Deltic Timber (DEL) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 24, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	DEL
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
Entity Common Stock, Shares Outstanding		12,157,339

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 3,029	$ 5,429
Trade accounts receivable, net of allowance for doubtful accounts of $143 and $130, respectively	11,720	6,995
Inventories	11,103	11,917
Prepaid expenses and other current assets	5,162	6,392
Total current assets	31,014	30,733
Investment in real estate held for development and sale	59,423	58,418
Timber and timberlands - net	360,866	361,856
Property, plant, and equipment - net	101,095	85,495
Deferred charges and other assets	2,577	2,665
Total assets	554,975	539,167
Current liabilities
Current maturities of long-term debt	39,967	39,917
Trade accounts payable	10,648	8,837
Accrued taxes other than income taxes	3,586	2,118
Deferred revenues and other accrued liabilities	9,599	7,607
Total current liabilities	63,800	58,479
Long-term debt	201,850	183,836
Deferred tax liabilities - net	1,851	525
Other noncurrent liabilities	43,285	42,359
Commitments and contingencies
Stockholders' equity
Cumulative preferred stock-$.01 par, authorized 20,000,000 shares, none issued
Common stock-$.01 par, authorized 50,000,000 shares, 12,813,879 shares issued	128	128
Capital in excess of par value	87,534	87,822
Retained earnings	203,198	201,959
Treasury stock	(35,498)	(24,347)
Accumulated other comprehensive loss	(11,173)	(11,594)
Total stockholders' equity	244,189	253,968
Total liabilities and stockholders' equity	$ 554,975	$ 539,167

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 143	$ 130
Cumulative preferred stock, par value	$ 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	$ 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 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 53,541	$ 50,150	$ 160,870	$ 144,210
Costs and expenses
Cost of sales	37,506	38,642	111,895	105,898
Depreciation, amortization, and cost of fee timber harvested	5,911	5,519	17,402	15,795
General and administrative expenses	5,562	3,955	15,566	14,254
Total costs and expenses	48,979	48,116	144,863	135,947
Other income - business interruption claim				516
Gain on involuntary conversion of assets				704
Operating income	4,562	2,034	16,007	9,483
Interest income	3	2	10	3
Interest and other debt expense, net of capitalized interest	(2,256)	(1,927)	(7,133)	(5,201)
Other income	88	5	220	109
Income before income taxes	2,397	114	9,104	4,394
Income tax expense	(910)	(76)	(3,002)	(1,612)
Net income	$ 1,487	$ 38	$ 6,102	$ 2,782
Earnings per common share
Basic	$ 0.12	$ 0	$ 0.50	$ 0.22
Assuming dilution	0.12	0	0.50	0.22
Dividends per common share
Paid	0.10	0.10	0.30	0.30
Declared	$ 0.10	$ 0.10	$ 0.40	$ 0.40
Weighted average common shares outstanding (thousands)
Basic	11,991	12,439	12,005	12,454
Assuming dilution	12,023	12,491	12,065	12,512

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 6,102	$ 2,782
Reclassification adjustment for gains/(losses) included in net income (net of tax):
Amortization of prior service cost		2
Amortization of actuarial loss	421	695
Amortization of plan amendment		(21)
Other comprehensive income	421	676
Comprehensive income	$ 6,523	$ 3,458

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 6,102	$ 2,782
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization, and cost of fee timber harvested	17,402	15,795
Deferred income taxes	915	(650)
Real estate development expenditures	(4,204)	(5,088)
Real estate costs recovered upon sale	2,896	2,022
Timberland costs recovered upon sale	6	25
Stock-based compensation expense	2,586	2,503
Net increase in liabilities for pension and other postretirement benefits	1,679	2,619
Net decrease in deferred compensation for stock-based liabilities	(551)	(595)
Decrease in operating working capital other than cash and cash equivalents	961	4,502
Other changes in assets and liabilities	497	(266)
Net cash provided by operating activities	28,289	23,649
Investing activities
Capital expenditures requiring cash, excluding real estate development	(28,188)	(19,334)
Timberland acquisition expenditures requiring cash	(1,207)	(581)
Net change in purchased stumpage inventory	(1,324)	(690)
Proceeds from involuntary conversion	5	1,590
Net change in funds held by trustee	1	0
Other - net	303	444
Net cash required by investing activities	(30,410)	(18,571)
Financing activities
Proceeds from borrowings	26,000	115,000
Repayments of notes payable and long-term debt	(8,000)	(108,000)
Treasury stock purchases	(15,174)	(9,630)
Common stock dividends paid	(3,645)	(3,782)
Proceeds from stock option exercises	1,719	728
Excess tax benefits/(provisions) from stock-based compensation expense	(156)	55
Other - net	(1,023)	(731)
Net cash required by financing activities	(279)	(6,360)
Net decrease in cash and cash equivalents	(2,400)	(1,282)
Cash and cash equivalents at January 1	5,429	2,761
Cash and cash equivalents at September 30	$ 3,029	$ 1,479

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	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, 2014			$ 128	$ 86,575	$ 204,327	$ (11,978)	$ (11,411)
Exercise of stock options				(94)
Shares purchased - 277,670 and 249 shares, respectively						(9,630)
Net income	$ 2,782				2,782
Change in other comprehensive income, net of tax							676
Stock-based compensation expense				2,503
Shares issued for incentive plans - 70,795 and 41,612 shares, respectively						2,499
Common stock dividends declared					(5,030)
Restricted stock awards	(1,677)			(1,677)
Tax effect of stock awards				(355)
Restricted stock forfeitures				54		(54)
Balance at end of period at Sep. 30, 2015	259,315		128	87,006	202,079	(19,163)	(10,735)
Balance at beginning of period at Dec. 31, 2015	253,968			87,822	201,959	(24,347)	(11,594)
Exercise of stock options				28
Shares purchased - 277,670 and 249 shares, respectively						(15,174)
Net income	6,102				6,102
Change in other comprehensive income, net of tax							421
Stock-based compensation expense				2,586
Shares issued for incentive plans - 70,795 and 41,612 shares, respectively						4,161
Common stock dividends declared					(4,863)
Restricted stock awards	(2,469)			(2,469)
Tax effect of stock awards				(571)
Restricted stock forfeitures				138		(138)
Balance at end of period at Sep. 30, 2016	$ 244,189		$ 128	$ 87,534	$ 203,198	$ (35,498)	$ (11,173)

Consolidated Statements of Sto8

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value	$ 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	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,813,879	12,813,879
Treasury stock shares, balance at beginning of year	430,240	231,790
Treasury stock, shares purchased	277,670	157,524
Treasury stock, shares issued for incentive plans	70,795	45,322
Forfeited restricted stock	2,212	835
Treasury stock shares, balance at end of year	639,327	344,827

