. The Trust has a noncontributory pension plan (Plan) available to all regular employees having one or more years of continuous service. The Plan provides for normal retirement at age 65. Contributions to the Plan reflect benefits attributed to employees’ services to date, as well as services expected in the future. The following table sets forth the Plan’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2015 and 2014 using a measurement date of December 31: 201 5 20 14 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 5,093,080 $ 3,887,518 Service cost 160,133 100,480 Interest cost 199,538 189,163 Actuarial (gain) loss (355,346 ) 1,134,525 Benefits paid (213,105 ) (218,606 ) Projected benefit obligation at end of year $ 4,884,300 $ 5,093,080 Change in plan assets: Fair value of plan assets at beginning of year $ 4,338,820 $ 4,082,642 Actual return on plan assets (46,609 ) 224,784 Contributions by employer 471,955 250,000 Benefits paid (213,105 ) (218,606 ) Fair value of plan assets at end of year $ 4,551,061 $ 4,338,820 Funded (unfunded) status at end of year $ (333,239 ) $ (754,260 ) Amounts recognized in the balance sheets as of December 31 consist of: 201 5 20 14 Assets $ — $ — Liabilities (333,239 ) (754,260 ) $ (333,239 ) $ (754,260 ) Amounts recognized in accumulated other comprehensive income (loss) consist of the following at December 31: 201 5 20 14 Net actuarial loss $ (1,930,079 ) $ (2,086,396 ) Prior service cost — (3,511 ) Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,930,079 ) (2,089,907 ) Income tax benefit 681,173 737,113 Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (1,248,906 ) $ (1,352,794 ) Net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013 include the following components: 201 5 20 14 20 13 Components of net periodic benefit cost: Service cost $ 160,133 $ 100,480 $ 104,920 Interest cost 199,538 189,163 166,865 Expected return on plan assets (296,446 ) (278,521 ) (234,523 ) Amortization of net loss 144,026 46,171 104,854 Amortization of prior service cost 3,511 5,570 6,840 Net periodic benefit cost $ 210,762 $ 62,863 $ 148,956 Other changes in plan assets and benefit obligations recognized in other comprehensive income: 20 15 20 14 20 13 Net actuarial (gain) loss $ (12,291 ) $ 1,188,262 $ (404,563 ) Recognized actuarial loss (144,026 ) (46,171 ) (104,854 ) Recognized prior service cost (3,511 ) (5,570 ) (6,840 ) Total recognized in other comprehensive income, before taxes $ (159,828 ) $ 1,136,521 $ (516,257 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ 50,934 $ 1,199,384 $ (367,301 ) The Trust reclassified $95,899, $33,632 and $72,601, net of income tax of $51,638, $18,109 and $39,093, out of accumulated other comprehensive income (loss) for net periodic benefit cost in 2015, 2014 and 2013, respectively. This amount is reflected in our Statements of Income and Total Comprehensive Income within salaries and related employee benefits. The estimated net actuarial loss and prior service cost for the Plan that will be amortized from accumulated other comprehensive income (loss) into salaries and related employee benefits over the next fiscal year are $140,649 and $0, respectively. The following table summarizes the projected benefit obligation in excess of Plan assets and the Plan assets in excess of accumulated benefit obligation at December 31, 2015 and 2014: 201 5 20 14 Projected benefit obligation in excess of Plan assets: Projected benefit obligation $ 4,884,300 $ 5,093,080 Fair value of plan assets $ 4,551,061 $ 4,338,820 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,059,334 $ 4,157,653 Fair value of plan assets $ 4,551,061 $ 4,338,820 The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 2015, 2014 and 2013 201 5 20 14 20 13 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 4.50% 4.00% 5.00% Rate of compensation increase 7.29 7.29 7.29 Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.00% 5.00% 4.25% Expected return on plan assets 7.00 7.00 7.00 Rate of compensation increase 7.29 7.29 7.29 The expected return on Plan assets assumption of 7.0% was selected by the Trust based on historical real rates of return for the current asset mix and an assumption with respect to future inflation. The rate was determined based on a long-term allocation of about two-thirds fixed income and one-third equity securities; historical real rates of return of about 2.5% and 8.5% for fixed income and equity securities, respectively; and assuming a long-term inflation rate of 2.5%. The Plan has a formal investment policy statement. The Plan’s investment objective is balanced income, with a moderate risk tolerance. This objective emphasizes current income through a 30% to 80% allocation to fixed income securities, complemented by a secondary consideration for capital appreciation through an equity allocation in the range of 20% to 60%. Diversification is achieved through investment in mutual funds and bonds. The asset allocation is reviewed annually with respect to the target allocations and rebalancing adjustments and/or target allocation changes are made as appropriate. The Trust’s current funding policy is to maintain the Plan’s fully funded status on an ERISA minimum funding basis. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The fair value accounting standards establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs used in measuring fair value, as follows: Level 1 – Inputs are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since inputs are based on quoted prices that are readily and regularly available in an active market, Level 1 inputs require the least judgment. Level 2 – Inputs are based on quoted prices for similar instruments in active markets, or are observable either directly or indirectly. Inputs are obtained from various sources including financial institutions and brokers. Level 3 – Inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised by us in determining fair value is greatest for fair value measurements categorized in Level 3. The fair values of plan assets by major asset category at December 31, 2015 and 2014, respectively, are as follows: Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 827,692 $ 827,692 $ — $ — Equities 196,380 196,380 — — Mutual Funds Equity Funds 1,730,404 1,730,404 — — Fixed Income Funds 1,796,585 1,796,585 — — Total $ 4,551,061 $ 4,551,061 $ — $ — Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 430,755 $ 430,755 $ — $ — Equities 177,000 177,000 — — Mutual Funds Equity Funds 1,817,935 1,817,935 — — Fixed Income Funds 1,913,130 1,913,130 — — Total $ 4,338,820 $ 4,338,820 $ — $ — Management intends to fund the minimum ERISA amount for 2016. The Trust may make some discretionary contributions to the Plan, the amounts of which have not yet been determined. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten year period: Year ending December 31, Amount 2016 $ 215,184 2017 212,812 2018 243,354 2019 267,752 2020 282,652 2021 to 2025 1,342,944

