Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 08, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'FUTUREFUEL CORP. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 43,342,830 | ' |
Entity Public Float | ' | ' | $309,136,206 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001337298 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $86,463 | $58,737 |
Accounts receivable, net of allowances of $0 and $0, respectively | 28,620 | 22,782 |
Accounts receivable – related parties | 4,629 | ' |
Inventory | 42,164 | 41,992 |
Income tax receivable | 14,732 | ' |
Prepaid expenses | 1,843 | 1,595 |
Prepaid expenses – related parties | ' | 32 |
Marketable securities | 104,271 | 87,768 |
Other current assets | 566 | 1,030 |
Total current assets | 283,288 | 213,936 |
Property, plant and equipment, net | 128,671 | 138,865 |
Other assets | 2,488 | 2,436 |
Total noncurrent assets | 131,159 | 141,301 |
Total Assets | 414,447 | 355,237 |
Liabilities and Stockholders’ Equity | ' | ' |
Accounts payable | 14,927 | 12,589 |
Accounts payable - related parties | 857 | 3,887 |
Income taxes payable | ' | 620 |
Current deferred income tax liability | 8,787 | 6,953 |
Deferred revenue – short-term | 6,869 | 6,071 |
Contingent liability – short-term | 1,151 | 2,521 |
Accrued expenses and other current liabilities | 7,802 | 3,593 |
Accrued expenses and other current liabilities - related parties | 3 | ' |
Total current liabilities | 40,396 | 36,234 |
Deferred revenue – long-term | 13,522 | 27,684 |
Other noncurrent liabilities | 2,690 | 948 |
Noncurrent deferred income tax liability | 29,249 | 30,037 |
Total noncurrent liabilities | 45,461 | 58,669 |
Total Liabilities | 85,857 | 94,903 |
Commitments and contingencies (Notes 2, 15, 22, and 28) | ' | ' |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,342,830 and 41,739,569 issued and outstanding as of December 31, 2013 and 2012, respectively | 4 | 4 |
Accumulated other comprehensive income | 7,436 | 2,597 |
Additional paid in capital | 276,328 | 257,041 |
Retained earnings | 44,822 | 692 |
Total stockholders’ equity | 328,590 | 260,334 |
Total Liabilities and Stockholders’ Equity | $414,447 | $355,237 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable net allowances (in Dollars) | $0 | $0 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 43,342,830 | 41,739,569 |
Common stock shares outstanding | 43,342,830 | 41,739,569 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $435,499 | $338,812 | $304,614 |
Revenues – related parties | 9,420 | 13,017 | 5,271 |
Cost of goods sold | 325,099 | 280,377 | 237,867 |
Cost of goods sold – related parties | 15,364 | 9,366 | 6,996 |
Distribution | 3,899 | 4,362 | 2,824 |
Distribution - related parties | 392 | 471 | 443 |
Gross profit | 100,165 | 57,253 | 61,755 |
Selling, general, and administrative expenses | ' | ' | ' |
Compensation expense | 3,647 | 4,142 | 4,050 |
Other expense | 2,421 | 3,123 | 2,044 |
Related party expense | 399 | 452 | 534 |
Research and development expenses | 3,444 | 3,444 | 3,512 |
9,911 | 11,161 | 10,140 | |
Income from operations | 90,254 | 46,092 | 51,615 |
Interest and dividend income | 5,875 | 4,776 | 3,495 |
Interest expense | -24 | -27 | -184 |
Gain/(loss) on marketable securities | 1,646 | 3,927 | -1,889 |
Other income/(expense) | -400 | 112 | -262 |
7,097 | 8,788 | 1,160 | |
Income before income taxes | 97,351 | 54,880 | 52,775 |
Provision for income taxes | 23,317 | 20,576 | 18,266 |
Net income | 74,034 | 34,304 | 34,509 |
Earnings per common share | ' | ' | ' |
Basic (in Dollars per share) | $1.71 | $0.83 | $0.85 |
Diluted (in Dollars per share) | $1.71 | $0.83 | $0.84 |
Weighted average shares outstanding | ' | ' | ' |
Basic (in Shares) | 43,237,513 | 41,366,860 | 40,708,552 |
Diluted (in Shares) | 43,276,931 | 41,507,660 | 40,886,693 |
Other comprehensive income – unrealized gains on marketable securities, net of tax of $3,018 in 2013, $495 in 2012, and $797 in 2011 | 4,839 | 794 | 1,278 |
Comprehensive income | $78,873 | $35,098 | $35,787 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income – unrealized gains on marketable securities, tax | $3,018 | $495 | $797 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows provided by operating activities | ' | ' | ' |
Net income | $74,034 | $34,304 | $34,509 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 10,316 | 10,454 | 9,098 |
(Benefit from)/provision for deferred income taxes | -1,972 | 1,827 | 2,846 |
Change in fair value of derivative instruments | -617 | -1,506 | 617 |
Other than temporary impairment of marketable securities | 336 | ' | 2,710 |
Impairment of fixed assets | 18,102 | ' | 466 |
Gain on sale of investments | -1,982 | -3,927 | -590 |
Losses on disposals of fixed assets | 261 | 63 | 262 |
Stock based compensation | ' | 281 | 502 |
Noncash interest expense | 24 | 24 | 21 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -5,838 | 12,772 | -389 |
Accounts receivable – related parties | -4,629 | 123 | -123 |
Inventory | -172 | 15,447 | -20,067 |
Income taxes receivable | -14,732 | ' | 519 |
Prepaid expenses | -248 | -135 | -220 |
Prepaid expenses - related parties | 32 | -32 | ' |
Accrued interest on marketable securities | -79 | -109 | -123 |
Other assets | -266 | -249 | 633 |
Accounts payable | 2,338 | -6,076 | 4,037 |
Accounts payable - related parties | -3,030 | 864 | 2,555 |
Income taxes payable | -620 | -503 | 1,123 |
Accrued expenses and other current liabilities | 4,209 | 368 | -116 |
Accrued expenses and other current liabilities - related parties | 3 | -43 | 35 |
Deferred revenue | -14,734 | 941 | 12,124 |
Other noncurrent liabilities | 1,718 | ' | ' |
Net cash provided by operating activities | 62,454 | 64,888 | 50,429 |
Cash flows from investing activities | ' | ' | ' |
Restricted cash | ' | ' | 21,086 |
Collateralization of derivative instruments | 1,374 | 2,510 | -2,133 |
Purchase of marketable securities | -49,348 | -58,745 | -87,320 |
Proceeds from the sale of marketable securities | 41,198 | 33,637 | 40,196 |
(Purchases)/sales of auction rate securities | 1,150 | -1,150 | ' |
Proceeds from the sale of fixed assets | 57 | 247 | 12 |
Capital expenditures | -18,542 | -9,112 | -23,208 |
Net cash used in investing activities | -24,111 | -32,613 | -51,367 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from the issuance of stock | 19,292 | 3,149 | 15,872 |
Minimum tax withholding on stock options exercised | -45 | -255 | ' |
Excess tax benefits associated with stock options | 40 | 361 | 8 |
Payment of dividend | -29,904 | -66,538 | -16,254 |
Net cash provided by (used in) financing activities | -10,617 | -63,283 | -374 |
Net change in cash and cash equivalents | 27,726 | -31,008 | -1,312 |
Cash and cash equivalents at beginning of period | 58,737 | 89,745 | 91,057 |
Cash and cash equivalents at end of period | 86,463 | 58,737 | 89,745 |
Cash paid for interest | 23 | 3 | 5 |
Cash paid for income taxes | 38,890 | 19,252 | 13,773 |
Non-cash capital expenditures | ' | ' | $2,059 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders’ Equity (USD $) | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $4 | $525 | $237,123 | $14,671 | $252,323 |
Balance (in Shares) at Dec. 31, 2010 | 39,978,849 | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | -16,254 | -16,254 |
Proceeds from the issuance of stock | ' | ' | 15,872 | ' | 15,872 |
Proceeds from the issuance of stock (in Shares) | 1,329,597 | ' | ' | ' | ' |
Stock based compensation | ' | ' | 502 | ' | 502 |
Excess income tax benefits from exercise of stock options | ' | ' | 8 | ' | 8 |
Other Comprehensive Income | ' | 1,278 | ' | ' | 1,278 |
Net income | ' | ' | ' | 34,509 | 34,509 |
Balance at Dec. 31, 2011 | 4 | 1,803 | 253,505 | 32,926 | 288,238 |
Balance (in Shares) at Dec. 31, 2011 | 41,308,446 | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | -66,538 | -66,538 |