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Accounting Policies	Note 1 – 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, 2015. 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, including normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of September 30, 2016, and the results of its operations and cash flows for the three months and nine months ended September 30, 2016 and 2015. 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 In February 2016, the Financial Accounting Standards Board (“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. On March 30, 2016, FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This ASU changes 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 of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This update will be effective for the Company on January 1, 2017. The Company is evaluating what effect ASU 2016-09 will have on its consolidated financial statements and related disclosures. In June 2016, 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	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Raw materials - Logs $ 2,408 1,975 - Del-Tin - wood fiber 360 615 Finished goods - Lumber 4,205 4,142 - Medium density fiberboard (“MDF”) 1,818 2,516 - MDF consigned to others 792 1,031 Supplies 1,520 1,638 $ 11,103 11,917

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Short-term deferred tax assets $ 1,856 2,131 Refundable income taxes 1,168 3,062 Prepaid expenses 1,525 687 Other current assets 613 512 $ 5,162 6,392

Timber and Timberlands

Timber and Timberlands	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Timber and Timberlands	Note 4 – Timber and Timberlands Timber and timberlands at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Purchased stumpage inventory $ 3,762 2,437 Timberlands 156,313 155,997 Fee timber 329,998 326,327 Logging facilities 1,232 1,221 491,305 485,982 Less accumulated cost of fee timber harvested and facilities depreciation (130,599 ) (124,292 ) Strategic timber and timberlands 360,706 361,690 Non-strategic timber and timberlands 160 166 $ 360,866 361,856 During the three months ended September 30, 2016, Deltic acquired 220 acres of timberland for $514,000, and for the nine months ended September 30, 2016, 623 acres of timberland were acquired for $1,207,000. During the three months ended September 30, 2015, Deltic had no acquisitions of timberlands. The total number of timberland acres acquired in the first nine months of 2015 was 344, inclusive of 304 acres acquired for cash payments of $581,000 and 40 acres acquired in a non-cash exchange transaction. The timberlands acquired in both 2016 and 2015 were located in the Company’s current operating area. 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. In 1999, the Company initiated a program to identify and sell non-strategic timberlands and use the sales proceeds to purchase pine timberlands that are strategic to its operations. In 2008, Deltic identified approximately 10,000 acres of non-strategic timberlands that existed within its timberlands base to be sold. Other non-strategic acreage exists within the Company’s land base, but Deltic has not completely identified the number of acres that fit within this category. As the Company identifies these acres and determines that they are either smaller tracts of pine timberlands that cannot be strategically managed or tracts of hardwood bottomland that cannot be converted into pine-growing acreage, they will be sold. As of September 30, 2016, approximately 241 acres of these lands were available for sale. There were no gains from sales of timberland included in the Woodlands operating income for the three months ended September 30, 2016 compared to $6,000 in the same period of 2015. For the nine months ended September 30, 2016 and 2015, there were timber gains included in the Woodlands operating income of $33,000 and $102,000, respectively. Occasionally Deltic engages in land-for-land exchanges that are recorded as sales due to the nature of the land involved. For the nine months ending September 30, 2015, $25,000 of gains was included in operating income from non-monetary exchanges, and there were no such gains in the same period of 2016.

Property, Plant, and Equipment

Property, Plant, and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Note 5 – Property, Plant, and Equipment Property, plant, and equipment at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Land $ 947 947 Land improvements 12,488 10,409 Buildings and structures 25,477 23,900 Machinery and equipment 181,238 158,385 220,150 193,641 Less accumulated depreciation (119,055 ) (108,146 ) $ 101,095 85,495

Deferred Revenues and Other Acc

Deferred Revenues and Other Accrued Liabilities	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Deferred Revenues and Other Accrued Liabilities	Note 6 – Deferred Revenues and Other Accrued Liabilities Deferred revenues and other accrued liabilities at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Deferred revenues – current $ 3,658 2,877 Dividend payable 1,217 — Vacation accrual 1,572 1,360 Deferred compensation 667 619 All other current liabilities 2,485 2,751 $ 9,599 7,607

Other Noncurrent Liabilities

Other Noncurrent Liabilities	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Note 7 – Other Noncurrent Liabilities Other noncurrent liabilities at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Accumulated postretirement benefit obligation $ 12,706 12,295 Supplemental pension plan 12,958 12,764 Accrued pension liability 15,971 15,698 Deferred revenue – long-term portion 56 115 Other noncurrent liabilities 1,594 1,487 $ 43,285 42,359

Credit Facilities

Credit Facilities	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Credit Facilities	Note 8 – Credit Facilities Effective January 6, 2016, Deltic entered into a second amendment to the Company’s Second Amended and Restated Revolving Credit Agreement with the consent of the lenders thereto, in which it exercised the first of its two options and extended the termination date by one year to November 17, 2020. On February 4, 2016, and pursuant to its Second Amended and Restated Revolving Credit Agreement, Deltic elected to replace two lenders in the Credit Agreement. Accordingly the respective rights and obligations of Wells Fargo Bank, NA and Branch Banking and Trust Company were assigned to one new lender, Greenstone Farm Credit Services, ACA, and one existing lender, American AgCredit, PCA, in the amounts of $27,000,000 and $123,000,000, respectively. On July 29, 2016, the Company utilized a portion of the $50 million letter of credit component available under its revolving credit facility to replace the letter of credit that supports the Union County, Arkansas Taxable Industrial Revenue Bonds that total $29,000,000, and was scheduled to expire on August 31, 2016. With this, the borrowing capacity of the revolving credit facility was reduced by the amount of the letter of credit issued.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes The Company’s effective income tax rate for the three months and nine months ended September 30, 2016, was 38 percent and 33 percent, respectively. This compares to an effective income tax rate for the three and nine months ended September 30, 2015 of 66 percent and 37 percent, respectively. The lower rate was due to the benefit of a lower income tax rate on sales of timber held 15 years or longer during the year of 2016. At September 30, 2016, there were no unrecognized tax benefits recorded on the balance sheet. The Company is no longer subject to U.S. federal and state examinations by tax authorities for years before 2013.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Employee and Retiree Benefit Plans	Note 10 – Employee and Retiree Benefit Plans Components of net periodic retirement expense and other postretirement benefits expense consisted of the following: Three Months Ended Nine Months Ended (Thousands of dollars) 2016 2015 2016 2015 Defined benefit funded retirement plan Service cost $ 411 490 1,231 1,469 Interest cost 524 505 1,572 1,515 Expected return on plan assets (593 ) (602 ) (1,780 ) (1,807 ) Amortization of prior service cost — 1 — 3 Recognized actuarial loss 213 209 637 629 Net retirement expense $ 555 603 1,660 1,809 Defined benefit unfunded retirement plan Service cost $ 54 130 160 389 Interest cost 80 123 242 370 Recognized actuarial loss 18 152 56 456 Net retirement expense $ 152 405 458 1,215 Other postretirement benefit plan Service cost $ 95 132 285 395 Interest cost 144 139 432 419 Recognized actuarial loss — 20 — 59 Amortization of plan amendment — (11 ) — (34 ) Net other postretirement benefits expense $ 239 280 717 839 The Company made contributions to its qualified plan of $750,000 during the first nine months of 2016, and expects to fund the plan with an additional $300,000 over the remainder of 2016. The expected long-term rate of return on pension plan assets is 7.50 percent. Effective January 1, 2015, Deltic closed the defined benefit funded retirement plan to any new or rehired salaried and hourly non-represented entrants. In connection with this closure, additional Company 401(k) contributions are made for all employees hired on or after that date.

