Deltic Timber (DEL) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	DELTIC TIMBER CORP
Entity Central Index Key	1,022,469
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	DEL
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,186,958

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 4,823	$ 5,773
Trade accounts receivable, net of allowance for doubtful accounts of $98 and $130, respectively	12,516	8,667
Inventories	11,776	12,228
Prepaid expenses and other current assets	1,977	3,334
Total current assets	31,092	30,002
Investment in real estate held for development and sale	60,297	59,111
Timber and timberlands – net	358,339	360,183
Property, plant, and equipment – net	103,537	102,890
Deferred charges and other assets	2,882	2,507
Total assets	556,147	554,693
Current liabilities
Trade accounts payable	7,965	8,583
Accrued taxes other than income taxes	2,953	2,052
Income taxes payable	0	679
Deferred revenues and other accrued liabilities	10,104	8,508
Total current liabilities	21,022	19,822
Long-term debt	240,846	240,839
Deferred tax liabilities – net	1,452
Deferred tax liabilities – net		1,744
Other noncurrent liabilities	40,660	41,095
Commitments and contingencies	0	0
Stockholders’ equity
Cumulative preferred stock – $.01 par, authorized 20,000,000 shares, none issued	0	0
Common stock – $.01 par, authorized 50,000,000 shares, 12,813,879 shares issued	128	128
Capital in excess of par value	90,164	89,090
Retained earnings	206,486	206,344
Treasury stock	(35,385)	(34,816)
Accumulated other comprehensive loss	(9,226)	(9,553)
Total stockholders’ equity	252,167	251,193
Total liabilities and stockholders’ equity	$ 556,147	$ 554,693

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 98	$ 130
Cumulative preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Cumulative preferred stock, shares authorized	20,000,000	20,000,000
Cumulative preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,813,879	12,813,879

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net sales	$ 55,353	$ 56,705	$ 108,568	$ 107,329
Costs and expenses
Cost of sales	37,842	37,877	75,040	74,389
Depreciation, amortization, and cost of fee timber harvested	6,076	5,618	12,832	11,491
General and administrative expenses	5,206	4,982	10,470	10,004
Total costs and expenses	49,124	48,477	98,342	95,884
Operating income	6,229	8,228	10,226	11,445
Interest income	8	5	13	7
Interest and other debt expense, net of capitalized interest	(1,972)	(2,181)	(3,579)	(4,877)
Other income	78	81	224	132
Income before income taxes	4,343	6,133	6,884	6,707
Income tax expense	(1,627)	(1,913)	(3,087)	(2,092)
Net income	$ 2,716	$ 4,220	$ 3,797	$ 4,615
Earnings per common share
Basic (in dollars per share)	$ 0.22	$ 0.35	$ 0.31	$ 0.38
Assuming dilution (in dollars per share)	0.22	0.35	0.31	0.38
Dividends per common share
Paid (in dollars per share)	0.10	0.10	0.20	0.20
Declared (in dollars per share)	$ 0.20	$ 0.20	$ 0.30	$ 0.30
Weighted average common shares
Basic (in shares)	12,071	11,974	12,066	12,013
Assuming dilution (in shares)	12,111	12,032	12,121	12,078

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 3,797	$ 4,615
Reclassification adjustment for gains/(losses) included in net income (net of tax):
Amortization of actuarial loss	327	281
Other comprehensive income	327	281
Comprehensive income	$ 4,124	$ 4,896

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income	$ 3,797	$ 4,615
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization, and cost of fee timber harvested	12,832	11,491
Deferred income taxes	1,391	614
Real estate development expenditures	(2,291)	(2,030)
Real estate costs recovered upon sale	862	1,889
Timberland costs recovered upon sale	18	6
Stock-based compensation expense	678	1,689
Net increase in liabilities for pension and other postretirement benefits	124	1,170
Net decrease in deferred compensation for stock-based liabilities	0	(551)
(Increase)/Decrease in operating working capital other than cash and cash equivalents	(2,779)	853
Other changes in assets and liabilities	243	279
Net cash provided by operating activities	14,875	20,025
Investing activities
Capital expenditures requiring cash, excluding real estate development	(12,469)	(18,160)
Timberland acquisition expenditures requiring cash	0	(719)
Net change in purchased stumpage inventory	(180)	(2,089)
Net change in funds held by trustee	(295)	1
Other – net	311	221
Net cash required by investing activities	(12,633)	(20,746)
Financing activities
Proceeds from borrowings	6,000	24,000
Repayments of notes payable and long-term debt	(6,000)	(7,000)
Treasury stock purchases	(262)	(15,174)
Common stock dividends paid	(2,437)	(2,429)
Proceeds from stock option exercises	90	256
Excess tax benefits/(provisions) from stock-based compensation expense	0	(97)
Other – net	(583)	(765)
Net cash provided by financing activities	(3,192)	(1,209)
Net decrease in cash and cash equivalents	(950)	(1,930)
Cash and cash equivalents at January 1	5,773	5,429
Cash and cash equivalents at June 30	$ 4,823	$ 3,499

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative preferred stock [Member]	Common stock [Member]	Capital in excess of par value [Member]	Retained earnings [Member]	Treasury stock [Member]	Accumulated other comprehensive loss [Member]
Balance at beginning of period at Dec. 31, 2015				$ 87,822	$ 201,959	$ (24,347)	$ (11,594)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options				(15)
Stock-based compensation expense				1,689
Restricted stock awards	$ (2,349)			(2,349)
Tax effect of stock awards				(511)
Restricted stock forfeitures				138		(138)
Net income	4,615				4,615
Common stock dividends declared					(3,644)
Shares purchased – 3,436 and 277,670 shares, respectively						(15,174)
Shares issued for incentive plans – 30,695 and 43,075 shares, respectively						2,620
Change in other comprehensive income, net of tax							281
Balance at end of period at Jun. 30, 2016	241,480	$ 0	$ 128	86,774	202,930	(37,039)	(11,313)
Balance at beginning of period at Dec. 31, 2016	251,193			89,090	206,344	(34,816)	(9,553)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options				12
Stock-based compensation expense				678
Restricted stock awards	(1,790)			(1,790)
Tax effect of stock awards				0
Restricted stock forfeitures				2,174		(2,174)
Net income	3,797				3,797
Common stock dividends declared					(3,655)
Shares purchased – 3,436 and 277,670 shares, respectively						(262)
Shares issued for incentive plans – 30,695 and 43,075 shares, respectively						1,867
Change in other comprehensive income, net of tax							327
Balance at end of period at Jun. 30, 2017	$ 252,167	$ 0	$ 128	$ 90,164	$ 206,486	$ (35,385)	$ (9,226)