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 6 ) Income Taxes 2015 2014 2013 Current: U.S. Federal $ 25,029,693 $ 17,243,130 $ 13,381,265 State and local 400,689 398,401 327,730 25,430,382 17,641,531 13,708,995 Deferred expense (185,867 ) (974,997 ) (784,925 ) $ 25,244,515 $ 16,666,534 $ 12,924,070 The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35% to income before Federal income taxes as a result of the following: 2015 2014 2013 Computed tax expense at the statutory rate $ 26,349,057 $ 18,001,044 $ 14,049,902 Reduction in income taxes resulting from: Statutory depletion (1,320,605 ) (1,569,762 ) (1,317,177 ) State taxes 256,876 246,534 203,021 Other, net (40,813 ) (11,282 ) (11,676 ) $ 25,244,515 $ 16,666,534 $ 12,924,070 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 Basis difference in pension plan liability $ 118,967 $ 269,271 Total deferred tax asset 118,967 269,271 Basis differences in real estate acquired through foreclosure 235,130 237,697 Deferred installment revenue on land sales for tax purposes 47,050 324,714 Total deferred tax liability 282,180 562,411 Net deferred tax liability $ 163,213 $ 293,140 The Trust files a U. S. Federal income tax return. With few exceptions, the Trust is no longer subject to U. S. Federal income tax examination by tax authorities for years before 2012.

Note 7 - Lease Commitments

Note 7 - Lease Commitments	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(7) Lease Commitments The Trust is a lessee under an operating lease in connection with its administrative offices located in Dallas, Texas. This lease agreement requires monthly rent payments and expires in March 2025. Future minimum lease payments were as follows at December 31, 2015: Year ending December 31, Amount 2016 $ 72,608 2017 75,224 2018 77,841 2019 80,457 2020 83,074 Thereafter 382,009 $ 771,213 Rent expense amounted to $79,415, $70,400 and $70,400 for the years ended December 31, 2015, 2014 and 2013, respectively.