Other Comprehensive Income Disc

Other Comprehensive Income Disclosures	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Other Comprehensive Income Disclosures	Note 11 – Other Comprehensive Income Disclosures The following tables detail the changes in accumulated other comprehensive loss (“AOCL”) by component for the nine months ended September 30, 2016 and 2015: Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Defined Post Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL - net current period other comprehensive income 387 34 — 421 AOCL at September 30, 2016 $ (6,684 ) (4,274 ) (214 ) (11,173 ) (Thousands of dollars) Defined Defined Post Total AOCL at January 1, 2015 $ (7,615 ) (3,064 ) (732 ) (11,411 ) Amounts reclassified from AOCL - net current period other comprehensive income 384 277 15 676 AOCL at September 30, 2015 $ (7,231 ) (2,787 ) (717 ) (10,735 ) Reclassification Out of Accumulated Other Comprehensive Loss Details about AOCL Components: Nine Months Ended September 30, 2016 (Thousands of dollars) Defined Defined Post Total Amortization of actuarial losses $ 637 56 — 693 Income tax expense (250 ) (22 ) — (272 ) Total reclassifications – net of tax $ 387 34 — 421 Nine Months Ended September 30, 2015 (Thousands of dollars) Defined Defined Post Total Amortization of prior service costs $ 3 — — 3 Amortization of actuarial losses 629 456 59 1,144 Amortization of plan amendment — — (34 ) (34 ) Total before tax 632 456 25 1,113 Income tax expense (248 ) (179 ) (10 ) (437 ) Total reclassifications – net of tax $ 384 277 15 676 Amounts in parentheses indicate expenses. These items are included in the computation of net periodic retirement and postretirement costs. See Note 10 – Employee and Retiree Benefit Plans. Tax Effects by Component Nine Months Ended September 30, 2016 (Thousands of dollars) Before Tax Net of Amortization of actuarial losses $ 693 (272 ) 421 Nine Months Ended September 30, 2015 (Thousands of dollars) Before Tax Net of Amortization of prior service costs $ 3 (1 ) 2 Amortization of actuarial losses 1,144 (449 ) 695 Amortization of plan amendment (34 ) 13 (21 ) $ 1,113 (437 ) 676

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation The Consolidated Statements of Income for the three months ended September 30, 2016 and 2015, included $897,000 and $825,000, respectively, of stock-based compensation expense reflected in general and administrative expenses. For the nine months ended September 30, 2016 and 2015, the amounts were $2,586,000 and $2,503,000, respectively. Assumptions for the valuation of 2016 stock options and restricted stock performance units consisted of the following: 2016 Expected term of options (in years) 6.27 Weighted expected volatility 38.16 % Dividend yield .59 % Risk-free interest rate –performance restricted shares 1.34 % Risk-free interest rate – options 2.13 % Stock price as of valuation date $ 55.94 Restricted performance share valuation $ 68.88 Grant date fair value – stock options $ 20.39 Stock Options Weighted Options Shares Weighted Average Aggregate Outstanding at January 1, 2016 147,870 $ 63.86 Granted 28,533 55.94 Exercised (30,455 ) 56.43 Forfeited/expired (2,941 ) 62.96 Outstanding at September 30, 2016 143,007 $ 63.88 6.9 $ 637 Exercisable at September 30, 2016 80,154 $ 65.80 5.7 $ 219 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 September 30, 2016, 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 September 30, 2016, there was $1,048,000 of unrecognized compensation cost related to nonvested stock options. That cost is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock and Restricted Stock Units Nonvested Restricted Stock Shares Weighted Grant-Date Nonvested at January 1, 2016 87,105 $ 67.04 Granted 28,508 56.69 Vested (17,912 ) 67.67 Forfeited (858 ) 64.90 Nonvested at September 30, 2016 96,843 $ 63.89 As of September 30, 2016, there was $2,834,000 of unrecognized compensation cost related to nonvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.9 years. Performance Units Nonvested Restricted Stock Performance Units Shares Weighted Grant-Date Nonvested at January 1, 2016 63,900 $ 83.24 Granted 23,095 68.88 Units not meeting vesting conditions (11,263 ) 90.61 Forfeited (1,354 ) 78.11 Nonvested at September 30, 2016 74,378 $ 77.76 As of September 30, 2016, there was $2,799,000 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 years.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 13 – Contingencies At various times, the Company may be involved in litigation incidental to its operations. Currently, there are no material legal proceedings outstanding.

Business Interruption Claim and

Business Interruption Claim and Gain on Involuntary Conversion of Assets	9 Months Ended
	Sep. 30, 2016
Unusual or Infrequent Items, or Both [Abstract]
Business Interruption Claim and Gain on Involuntary Conversion of Assets	Note 14 – Business Interruption Claim and Gain on Involuntary Conversion of Assets On March 10, 2015, the Company experienced a fire at its MDF plant located in El Dorado, Arkansas. Damage was limited to the press portion of the facility and operations at the facility were temporarily suspended while repairs were made to the damaged area. Most of the repairs were completed in April 2015 and the plant became fully operational in that month. The Company maintains insurance coverage for both business interruption and property damage. Deltic settled the insurance claims during the second quarter and recorded the applicable income from the business interruption claim and gains on involuntary conversion of assets in the operating income section of the consolidated income statement. The claim for business interruption insurance was settled for a total of $2,452,000, of which $516,000 was reported in Other Operating Income in the Company’s Consolidated Statements of Income for the quarter ending September 30, 2015 and $1,936,000 was a reimbursement of business operating expenses. The total deductible for the business interruption policy was approximately $948,000, $729,000 of which was recognized as expense in the first quarter of 2015 and $219,000 was recognized as expense in the second quarter of 2015. The Company had adequate property damage insurance coverage to enable it to recover the replacement cost of its property and equipment that was destroyed by the fire. During the second quarter, the Company settled property claims of $5,969,000 for property damage. The claims for property damage included $4,379,000 for inventory, contents, and repair costs, and $1,590,000 for replacement cost of a new press belt and DPA duct. The total deductible for the property policy was $1,000,000, which was recognized as expense in the first quarter of 2015. After a write-off of basis in the amount of $886,000 for the old press belt and DPA duct in the first quarter of 2015, the Company recognized a gain from involuntary conversion of assets in the amount of $704,000 which was reported in Other Operating Income in the Company’s Consolidated Statement of Income for the quarter ending June 30, 2015.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 15 – 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 The fair value measurements for the Company’s financial liabilities accounted for at fair value on a recurring basis at September 30, 2016, are presented in the following table: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Significant Significant Liabilities Observable Unobservable Sept. 30, Inputs Inputs Inputs (Thousands of dollars) 2016 Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 1,594 1,594 — — Long-term debt, including current maturities – The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at September 30, 2016 and December 31, 2015. 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. September 30, 2016 December 31, 2015 Carrying Estimated Carrying Estimated (Thousands of dollars) Amount Fair Value Amount Fair Value Financial liabilities Long-term debt, including current maturities $ 241,817 248,499 223,753 225,123