Consolidated Statements of Sto8

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Cumulative preferred stock, shares authorized	20,000,000	20,000,000	20,000,000
Cumulative preferred stock, shares issued	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000	50,000,000
Common stock, shares issued	12,813,879	12,813,879	12,813,879
Treasury stock shares	626,921	667,047	625,877	430,240
Treasury stock, shares purchased	3,436	277,670
Treasury stock, shares issued for incentive plans	30,695	43,075
Forfeited restricted stock, shares	28,303	2,212

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements have been prepared by Deltic Timber Corporation (the “Company” or “Deltic”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the Securities and Exchange Commission. Although management of the Company believes the disclosures contained herein are adequate to make the information presented not misleading, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016 . Preparation of consolidated financial statements requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities, disclosure of contingent assets, and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes the accompanying consolidated financial statements contain all adjustments, consisting of only normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of June 30, 2017 , and the results of its operations and cash flows for the three months and six months ended June 30, 2017 and 2016 . These consolidated financial statements are not necessarily indicative of results to be expected for the full year. The Company has evaluated subsequent events through the date the financial statements were issued. Recently Issued Authoritative Accounting Pronouncements and Guidance Effective January 1, 2017, the Company adopted Accounting Standard's Update ("ASU") 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This standards update simplified several aspects of the accounting for share-based payments award transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and the classification on the statement of cash flows of employee taxes paid when an employer withholds shares for tax-withholding purposes. As a result of the adoption, Deltic recognized approximately $500,000 of tax shortfalls from share-based compensation as a discrete item of income tax expense during the first quarter of 2017. Historically, these amounts were recorded as activity in additional paid-in capital. Deltic elected to apply the standards update pertaining to cash flows prospectively, therefore prior-year statements have not been adjusted. Deltic elected to account for forfeitures as they occur rather than using a requisite estimated forfeiture rate for future forfeitures. The additional changes related to the standard's update and the election to change accounting methods for forfeitures did not have a material impact on the Company's financial statements. Effective January 1, 2017, the Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". This standards update requires that all deferred tax assets and liabilities be offset and presented as a single, non-current, amount. Historically, deferred tax items were presented on the Balance Sheet as current and non-current. The Company applied this standard's update prospectively, combining current deferred tax assets of $1,895,000 with non-current deferred tax liabilities, for a net long-term tax asset balance of $151,000 at January 1, 2017. In March of 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07, "Improvements to the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires the service cost components be reported separately from other components of net DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 1 – Accounting Policies (Cont.) periodic pension costs and be reported on the same line item as other compensation costs. This update is effective for the Company on January 1, 2018 and is not expected to have a material impact on its financial statements. In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company continues to evaluate the standard and has not yet selected a transition method but believes the standard is expected to have little impact on its consolidated financial statements other than updated disclosures. In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, “Leases”, which supersedes Topic 840 and among other things, requires lessees to recognize most leases on-balance sheet. The new standard will be effective for the Company on January 1, 2019, and is not expected to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments”. The ASU changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. This update will be effective for the Company on January 1, 2020, and is not expected to have a material impact on its financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Raw materials - Logs $ 1,525 1,920 - Del-Tin - wood fiber 226 463 Finished goods - Lumber 5,372 4,817 - Medium density fiberboard ("MDF") 2,534 2,575 - MDF consigned to others 839 1,000 Supplies 1,280 1,453 $ 11,776 12,228

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Short-term deferred tax assets $ — 1,895 Refundable income taxes 1,082 — Prepaid expenses 226 905 Other current assets 669 534 $ 1,977 3,334

Timber and Timberlands

Timber and Timberlands	6 Months Ended
	Jun. 30, 2017
Timber And Timberlands [Abstract]
Timber and Timberlands	Timber and Timberlands Timber and timberlands at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Purchased stumpage inventory $ 3,863 3,684 Timberlands 156,152 156,579 Fee timber 332,488 331,121 Logging facilities 1,231 1,231 493,734 492,615 Less accumulated cost of fee timber harvested and facilities depreciation (136,360 ) (132,592 ) Strategic timber and timberlands 357,374 360,023 Non-strategic timber and timberlands 965 160 $ 358,339 360,183 Deltic had no acquisitions of timberland during the three or six months ended June 30, 2017. During the three months ended June 30, 2016, Deltic acquired 324 acres of timberland for $528,000 , and for the six months ended June 30, 2016, Deltic acquired 403 acres of timberlands for cash payment of approximately $719,000 . Deltic invests in and holds strategic fee timber as a productive asset, and any expenditure to acquire such timber and timberlands is an investing activity on the Company’s Consolidated Statements of Cash Flows. The Company actively upgrades its timberland portfolio by selling non-strategic timberlands and using the sales proceeds to purchase pine timberlands that are strategic to its operations. The Company identifies tracts of pine timberland that cannot be strategically managed due to size or location, and also tracts of hardwood bottomland that cannot be converted into pine-growing acreage, to be sold. As of June 30, 2017 , approximately 1,500 acres of these lands were available for sale. DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 4 – Timber and Timberlands (Cont.) Included in the Woodlands operating income were gains from the sales of timberland of $ 285,000 and $ 33,000 for the three months ended June 30, 2017 , and 2016 , respectively, and $ 302,000 and $ 33,000 for the six months ended June 30, 2017 and June 30, 2016 , respectively.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Land $ 947 947 Land improvements 22,141 20,707 Buildings and structures 28,216 27,801 Machinery and equipment 181,470 175,515 232,774 224,970 Less accumulated depreciation (129,237 ) (122,080 ) $ 103,537 102,890

Deferred Revenues and Other Acc

Deferred Revenues and Other Accrued Liabilities	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Deferred Revenues and Other Accrued Liabilities	Deferred Revenues and Other Accrued Liabilities Deferred revenues and other accrued liabilities at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Deferred revenues – current $ 3,596 2,776 Dividend payable 1,219 — Interest and commitment fees payable 1,509 1,770 Vacation accrual 1,511 1,666 Deferred compensation 526 816 All other current liabilities 1,743 1,480 $ 10,104 8,508

Other Noncurrent Liabilities

Other Noncurrent Liabilities	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Other Noncurrent Liabilities Other noncurrent liabilities at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Accumulated postretirement benefit obligation $ 14,083 13,770 Supplemental pension plan 7,919 7,865 Accrued pension liability 17,740 17,798 Deferred revenue – long-term portion 14 36 Other noncurrent liabilities 904 1,626 $ 40,660 41,095