Proceeds from the issuance of stock | ' | ' | 2,894 | ' | 2,894 |
Proceeds from the issuance of stock (in Shares) | 431,123 | ' | ' | ' | ' |
Stock based compensation | ' | ' | 281 | ' | 281 |
Excess income tax benefits from exercise of stock options | ' | ' | 361 | ' | 361 |
Other Comprehensive Income | ' | 794 | ' | ' | 794 |
Net income | ' | ' | ' | 34,304 | 34,304 |
Balance at Dec. 31, 2012 | 4 | 2,597 | 257,041 | 692 | 260,334 |
Balance (in Shares) at Dec. 31, 2012 | 41,739,569 | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | -29,904 | -29,904 |
Proceeds from the issuance of stock | ' | ' | 19,247 | ' | 19,247 |
Proceeds from the issuance of stock (in Shares) | 1,603,261 | ' | ' | ' | ' |
Excess income tax benefits from exercise of stock options | ' | ' | 40 | ' | 40 |
Other Comprehensive Income | ' | 4,839 | ' | ' | 4,839 |
Net income | ' | ' | ' | 74,034 | 74,034 |
Balance at Dec. 31, 2013 | $4 | $7,436 | $276,328 | $44,822 | $328,590 |
Balance (in Shares) at Dec. 31, 2013 | 43,342,830 | ' | ' | ' | ' |
Note_1_Nature_of_Operations_an
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1) Nature of operations and basis of presentation | |
Viceroy Acquisition Corporation | |
Viceroy Acquisition Corporation (“Viceroy”) was incorporated under the laws of the state of Delaware on August 12, 2005 to serve as a vehicle for the acquisition of one or more operating businesses in the oil and gas industry. On July 12, 2006 Viceroy completed an equity offering (see Note 16). | |
On October 31, 2006, Viceroy acquired all of the issued and outstanding shares of Eastman SE, Inc. (“Eastman SE”) from Eastman Chemical Company (“Eastman Chemical”). Immediately subsequent to the acquisition, Viceroy changed its name to FutureFuel Corp. (“FutureFuel”) and Eastman SE changed its name to FutureFuel Chemical Company (“FutureFuel Chemical”). | |
Eastman SE, Inc. | |
Eastman SE was incorporated under the laws of the state of Delaware on September 1, 2005 and subsequent thereto operated as a wholly-owned subsidiary of Eastman Chemical through October 31, 2006. Eastman SE was incorporated for purposes of effecting a sale of Eastman Chemical’s manufacturing facility in Batesville, Arkansas (the “Batesville Plant”). | |
The Batesville Plant was constructed to produce proprietary photographic chemicals for Eastman Kodak Company (“Eastman Kodak”). Over the years, Eastman Kodak shifted the plant’s focus away from the photographic imaging business to the custom synthesis of fine chemicals and organic chemical intermediates used in a variety of end markets, including paints and coatings, plastics and polymers, pharmaceuticals, food supplements, household detergents, and agricultural products. | |
In 2005, the Batesville Plant began the implementation of a biobased products platform. This included the production of biofuels (biodiesel) and biobased specialty chemical products (biobased solvents, chemicals, and intermediates). In addition to biobased products, the Batesville Plant continues to manufacture fine chemicals and other organic chemicals. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies [Text Block] | ' | |||
2) Significant accounting policies | ||||
Consolidation | ||||
The accompanying consolidated financial statements include the accounts of FutureFuel and its wholly-owned subsidiaries, FutureFuel Chemical, FFC Grain, L.L.C., which was formed in 2009 to acquire a granary in Marianna, Arkansas, FutureFuel Warehouse Company, LLC, which was formed in 2011 to acquire a warehouse in Batesville, Arkansas, and Legacy Regional Transport, L.L.C., which was formed in 2012 and operates FutureFuel’s truck fleet. | ||||
All significant intercompany transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. | ||||
Cash and cash equivalents | ||||
Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. FutureFuel places its temporary cash investments with high credit quality financial institutions. At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit. | ||||
Accounts receivable, allowance for doubtful accounts, and credit risk | ||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. FutureFuel has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based upon management’s evaluation of the collectibility of individual invoices and is based upon management’s evaluation of the financial condition of its customers and historical bad debt experience. Write-offs are recorded at the time a customer receivable is deemed uncollectible. | ||||
Customer concentrations | ||||
Significant portions of FutureFuel’s sales are made to a relatively small number of customers. All sales of a bleach activator are made to a leading North American consumer products company. Sales of the bleach activator totaled $56,596 for the year ended December 31, 2013 and $60,710 for the year ended December 31, 2012. Additionally, all sales of a herbicide and certain other intermediates used in the production of this herbicide are made to one customer. Sales of this herbicide and its intermediates constituted less than 10% of consolidated revenues for the year ended December 31, 2013 and 2012. Sales of biodiesel to one customer totaled $135,273 for the year ended December 31, 2013 and $102,772 for the year ended December 31, 2012. | ||||
Inventory | ||||
FutureFuel determines the cost of substantially all raw materials and finished goods inventories by the last-in, first-out (“LIFO”) method. FutureFuel writes down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon current demand and market conditions. | ||||
Financial and derivative instruments | ||||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments. | ||||
FutureFuel maintains inventories of biodiesel and utilizes various derivative instruments such as regulated futures and regulated options as an economic hedge to reduce the effects of fluctuations in the prices of biodiesel. These derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815-20-25, Derivatives and Hedging, Hedging-General, Recognition. While management believes each of these instruments are entered into in order to effectively manage various market risks, none of the derivative instruments are designated and accounted for as hedges primarily as a result of the extensive record-keeping requirements. | ||||
FutureFuel records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold. FutureFuel maintains a margin account with a broker to collateralize these derivative instruments. | ||||
Property, plant, and equipment | ||||
Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When FutureFuel retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. FutureFuel records any profit and loss on retirement or other disposition in earnings. Depreciation is provided using the straight-line method over the following estimated useful lives: | ||||
Buildings and building equipment (years) | 20 | – | 39 | |
Machinery and equipment (years) | 3 | – | 33 | |
Transportation equipment (years) | 5 | – | 33 | |
Other (years) | 5 | – | 33 | |
Customer relationships | ||||
Customer relationships are recorded at acquisition cost and are amortized on a straight-line basis over their estimated useful lives of five years. FutureFuel reviews and evaluates the recoverability of the carrying amounts of its acquired customer contracts annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||
Impairment of assets | ||||
FutureFuel evaluates the carrying value of long-lived assets when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. For long-lived assets to be held for use in future operations and for fixed (tangible) assets, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal. For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except that fair values are reduced for disposal costs. | ||||
Deferred revenue | ||||