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Note 16 – 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 Nine Months Ended September 30, September 30, (Thousands, except per share amounts) 2016 2015 2016 2015 Net earnings allocated to common stock $ 1,466 38 6,019 2,749 Net earnings allocated to participating securities 21 — 83 33 Net income allocated to common stock and participating securities $ 1,487 38 6,102 2,782 Weighted average number of common shares used in basic EPS 11,991 12,439 12,005 12,454 Effect of dilutive stock awards 32 52 60 58 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,023 12,491 12,065 12,512 Earnings per common share Basic $ .12 — .50 .22 Assuming dilution $ .12 — .50 .22 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 diluted 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 awarding: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Options 23,782 72,595 111,797 72,595 Restricted performance shares 74,378 64,271 74,378 64,271

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Note 17 – Supplemental Cash Flow Disclosures Additional information concerning cash flows is as follows: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Income taxes paid in cash $ 1,168 2,116 Interest paid 7,464 3,385 Interest capitalized (610 ) (45 ) Non-cash investing and financing activities excluded from the Consolidated Statement of Cash Flows include: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Issuance of restricted stock $ 2,469 1,677 Land exchanges — 39 Capital expenditures accrued, not paid 1,353 612 (Increases)/decreases in working capital, other than cash and cash equivalents, consisted of the following: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Trade accounts receivable $ (4,724 ) (525 ) Inventories 814 (914 ) Prepaid expenses and other current assets 888 (360 ) Trade accounts payable 458 4,825 Accrued taxes other than income taxes 1,467 (470 ) Deferred revenues and other accrued liabilities 2,058 1,946 $ 961 4,502

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Note 18 – Subsequent Event On October 10, 2016, the Company announced the retirement of Ray C. Dillon as the Company’s President and CEO. The Company will incur a one-time, pretax expense of approximately $3 million during the fourth quarter of 2016 related to this retirement. This expense includes cash payments made upon retirement and the financial impact of vesting equity grants previously awarded.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Business Segments	Note 19 – Business Segments Information about the Company’s business segments consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (Thousands of dollars) 2016 2015 2016 2015 Net sales Woodlands $ 8,987 8,973 28,970 29,841 Manufacturing 2 46,492 42,189 137,610 122,723 Real Estate 3,365 3,869 11,236 8,189 Eliminations 1 (5,303 ) (4,881 ) (16,946 ) (16,543 ) $ 53,541 50,150 160,870 144,210 Income before income taxes Operating income/(loss) Woodlands $ 4,101 4,441 13,783 15,878 Manufacturing 2 5,660 1,959 15,972 8,961 Real Estate (125 ) (233 ) 1,028 (1,308 ) Corporate (5,330 ) (3,674 ) (14,772 ) (13,394 ) Eliminations 256 (459 ) (4 ) (654 ) Operating income 4,562 2,034 16,007 9,483 Interest income 3 2 10 3 Interest and other debt expense, net of capitalized interest (2,256 ) (1,927 ) (7,133 ) (5,201 ) Other income/(expense) 88 5 220 109 $ 2,397 114 9,104 4,394 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 2,191 1,968 6,419 5,642 Manufacturing 2 3,599 3,446 10,616 9,844 Real Estate 84 91 263 275 Corporate 37 14 104 34 $ 5,911 5,519 17,402 15,795 Capital expenditures Woodlands $ 647 866 2,861 3,087 Manufacturing 2 11,908 6,294 26,563 16,454 Real Estate 2,180 3,851 4,268 5,360 Corporate — 16 65 156 $ 14,735 11,027 33,757 25,057 Timberland acquisition expenditures $ 488 — 1,207 619 1 Primarily intersegment sales of timber from Woodlands to Manufacturing. 2 During March 2015, the Company experienced a fire in the press area at its MDF plant in El Dorado that affected the operating results. (For additional information, see Note 14 – Business Interruption Claim and Gain on Involuntary Conversion of Assets)

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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, 2015. 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, including normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of September 30, 2016, and the results of its operations and cash flows for the three months and nine months ended September 30, 2016 and 2015. 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 In February 2016, the Financial Accounting Standards Board (“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. On March 30, 2016, FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This ASU changes 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 of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This update will be effective for the Company on January 1, 2017. The Company is evaluating what effect ASU 2016-09 will have on its consolidated financial statements and related disclosures. In June 2016, 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)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Raw materials - Logs $ 2,408 1,975 - Del-Tin - wood fiber 360 615 Finished goods - Lumber 4,205 4,142 - Medium density fiberboard (“MDF”) 1,818 2,516 - MDF consigned to others 792 1,031 Supplies 1,520 1,638 $ 11,103 11,917

Prepaid Expenses and Other Cu30

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2016
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: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Short-term deferred tax assets $ 1,856 2,131 Refundable income taxes 1,168 3,062 Prepaid expenses 1,525 687 Other current assets 613 512 $ 5,162 6,392

Timber and Timberlands (Tables)

Timber and Timberlands (Tables)	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Summary of Timber and Timberlands	Timber and timberlands at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Purchased stumpage inventory $ 3,762 2,437 Timberlands 156,313 155,997 Fee timber 329,998 326,327 Logging facilities 1,232 1,221 491,305 485,982 Less accumulated cost of fee timber harvested and facilities depreciation (130,599 ) (124,292 ) Strategic timber and timberlands 360,706 361,690 Non-strategic timber and timberlands 160 166 $ 360,866 361,856

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, plant, and equipment at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Land $ 947 947 Land improvements 12,488 10,409 Buildings and structures 25,477 23,900 Machinery and equipment 181,238 158,385 220,150 193,641 Less accumulated depreciation (119,055 ) (108,146 ) $ 101,095 85,495

Deferred Revenues and Other A33

Deferred Revenues and Other Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
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: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Deferred revenues – current $ 3,658 2,877 Dividend payable 1,217 — Vacation accrual 1,572 1,360 Deferred compensation 667 619 All other current liabilities 2,485 2,751 $ 9,599 7,607