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate for the three months and six months ended June 30, 2017 , was 38 and 45 percent, respectively. This compares to an effective income tax rate for the three and six months ended June 30, 2016 of 31 percent. The prior year effective rate was reduced by the lower capital gains tax rates applied on the sale of timber held 15 years or longer which expired December 31, 2016. The effective income tax rate exceeded statutory income tax rates during the first six months of 2017 due to discrete items related to the changes in the method of recognizing income tax benefits and shortfalls on the vesting of share-based compensation by the adoption of ASU 2016-09 in the first quarter. At June 30, 2017 , there were no unrecognized tax benefits recorded on the balance sheet. The Company is no longer subject to U.S. federal and state examination by tax authorities for years before 2013.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Employee and Retiree Benefit Plans	Employee and Retiree Benefit Plans Components of net periodic retirement expense and other postretirement benefits expense consisted of the following: Three Months Ended Six Months Ended (Thousands of dollars) 2017 2016 2017 2016 Defined benefit funded retirement plan Service cost $ 370 410 740 821 Interest cost 521 524 1,042 1,048 Expected return on plan assets (620 ) (593 ) (1,240 ) (1,187 ) Recognized actuarial loss 236 213 472 425 Net retirement expense $ 507 554 1,014 1,107 Defined benefit unfunded retirement plan Service cost $ 10 53 20 106 Interest cost 86 81 172 161 Recognized actuarial loss 33 19 66 38 Net retirement expense $ 129 153 258 305 Other postretirement benefit plan Service cost $ 125 95 269 190 Interest cost 79 144 183 288 Net other postretirement benefits expense $ 204 239 452 478 The Company made contributions to its qualified plan of $600,000 during the first six months of 2017 , and expects to fund the plan with an additional $600,000 over the remainder of 2017 . The expected long-term rate of return on pension plan assets is 7.50 percent.

Other Comprehensive Income Disc

Other Comprehensive Income Disclosures	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Other Comprehensive Income Disclosures	Other Comprehensive Income Disclosures The following tables detail the changes in accumulated other comprehensive loss (“AOCL”) by component for the three months ended June 30, 2017 and 2016 : Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total AOCL at January 1, 2017 $ (7,641 ) (1,129 ) (783 ) (9,553 ) Amounts reclassified from AOCL - net current period other comprehensive income 287 40 — 327 AOCL at June 30, 2017 $ (7,354 ) (1,089 ) (783 ) (9,226 ) (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL - net current period other comprehensive income 258 23 — 281 AOCL at June 30, 2016 $ (6,813 ) (4,286 ) (214 ) (11,313 ) Reclassification Out of Accumulated Other Comprehensive Loss Details about AOCL Components: Six Months Ended June 30, 2017 (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total Amortization of actuarial losses $ 472 66 — 538 Income tax expense (185 ) (26 ) — (211 ) Total reclassifications net of tax $ 287 40 — 327 DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 10 – Other Comprehensive Income Disclosures (Cont.) Six Months Ended June 30, 2016 (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total Amortization of actuarial losses $ 425 38 — 463 Income tax expense (167 ) (15 ) — (182 ) Total reclassifications net of tax $ 258 23 — 281 Amounts in parentheses indicate expenses. These items are included in the computation of net periodic retirement and postretirement costs. See Note 9 – Employee and Retiree Benefit Plans. Tax Effects by Component Six Months Ended June 30, 2017 (Thousands of dollars) Before Tax Amount Tax (Expense) or Benefit Net of Tax Amount Amortization of actuarial losses $ 538 (211 ) 327 Six Months Ended June 30, 2016 (Thousands of dollars) Before Tax Amount Tax (Expense) or Benefit Net of Tax Amount Amortization of actuarial losses $ 463 (182 ) 281

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Consolidated Statements of Income for the three months ended June 30, 2017 and 2016 included $ 950,000 and $ 812,000 , respectively, of stock-based compensation expense reflected in general and administrative expense. For the six months ended June 30, 2017 and 2016, the amounts were $ 678,000 and $ 1,689,000 , respectively. Assumptions for the valuation of 2017 stock options and restricted stock performance units consisted of the following: 2017 Expected term of options (in years) 4.67 Weighted expected volatility 25.36 % Dividend yield .50 % Risk-free interest rate –performance restricted shares 1.60 % Risk-free interest rate – options 1.81 % Stock price as of valuation date $ 76.95 Restricted performance share valuation $ 89.95 Grant date fair value – stock options $ 16.77 Stock Options – A summary of stock options as of June 30, 2017 , and changes during the six months then ended are presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 80,035 $ 63.24 Granted 25,081 76.95 Exercised (1,388 ) 64.85 Forfeited/expired (23,493 ) 66.31 Outstanding at June 30, 2017 80,235 $ 66.78 7.1 $ 681 Exercisable at June 30, 2017 41,420 $ 64.56 5.4 $ 418 The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of the Company’s common stock exceeded the exercise price of the options at June 30, 2017 , for those options for which the quoted market price was in excess of the exercise price. This amount changes over time based on changes in the fair market value of the Company’s stock. As of June 30, 2017 , there was $683,000 of unrecognized compensation cost related to nonvested stock options. That cost is expected to be recognized over a weighted-average period of 2.4 years. DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 11 – Stock-Based Compensation (Cont.) Restricted Stock and Restricted Stock Units – A summary of nonvested restricted stock as of June 30, 2017 , and changes during the three months then ended are presented below: Nonvested Restricted Stock Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2017 87,170 $ 66.54 Granted 19,385 77.10 Vested (19,161 ) 71.99 Forfeited (13,222 ) 66.21 Nonvested at June 30, 2017 74,172 $ 64.88 As of June 30, 2017 , there was $2,510,000 of unrecognized compensation cost related to nonvested restricted stock. That cost is expected to be recognized over a weighted-average period of 2.2 years . Performance Units – A summary of nonvested restricted stock performance units as of June 30, 2017 , and changes during the three months then ended are presented below: Nonvested Restricted Stock Performance Units Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2017 47,150 $ 77.67 Granted 17,639 89.95 Units not meeting vesting conditions (7,717 ) 87.74 Forfeited (15,081 ) 79.69 Nonvested at June 30, 2017 41,991 $ 80.25 As of June 30, 2017 , there was $2,079,000 of unrecognized compensation cost related to nonvested restricted stock performance units. That cost is expected to be recognized over a weighted-average period of 2.4 years.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies At various times, the Company may be involved in litigation incidental to its operations. Currently, there are no material legal proceedings outstanding.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair Value Measurement Accounting establishes a fair value hierarchy based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets on identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Nonqualified employee savings plan – Consists of mutual funds, which are valued at the net asset value of shares held by the plan at the balance sheet date, at quoted market prices. The fair value measurements for the Company’s financial liabilities accounted for at fair value on a recurring basis at June 30, 2017 , are presented in the following table Fair Value Measurements at Reporting Date using June 30, Quoted Prices in Active Markets for Identical Liabilities Inputs Significant Observable Inputs Significant Unobservable Inputs (Thousands of dollars) 2017 Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 904 904 — — Long-term debt, including current maturities – The fair value is estimated by discounting the scheduled debt payment streams to present value based on market rates for which the Company’s debt could be valued. DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 13 – Fair Value of Financial Instruments (Cont.) The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at June 30, 2017 and December 31, 2016 . The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes financial instruments included in current assets and liabilities, except current maturities of long-term debt, all of which have fair values approximating carrying values and is considered Level 3. June 30, 2017 December 31, 2016 (Thousands of dollars) Carrying Estimated Carrying Estimated Financial liabilities Amount Fair Value Amount Fair Value Long-term debt, including current maturities $ 240,846 243,994 240,839 241,213