FutureFuel has signed contracts with customers to construct plant and related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of construction has been funded by the customers with title and risk of loss to the equipment residing with FutureFuel. Reimbursements are recognized as deferred revenue and are amortized over the expected life of the customer relationship starting upon the completion of construction and the asset being placed into service. | ||||
Additionally, FutureFuel has been awarded grants from governmental agencies related to the construction of production equipment and infrastructural improvements at its plant site. The cost of construction of these projects has been either funded by the governmental agencies directly or funded by FutureFuel who has then been reimbursed by the governmental agencies. Direct payments and reimbursements for construction costs have been recognized as deferred revenue and will be amortized into earnings over the expected life of the applicable customer relationship or the life of the asset if no direct customer relationship is tied to the asset. Such amortization will not begin until the asset has been placed into service and all contingencies associated with the grants are fulfilled. | ||||
Asset retirement obligations | ||||
FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Environmental assets include but are not limited to waste management units such as destructors, landfills, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and FutureFuel’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, FutureFuel estimates the useful life of each individual asset up to 35 years. Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made. | ||||
Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. | ||||
Income taxes | ||||
Income taxes are accounted for using the asset and liability method. Under this method, income tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax basis. A future income tax asset or liability is estimated for each temporary difference using enacted and substantively enacted income tax rates and laws expected to be in effect when the asset is realized or the liability settled. A valuation allowance is established, if necessary, to reduce any future income tax asset to an amount that is more likely than not to be realized. | ||||
FASB ASC Topic 740, Income Taxes (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. | ||||
Revenue recognition | ||||
For most product sales, revenue is recognized when product is shipped from our facilities and risk of loss and title have passed to the customer, which is in accordance with our customer contracts and the stated shipping terms. All custom manufactured products are manufactured under written contracts. Performance chemicals and biofuels are usually sold pursuant to the terms of written purchase orders. In general, customers do not have any rights of return, except for quality disputes. However, all of our products are tested for quality before shipment, and historically returns have been inconsequential. FutureFuel does not offer rebates or warranties. | ||||
Bill and hold transactions for 2013 and 2012 related to six specialty chemical customers, and five specialty chemical customers in 2011, whereby revenue was recognized in accordance with contractual agreements based on product produced and ready for use. These sales were subject to written monthly purchase orders with agreement that production was reasonable. The inventory was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill and hold transactions are similar to other specialty chemical customers. Sales revenue under bill and hold arrangements totaled $44,047, $50,076, and $59,597 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
Shipping and handling fees | ||||
Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenues. | ||||
Cost of goods sold and selling, general, and administration expenses | ||||
Cost of goods sold includes the costs of inventory sold, related purchasing, distribution, and warehousing costs, costs incurred for shipping and handling, and environmental remediation costs. In 2013 and 2011, the biodiesel tax incentive for blending biodiesel with petroleum diesel is netted from costs of goods sold. The biodiesel tax credit amounted to one cent for each percentage point of vegetable oil or animal fat biodiesel that was blended with petrodiesel. The credit was recognized as it was earned, i.e., when biodiesel blended with petrodiesel was sold. The tax credit terminated on December 31, 2011. On January 3, 2013, the tax credit was retroactively reinstated for 2012 and extended through December 31, 2013 (see Note 3). This tax credit expired and has not been reinstated. | ||||
Selling, general, and administration expenses include personnel costs associated with sales, marketing and administration, legal and legal-related costs, consulting and professional services fees, advertising expenses, and other similar costs. | ||||
Research and development | ||||
All costs identified as research and development costs are charged to expense when incurred. | ||||
Planned major maintenance activities | ||||
Expenditures for planned major maintenance activities are recognized as expense as incurred. | ||||
Earnings per share | ||||
Basic earnings per share is computed by dividing net income (the numerator) by the weighted average number of outstanding shares (the denominator) for the period. Diluted earnings per share are calculated in accordance with the treasury stock method to determine the dilutive effect of warrants and options. The computation of diluted earnings per share includes the same numerator, but the denominator is increased to include the number of additional common shares from the exercise of warrants and options that would have been outstanding if potentially dilutive common shares had been issued. | ||||
Comprehensive income | ||||
Comprehensive income is comprised of net income and other comprehensive income (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. FutureFuel’s OCI is comprised of unrealized gains and losses resulting from its investment in certain marketable securities classified as available for sale (see Note 6). For the year ended December 31, 2013, FutureFuel recorded other comprehensive income of $4,839, net of income taxes of $3,018, on these securities. For the year ended December 31, 2012, FutureFuel recorded other comprehensive income of $794, net of income taxes of $495, on these securities. For the year ended December 31, 2011, FutureFuel recorded other comprehensive income of $1,278, net of income taxes of $797, on these securities. For the year ended December 31, 2013, FutureFuel reclassified a portion of its unrealized income related to certain of its available-for-sale securities from OCI to a component of net income as a result of recording an other than temporary impairment. This reclassification totaled $207, net of income taxes of $129. For the year ended December 31, 2011, FutureFuel reclassified a portion of its unrealized losses related to certain of its available-for-sale securities from OCI to a component of net income as a result of recording an other than temporary impairment. This reclassification totaled $1,669, net of income taxes of $1,041. No such reclassification was made for the year ended December 31, 2012. | ||||
Commitments and contingent liabilities | ||||
In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are utilized to ensure the availability of raw materials used in the production process. Sales contracts are utilized to ensure the future sale of produced product. | ||||
FutureFuel and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. FutureFuel accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, FutureFuel accrues the minimum amount. | ||||
Use of estimates | ||||