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Other noncurrent liabilities at the balance sheet dates consisted of the following: Sept. 30, Dec. 31, (Thousands of dollars) 2016 2015 Accumulated postretirement benefit obligation $ 12,706 12,295 Supplemental pension plan 12,958 12,764 Accrued pension liability 15,971 15,698 Deferred revenue – long-term portion 56 115 Other noncurrent liabilities 1,594 1,487 $ 43,285 42,359

Employee and Retiree Benefit 35

Employee and Retiree Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
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 Nine Months Ended (Thousands of dollars) 2016 2015 2016 2015 Defined benefit funded retirement plan Service cost $ 411 490 1,231 1,469 Interest cost 524 505 1,572 1,515 Expected return on plan assets (593 ) (602 ) (1,780 ) (1,807 ) Amortization of prior service cost — 1 — 3 Recognized actuarial loss 213 209 637 629 Net retirement expense $ 555 603 1,660 1,809 Defined benefit unfunded retirement plan Service cost $ 54 130 160 389 Interest cost 80 123 242 370 Recognized actuarial loss 18 152 56 456 Net retirement expense $ 152 405 458 1,215 Other postretirement benefit plan Service cost $ 95 132 285 395 Interest cost 144 139 432 419 Recognized actuarial loss — 20 — 59 Amortization of plan amendment — (11 ) — (34 ) Net other postretirement benefits expense $ 239 280 717 839

Other Comprehensive Income Di36

Other Comprehensive Income Disclosures (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax)	Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Defined Post Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL - net current period other comprehensive income 387 34 — 421 AOCL at September 30, 2016 $ (6,684 ) (4,274 ) (214 ) (11,173 ) (Thousands of dollars) Defined Defined Post Total AOCL at January 1, 2015 $ (7,615 ) (3,064 ) (732 ) (11,411 ) Amounts reclassified from AOCL - net current period other comprehensive income 384 277 15 676 AOCL at September 30, 2015 $ (7,231 ) (2,787 ) (717 ) (10,735 )
Reclassification Out of Accumulated Other Comprehensive Loss	Reclassification Out of Accumulated Other Comprehensive Loss Details about AOCL Components: Nine Months Ended September 30, 2016 (Thousands of dollars) Defined Defined Post Total Amortization of actuarial losses $ 637 56 — 693 Income tax expense (250 ) (22 ) — (272 ) Total reclassifications – net of tax $ 387 34 — 421 Nine Months Ended September 30, 2015 (Thousands of dollars) Defined Defined Post Total Amortization of prior service costs $ 3 — — 3 Amortization of actuarial losses 629 456 59 1,144 Amortization of plan amendment — — (34 ) (34 ) Total before tax 632 456 25 1,113 Income tax expense (248 ) (179 ) (10 ) (437 ) Total reclassifications – net of tax $ 384 277 15 676 Amounts in parentheses indicate expenses. These items are included in the computation of net periodic retirement and postretirement costs. See Note 10 – Employee and Retiree Benefit Plans.
Tax Effects by Component	Tax Effects by Component Nine Months Ended September 30, 2016 (Thousands of dollars) Before Tax Net of Amortization of actuarial losses $ 693 (272 ) 421 Nine Months Ended September 30, 2015 (Thousands of dollars) Before Tax Net of Amortization of prior service costs $ 3 (1 ) 2 Amortization of actuarial losses 1,144 (449 ) 695 Amortization of plan amendment (34 ) 13 (21 ) $ 1,113 (437 ) 676

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Valuation of Stock Options and Restricted Stock Performance Units	Assumptions for the valuation of 2016 stock options and restricted stock performance units consisted of the following: 2016 Expected term of options (in years) 6.27 Weighted expected volatility 38.16 % Dividend yield .59 % Risk-free interest rate –performance restricted shares 1.34 % Risk-free interest rate – options 2.13 % Stock price as of valuation date $ 55.94 Restricted performance share valuation $ 68.88 Grant date fair value – stock options $ 20.39
Summary of Stock Options	A summary of stock options as of September 30, 2016, and changes during the nine months then ended are presented below: Weighted Options Shares Weighted Average Aggregate Outstanding at January 1, 2016 147,870 $ 63.86 Granted 28,533 55.94 Exercised (30,455 ) 56.43 Forfeited/expired (2,941 ) 62.96 Outstanding at September 30, 2016 143,007 $ 63.88 6.9 $ 637 Exercisable at September 30, 2016 80,154 $ 65.80 5.7 $ 219
Summary of Nonvested Restricted Stock	A summary of nonvested restricted stock as of September 30, 2016, and changes during the nine months then ended are presented below: Nonvested Restricted Stock Shares Weighted Grant-Date Nonvested at January 1, 2016 87,105 $ 67.04 Granted 28,508 56.69 Vested (17,912 ) 67.67 Forfeited (858 ) 64.90 Nonvested at September 30, 2016 96,843 $ 63.89
Summary of Nonvested Restricted Stock Performance Units	A summary of nonvested restricted stock performance units as of September 30, 2016, and changes during the nine months then ended are presented below: Nonvested Restricted Stock Performance Units Shares Weighted Grant-Date Nonvested at January 1, 2016 63,900 $ 83.24 Granted 23,095 68.88 Units not meeting vesting conditions (11,263 ) 90.61 Forfeited (1,354 ) 78.11 Nonvested at September 30, 2016 74,378 $ 77.76

Fair Value of Financial Instr38

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016, are presented in the following table: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Significant Significant Liabilities Observable Unobservable Sept. 30, Inputs Inputs Inputs (Thousands of dollars) 2016 Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 1,594 1,594 — —
Carrying Amounts and Estimated Fair Values of Financial Instruments	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. September 30, 2016 December 31, 2015 Carrying Estimated Carrying Estimated (Thousands of dollars) Amount Fair Value Amount Fair Value Financial liabilities Long-term debt, including current maturities $ 241,817 248,499 223,753 225,123

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2016
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 Nine Months Ended September 30, September 30, (Thousands, except per share amounts) 2016 2015 2016 2015 Net earnings allocated to common stock $ 1,466 38 6,019 2,749 Net earnings allocated to participating securities 21 — 83 33 Net income allocated to common stock and participating securities $ 1,487 38 6,102 2,782 Weighted average number of common shares used in basic EPS 11,991 12,439 12,005 12,454 Effect of dilutive stock awards 32 52 60 58 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,023 12,491 12,065 12,512 Earnings per common share Basic $ .12 — .50 .22 Assuming dilution $ .12 — .50 .22
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 awarding: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Options 23,782 72,595 111,797 72,595 Restricted performance shares 74,378 64,271 74,378 64,271