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The amounts used in computing earnings per share and the effect on income and weighted average number of shares outstanding of dilutive potential common stock consisted of the following: Three Months Ended Six Months Ended (Thousands, except per share amounts) 2017 2016 2017 2016 Net earnings allocated to common stock $ 2,691 4,161 3,760 4,553 Net earnings allocated to participating securities 25 59 37 62 Net income allocated to common stock and participating securities $ 2,716 4,220 3,797 4,615 Weighted average number of common shares used in basic EPS 12,071 11,974 12,066 12,013 Effect of dilutive stock awards 40 58 55 65 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,111 12,032 12,121 12,078 Earnings per common share Basic $ .22 .35 .31 .38 Assuming dilution $ .22 .35 .31 .38 DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 14 – Earnings per Common Share (Cont.) Diluted earnings per common share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The following table provides information about potentially dilutive securities that were outstanding but were not included in the computation of diluted earnings per share because they were anti-dilutive, or in the case of the restricted performance shares, did not meet the metrics established for vesting: Three Months Ended Six Months Ended 2017 2016 2017 2016 Options 21,000 96,810 21,000 122,109 Restricted performance shares 7,546 16,244 7,546 16,244

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Supplemental Cash Flow Disclosures Additional information concerning cash flows is as follows: Six Months Ended (Thousands of dollars) 2017 2016 Income taxes paid in cash $ 3,457 354 Interest paid 3,774 4,561 Interest capitalized (94 ) (119 ) Non-cash investing and financing activities excluded from the Consolidated Statement of Cash Flows include: Six Months Ended (Thousands of dollars) 2017 2016 Issuance of restricted stock $ 1,790 2,349 Forfeitures of restricted stock 2,174 138 Capital expenditures accrued, not paid 617 1,180 DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 15 – Supplemental Cash Flow Disclosures (Cont.) (Increases)/decreases in working capital, other than cash and cash equivalents, consisted of the following: Six Months Ended (Thousands of dollars) 2017 2016 Trade accounts receivable $ (3,848 ) (5,072 ) Inventories 451 652 Refundable income tax (1,091 ) — Prepaid expenses and other current assets 527 755 Trade accounts payable — 1,728 Accrued taxes other than income taxes 901 980 Deferred revenues and other accrued liabilities 281 1,810 $ (2,779 ) 853

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segments	Business Segments Information about the Company's business segments consisted of the following: Three Months Ended Six Months Ended (Thousands of dollars) 2017 2016 2017 2016 Net sales Woodlands $ 10,261 9,523 21,127 19,983 Manufacturing 45,480 47,287 92,528 91,118 Real Estate 5,329 5,642 6,645 7,871 Eliminations* (5,717 ) (5,747 ) (11,732 ) (11,643 ) $ 55,353 56,705 108,568 107,329 Income before income taxes Operating income/(loss) Woodlands $ 4,884 4,365 10,055 9,682 Manufacturing 3,922 7,030 7,973 10,312 Real Estate 1,817 1,743 927 1,153 Corporate (4,251 ) (4,721 ) (8,763 ) (9,442 ) Eliminations (143 ) (189 ) 34 (260 ) Operating income 6,229 8,228 10,226 11,445 Interest income 8 5 13 7 Interest and other debt expense, net of capitalized interest (1,972 ) (2,181 ) (3,579 ) (4,877 ) Other income/(expense) 78 81 224 132 $ 4,343 6,133 6,884 6,707 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 1,997 2,008 4,116 4,228 Manufacturing 3,964 3,488 8,477 7,017 Real Estate 72 87 157 179 Corporate 43 35 82 67 $ 6,076 5,618 12,832 11,491 Capital Expenditures Woodlands $ 908 760 2,228 2,214 Manufacturing 4,023 8,194 9,248 14,655 Real Estate 1,418 1,359 2,504 2,088 Corporate 32 40 162 65 $ 6,381 10,353 14,142 19,022 Timberland acquisition expenditures $ — 598 — 719 *Primarily intersegment sales of timber from Woodlands to Manufacturing.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by Deltic Timber Corporation (the “Company” or “Deltic”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the Securities and Exchange Commission. Although management of the Company believes the disclosures contained herein are adequate to make the information presented not misleading, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016 . Preparation of consolidated financial statements requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities, disclosure of contingent assets, and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes the accompanying consolidated financial statements contain all adjustments, consisting of only normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of June 30, 2017 , and the results of its operations and cash flows for the three months and six months ended June 30, 2017 and 2016 . These consolidated financial statements are not necessarily indicative of results to be expected for the full year. The Company has evaluated subsequent events through the date the financial statements were issued.
Recently Issued Authoritative Accounting Pronouncements and Guidance	Recently Issued Authoritative Accounting Pronouncements and Guidance Effective January 1, 2017, the Company adopted Accounting Standard's Update ("ASU") 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This standards update simplified several aspects of the accounting for share-based payments award transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and the classification on the statement of cash flows of employee taxes paid when an employer withholds shares for tax-withholding purposes. As a result of the adoption, Deltic recognized approximately $500,000 of tax shortfalls from share-based compensation as a discrete item of income tax expense during the first quarter of 2017. Historically, these amounts were recorded as activity in additional paid-in capital. Deltic elected to apply the standards update pertaining to cash flows prospectively, therefore prior-year statements have not been adjusted. Deltic elected to account for forfeitures as they occur rather than using a requisite estimated forfeiture rate for future forfeitures. The additional changes related to the standard's update and the election to change accounting methods for forfeitures did not have a material impact on the Company's financial statements. Effective January 1, 2017, the Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". This standards update requires that all deferred tax assets and liabilities be offset and presented as a single, non-current, amount. Historically, deferred tax items were presented on the Balance Sheet as current and non-current. The Company applied this standard's update prospectively, combining current deferred tax assets of $1,895,000 with non-current deferred tax liabilities, for a net long-term tax asset balance of $151,000 at January 1, 2017. In March of 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07, "Improvements to the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires the service cost components be reported separately from other components of net DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 1 – Accounting Policies (Cont.) periodic pension costs and be reported on the same line item as other compensation costs. This update is effective for the Company on January 1, 2018 and is not expected to have a material impact on its financial statements. In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company continues to evaluate the standard and has not yet selected a transition method but believes the standard is expected to have little impact on its consolidated financial statements other than updated disclosures. In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, “Leases”, which supersedes Topic 840 and among other things, requires lessees to recognize most leases on-balance sheet. The new standard will be effective for the Company on January 1, 2019, and is not expected to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments”. The ASU changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. This update will be effective for the Company on January 1, 2020, and is not expected to have a material impact on its financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Raw materials - Logs $ 1,525 1,920 - Del-Tin - wood fiber 226 463 Finished goods - Lumber 5,372 4,817 - Medium density fiberboard ("MDF") 2,534 2,575 - MDF consigned to others 839 1,000 Supplies 1,280 1,453 $ 11,776 12,228