Note 8 - Capital

Note 8 - Capital	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 8 ) Capital Certificates of Proprietary Interest (Certificates) and Sub-share Certificates in Certificates of Proprietary Interest (Sub-shares) are exchangeable in the ratio of one Certificate to 3,000 Sub-shares. No Certificates were exchanged for Sub-shares in 2015 and 2014. The number of Certificates authorized for issuance at a given date is the number then outstanding plus one/three-thousandth of the number of Sub-shares then outstanding. The number of Sub-shares authorized for issuance at a given date is the number then outstanding plus three thousand times the number of Certificates then outstanding. The Declaration of Trust was executed and delivered in New York. In the opinion of counsel for the Trust, under the laws of the State of New York, the Certificate and Sub-share Certificate holders are not subject to any personal liability for the acts or obligations of the Trust. The assets of the Trust are located in Texas. In the opinion of Texas counsel, under the laws of the State of Texas, the Certificate and Sub-share Certificate holders may be held personally liable with respect to claims against the Trust, but only after the assets of the Trust first have been exhausted.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	(9) Subsequent Events The Trust evaluated events that occurred after the balance sheet date through the date these financial statements were issued, and the following event that met recognition or disclosure criteria was identified: At their February 2016 meeting, the Trustees declared a cash dividend of $.31 per Sub-share, payable March 16, 2016 to Sub-share holders of record at the close of business on March 9, 2016.

Note 10 - Oil and Gas Producing

Note 10 - Oil and Gas Producing Activities (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	(10) Oil and Gas Producing Activities (Unaudited) The Trust’s share of oil and gas produced, all of which is from royalty interests, was as follows for the years ended December 31, 2015, 2014 and 2013, respectively: oil (in barrels) – 383,961, 260,829 and 217,682, and gas (in thousands of cubic feet) – 1,910,389, 1,370,377 and 1,065,458. Reserves related to the Trust’s royalty interests are not presented because the information is unavailable.

Note 11 - Selected Quarterly Fi

Note 11 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 11 ) Selected Quarterly Financial Data (Unaudited) The following tables present unaudited financial data of the Trust for each quarter of 2015 and 2014: Quarter ended December 31, September 30, June 30, March 31, 201 5 201 5 201 5 201 5 Income $ 14,721,058 $ 18,186,748 $ 11,795,134 $ 34,739,353 Income before income taxes $ 13,345,170 $ 17,233,208 $ 10,949,033 $ 33,755,611 Net income $ 8,995,057 $ 11,461,349 $ 7,416,012 $ 22,166,089 Net income per Sub-share Certificate $ 1.10 $ 1.40 $ 0.90 $ 2.67 Quarter ended December 31, September 30, June 30, March 31, 201 4 201 4 201 4 201 4 Income $ 13,295,068 $ 14,756,468 $ 15,583,264 $ 11,581,953 Income before income taxes $ 12,200,547 $ 13,878,547 $ 14,712,912 $ 10,639,548 Net income $ 8,234,892 $ 9,366,043 $ 9,914,167 $ 7,249,918 Net income per Sub-share Certificate $ 0.99 $ 1.11 $ 1.17 $ 0.86

Note 2 - Summary of Significa20

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Note Receivable Maturities [Table Text Block]	Year ending December 31, Amount 2016 $ 32,906 2017 30,688 2018 32,860 2019 35,165 2020 7,495 Thereafter — $ 139,114

Note 4 - Real Estate Acquired (

Note 4 - Real Estate Acquired (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	2015 2014 Acres Book Value Acres Book Value Balance at January 1: 10,124.78 $ 1,125,059 10,124.78 $ 1,125,059 Additions — — — — Sales (60.00 ) $ (10,458 ) — — Balance at December 31: 10,064.78 $ 1,114,601 10,124.78 $ 1,125,059