Supplemental Cash Flow Disclo40

Supplemental Cash Flow Disclosures (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Interest and Income Taxes Information Concerning Cash Flows	Additional information concerning cash flows is as follows: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Income taxes paid in cash $ 1,168 2,116 Interest paid 7,464 3,385 Interest capitalized (610 ) (45 )
Non-cash Investing and Financing Activities	Non-cash investing and financing activities excluded from the Consolidated Statement of Cash Flows include: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Issuance of restricted stock $ 2,469 1,677 Land exchanges — 39 Capital expenditures accrued, not paid 1,353 612
(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: Nine Months Ended September 30, (Thousands of dollars) 2016 2015 Trade accounts receivable $ (4,724 ) (525 ) Inventories 814 (914 ) Prepaid expenses and other current assets 888 (360 ) Trade accounts payable 458 4,825 Accrued taxes other than income taxes 1,467 (470 ) Deferred revenues and other accrued liabilities 2,058 1,946 $ 961 4,502

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Summary of Company's Business Segments	Information about the Company’s business segments consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (Thousands of dollars) 2016 2015 2016 2015 Net sales Woodlands $ 8,987 8,973 28,970 29,841 Manufacturing 2 46,492 42,189 137,610 122,723 Real Estate 3,365 3,869 11,236 8,189 Eliminations 1 (5,303 ) (4,881 ) (16,946 ) (16,543 ) $ 53,541 50,150 160,870 144,210 Income before income taxes Operating income/(loss) Woodlands $ 4,101 4,441 13,783 15,878 Manufacturing 2 5,660 1,959 15,972 8,961 Real Estate (125 ) (233 ) 1,028 (1,308 ) Corporate (5,330 ) (3,674 ) (14,772 ) (13,394 ) Eliminations 256 (459 ) (4 ) (654 ) Operating income 4,562 2,034 16,007 9,483 Interest income 3 2 10 3 Interest and other debt expense, net of capitalized interest (2,256 ) (1,927 ) (7,133 ) (5,201 ) Other income/(expense) 88 5 220 109 $ 2,397 114 9,104 4,394 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 2,191 1,968 6,419 5,642 Manufacturing 2 3,599 3,446 10,616 9,844 Real Estate 84 91 263 275 Corporate 37 14 104 34 $ 5,911 5,519 17,402 15,795 Capital expenditures Woodlands $ 647 866 2,861 3,087 Manufacturing 2 11,908 6,294 26,563 16,454 Real Estate 2,180 3,851 4,268 5,360 Corporate — 16 65 156 $ 14,735 11,027 33,757 25,057 Timberland acquisition expenditures $ 488 — 1,207 619 1 Primarily intersegment sales of timber from Woodlands to Manufacturing. 2 During March 2015, the Company experienced a fire in the press area at its MDF plant in El Dorado that affected the operating results. (For additional information, see Note 14 – Business Interruption Claim and Gain on Involuntary Conversion of Assets)

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventories
Supplies	$ 1,520	$ 1,638
Inventory	11,103	11,917
Logs [Member]
Inventories
Raw materials	2,408	1,975
Del-Tin - wood fiber [Member]
Inventories
Raw materials	360	615
Lumber [Member]
Inventories
Finished goods	4,205	4,142
Medium density fiberboard [Member]
Inventories
Finished goods	1,818	2,516
Finished goods - consigned	$ 792	$ 1,031

Prepaid Expenses and Other Cu43

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Short-term deferred tax assets	$ 1,856	$ 2,131
Refundable income taxes	1,168	3,062
Prepaid expenses	1,525	687
Other current assets	613	512
Prepaid expenses and other current assets	$ 5,162	$ 6,392

Timber and Timberlands - Summar

Timber and Timberlands - Summary of Timber and Timberlands (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Purchased stumpage inventory	$ 3,762	$ 2,437
Timberlands	156,313	155,997
Fee timber	329,998	326,327
Logging facilities	1,232	1,221
Gross	491,305	485,982
Less accumulated cost of fee timber harvested and facilities depreciation	(130,599)	(124,292)
Timber and timberlands - net	360,866	361,856
Strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands - net	360,706	361,690
Non-strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands - net	$ 160	$ 166

Timber and Timberlands - Additi

Timber and Timberlands - Additional Information (Detail)	3 Months Ended			9 Months Ended
	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)a	Mar. 31, 2015a	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)a	Dec. 31, 2008a
Property, Plant and Equipment [Line Items]
Timberlands acquired	220	0	40	623	344
Cash payments for timberland acquisition expenditures | $	$ 514,000			$ 1,207,000	$ 581,000
Acres of non- strategic timberlands						10,000
Acres of timber land available for sale	241			241
Gains on sales of timberland | $	$ 0	$ 6,000		$ 33,000	102,000
Gain recognized on transfer | $				$ 0	$ 25,000
Cash Portion [Member]
Property, Plant and Equipment [Line Items]
Timberlands acquired					304

Property, Plant, and Equipmen46

Property, Plant, and Equipment - Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 220,150	$ 193,641
Less accumulated depreciation	(119,055)	(108,146)
Property, plant, and equipment, net	101,095	85,495
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	12,488	10,409
Buildings and structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	25,477	23,900
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 181,238	$ 158,385

Deferred Revenues and Other A47

Deferred Revenues and Other Accrued Liabilities - Deferred Revenues and Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred revenues - current	$ 3,658	$ 2,877
Dividend payable	1,217	0
Vacation accrual	1,572	1,360
Deferred compensation	667	619
All other current liabilities	2,485	2,751
Deferred revenues and other accrued liabilities	$ 9,599	$ 7,607

Other Noncurrent Liabilities -

Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Accumulated postretirement benefit obligation	$ 12,706	$ 12,295
Supplemental pension plan	12,958	12,764
Accrued pension liability	15,971	15,698
Deferred revenue - long-term portion	56	115
Other noncurrent liabilities	1,594	1,487
Other noncurrent liabilities, net	$ 43,285	$ 42,359

Credit Facilities - Additional

Credit Facilities - Additional Information (Detail) - USD ($)	Jan. 06, 2016	Sep. 30, 2016	Jul. 29, 2016	Feb. 04, 2016
Credit Facilities [Line Items]
Letter of credit component of revolving credit facility		$ 50,000,000
Letter of credit expiration date		Aug. 31, 2016
Second Amended And Restated Revolving Credit Facility [Member]
Credit Facilities [Line Items]
Termination date	Nov. 17, 2020
Second Amended And Restated Revolving Credit Facility [Member] | Greenstone Farm Credit Services [Member]
Credit Facilities [Line Items]
Amount available on credit facility				$ 27,000,000
Second Amended And Restated Revolving Credit Facility [Member] | American Ag Credit [Member]
Credit Facilities [Line Items]
Amount available on credit facility				$ 123,000,000
Revolving Credit Facility [Member] | Payment Guarantee [Member] | Union County, Arkansas Taxable Industrial Revenue Bonds, Due 2027 [Member]
Credit Facilities [Line Items]
Long-term liabilities			$ 29,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Benefit [Line Items]
Effective income tax rate on timber gains	38.00%	66.00%	33.00%	37.00%
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 51