Prepaid Expenses and Other Cu27

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Short-term deferred tax assets $ — 1,895 Refundable income taxes 1,082 — Prepaid expenses 226 905 Other current assets 669 534 $ 1,977 3,334

Timber and Timberlands (Tables)

Timber and Timberlands (Tables)	6 Months Ended
	Jun. 30, 2017
Timber And Timberlands [Abstract]
Summary of Timber and Timberlands	Timber and timberlands at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Purchased stumpage inventory $ 3,863 3,684 Timberlands 156,152 156,579 Fee timber 332,488 331,121 Logging facilities 1,231 1,231 493,734 492,615 Less accumulated cost of fee timber harvested and facilities depreciation (136,360 ) (132,592 ) Strategic timber and timberlands 357,374 360,023 Non-strategic timber and timberlands 965 160 $ 358,339 360,183

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, plant, and equipment at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Land $ 947 947 Land improvements 22,141 20,707 Buildings and structures 28,216 27,801 Machinery and equipment 181,470 175,515 232,774 224,970 Less accumulated depreciation (129,237 ) (122,080 ) $ 103,537 102,890

Deferred Revenues and Other A30

Deferred Revenues and Other Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Deferred Revenues and Other Accrued Liabilities	Deferred revenues and other accrued liabilities at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Deferred revenues – current $ 3,596 2,776 Dividend payable 1,219 — Interest and commitment fees payable 1,509 1,770 Vacation accrual 1,511 1,666 Deferred compensation 526 816 All other current liabilities 1,743 1,480 $ 10,104 8,508

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Other noncurrent liabilities at the balance sheet dates consisted of the following: June 30, Dec. 31, (Thousands of dollars) 2017 2016 Accumulated postretirement benefit obligation $ 14,083 13,770 Supplemental pension plan 7,919 7,865 Accrued pension liability 17,740 17,798 Deferred revenue – long-term portion 14 36 Other noncurrent liabilities 904 1,626 $ 40,660 41,095

Employee and Retiree Benefit 32

Employee and Retiree Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Components of Net Periodic Retirement Expense and Other Postretirement Benefits Expense	Components of net periodic retirement expense and other postretirement benefits expense consisted of the following: Three Months Ended Six Months Ended (Thousands of dollars) 2017 2016 2017 2016 Defined benefit funded retirement plan Service cost $ 370 410 740 821 Interest cost 521 524 1,042 1,048 Expected return on plan assets (620 ) (593 ) (1,240 ) (1,187 ) Recognized actuarial loss 236 213 472 425 Net retirement expense $ 507 554 1,014 1,107 Defined benefit unfunded retirement plan Service cost $ 10 53 20 106 Interest cost 86 81 172 161 Recognized actuarial loss 33 19 66 38 Net retirement expense $ 129 153 258 305 Other postretirement benefit plan Service cost $ 125 95 269 190 Interest cost 79 144 183 288 Net other postretirement benefits expense $ 204 239 452 478

Other Comprehensive Income Di33

Other Comprehensive Income Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax)	The following tables detail the changes in accumulated other comprehensive loss (“AOCL”) by component for the three months ended June 30, 2017 and 2016 : Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total AOCL at January 1, 2017 $ (7,641 ) (1,129 ) (783 ) (9,553 ) Amounts reclassified from AOCL - net current period other comprehensive income 287 40 — 327 AOCL at June 30, 2017 $ (7,354 ) (1,089 ) (783 ) (9,226 ) (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL - net current period other comprehensive income 258 23 — 281 AOCL at June 30, 2016 $ (6,813 ) (4,286 ) (214 ) (11,313 )
Reclassification Out of Accumulated Other Comprehensive Loss	Details about AOCL Components: Six Months Ended June 30, 2017 (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total Amortization of actuarial losses $ 472 66 — 538 Income tax expense (185 ) (26 ) — (211 ) Total reclassifications net of tax $ 287 40 — 327 DELTIC TIMBER CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 10 – Other Comprehensive Income Disclosures (Cont.) Six Months Ended June 30, 2016 (Thousands of dollars) Defined Benefit Funded Retirement Plan Defined Benefit Unfunded Retirement Plan Post Retirement Benefit Plan Total Amortization of actuarial losses $ 425 38 — 463 Income tax expense (167 ) (15 ) — (182 ) Total reclassifications net of tax $ 258 23 — 281
Tax Effects by Component	Tax Effects by Component Six Months Ended June 30, 2017 (Thousands of dollars) Before Tax Amount Tax (Expense) or Benefit Net of Tax Amount Amortization of actuarial losses $ 538 (211 ) 327 Six Months Ended June 30, 2016 (Thousands of dollars) Before Tax Amount Tax (Expense) or Benefit Net of Tax Amount Amortization of actuarial losses $ 463 (182 ) 281

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Valuation of Stock Options and Restricted Stock Performance Units	Assumptions for the valuation of 2017 stock options and restricted stock performance units consisted of the following: 2017 Expected term of options (in years) 4.67 Weighted expected volatility 25.36 % Dividend yield .50 % Risk-free interest rate –performance restricted shares 1.60 % Risk-free interest rate – options 1.81 % Stock price as of valuation date $ 76.95 Restricted performance share valuation $ 89.95 Grant date fair value – stock options $ 16.77
Summary of Stock Options	A summary of stock options as of June 30, 2017 , and changes during the six months then ended are presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 80,035 $ 63.24 Granted 25,081 76.95 Exercised (1,388 ) 64.85 Forfeited/expired (23,493 ) 66.31 Outstanding at June 30, 2017 80,235 $ 66.78 7.1 $ 681 Exercisable at June 30, 2017 41,420 $ 64.56 5.4 $ 418
Summary of Nonvested Restricted Stock	A summary of nonvested restricted stock as of June 30, 2017 , and changes during the three months then ended are presented below: Nonvested Restricted Stock Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2017 87,170 $ 66.54 Granted 19,385 77.10 Vested (19,161 ) 71.99 Forfeited (13,222 ) 66.21 Nonvested at June 30, 2017 74,172 $ 64.88
Summary of Nonvested Restricted Stock Performance Units	A summary of nonvested restricted stock performance units as of June 30, 2017 , and changes during the three months then ended are presented below: Nonvested Restricted Stock Performance Units Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2017 47,150 $ 77.67 Granted 17,639 89.95 Units not meeting vesting conditions (7,717 ) 87.74 Forfeited (15,081 ) 79.69 Nonvested at June 30, 2017 41,991 $ 80.25