The preparation of financial statements in conformity with accounting principals generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during a reporting period. Estimates are used when accounting for allowance for doubtful accounts, depreciation, amortization, asset retirement obligations, and income taxes as well as the evaluation of potential losses due to impairments or future liabilities. Actual results could differ materially from those estimates. | ||||
Segment reporting | ||||
FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly by its chief operating decision maker in assessing the performance of those segments and in determining how to allocate resources. FutureFuel has determined that it has two reportable segments organized along product lines -- chemicals and biofuels. |
Note_3_Reinstatement_of_Biodie
Note 3 - Reinstatement of Biodiesel Blenders Tax Credit and Small Agri-biodiesel Producers Tax Credit | 12 Months Ended |
Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | ' |
Other Income and Other Expense Disclosure [Text Block] | ' |
3) Reinstatement of biodiesel blenders' tax credit and small agri-biodiesel producers tax credit | |
In December 2010, the government of the United States passed into law the retroactive reinstatement of the $1.00 per gallon biodiesel blenders' tax credit. This action resulted in FutureFuel’s biodiesel blending activities from January 1, 2011 to December 31, 2011 qualifying for this credit. The credit related to 2011 activity was recorded as a reduction to cost of goods sold in the 2011. The blenders' credit expired on December 31, 2011. | |
On January 3, 2013, the blenders' credit was retroactively reinstated for 2012 and extended through December 31, 2013. This action resulted in FutureFuel’s biodiesel blending activities from January 1, 2012 to December 31, 2012 qualifying for this credit. The retroactive credit for 2012 totaled $2,535. As a result of its passage into law subsequent to yearend 2012, the retroactive credit was recognized as a reduction in cost of goods sold in the first quarter of 2013. The blenders' credit expired again on December 31, 2013 and has not been reinstated. | |
On December 31, 2011, a tax credit for small agri-biodiesel producers with production capacity not in excess of 60 million gallons expired. This credit had totaled $0.10 per gallon for the first 15 million gallons of agri-biodiesel sold. On January 3, 2013, the small agri-biodiesel producers credit was retroactively reinstated for 2012 and extended through December 31, 2013. This action resulted in FutureFuel’s biodiesel production activities from January 1, 2012 to December 31, 2012 qualifying for this credit. The retroactive income tax credit for 2012 totaled $1,500. As a result of its passage into law subsequent to yearend 2012, the retroactive income tax credit was recognized as a component of the provision for income taxes in the first quarter of 2013. The income tax credit for 2013 totals $1,500. The small agri-biodiesel producers credit expired December 31, 2013 and has not been reinstated. |
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4) Inventory | |||||||||
The carrying values of inventory were as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
At average cost (approximates current cost) | |||||||||
Finished goods | $ | 13,590 | $ | 15,803 | |||||
Work in process | 1,569 | 1,304 | |||||||
Raw materials and supplies | 36,292 | 37,086 | |||||||
51,451 | 54,193 | ||||||||
LIFO reserve | (9,287 | ) | (12,201 | ) | |||||
Total inventory | $ | 42,164 | $ | 41,992 | |||||
In the years ended December 31, 2013 and 2012 changes in inventory quantities and price index values resulted in partial liquidations of FutureFuel’s LIFO inventory. In the aggregate, these inventories were carried at the lower costs prevailing in prior years as compared with the cost of current purchases. The effect of these LIFO liquidations was to reduce cost of good sold by $2,914 and $1,317 in the years ended December 31, 2013 and 2012, respectively. |
Note_5_Derivative_Instruments
Note 5 - Derivative Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
5) Derivative instruments | |||||||||||||||||
FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. | |||||||||||||||||
FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. FutureFuel’s derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815-20-25, Derivatives and Hedging, Hedging-General, Recognition. While management believes each of these instruments are entered into in order to effectively manage various risks, none of the derivative instruments are designated and accounted for as hedges primarily as a result of the extensive record keeping requirements. | |||||||||||||||||
The fair value of FutureFuel’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statement of operations as a component of cost of goods sold, and amounted to a gain/(loss) of $1,151, $4,528, and $(20) for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
The volumes and carrying values of FutureFuel’s derivative instruments were as follows at December 31: | |||||||||||||||||
Asset/(Liability) | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Quantity (contracts) Long/ (Short) | Fair Value | Quantity (contracts) Long/ (Short) | Fair Value | ||||||||||||||
Regulated options, included in other current assets | (50 | ) | $ | (328 | ) | (150 | ) | $ | (726 | ) | |||||||
Regulated fixed price future commitments, included in other current assets | 4 | $ | - | (50 | ) | $ | (221 | ) | |||||||||
The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $479 and $1,853 at December 31, 2013 and 2012, respectively, and is classified as other current assets in the consolidated balance sheet. The carrying values of the margin account and of the derivative instruments are included, net, in other current assets. |
Note_6_Marketable_Securities
Note 6 - Marketable Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | ||||||||||||||||
6) Marketable securities | |||||||||||||||||
At December 31, 2013 and 2012, FutureFuel had investments in certain preferred stock, trust preferred securities, and other equity instruments. At December 31, 2013 FutureFuel also had investments in exchange traded debt instruments. These investments are classified as current assets in the consolidated balance sheet. FutureFuel has designated these securities as being available-for-sale. Accordingly, they are recorded at fair value, with the unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity. | |||||||||||||||||
At December 31, 2012, FutureFuel had investments in certain auction rate securities. These securities had a maturity date in December 2030. FutureFuel classified these instruments as current assets in the accompanying consolidated balance sheets as a liquid market exists for these securities, which allows FutureFuel to exit its positions within in a short period of time. These securities were purchased for par value. FutureFuel has designated these securities as being available-for-sale. Accordingly, these securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity. No such securities were held at December 31, 2013. | |||||||||||||||||
FutureFuel’s marketable securities were comprised of the following at December 31: | |||||||||||||||||
2013 | |||||||||||||||||
Adjusted | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Equity instruments | $ | 51,711 | $ | 11,597 | $ | (278 | ) | $ | 63,030 | ||||||||
Preferred stock | 18,519 | 893 | (299 | ) | 19,113 | ||||||||||||
Trust preferred securities | 19,726 | 386 | (235 | ) | 19,877 | ||||||||||||
Exchange traded debt instruments | 2,243 | 34 | (26 | ) | 2,251 | ||||||||||||
Total | $ | 92,199 | $ | 12,910 | $ | (838 | ) | $ | 104,271 | ||||||||
2012 | |||||||||||||||||
Adjusted | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Equity instruments | $ | 46,842 | $ | 4,307 | $ | (1,550 | ) | $ | 49,599 | ||||||||