Employee and Retiree Benefit Plans - Retirement Expense and Other Postretirement Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Funded Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 411	$ 490	$ 1,231	$ 1,469
Interest cost	524	505	1,572	1,515
Expected return on plan assets	(593)	(602)	(1,780)	(1,807)
Amortization of prior service cost		1		3
Recognized actuarial loss	213	209	637	629
Net retirement expense	555	603	1,660	1,809
Defined Benefit Unfunded Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	54	130	160	389
Interest cost	80	123	242	370
Recognized actuarial loss	18	152	56	456
Net retirement expense	152	405	458	1,215
Other Post-Retirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	95	132	285	395
Interest cost	144	139	432	419
Recognized actuarial loss		20		59
Amortization of plan amendment		(11)		(34)
Net retirement expense	$ 239	$ 280	$ 717	$ 839

Employee and Retiree Benefit 52

Employee and Retiree Benefit Plans - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Percentage of expected long-term rate of return on pension plan	7.50%
Employer contributions	$ 750
Expected employer contributions, remainder of fiscal year	$ 300

Other Comprehensive Income Di53

Other Comprehensive Income Disclosures - Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	$ (11,594)
Ending Balance, September 30	(11,173)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(11,594)	$ (11,411)
Amounts reclassified from AOCL - net current period other comprehensive income	421	676
Amounts reclassified from AOCL - net current period other comprehensive income		676
Ending Balance, September 30	(11,173)	(10,735)
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Funded Retirement Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(7,071)	(7,615)
Amounts reclassified from AOCL - net current period other comprehensive income	387	384
Amounts reclassified from AOCL - net current period other comprehensive income		384
Ending Balance, September 30	(6,684)	(7,231)
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Unfunded Retirement Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(4,309)	(3,064)
Amounts reclassified from AOCL - net current period other comprehensive income	34	277
Amounts reclassified from AOCL - net current period other comprehensive income		277
Ending Balance, September 30	(4,274)	(2,787)
Accumulated Defined Benefit Plans Adjustment [Member] | Other Post-Retirement Benefit Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(214)	(732)
Amounts reclassified from AOCL - net current period other comprehensive income		15
Amounts reclassified from AOCL - net current period other comprehensive income		15
Ending Balance, September 30	$ (214)	$ (717)

Other Comprehensive Income Di54

Other Comprehensive Income Disclosures - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		$ 3
Amortization of actuarial losses	$ 693	1,144
Amortization of plan amendment		(34)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		3
Amortization of actuarial losses	693	1,144
Amortization of plan amendment		(34)
Total before tax		1,113
Income tax expense	(272)	(437)
Total reclassifications - net of tax	421	676
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Funded Retirement Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		3
Amortization of actuarial losses	637	629
Total before tax		632
Income tax expense	(250)	(248)
Total reclassifications - net of tax	387	384
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Unfunded Retirement Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	56	456
Total before tax		456
Income tax expense	(22)	(179)
Total reclassifications - net of tax	$ 34	277
Accumulated Defined Benefit Plans Adjustment [Member] | Other Post-Retirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses		59
Amortization of plan amendment		(34)
Total before tax		25
Income tax expense		(10)
Total reclassifications - net of tax		$ 15

Other Comprehensive Income Di55

Other Comprehensive Income Disclosures - Tax Effects by Component (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect [Abstract]
Amortization of prior service costs, Before Tax Amount		$ 3
Amortization of actuarial losses, Before Tax Amount	$ 693	1,144
Amortization of plan amendment, Before tax amount		(34)
Total, Before Tax Amount		1,113
Amortization of prior service costs, Tax (Expenses) or benefits		(1)
Amortization of actuarial losses, Tax (Expenses) or benefits	(272)	(449)
Amortization of plan amendment, Tax (Expenses) or benefits		13
Total, Tax (Expense) or Benefit		(437)
Amortization of prior service costs, Net of Tax Amount		2
Amortization of actuarial losses, Net of Tax Amount	$ 421	695
Amortization of plan amendment, Net of Tax Amount		(21)
Total, Net of Tax Amount		$ 676

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Based Compensation Expense	$ 897	$ 825	$ 2,586	$ 2,503
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	1,048		$ 1,048
Cost not yet recognized over a weighted-average period			1 year 10 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	2,834		$ 2,834
Cost not yet recognized over a weighted-average period			1 year 10 months 24 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	$ 2,799		$ 2,799
Cost not yet recognized over a weighted-average period			2 years

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation of Stock Options and Restricted Stock Performance Units (Detail)	9 Months Ended
	Sep. 30, 2016$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected term of options (in years)	6 years 3 months 7 days
Weighted expected volatility	38.16%
Dividend yield	0.59%
Risk-free interest rate - performance restricted shares	1.34%
Risk-free interest rate - options	2.13%
Stock price as of valuation date	$ 55.94
Restricted performance share valuation	68.88
Grant date fair value - stock options	$ 20.39

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options (Detail) - Stock Options [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Shares, beginning balance | shares	147,870
Shares, Granted | shares	28,533
Shares, Exercised | shares	(30,455)
Shares, Forfeited/expired | shares	(2,941)
Outstanding Shares, ending balance | shares	143,007
Shares, Exercisable | shares	80,154
Outstanding Weighted Average Exercise Price, beginning | $ / shares	$ 63.86
Weighted Average Exercise Price, Granted | $ / shares	55.94
Weighted Average Exercise Price,Exercised | $ / shares	56.43
Weighted Average Exercise Price,Forfeited/expired | $ / shares	62.96
Outstanding Weighted Average Exercise Price, ending | $ / shares	63.88
Outstanding Weighted Average Exercise Price, Exercisable | $ / shares	$ 65.80
Outstanding Weighted Average Remaining Contractual Term (Years), Ending	6 years 10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable	5 years 8 months 12 days
Outstanding Aggregate Intrinsic Value, Ending | $	$ 637
Aggregate Intrinsic Values, Exercisable | $	$ 219

Stock-Based Compensation - Su59

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Detail)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant-Date Fair Value Nonvested, Granted	$ 68.88
Nonvested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Nonvested, Beginning Balance | shares	87,105
Shares Nonvested, Granted | shares	28,508
Shares Nonvested, Vested | shares	(17,912)
Shares Nonvested, Forfeited | shares	(858)
Shares Nonvested, Ending Balance | shares	96,843
Weighted Average Grant-Date Fair Value Nonvested, Beginning Balance	$ 67.04
Weighted Average Grant-Date Fair Value Nonvested, Granted	56.69
Weighted Average Grant-Date Fair Value Nonvested, Vested	67.67
Weighted Average Grant-Date Fair Value Nonvested, Forfeited	64.90
Weighted Average Grant-Date Fair Value Nonvested, Ending Balance	$ 63.89