Note 5 - Employee Benefit Pla22

Note 5 - Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Net Funded Status [Table Text Block]	201 5 20 14 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 5,093,080 $ 3,887,518 Service cost 160,133 100,480 Interest cost 199,538 189,163 Actuarial (gain) loss (355,346 ) 1,134,525 Benefits paid (213,105 ) (218,606 ) Projected benefit obligation at end of year $ 4,884,300 $ 5,093,080 Change in plan assets: Fair value of plan assets at beginning of year $ 4,338,820 $ 4,082,642 Actual return on plan assets (46,609 ) 224,784 Contributions by employer 471,955 250,000 Benefits paid (213,105 ) (218,606 ) Fair value of plan assets at end of year $ 4,551,061 $ 4,338,820 Funded (unfunded) status at end of year $ (333,239 ) $ (754,260 )
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	201 5 20 14 Assets $ — $ — Liabilities (333,239 ) (754,260 ) $ (333,239 ) $ (754,260 )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 5 20 14 Net actuarial loss $ (1,930,079 ) $ (2,086,396 ) Prior service cost — (3,511 ) Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,930,079 ) (2,089,907 ) Income tax benefit 681,173 737,113 Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (1,248,906 ) $ (1,352,794 )
Schedule of Net Benefit Costs [Table Text Block]	201 5 20 14 20 13 Components of net periodic benefit cost: Service cost $ 160,133 $ 100,480 $ 104,920 Interest cost 199,538 189,163 166,865 Expected return on plan assets (296,446 ) (278,521 ) (234,523 ) Amortization of net loss 144,026 46,171 104,854 Amortization of prior service cost 3,511 5,570 6,840 Net periodic benefit cost $ 210,762 $ 62,863 $ 148,956
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	20 15 20 14 20 13 Net actuarial (gain) loss $ (12,291 ) $ 1,188,262 $ (404,563 ) Recognized actuarial loss (144,026 ) (46,171 ) (104,854 ) Recognized prior service cost (3,511 ) (5,570 ) (6,840 ) Total recognized in other comprehensive income, before taxes $ (159,828 ) $ 1,136,521 $ (516,257 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ 50,934 $ 1,199,384 $ (367,301 )
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]	201 5 20 14 Projected benefit obligation in excess of Plan assets: Projected benefit obligation $ 4,884,300 $ 5,093,080 Fair value of plan assets $ 4,551,061 $ 4,338,820 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,059,334 $ 4,157,653 Fair value of plan assets $ 4,551,061 $ 4,338,820
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 5 20 14 20 13 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 4.50% 4.00% 5.00% Rate of compensation increase 7.29 7.29 7.29 Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.00% 5.00% 4.25% Expected return on plan assets 7.00 7.00 7.00 Rate of compensation increase 7.29 7.29 7.29
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 827,692 $ 827,692 $ — $ — Equities 196,380 196,380 — — Mutual Funds Equity Funds 1,730,404 1,730,404 — — Fixed Income Funds 1,796,585 1,796,585 — — Total $ 4,551,061 $ 4,551,061 $ — $ — Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 430,755 $ 430,755 $ — $ — Equities 177,000 177,000 — — Mutual Funds Equity Funds 1,817,935 1,817,935 — — Fixed Income Funds 1,913,130 1,913,130 — — Total $ 4,338,820 $ 4,338,820 $ — $ —
Schedule of Expected Benefit Payments [Table Text Block]	Year ending December 31, Amount 2016 $ 215,184 2017 212,812 2018 243,354 2019 267,752 2020 282,652 2021 to 2025 1,342,944

Note 6 - Income Taxes (Tables)

Note 6 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2015 2014 2013 Current: U.S. Federal $ 25,029,693 $ 17,243,130 $ 13,381,265 State and local 400,689 398,401 327,730 25,430,382 17,641,531 13,708,995 Deferred expense (185,867 ) (974,997 ) (784,925 ) $ 25,244,515 $ 16,666,534 $ 12,924,070
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2015 2014 2013 Computed tax expense at the statutory rate $ 26,349,057 $ 18,001,044 $ 14,049,902 Reduction in income taxes resulting from: Statutory depletion (1,320,605 ) (1,569,762 ) (1,317,177 ) State taxes 256,876 246,534 203,021 Other, net (40,813 ) (11,282 ) (11,676 ) $ 25,244,515 $ 16,666,534 $ 12,924,070
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2015 2014 Basis difference in pension plan liability $ 118,967 $ 269,271 Total deferred tax asset 118,967 269,271 Basis differences in real estate acquired through foreclosure 235,130 237,697 Deferred installment revenue on land sales for tax purposes 47,050 324,714 Total deferred tax liability 282,180 562,411 Net deferred tax liability $ 163,213 $ 293,140