Preferred stock | 20,418 | 1,068 | - | 21,486 | |||||||||||||
Trust preferred securities | 15,143 | 402 | (12 | ) | 15,533 | ||||||||||||
Auction rate securities | 1,150 | - | - | 1,150 | |||||||||||||
Total | $ | 83,553 | $ | 5,777 | $ | (1,562 | ) | $ | 87,768 | ||||||||
The aggregate fair value of investments with unrealized losses totaled $26,321 and $22,818 at December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, FutureFuel had a total of $0 and $1,915 invested in marketable securities that were in an unrealized loss position for a greater than 12-month period, respectively. | |||||||||||||||||
In 2013 FutureFuel recategorized a net gain of $334 from accumulated other comprehensive income to a component of net income as a result of sales of available for sale securities. This amount totaled $2,411 and $830 of net gains in 2012 and 2011, respectively. |
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant, and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
7) Property, plant, and equipment | |||||||||
Property, plant, and equipment consisted of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,741 | $ | 5,753 | |||||
Buildings and building equipment | 26,240 | 27,178 | |||||||
Machinery and equipment | 142,874 | 149,436 | |||||||
Construction in progress | 4,069 | 2,216 | |||||||
Accumulated depreciation | (50,253 | ) | (45,718 | ) | |||||
Total | $ | 128,671 | $ | 138,865 | |||||
Depreciation expense totaled $10,316, $10,454, and $9,004 for the years ended December 31, 2013, 2012, and 2011, respectively. |
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
8) Intangible assets | |||||||||
In connection with its acquisition of Eastman SE, a certain portion of the purchase price was allocated to the intangible asset customer relationships. Customer relationships consisted of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Cost | $ | 567 | $ | 567 | |||||
Accumulated amortization | (567 | ) | (567 | ) | |||||
Total | $ | - | $ | - | |||||
Amortization expense totaled $0, $0, and $94 for the years ended December 31, 2013, 2012, and 2011, respectively. |
Note_9_Other_Assets
Note 9 - Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Other Assets Disclosure [Text Block] | ' |
9) Other assets | |
Other assets are primarily comprised of supplies and parts that have been held longer than 24 months and are not expected to be used in the twelve-month period subsequent to the balance sheet date. The balance related to these items totaled $2,488 and $2,436 at December 31, 2013 and 2012, respectively. |
Note_10_Accrued_Expenses_and_O
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
10) Accrued expenses and other current liabilities | |||||||||
Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Accrued employee liabilities | $ | 5,010 | $ | 2,073 | |||||
Accrued property, use, and franchise taxes | 2,558 | 1,472 | |||||||
Other | 237 | 48 | |||||||
Total | $ | 7,805 | $ | 3,593 | |||||
Note_11_Borrowings
Note 11 - Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||
11) Borrowings | ||||||||||||
Effective June 30, 2013, FutureFuel Chemical extended the term of its $50 million credit agreement with a commercial bank. The loan is a revolving facility the proceeds of which may be used for working capital, capital expenditures, and the general corporate purposes of FutureFuel Chemical. The facility terminates on June 30, 2018. Advances are made pursuant to a borrowing base comprised of 85% of eligible accounts plus 60% of eligible direct inventory plus 50% of eligible indirect inventory. Advances are secured by a perfected first priority security interest in accounts receivable and inventory. The interest rate floats at certain margins over the London Interbank Offered Rate (“LIBOR”) or base rate based upon the leverage ratio from time to time as set forth in the following table. | ||||||||||||
Leverage | Base Rate | LIBOR | ||||||||||
Ratio | Margin | Margin | ||||||||||
> | 3 | -0.55% | 1.70% | |||||||||
> | 2 | < | 3 | -0.70% | 1.50% | |||||||
> | 1 | < | 2 | -1.00% | 1.25% | |||||||
< | 1 | -1.00% | 1.00% | |||||||||
There is an unused commitment fee of 0.25% per annum. On the last day of each fiscal quarter, the ratio of EBITDA to fixed charges may not be less than 3:1. FutureFuel has guaranteed FutureFuel Chemical’s obligations under this credit agreement. | ||||||||||||
There were no borrowings at December 31, 2013 or December 31, 2012. |
Note_12_Asset_Retirement_Oblig
Note 12 - Asset Retirement Obligations and Environmental Reserves | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset Retirement Obligation Disclosure [Text Block] | ' | ||||||||
12) Asset retirement obligations and environmental reserves | |||||||||
The Batesville Plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In addition, the Batesville Plant may be required to incur costs for environmental and closure and post-closure costs under the Resource Conservation and Recovery Act. FutureFuel’s liability for asset retirement obligations and environmental contingencies was $771 and $747 as of December 31, 2013 and 2012, respectively. These amounts are recorded in other noncurrent liabilities in the accompanying balance sheet. | |||||||||
The following table summarizes the activity of accrued obligations for asset retirement obligations: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 747 | $ | 723 | |||||
Accretion expense | 24 | 24 | |||||||
Balance at December 31 | $ | 771 | $ | 747 | |||||
Note_13_Stock_Based_Compensati
Note 13 - Stock Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||
13) Stock based compensation | ||||||||||||||||||||||||
The board of directors of FutureFuel adopted an omnibus incentive plan which was approved by the shareholders of FutureFuel at its 2007 annual shareholder meeting on June 26, 2007. The purpose of the plan is to: | ||||||||||||||||||||||||
● | Encourage ownership in FutureFuel by key personnel whose long-term employment with or engagement by FutureFuel or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in FutureFuel’s shareholders’ interests and share in its success; | |||||||||||||||||||||||
● | Encourage such persons to remain in FutureFuel’s employ or in the employ of its subsidiaries; and | |||||||||||||||||||||||
● | Provide incentives to persons who are not FutureFuel employees to promote FutureFuel’s success. | |||||||||||||||||||||||
The plan authorizes FutureFuel to issue stock options (including incentive stock options and nonqualified stock options), stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of FutureFuel’s board of directors and its executive officers; (ii) regular, active employees of FutureFuel and any of its subsidiaries; and (iii) persons engaged by FutureFuel or any of its subsidiaries to render services to FutureFuel or its subsidiaries as an advisor or consultant. | ||||||||||||||||||||||||
Awards under the plan are limited to shares of FutureFuel’s common stock, which may be shares acquired by FutureFuel, including shares purchased in the open market, or authorized but un-issued shares. Awards are limited to 10% of the issued and outstanding shares of FutureFuel’s common stock in the aggregate. | ||||||||||||||||||||||||
The plan became effective upon its approval by FutureFuel’s shareholders on June 26, 2007 and continues in effect for a term of ten years thereafter unless amended and extended by FutureFuel or unless otherwise terminated. | ||||||||||||||||||||||||
FutureFuel recognizes compensation expense in its financial statements for stock based options based upon the grant-date fair value over the requisite service period. | ||||||||||||||||||||||||