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements for Financial Liabilities Accounted on a Recurring Basis	The fair value measurements for the Company’s financial liabilities accounted for at fair value on a recurring basis at June 30, 2017 , are presented in the following table Fair Value Measurements at Reporting Date using June 30, Quoted Prices in Active Markets for Identical Liabilities Inputs Significant Observable Inputs Significant Unobservable Inputs (Thousands of dollars) 2017 Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 904 904 — —
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at June 30, 2017 and December 31, 2016 . The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes financial instruments included in current assets and liabilities, except current maturities of long-term debt, all of which have fair values approximating carrying values and is considered Level 3. June 30, 2017 December 31, 2016 (Thousands of dollars) Carrying Estimated Carrying Estimated Financial liabilities Amount Fair Value Amount Fair Value Long-term debt, including current maturities $ 240,846 243,994 240,839 241,213

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The amounts used in computing earnings per share and the effect on income and weighted average number of shares outstanding of dilutive potential common stock consisted of the following: Three Months Ended Six Months Ended (Thousands, except per share amounts) 2017 2016 2017 2016 Net earnings allocated to common stock $ 2,691 4,161 3,760 4,553 Net earnings allocated to participating securities 25 59 37 62 Net income allocated to common stock and participating securities $ 2,716 4,220 3,797 4,615 Weighted average number of common shares used in basic EPS 12,071 11,974 12,066 12,013 Effect of dilutive stock awards 40 58 55 65 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,111 12,032 12,121 12,078 Earnings per common share Basic $ .22 .35 .31 .38 Assuming dilution $ .22 .35 .31 .38
Information about Potentially Dilutive Securities Outstanding	The following table provides information about potentially dilutive securities that were outstanding but were not included in the computation of diluted earnings per share because they were anti-dilutive, or in the case of the restricted performance shares, did not meet the metrics established for vesting: Three Months Ended Six Months Ended 2017 2016 2017 2016 Options 21,000 96,810 21,000 122,109 Restricted performance shares 7,546 16,244 7,546 16,244

Supplemental Cash Flow Disclo37

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Interest and Income Taxes Information Concerning Cash Flows	Additional information concerning cash flows is as follows: Six Months Ended (Thousands of dollars) 2017 2016 Income taxes paid in cash $ 3,457 354 Interest paid 3,774 4,561 Interest capitalized (94 ) (119 )
Non-cash Investing and Financing Activities	Non-cash investing and financing activities excluded from the Consolidated Statement of Cash Flows include: Six Months Ended (Thousands of dollars) 2017 2016 Issuance of restricted stock $ 1,790 2,349 Forfeitures of restricted stock 2,174 138 Capital expenditures accrued, not paid 617 1,180
(Increases)/Decreases in Working Capital, Other Than Cash and Cash Equivalents	(Increases)/decreases in working capital, other than cash and cash equivalents, consisted of the following: Six Months Ended (Thousands of dollars) 2017 2016 Trade accounts receivable $ (3,848 ) (5,072 ) Inventories 451 652 Refundable income tax (1,091 ) — Prepaid expenses and other current assets 527 755 Trade accounts payable — 1,728 Accrued taxes other than income taxes 901 980 Deferred revenues and other accrued liabilities 281 1,810 $ (2,779 ) 853

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Company's Business Segments	Information about the Company's business segments consisted of the following: Three Months Ended Six Months Ended (Thousands of dollars) 2017 2016 2017 2016 Net sales Woodlands $ 10,261 9,523 21,127 19,983 Manufacturing 45,480 47,287 92,528 91,118 Real Estate 5,329 5,642 6,645 7,871 Eliminations* (5,717 ) (5,747 ) (11,732 ) (11,643 ) $ 55,353 56,705 108,568 107,329 Income before income taxes Operating income/(loss) Woodlands $ 4,884 4,365 10,055 9,682 Manufacturing 3,922 7,030 7,973 10,312 Real Estate 1,817 1,743 927 1,153 Corporate (4,251 ) (4,721 ) (8,763 ) (9,442 ) Eliminations (143 ) (189 ) 34 (260 ) Operating income 6,229 8,228 10,226 11,445 Interest income 8 5 13 7 Interest and other debt expense, net of capitalized interest (1,972 ) (2,181 ) (3,579 ) (4,877 ) Other income/(expense) 78 81 224 132 $ 4,343 6,133 6,884 6,707 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 1,997 2,008 4,116 4,228 Manufacturing 3,964 3,488 8,477 7,017 Real Estate 72 87 157 179 Corporate 43 35 82 67 $ 6,076 5,618 12,832 11,491 Capital Expenditures Woodlands $ 908 760 2,228 2,214 Manufacturing 4,023 8,194 9,248 14,655 Real Estate 1,418 1,359 2,504 2,088 Corporate 32 40 162 65 $ 6,381 10,353 14,142 19,022 Timberland acquisition expenditures $ — 598 — 719 *Primarily intersegment sales of timber from Woodlands to Manufacturing.