Note 7 - Lease Commitments (Tab

Note 7 - Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Amount 2016 $ 72,608 2017 75,224 2018 77,841 2019 80,457 2020 83,074 Thereafter 382,009 $ 771,213

Note 11 - Selected Quarterly 25

Note 11 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Quarterly Financial Information [Table Text Block]	Quarter ended December 31, September 30, June 30, March 31, 201 5 201 5 201 5 201 5 Income $ 14,721,058 $ 18,186,748 $ 11,795,134 $ 34,739,353 Income before income taxes $ 13,345,170 $ 17,233,208 $ 10,949,033 $ 33,755,611 Net income $ 8,995,057 $ 11,461,349 $ 7,416,012 $ 22,166,089 Net income per Sub-share Certificate $ 1.10 $ 1.40 $ 0.90 $ 2.67 Quarter ended December 31, September 30, June 30, March 31, 201 4 201 4 201 4 201 4 Income $ 13,295,068 $ 14,756,468 $ 15,583,264 $ 11,581,953 Income before income taxes $ 12,200,547 $ 13,878,547 $ 14,712,912 $ 10,639,548 Net income $ 8,234,892 $ 9,366,043 $ 9,914,167 $ 7,249,918 Net income per Sub-share Certificate $ 0.99 $ 1.11 $ 1.17 $ 0.86

Note 2 - Summary of Significa26

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
New Loan [Member]
Notes, Loans and Financing Receivable, Net, Noncurrent	$ 0	$ 0	$ 0
Minimum [Member]
Grazing Lease Term	3 years
Debt Instrument, Interest Rate During Period	7.00%
Notes Receivable Installment Term	10 years
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Grazing Lease Term	5 years
Debt Instrument, Interest Rate During Period	7.50%
Notes Receivable Installment Term	15 years
Property, Plant and Equipment, Useful Life	5 years
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Customers	3
Concentration Risk, Percentage	100.00%	90.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Number of Customers	2
Concentration Risk, Percentage	18.80%	29.10%	20.50%
Notes, Loans and Financing Receivable, Net, Noncurrent	$ 139,114	$ 923,115
Allowance for Doubtful Accounts Receivable	0	0
Allowance for Notes, Loans and Financing Receivable, Current	0	0
Unrecognized Tax Benefits	0	0
Income Taxes Paid	$ 24,386,479	18,405,210	$ 13,178,312
Percentage of Cash Payments on Land Sales	25.00%
Debt, Weighted Average Interest Rate	7.10%
Notes Receivable Prepayments	$ 713,062	1,764,928	$ 2,736,616
Number of Days Considered Delinquent	30 days
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 132,677	$ 117,247
Weighted Average Number of Shares Outstanding, Basic and Diluted	8,197,632	8,397,314	8,601,171
Income Tax Contingency	50.00%

Note 2 - Maturities of Notes Re

Note 2 - Maturities of Notes Receivable (Details)	Dec. 31, 2015USD ($)
2,016	$ 32,906
2,017	30,688
2,018	32,860
2,019	35,165
2,020	$ 7,495
Thereafter
	$ 139,114

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2015
Number of Operating Segments	1

Note 4 - Real Estate Acquired29

Note 4 - Real Estate Acquired (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Owned, Valuation Allowance, Provision	$ 0	$ 0

Note 4 - Real Estate Acquired I

Note 4 - Real Estate Acquired Included the Following Activity (Details)	12 Months Ended
	Dec. 31, 2015USD ($)a
Balance, Acres | a	10,124.78
Balance, Book Value | $	$ 1,125,059
Sales | a	(60)
Sales | $	$ (10,458)
Balance, Acres | a	10,064.78
Balance, Book Value | $	$ 1,114,601

