TABLE 11. Whole farm summary, Artesia-Lake Arthur area, 2001. ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 342 ACRES CROP $264,480 GRAZING $11,400 BARLEY 8.5 ACRES CROP $803 ASCS DEFICIENCY $101 ASCS DIVERSION $0 GRAZING $340 OAT HAY 8 ACRES CROP $2,240 PICKER COTTON 82 ACRES COTTON LINT $39,606 COTTON SEED $4,477 ASCS DEFICIENCY $2,332 ASCS DIVERSION $2,296 STRIPPER COTTON 60 ACRES COTTON LINT $27,073 COTTON SEED $3,249 ASCS DEFICIENCY $2,332 ASCS DIVERSION $1,666 _________ GROSS RETURN $362,396 CASH OPERATING EXPENSES SEED $5,133 FERTILIZER $14,151 CHEMICALS $45,472 CROP INSURANCE $150 OTHER PURCHASED INPUTS $20,293 CANAL WATER $0 FUEL, OIL & LUBRICANTS-EQUIPMENT $13,995 FUEL-IRRIGATION $26,839 REPAIRS $21,811 CUSTOM CHARGES $16,907 LAND TAXES $690 OTHER EXPENSES $17,733 _________ TOTAL CASH EXPENSES $183,172 RETURN OVER CASH EXPENSES $179,224 FIXED EXPENSES $49,709 TOTAL EXPENSES $232,881 NET FARM INCOME $129,515 LABOR AND MANAGEMENT COSTS $49,142 NET OPERATING PROFIT $80,373 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $4,469 INTEREST ON EQUIPMENT INVESTMENT $20,506 _________ TOTAL CAPITAL COSTS $24,974 RETURN TO LAND AND RISK $55,399 ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $1,000 /ACRE $35,399 9.32% $2,500 /ACRE $5,399 4.99% $4,000 /ACRE ($24,601) 3.40% $5,500 /ACRE ($54,601) 2.58% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L