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jan. 01, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax shortfalls from share-based compensation	$ 500
Current deferred tax assets previously reported			$ 1,895
Accounting Standards Update 2015-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncurrent deferred tax assets, net		$ 151

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory [Line Items]
Supplies	$ 1,280	$ 1,453
Inventory	11,776	12,228
Logs [Member]
Inventory [Line Items]
Raw materials	1,525	1,920
Del-Tin - wood fiber [Member]
Inventory [Line Items]
Raw materials	226	463
Lumber [Member]
Inventory [Line Items]
Finished goods	5,372	4,817
Medium density fiberboard [Member]
Inventory [Line Items]
Finished goods	2,534	2,575
Finished goods - MDF consigned to others	$ 839	$ 1,000

Prepaid Expenses and Other Cu41

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Short-term deferred tax assets	$ 0
Short-term deferred tax assets		$ 1,895
Refundable income taxes	1,082	0
Prepaid expenses	226	905
Other current assets	669	534
Prepaid expenses and other current assets	$ 1,977	$ 3,334

Timber and Timberlands - Summar

Timber and Timberlands - Summary of Timber and Timberlands (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Purchased stumpage inventory	$ 3,863	$ 3,684
Timberlands	156,152	156,579
Fee timber	332,488	331,121
Logging facilities	1,231	1,231
Gross	493,734	492,615
Less accumulated cost of fee timber harvested and facilities depreciation	(136,360)	(132,592)
Timber and timberlands – net	358,339	360,183
Strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands – net	357,374	360,023
Non-strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands – net	$ 965	$ 160

Timber and Timberlands - Additi

Timber and Timberlands - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)a	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)a
Timber And Timberlands [Abstract]
Timberlands acquired (in acres) | a		324		403
Cash payments for timberland acquisition expenditures | $		$ 528	$ 0	$ 719
Acres of timber land available for sale | a	1,500		1,500
Gains on sales of timberland | $	$ 285	$ 33	$ 302	$ 33

Property, Plant, and Equipmen44

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 232,774	$ 224,970
Less accumulated depreciation	(129,237)	(122,080)
Property, plant, and equipment, net	103,537	102,890
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	947	947
Land improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	22,141	20,707
Buildings and structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	28,216	27,801
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 181,470	$ 175,515

Deferred Revenues and Other A45

Deferred Revenues and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Deferred revenues – current	$ 3,596	$ 2,776
Dividend payable	1,219	0
Interest and commitment fees payable	1,509	1,770
Vacation accrual	1,511	1,666
Deferred compensation	526	816
All other current liabilities	1,743	1,480
Deferred revenues and other accrued liabilities	$ 10,104	$ 8,508

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accumulated postretirement benefit obligation	$ 14,083	$ 13,770
Supplemental pension plan	7,919	7,865
Accrued pension liability	17,740	17,798
Deferred revenue – long-term portion	14	36
Other noncurrent liabilities	904	1,626
Other noncurrent liabilities, net	$ 40,660	$ 41,095

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Benefit [Line Items]
Effective income tax rate on timber gains	38.00%	31.00%	45.00%	31.00%
Unrecognized tax benefits	$ 0		$ 0
Minimum [Member]
Income Tax Benefit [Line Items]
Timber gain held by the company in years			15 years

Employee and Retiree Benefit 48

Employee and Retiree Benefit Plans - Retirement Expense and Other Postretirement Benefits Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 125	$ 95	$ 269	$ 190
Interest cost	79	144	183	288
Net retirement expense	204	239	452	478
Funded Plan [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	370	410	740	821
Interest cost	521	524	1,042	1,048
Expected return on plan assets	(620)	(593)	(1,240)	(1,187)
Recognized actuarial loss	236	213	472	425
Net retirement expense	507	554	1,014	1,107
Unfunded Plan [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	10	53	20	106
Interest cost	86	81	172	161
Recognized actuarial loss	33	19	66	38
Net retirement expense	$ 129	$ 153	$ 258	$ 305

Employee and Retiree Benefit 49

Employee and Retiree Benefit Plans - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Retirement Benefits [Abstract]
Employer contributions	$ 600
Expected employer contributions, remainder of fiscal year	$ 600
Percentage of expected long-term rate of return on pension plan	7.50%

Other Comprehensive Income Di50

Other Comprehensive Income Disclosures - Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance, January 1	$ (9,553)
Ending Balance, June 30	(9,226)
Accumulated Defined Benefit Plans Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance, January 1	(9,553)	$ (11,594)
Amounts reclassified from AOCL - net current period other comprehensive income	327	281
Ending Balance, June 30	(9,226)	(11,313)
Accumulated Defined Benefit Plans Adjustment [Member] | Other Postretirement Benefit Plan [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance, January 1	(783)	(214)
Amounts reclassified from AOCL - net current period other comprehensive income	0	0
Ending Balance, June 30	(783)	(214)
Funded Plan [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Pension Plan [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance, January 1	(7,641)	(7,071)
Amounts reclassified from AOCL - net current period other comprehensive income	287	258
Ending Balance, June 30	(7,354)	(6,813)
Unfunded Plan [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Pension Plan [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance, January 1	(1,129)	(4,309)
Amounts reclassified from AOCL - net current period other comprehensive income	40	23
Ending Balance, June 30	$ (1,089)	$ (4,286)

Other Comprehensive Income Di51

Other Comprehensive Income Disclosures - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	$ 538	$ 463
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	538	463
Income tax expense	(211)	(182)
Total reclassifications net of tax	327	281
Accumulated Defined Benefit Plans Adjustment [Member] | Other Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	0	0
Income tax expense	0	0
Total reclassifications net of tax	0	0
Funded Plan [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	472	425
Income tax expense	(185)	(167)
Total reclassifications net of tax	287	258
Unfunded Plan [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	66	38
Income tax expense	(26)	(15)
Total reclassifications net of tax	$ 40	$ 23

Other Comprehensive Income Di52

Other Comprehensive Income Disclosures - Tax Effects by Component (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Equity [Abstract]
Amortization of actuarial losses, Before Tax Amount	$ 538	$ 463
Amortization of actuarial losses, Tax (Expense) or Benefit	(211)	(182)
Amortization of actuarial losses, Net of Tax Amount	$ 327	$ 281

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 950	$ 812	$ 678	$ 1,689
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	683		$ 683
Cost not yet recognized over a weighted-average period			2 years 4 months 24 days
Nonvested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	2,510		$ 2,510
Cost not yet recognized over a weighted-average period			2 years 2 months 12 days
Nonvested Restricted Stock Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	$ 2,079		$ 2,079
Cost not yet recognized over a weighted-average period			2 years 4 months 24 days

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation of Stock Options and Restricted Stock Performance Units (Details)	6 Months Ended
	Jun. 30, 2017$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected term of options (in years)	4 years 8 months 1 day
Weighted expected volatility	25.36%
Dividend yield	0.50%
Risk-free interest rate –performance restricted shares	1.60%
Risk-free interest rate – options	1.81%
Stock price as of valuation date (in dollars per share)	$ 76.95
Restricted performance share valuation (in dollars per share)	89.95
Grant date fair value - stock options (in dollars per share)	$ 16.77

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options (Details) - Stock Options [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Shares
Outstanding, beginning balance (in shares) | shares	80,035
Granted (in shares) | shares	25,081
Exercised (in shares) | shares	(1,388)
Forfeited/expired (in shares) | shares	(23,493)
Outstanding, ending balance (in shares) | shares	80,235
Exercisable (in shares) | shares	41,420
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 63.24
Granted (in dollars per share) | $ / shares	76.95
Exercised (in dollars per share) | $ / shares	64.85
Forfeited/expired (in dollars per share) | $ / shares	66.31
Outstanding, ending balance (in dollars per share) | $ / shares	66.78
Exercisable (in dollars per share) | $ / shares	$ 64.56
Weighted Average Remaining Contractual Term (Years)
Outstanding	7 years 1 month 6 days
Exercisable	5 years 4 months 24 days
Aggregate Intrinsic Value ($000)
Outstanding | $	$ 681
Exercisable | $	$ 418