Note 5 - Employee Benefit Pla31

Note 5 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Scenario, Forecast [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax	$ 140,649
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax	$ 0
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		30.00%
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		20.00%
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		2.50%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		80.00%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		60.00%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		8.50%
Inflation Rate [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		2.50%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		7.00%	7.00%	7.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 46,519	$ 41,172	$ 49,327
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax		95,899	33,632	72,601
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax		51,638	18,109	39,093
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax		$ 95,899	$ 33,632	$ 72,601
Defined Benefit Plan Benefit Payment Term		10 years

Note 5 - Plan Changes in Fair V

Note 5 - Plan Changes in Fair Value of Plan Assets and Funded Status (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in projected benefits obligation:
Projected benefit obligation at beginning of year	$ 5,093,080	$ 3,887,518
Service cost	160,133	100,480	$ 104,920
Interest cost	199,538	189,163	166,865
Actuarial (gain) loss	(355,346)	1,134,525
Benefits paid	(213,105)	(218,606)
Projected benefit obligation at end of year	4,884,300	5,093,080	3,887,518
Fair value of plan assets at beginning of year	4,338,820	4,082,642
Actual return on plan assets	(46,609)	224,784
Contributions by employer	471,955	250,000
Fair value of plan assets at end of year	4,551,061	4,338,820	$ 4,082,642
Funded (unfunded) status at end of year	$ (333,239)	$ (754,260)

Note 5 - Amounts Recognized in

Note 5 - Amounts Recognized in the Balance Sheets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets	$ 0	$ 0
Liabilities	(333,239)	(754,260)
	$ (333,239)	$ (754,260)

Note 5 - Amounts Recognized i34

Note 5 - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net actuarial loss	$ (1,930,079)	$ (2,086,396)
Prior service cost		(3,511)
Amounts recognized in accumulated other comprehensive income (loss), before taxes	$ (1,930,079)	(2,089,907)
Income tax benefit	681,173	737,113
Amounts recognized in accumulated other comprehensive income (loss), after taxes	$ (1,248,906)	$ (1,352,794)

Note 5 - Summary of Net Periodi

Note 5 - Summary of Net Periodic Benefits Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in projected benefits obligation:
Service cost	$ 160,133	$ 100,480	$ 104,920
Interest cost	199,538	189,163	166,865
Expected return on plan assets	(296,446)	(278,521)	(234,523)
Amortization of net loss	144,026	46,171	104,854
Amortization of prior service cost	3,511	5,570	6,840
Net periodic benefit cost	$ 210,762	$ 62,863	$ 148,956

Note 5 - Other Changes in Plan

Note 5 - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net actuarial (gain) loss	$ (12,291)	$ 1,188,262	$ (404,563)
Recognized actuarial loss	(144,026)	(46,171)	(104,854)
Recognized prior service cost	(3,511)	(5,570)	(6,840)
Total recognized in other comprehensive income, before taxes	(159,828)	1,136,521	(516,257)
Total recognized in net benefit cost and other comprehensive income, before taxes	$ 50,934	$ 1,199,384	$ (367,301)

Note 5 - Projected Benefit Obli

Note 5 - Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Projected benefit obligation in excess of Plan assets:
Projected benefit obligation	$ 4,884,300	$ 5,093,080
Fair value of plan assets	4,551,061	4,338,820
Accumulated benefit obligation	$ 4,059,334	$ 4,157,653

Note 5 - Summary of Weighted-av

Note 5 - Summary of Weighted-average Assumptions Used to Determine Benefit Obligations and Costs (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate	4.50%	4.00%	5.00%
Rate of compensation increase	7.29%	7.29%	7.29%
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate	4.00%	5.00%	4.25%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.00%	7.00%	7.00%
Rate of compensation increase	7.29%	7.29%	7.29%

Note 5 - Fair Values of Plan As

Note 5 - Fair Values of Plan Assets by Major Asset Category (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	$ 827,692	$ 430,755
Money Market Funds [Member]
Plan assets by category	827,692	430,755
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	196,380	177,000
Equity Securities [Member]
Plan assets by category	196,380	177,000
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	1,730,404	1,817,935
Equity Funds [Member]
Plan assets by category	1,730,404	1,817,935
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	1,796,585	1,913,130
Fixed Income Funds [Member]
Plan assets by category	1,796,585	1,913,130
Fair Value, Inputs, Level 1 [Member]
Plan assets by category	4,551,061	4,338,820
Plan assets by category	$ 4,551,061	$ 4,338,820