In April 2011, FutureFuel granted a total of 80,000 stock options to members of its board of directors and a total of 40,000 stock options to selected members of its management. All options awarded in April 2011 have an exercise price equal to the mean between the highest and lowest quoted sales prices for FutureFuel’s common stock as of the grant date as reported by the New York Stock Exchange. All options granted in April 2011 vested immediately upon grant and expire on April 29, 2016. FutureFuel has utilized the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted. | ||||||||||||||||||||||||
In April 2012, FutureFuel granted a total of 80,000 stock options to members of its board of directors and a total of 40,000 stock options to selected members of its management. Additionally, in August 2012, FutureFuel granted a total of 10,000 stock options to a consultant. The options awarded in 2012 have an exercise price equal to the mean between the highest and lowest quoted sales prices for FutureFuel’s common stock as of the grant date as reported by the New York Stock Exchange. All options awarded in 2012 vested immediately upon grant. The options awarded in April 2012 expire on April 10, 2017 and the options awarded in August 2012 expire August 22, 2017. FutureFuel has utilized the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted. | ||||||||||||||||||||||||
No options were awarded in 2013. | ||||||||||||||||||||||||
The assumptions used in the determination of the fair value of the options granted are provided in the following table: | ||||||||||||||||||||||||
Assumptions | Apr-11 | Apr-12 | Aug-12 | |||||||||||||||||||||
Options | Options | Options | ||||||||||||||||||||||
Expected volatility rate | 61.53 | % | 41 | % | 43.38 | % | ||||||||||||||||||
Expected dividend yield | 3.14 | % | 3.77 | % | 3.4 | % | ||||||||||||||||||
Risk-free interest rate | 0.81 | % | 0.35 | % | 0.32 | % | ||||||||||||||||||
Expected forfeiture rate | 0 | % | 0 | % | 0 | % | ||||||||||||||||||
Expected term in years | 2.5 | 2.5 | 2.5 | |||||||||||||||||||||
The volatility rate for the options granted in 2012 is derived from the historical stock price volatility of FutureFuel’s common stock over the same time period as the expected term of each stock option award. The volatility rate for the options granted in 2011 was derived from the historical stock price volatility of a peer group of companies over the same time period as the expected term of each stock option award. The volatility rate is derived by a mathematical formula utilizing the daily closing stock price data over the expected term. | ||||||||||||||||||||||||
The expected dividend yield is calculated using FutureFuel’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of FutureFuel’s common stock. | ||||||||||||||||||||||||
The risk-free interest rate is derived from the United States Federal Reserve’s published interest rates of yields for the same time period as the expected term. | ||||||||||||||||||||||||
FutureFuel has only included share-based awards expected to vest in share-based compensation expense. The estimated forfeiture rates are based upon FutureFuel’s expected rate of forfeiture and are excluded from the quantity of awards included in share-based compensation expense. | ||||||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, total share-based compensation expense (before tax) totaled $0, $281, and $502, respectively. In the years ended December 31, 2012 and 2011, this balance was recorded as an element of selling, general, and administrative expenses. | ||||||||||||||||||||||||
The weighted average fair value of options granted in 2012 was $2.17 per option, in 2011 was $4.19 per option, and no options were granted in 2013. | ||||||||||||||||||||||||
A summary of the activity of FutureFuel’s stock option awards for the period beginning January 1, 2011 and ending December 31, 2013 is presented below. | ||||||||||||||||||||||||
Options | Weighted Average Exercise Price | |||||||||||||||||||||||
Outstanding at January 1, 2011 | 417,500 | $ | 6.4 | |||||||||||||||||||||
Granted | 120,000 | $ | 12.74 | |||||||||||||||||||||
Exercised | (15,612 | ) | $ | 7 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2011 | 521,888 | $ | 7.84 | |||||||||||||||||||||
Granted | 130,000 | $ | 10.58 | |||||||||||||||||||||
Exercised | (441,277 | ) | $ | 6.85 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2012 | 210,611 | $ | 11.62 | |||||||||||||||||||||
Granted | - | $ | - | |||||||||||||||||||||
Exercised | (30,000 | ) | $ | 11.16 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2013 | 180,611 | $ | 11.7 | |||||||||||||||||||||
There were 1,689,700 options available for grant under the incentive plan at December 31, 2013. The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable at December 31, 2013. | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||
Outstanding | Average | Average | Exercisable at | Average | ||||||||||||||||||||
at | Remaining | Exercise Price | December 31, | Exercise Price | ||||||||||||||||||||
December 31, | Contractual | 2013 | ||||||||||||||||||||||
2013 | Life | |||||||||||||||||||||||
$ | 7 | 10,611 | 0.97 | $ | 7 | 10,611 | $ | 7 | ||||||||||||||||
$ | 10.62 | 60,000 | 2.8 | $ | 10.62 | 60,000 | $ | 10.62 | ||||||||||||||||
$ | 12.74 | 110,000 | 2.15 | $ | 12.74 | 110,000 | $ | 12.74 | ||||||||||||||||
180,611 | $ | 11.7 | 180,611 | $ | 11.7 | |||||||||||||||||||
The weighted average remaining contractual life of all exercisable options is 2.30 years. | ||||||||||||||||||||||||
The aggregate intrinsic values of total options outstanding and total options exercisable at December 31, 2013 and 2012 are $741 and $154, respectively. Intrinsic value is the amount by which the last trade price of the common stock closest to December 31, 2013 and December 31, 2012, respectively, exceeded the exercise price of the options granted. | ||||||||||||||||||||||||
No shares of stock were awarded in 2013, but 30,000 stock options were exercised during the year. In 2013, FutureFuel realized gross proceeds from stock option exercises of $0 and realized a net tax benefit of $40. All of the options exercised in 2013 were exercised on a cashless basis and resulted in 21,613 shares of FutureFuel’s common stock being returned to FutureFuel by the stock option holder. Such shares were returned to satisfy payment of the exercise price along with minimum tax requirements. Such minimum tax requirements totaled $45. | ||||||||||||||||||||||||
No shares of stock were awarded in 2012, but 441,277 stock options were exercised that year. In 2012, FutureFuel realized gross proceeds from stock option exercises of $2,075 and realized a net tax benefit of $806. Certain of the options exercised in 2012 were exercised on a cashless basis and resulted in 101,297 shares of FutureFuel’s common stock being returned to FutureFuel by the stock option holders. Such shares were returned to satisfy payment of the exercise price along with minimum tax requirements. Such mimimum tax requirements totaled $255. |
Note_14_Provision_for_Income_T
Note 14 - Provision for Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
14) Provision for income taxes | |||||||||||||
The following table summarizes the provision for income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before taxes - U.S. | $ | 97,351 | $ | 54,880 | $ | 52,775 | |||||||
Provision for income taxes: | |||||||||||||
Current | $ | 22,933 | $ | 16,643 | $ | 13,756 | |||||||
Deferred | (2,200 | ) | 1,587 | 2,547 | |||||||||
State and other | |||||||||||||
Current | 2,829 | 2,106 | 1,664 | ||||||||||
Deferred | (245 | ) | 240 | 299 | |||||||||
Total | $ | 23,317 | $ | 20,576 | $ | 18,266 | |||||||
Differences between the provision for income taxes computed using the U.S. federal statutory income tax rate were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount computed using the statutory rate of 35% | $ | 34,072 | $ | 19,208 | $ | 18,471 | |||||||
Section 199 manufacturing deduction | (2,092 | ) | (762 | ) | (1,017 | ) | |||||||
Agri-biodiesel production credit | (1,950 | ) | - | (975 | ) | ||||||||