Stock-Based Compensation - Su56

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 89.95
Nonvested Restricted Stock [Member]
Shares
Nonvested, beginning balance (in shares) | shares	87,170
Granted (in shares) | shares	19,385
Vested (in shares) | shares	(19,161)
Forfeited (in shares) | shares	(13,222)
Nonvested, ending balance (in shares) | shares	74,172
Weighted Average Grant-Date Fair Value
Nonvested, beginning balance (in dollars per share)	$ 66.54
Granted (in dollars per share)	77.10
Vested (in dollars per share)	71.99
Forfeited (in dollars per share)	66.21
Nonvested, ending balance (in dollars per share)	$ 64.88

Stock-Based Compensation - Su57

Stock-Based Compensation - Summary of Nonvested Restricted Stock Performance Units (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 89.95
Nonvested Restricted Stock Performance Units [Member]
Shares
Nonvested, beginning balance (in shares) | shares	47,150
Granted (in shares) | shares	17,639
Units not meeting vesting conditions (in shares) | shares	(7,717)
Forfeited (in shares) | shares	(15,081)
Nonvested, ending balance (in shares) | shares	41,991
Weighted Average Grant-Date Fair Value
Nonvested, beginning balance (in dollars per share)	$ 77.67
Granted (in dollars per share)	89.95
Units not meeting vesting conditions (in dollars per share)	87.74
Forfeited (in dollars per share)	79.69
Nonvested, ending balance (in dollars per share)	$ 80.25

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Fair Value Measurements for Financial Liabilities Accounted on a Recurring Basis (Details) $ in Thousands	Jun. 30, 2017USD ($)
Liabilities
Nonqualified employee savings plan	$ 904
Quoted Prices in Active Markets for Identical Liabilities Inputs Level 1 [Member]
Liabilities
Nonqualified employee savings plan	904
Significant Observable Inputs Level 2 [Member]
Liabilities
Nonqualified employee savings plan	0
Significant Unobservable Inputs Level 3 [Member]
Liabilities
Nonqualified employee savings plan	$ 0

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financial liabilities
Long-term debt, including current maturities, Carrying Amount	$ 240,846	$ 240,839
Long-term debt, including current maturities, Estimated Fair Value	$ 243,994	$ 241,213

Earnings per Common Share - Com

Earnings per Common Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net earnings allocated to common stock	$ 2,691	$ 4,161	$ 3,760	$ 4,553
Net earnings allocated to participating securities	25	59	37	62
Net income allocated to common stock and participating securities	$ 2,716	$ 4,220	$ 3,797	$ 4,615
Weighted average number of common shares used in basic EPS (in shares)	12,071	11,974	12,066	12,013
Effect of dilutive stock awards (in shares)	40	58	55	65
Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution (in shares)	12,111	12,032	12,121	12,078
Earnings per common share
Basic (in dollars per share)	$ 0.22	$ 0.35	$ 0.31	$ 0.38
Assuming dilution (in dollars per share)	$ 0.22	$ 0.35	$ 0.31	$ 0.38

Earnings per Common Share - Inf

Earnings per Common Share - Information about Potentially Dilutive Securities Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share	21,000	96,810	21,000	122,109
Restricted performance shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share	7,546	16,244	7,546	16,244

Supplemental Cash Flow Disclo62

Supplemental Cash Flow Disclosures - Interest and Income Taxes Information Concerning Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Income taxes paid in cash	$ 3,457	$ 354
Interest paid	3,774	4,561
Interest capitalized	$ (94)	$ (119)

Supplemental Cash Flow Disclo63

Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Issuance of restricted stock	$ 1,790	$ 2,349
Forfeitures of restricted stock	2,174	138
Capital expenditures accrued, not paid	$ 617	$ 1,180

Supplemental Cash Flow Disclo64

Supplemental Cash Flow Disclosures - (Increases)/Decreases in Working Capital Other Than Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Trade accounts receivable	$ (3,848)	$ (5,072)
Inventories	451	652
Refundable income tax	(1,091)	0
Prepaid expenses and other current assets	527	755
Trade accounts payable	0	1,728
Accrued taxes other than income taxes	901	980
Deferred revenues and other accrued liabilities	281	1,810
(Increase)/decreases in working capital other than cash and cash equivalents	$ (2,779)	$ 853

Business Segments - Summary of

Business Segments - Summary of Company's Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales
Net sales	$ 55,353	$ 56,705	$ 108,568	$ 107,329
Operating income/(loss)
Operating income	6,229	8,228	10,226	11,445
Interest income	8	5	13	7
Interest and other debt expense, net of capitalized interest	(1,972)	(2,181)	(3,579)	(4,877)
Other income/(expense)	78	81	224	132
Income before income taxes	4,343	6,133	6,884	6,707
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	6,076	5,618	12,832	11,491
Capital expenditures
Capital expenditures	6,381	10,353	14,142	19,022
Timberland acquisition expenditures	0	598	0	719
Operating Segments [Member] | Woodlands [Member]
Net sales
Net sales	10,261	9,523	21,127	19,983
Operating income/(loss)
Operating income	4,884	4,365	10,055	9,682
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	1,997	2,008	4,116	4,228
Capital expenditures
Capital expenditures	908	760	2,228	2,214
Operating Segments [Member] | Manufacturing [Member]
Net sales
Net sales	45,480	47,287	92,528	91,118
Operating income/(loss)
Operating income	3,922	7,030	7,973	10,312
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	3,964	3,488	8,477	7,017
Capital expenditures
Capital expenditures	4,023	8,194	9,248	14,655
Operating Segments [Member] | Real Estate [Member]
Net sales
Net sales	5,329	5,642	6,645	7,871
Operating income/(loss)
Operating income	1,817	1,743	927	1,153
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	72	87	157	179
Capital expenditures
Capital expenditures	1,418	1,359	2,504	2,088
Operating Segments [Member] | Corporate [Member]
Operating income/(loss)
Operating income	(4,251)	(4,721)	(8,763)	(9,442)
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	43	35	82	67
Capital expenditures
Capital expenditures	32	40	162	65
Eliminations [Member]
Net sales
Net sales	(5,717)	(5,747)	(11,732)	(11,643)
Operating income/(loss)
Operating income	$ (143)	$ (189)	$ 34	$ (260)