Note 5 - Summary of Benefit Pay

Note 5 - Summary of Benefit Payments Over Ten Years (Details)	Dec. 31, 2015USD ($)
2,016	$ 215,184
2,017	212,812
2,018	243,354
2,019	267,752
2,020	282,652
2021 to 2025	$ 1,342,944

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%

Note 6 - Income Tax Provision C

Note 6 - Income Tax Provision Charged to Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
U.S. Federal	$ 25,029,693	$ 17,243,130	$ 13,381,265
State and local	400,689	398,401	327,730
	25,430,382	17,641,531	13,708,995
Deferred	(185,867)	(974,997)	(784,925)
	$ 25,244,515	$ 16,666,534	$ 12,924,070

Note 6 - Summary of Income Tax

Note 6 - Summary of Income Tax Expense at Federal Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Computed tax expense at the statutory rate	$ 26,349,057	$ 18,001,044	$ 14,049,902
Reduction in income taxes resulting from:
Statutory depletion	(1,320,605)	(1,569,762)	(1,317,177)
State taxes	256,876	246,534	203,021
Other, net	(40,813)	(11,282)	(11,676)
	$ 25,244,515	$ 16,666,534	$ 12,924,070

Note 6 - Summary of Temporary D

Note 6 - Summary of Temporary Differences in Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Basis difference in pension plan liability	$ 118,967	$ 269,271
Total deferred tax asset	118,967	269,271
Basis differences in real estate acquired through foreclosure	235,130	237,697
Deferred installment revenue on land sales for tax purposes	47,050	324,714
Total deferred tax liability	282,180	562,411
Net deferred tax liability	$ 163,213	$ 293,140

Note 7 - Lease Commitments (Det

Note 7 - Lease Commitments (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Rent Expense	$ 79,415	$ 70,400	$ 70,400

Note 7 - Summary of Future Mini

Note 7 - Summary of Future Minimum Lease Payments (Details)	Dec. 31, 2015USD ($)
2,016	$ 72,608
2,017	75,224
2,018	77,841
2,019	80,457
2,020	83,074
Thereafter	382,009
	$ 771,213

Note 8 - Capital (Details Textu

Note 8 - Capital (Details Textual) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Certificate [Member]
Number of Shares Used In Ratio	1
Sub Shares [Member]
Number of Shares Used In Ratio	3,000
Number of Certificates Exchanged	0	0

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual)	1 Months Ended
	Feb. 29, 2016$ / shares
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.31

Note 10 - Oil and Gas Produci49

Note 10 - Oil and Gas Producing Activities (Unaudited) (Details Textual)	Dec. 31, 2015Mcfbbl	Dec. 31, 2014Mcfbbl	Dec. 31, 2013Mcfbbl
Productions Barrels of Oil | bbl	383,961	260,829	217,682
Production of Gas | Mcf	1,910,389	1,370,377	1,065,458

Note 11 - Unaudited Financial D

Note 11 - Unaudited Financial Data of the Trust for Each Quarter (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income	$ 14,721,058	$ 18,186,748	$ 11,795,134	$ 34,739,353	$ 13,295,068	$ 14,756,468	$ 15,583,264	$ 11,581,953	$ 79,414,853	$ 55,202,230	$ 44,109,074
Income before income taxes	13,345,170	17,233,208	10,949,033	33,755,611	12,200,547	13,878,547	14,712,912	10,639,548	75,283,022	51,431,554	40,142,578
Net income	$ 8,995,057	$ 11,461,349	$ 7,416,012	$ 22,166,089	$ 8,234,892	$ 9,366,043	$ 9,914,167	$ 7,249,918	$ 50,038,507	$ 34,765,020	$ 27,218,508
Net income per Sub-share Certificate (in dollars per share)	$ 1.10	$ 1.40	$ 0.90	$ 2.67	$ 0.99	$ 1.11	$ 1.17	$ 0.86	$ 6.10	$ 4.14	$ 3.16