Federal excise tax benefit | (9,566 | ) | - | - | |||||||||
State excise tax benefit | (2,067 | ) | |||||||||||
Credit for increasing research activities | (180 | ) | - | (73 | ) | ||||||||
Alternative fueling equipment credit | (23 | ) | - | (69 | ) | ||||||||
Tax exempt interest income | (2 | ) | (6 | ) | - | ||||||||
Change in the valuation allowance | - | (25 | ) | (218 | ) | ||||||||
State income taxes, net | 3,983 | 2,133 | 2,112 | ||||||||||
Tax expense recorded as an increase in other noncurrent liabilities | 1,718 | - | - | ||||||||||
Other | (576 | ) | 28 | 35 | |||||||||
Provision for income taxes | $ | 23,317 | $ | 20,576 | $ | 18,266 | |||||||
The significant components of deferred tax assets and liabilities were as follows as of December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Compensation | $ | 1,211 | $ | 126 | |||||||||
Allowance for doubtful accounts | - | - | |||||||||||
Inventory reserves | 530 | 479 | |||||||||||
Self insurance | 97 | 122 | |||||||||||
Asset retirement obligation | 275 | 266 | |||||||||||
Derivative instruments | 52 | 176 | |||||||||||
Deferred revenue | 12,051 | 14,229 | |||||||||||
Stock based compensation | 240 | 273 | |||||||||||
Other | 78 | 78 | |||||||||||
Total deferred tax assets | 14,534 | 15,749 | |||||||||||
Deferred tax liabilities | |||||||||||||
Available for sale securities | (4,414 | ) | (1,284 | ) | |||||||||
Accrued expenses | (662 | ) | (561 | ) | |||||||||
LIFO inventory | (4,785 | ) | (5,017 | ) | |||||||||
Depreciation | (40,425 | ) | (44,357 | ) | |||||||||
Other | (22,874 | ) | (1,520 | ) | |||||||||
Total deferred tax liabilities | (52,570 | ) | (52,739 | ) | |||||||||
Valuation allowance | - | - | |||||||||||
Net deferred tax liabilities | $ | (38,036 | ) | $ | (36,990 | ) | |||||||
2013 | 2012 | ||||||||||||
As recorded in the consolidated balance sheet | |||||||||||||
Current deferred tax liability | $ | (8,787 | ) | $ | (6,953 | ) | |||||||
Noncurrent deferred tax liability | (29,249 | ) | (30,037 | ) | |||||||||
Net deferred tax liabilities | $ | (38,036 | ) | $ | (36,990 | ) | |||||||
The effective tax rates for the years December 31, 2013 and 2012 reflect FutureFuel’s expected tax rate on reported operating earnings before income tax. | |||||||||||||
As a result of recently issued technical guidance from the U.S. Internal Revenue Service, FutureFuel has changed its position related to this benefit to exclude it from taxable income for the years 2010 through the current year. This change had a significant impact on FutureFuel’s provision for income taxes in the fourth quarter of 2013. This benefit reduced FutureFuel’s provision for income taxes by $11,633, with $7,755 related to the years 2010 through 2012, and $3,878 related to the current year. . This benefit is not expected to recur in the future as the $1 biodiesel blenders' tax credit expired on December 31, 2013 and has not been renewed. This change reduced taxable income in each year between 2010 and 2012 and also impacts fiscal 2013. This change is expected to result in a refund from the U.S. Internal Revenue Service for a portion of the amount Futurefuel has paid for income taxes in prior year. | |||||||||||||
FutureFuel’s unrecognized tax benefits totaled $1,718 and $0 at December 31, 2013 and 2012, respectively. | |||||||||||||
The following table summarizes FutureFuel’s unrecognized tax benefits activity. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||||
Increases to tax positions taken in the current year | 917 | - | - | ||||||||||
Increases to tax positions taken in a prior year | 801 | ||||||||||||
Balance at December 31 | $ | 1,718 | $ | - | $ | - | |||||||
FutureFuel does not expect its unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||
FutureFuel records interest and penalties net as a component of income tax expense. FutureFuel accrued a balance of $0 at December 31, 2013 and December 31, 2012 for interest or tax penalties. | |||||||||||||
FutureFuel and its subsidiaries file tax returns in the U.S. federal jurisdiction and with various state jurisdictions. FutureFuel is subject to U.S., state, and local examinations by tax authorities from 2010 forward. FutureFuel Chemical is subject to the effects of tax examinations that may impact the carry-over basis of its assets and liabilities. |
Note_15_Deferred_Revenue_and_C
Note 15 - Deferred Revenue and Contingent Liability | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue Disclosure [Text Block] | ' | ||||||||
15) Deferred revenue and contingent liability | |||||||||
FutureFuel has signed contracts with customers to construct plant and other related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of the construction has been funded by the customers. Additionally, FutureFuel has been awarded grants from governmental agencies related to the construction of production equipment and infrastructural improvements. As these customers and governmental agencies have paid for such projects, FutureFuel has recorded such amounts as deferred revenue. Deferred revenue totaled $20,391at December 31, 2013, with $6,869 classified as a current liability and $13,522 classified as a noncurrent liability. Deferred revenue totaled $33,755 at December 31, 2012, with $6,071 classified as a current liability and $27,684 classified as a noncurrent liability. | |||||||||
The following table summarizes FutureFuel’s deferred revenue activity: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 33,755 | $ | 32,814 | |||||
Amortization | (6,077 | ) | (3,693 | ) | |||||
Additions | 9,094 | 4,634 | |||||||
Impairment | (16,381 | ) | - | ||||||
Balance at December 31 | $ | 20,391 | $ | 33,755 | |||||
One of the grants from a governmental agency is contingent upon FutureFuel meeting certain employment goals. If these goals are not reached, FutureFuel may be required to remit a portion of the grant back to the agency. As a result of this provision, FutureFuel has recorded a contingent liability for the monies received under this grant. This balance totaled $1,151 and $2,521 at December 31, 2013 and 2012. |
Note_16_Stockholders_Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
16) Stockholders’ equity | |
On July 12, 2006, Viceroy and its founding shareholders entered into a registration rights agreement pursuant to which the holders of the majority of founding shares and shares of common stock included in the units purchased in Viceroy’s July 2006 offering by a director or his designees are entitled to make up to two demands that Viceroy register with the SEC their founding shares and the shares included in the units purchased in Viceroy’s July 2006 offering. The holders of the majority of such shares can elect to exercise these registration rights at any time after the date on which Viceroy has become a reporting company under the Securities Exchange Act of 1934 (“Securities Act”), as amended, and such shares have been released from any applicable escrow agreement and lock-in deeds. In addition, those shareholders have certain “piggyback” registration rights on registration statements filed subsequent to the date on which such shares are released from escrow or other lock up arrangements. Viceroy agreed to bear the expenses incurred in connection with the filing of any such registration statements. There are 16,250,000 shares of Viceroy’s common stock subject to this registration rights agreement. | |