Stock-Based Compensation - Su60

Stock-Based Compensation - Summary of Nonvested Restricted Stock Performance Units (Detail)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant-Date Fair Value Nonvested, Granted	$ 68.88
Nonvested Restricted Stock Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Nonvested, Beginning Balance | shares	63,900
Shares Nonvested, Granted | shares	23,095
Shares Nonvested, Units not meeting vesting conditions | shares	(11,263)
Shares Nonvested, Forfeited | shares	(1,354)
Shares Nonvested, Ending Balance | shares	74,378
Weighted Average Grant-Date Fair Value Nonvested, Beginning Balance	$ 83.24
Weighted Average Grant-Date Fair Value Nonvested, Granted	68.88
Weighted Average Grant-Date Fair Value Nonvested, Units not meeting vesting conditions	90.61
Weighted Average Grant-Date Fair Value Nonvested, Forfeited	78.11
Weighted Average Grant-Date Fair Value Nonvested, Ending Balance	$ 77.76

Business Interruption Claim a61

Business Interruption Claim and Gain on Involuntary Conversion of Assets - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Interruption Loss [Line Items]
Business interruption insurance settled	$ 2,452,000
Other income - business interruption claim					$ 516,000
Expense recognized for fire policy deductibles		$ 219,000	$ 729,000	$ 948,000
Claims for property damages		5,969,000
Claims for repair, inventory and expenses in property insurance settlement				4,379,000
Equipment claim in property insurance settlement				$ 1,590,000
Expenses deductible for property policy			1,000,000
Recovery of costs, write off			$ 886,000
Gain on involuntary conversion of assets					$ 704,000
Other Operating Income [Member]
Business Interruption Loss [Line Items]
Other income - business interruption claim	516,000
Gain on involuntary conversion of assets		$ 704,000
Cost of Sales [Member]
Business Interruption Loss [Line Items]
Reimbursement of business operating expenses	$ 1,936,000

Fair Value of Financial Instr62

Fair Value of Financial Instruments - Fair Value Measurements for Financial Liabilities Accounted on a Recurring Basis (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Liabilities
Nonqualified employee savings plan	$ 1,594
Quoted Prices in Active Markets for Identical Liabilities Inputs Level 1 [Member]
Liabilities
Nonqualified employee savings plan	$ 1,594

Fair Value of Financial Instr63

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial liabilities
Long-term debt, including current maturities, Carrying Amount	$ 241,817	$ 223,753
Long-term debt, including current maturities, Estimated Fair Value	$ 248,499	$ 225,123

Earnings per Common Share - Com

Earnings per Common Share - Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net earnings allocated to common stock	$ 1,466	$ 38	$ 6,019	$ 2,749
Net earnings allocated to participating securities	21	0	83	33
Net income allocated to common stock and participating securities	$ 1,487	$ 38	$ 6,102	$ 2,782
Weighted average number of common shares used in basic EPS	11,991	12,439	12,005	12,454
Effect of dilutive stock awards	32	52	60	58
Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution	12,023	12,491	12,065	12,512
Earnings per common share
Basic	$ 0.12	$ 0	$ 0.50	$ 0.22
Assuming dilution	$ 0.12	$ 0	$ 0.50	$ 0.22

Earnings per Common Share - Inf

Earnings per Common Share - Information about Potentially Dilutive Securities Outstanding (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock 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	23,782	72,595	111,797	72,595
Performance Restricted 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	74,378	64,271	74,378	64,271

Supplemental Cash Flow Disclo66

Supplemental Cash Flow Disclosures - Interest and Income Taxes Information Concerning Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Income taxes paid in cash	$ 1,168	$ 2,116
Interest paid	7,464	3,385
Interest capitalized	$ (610)	$ (45)

Supplemental Cash Flow Disclo67

Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Issuance of restricted stock	$ 2,469	$ 1,677
Land exchanges		39
Capital expenditures accrued, not paid	$ 1,353	$ 612

Supplemental Cash Flow Disclo68

Supplemental Cash Flow Disclosures - (Increases)/Decreases in Working Capital Other Than Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract]
Trade accounts receivable	$ (4,724)	$ (525)
Inventories	814	(914)
Prepaid expenses and other current assets	888	(360)
Trade accounts payable	458	4,825
Accrued taxes other than income taxes	1,467	(470)
Deferred revenues and other accrued liabilities	2,058	1,946
Other Current Assets and Liabilities, Net	$ 961	$ 4,502

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2016USD ($)
Subsequent Event [Member] | Ray C. Dillon [Member]
Subsequent Event [Line Items]
One-time pretax expense on retirement	$ 3

Business Segments - Summary of

Business Segments - Summary of Company's Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net sales
Net sales	$ 53,541	$ 50,150	$ 160,870	$ 144,210
Operating income/(loss)
Operating income	4,562	2,034	16,007	9,483
Interest income	3	2	10	3
Interest and other debt expense, net of capitalized interest	(2,256)	(1,927)	(7,133)	(5,201)
Other income/(expense)	88	5	220	109
Income before income taxes	2,397	114	9,104	4,394
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	5,911	5,519	17,402	15,795
Depreciation, amortization, and cost of fee timber harvested	5,911	5,519	17,402	15,795
Capital expenditures
Capital expenditures	14,735	11,027	33,757	25,057
Timberland acquisition expenditures	488		1,207	619
Operating Segments [Member] | Woodlands [Member]
Net sales
Net sales	8,987	8,973	28,970	29,841
Operating income/(loss)
Operating income	4,101	4,441	13,783	15,878
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	2,191	1,968	6,419	5,642
Depreciation, amortization, and cost of fee timber harvested	2,191	1,968	6,419	5,642
Capital expenditures
Capital expenditures	647	866	2,861	3,087
Operating Segments [Member] | Manufacturing [Member]
Net sales
Net sales	46,492	42,189	137,610	122,723
Operating income/(loss)
Operating income	5,660	1,959	15,972	8,961
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	3,599	3,446	10,616	9,844
Depreciation, amortization, and cost of fee timber harvested	3,599	3,446	10,616	9,844
Capital expenditures
Capital expenditures	11,908	6,294	26,563	16,454
Operating Segments [Member] | Real Estate [Member]
Net sales
Net sales	3,365	3,869	11,236	8,189
Operating income/(loss)
Operating income	(125)	(233)	1,028	(1,308)
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	84	91	263	275
Depreciation, amortization, and cost of fee timber harvested	84	91	263	275
Capital expenditures
Capital expenditures	2,180	3,851	4,268	5,360
Operating Segments [Member] | Corporate [Member]
Operating income/(loss)
Operating income	(5,330)	(3,674)	(14,772)	(13,394)
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	37	14	104	34
Depreciation, amortization, and cost of fee timber harvested	37	14	104	34
Capital expenditures
Capital expenditures		16	65	156
Eliminations [Member]
Net sales
Net sales	(5,303)	(4,881)	(16,946)	(16,543)
Operating income/(loss)
Operating income	$ 256	$ (459)	$ (4)	$ (654)