On February 10, 2011, FutureFuel filed with the SEC a Form S-3 Registration Statement commonly referred to as a “shelf registration” whereby FutureFuel registered shares of its common stock, preferred stock, warrants, rights, and units which it might issue in the future in an aggregate amount not to exceed $50,000. This registration statement became effective on March 10, 2011. Pursuant to this registration statement, on May 11, 2011, FutureFuel commenced an “At-the-Market” offering under which FutureFuel may from time to time over the succeeding three years sell up to 3,000,000 shares of its common stock. During 2011, FutureFuel issued 1,313,985 shares of its common stock pursuant to this “At-the-Market” offering for a net aggregate purchase price of $15,763, and paid its underwriters $488 as compensation with respect to such issuances. During 2012, FutureFuel issued 91,143 shares of its common stock pursuant to this offering for a net aggregate purchase price of $1,074, and paid its underwriters $33 as compensation with respect to such issuances. During 2013, FutureFuel issued 1,594,872 shares of its common stock pursuant to this offering for a net aggregate purchase price of $19,292, and paid its underwriters $599 as compensation with respect to such issuances. | |
On February 6, 2013, FutureFuel announced the completion of the sale of shares of its common stock under the At-the-Market offering. An aggregate 3,000,000 shares were sold in open market trading for aggregrate gross proceeds of approximately $37,247, resulting in net proceeds of approximately $36,127 after deducting commissions and fees. |
Note_17_Earnings_Per_Share
Note 17 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
17) Earnings per share | |||||||||||||
The computation of basic and diluted earnings per common share was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income available to common stockholders | $ | 74,034 | $ | 34,304 | $ | 34,509 | |||||||
Weighted average number of common shares outstanding | 43,237,513 | 41,366,860 | 40,708,552 | ||||||||||
Effect of stock options | 39,418 | 140,800 | 178,141 | ||||||||||
Weighted average diluted number of common shares outstanding | 43,276,931 | 41,507,660 | 40,886,693 | ||||||||||
Basic earnings per share | $ | 1.71 | $ | 0.83 | $ | 0.85 | |||||||
Diluted earnings per share | $ | 1.71 | $ | 0.83 | $ | 0.84 | |||||||
Certain options to purchase shares of FutureFuel’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2012, and 2011 as they were anti-dilutive in the period. The weighted average number of options excluded on this basis was 180,000, and 90,000, respectively. No options to purchase shares of FutureFuel’s common stock were excluded in the computation of dilutee earnings per share for the year ended December 31, 2013. |
Note_18_Employee_Benefit_Plans
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
18) Employee benefit plans | |
Defined contribution savings plan | |
FutureFuel currently offers its employees a company 401(k) matching savings plan, which covers substantially all employees. Under this plan, FutureFuel matches the amount of eligible employees’ contributions, subject to specified limits, up to 6% of earnings. Company contributions totaled $1,664, $1,655, and $1,747 for the years ended December 31, 2013, 2012, and 2011, respectively. |
Note_19_Related_Party_Transact
Note 19 - Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||||
19) Related party transactions | |||||||||||||
FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant stockholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured on our accompanying consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below. | |||||||||||||
Related party balance sheet accounts | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | |||||||||||||
Biodiesel, petrodiesel, blends and other petroleum products | $ | 4,629 | $ | - | |||||||||
Total accounts receivable | $ | 4,629 | $ | - | |||||||||
Prepaid expenses | |||||||||||||
Administrative services and other | $ | - | $ | 32 | |||||||||
Total prepaid expenses | $ | - | $ | 32 | |||||||||
Accounts payable | |||||||||||||
Natural gas and fuel purchases | $ | 857 | $ | 3,887 | |||||||||
Total accounts payable | $ | 857 | $ | 3,887 | |||||||||
Accrued liabilities | |||||||||||||
Travel and administrative services | $ | 3 | $ | - | |||||||||
Total accrued liabilities | $ | 3 | $ | - | |||||||||
Related party income statement accounts | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Biodiesel, petrodiesel, blends and other petroleum products | $ | 9,420 | $ | 13,017 | $ | 5,271 | |||||||
Total revenues | $ | 9,420 | $ | 13,017 | $ | 5,271 | |||||||
Cost of goods sold | |||||||||||||
Biodiesel, petrodiesel, blends, and other petroleum products | $ | 9,277 | $ | 5,226 | $ | 2,749 | |||||||
Natural gas purchases | 6,007 | 4,059 | 4,155 | ||||||||||
Income tax, consulting services and other | 80 | 81 | 92 | ||||||||||
Total cost of goods sold | $ | 15,364 | $ | 9,366 | $ | 6,996 | |||||||
Distribution | |||||||||||||
Distribution and related services | $ | 392 | $ | 471 | $ | 443 | |||||||
Total distribution | $ | 392 | $ | 471 | $ | 443 | |||||||
Selling, general and administrative expenses | |||||||||||||
Commodity trading advisory fees | $ | 132 | $ | 132 | $ | 132 | |||||||
Travel and administrative services | 267 | 320 | 402 | ||||||||||
Total selling, general, and administrative expenses | $ | 399 | $ | 452 | $ | 534 | |||||||
Biodiesel, petrodiesel and blends | |||||||||||||
FutureFuel enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products such as gasoline with an affiliate from time to time. Such agreements are priced at the then current market price of the product, as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. | |||||||||||||
Natural gas purchases | |||||||||||||
FutureFuel utilizes natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. This natural gas is purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges are paid to an independent third party. | |||||||||||||
Income tax and consulting services | |||||||||||||
An affiliate provides professional services to FutureFuel, primarily in the area of income tax preparation and consulting. FutureFuel also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services are comprised of an agreed quarterly fee plus reimbursement of expense, at cost. | |||||||||||||
Distribution and related services | |||||||||||||
Distribution and related services are comprised of barge transportation and related unloading charges for petrodiesel that were arranged and paid by an affiliate and subsequently rebilled to FutureFuel. Additionally, FutureFuel leases oil storage capacity from an affiliate under a storage and thruput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per barrel basis, and associated heating, thruput, and other customary terminalling charges. | |||||||||||||
Commodity trading advisory fees | |||||||||||||
FutureFuel entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to FutureFuel concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as FutureFuel may request from time to time. | |||||||||||||
Travel and administrative services | |||||||||||||
FutureFuel reimburses an affiliate for travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction. | |||||||||||||
Railcar sublease agreement | |||||||||||||
FutureFuel entered into a railcar sublease agreement with an affiliate. Pursuant to the terms of this sublease, FutureFuel leased from the affiliate railcars upon the same terms, conditions, and price the affiliate leased the railcars. Lease terms for individual railcars began upon delivery of the railcars. Forty railcars were received through December 31, 2009. From the onset of this lease, FutureFuel paid lease charges directly to the entity leasing the railcars to the affiliate, as opposed to paying the affiliate itself. Hence, no related party expense is reflected in the above table, although the affiliate has essentially been guaranteeing FutureFuel’s obligations to the lessor. In September 2009, the master lease was modified such that the affiliate was removed and FutureFuel leases the railcars directly, with no guarantee remaining on the part of the affiliate. Expenses related to this lease were $315 for December 31, 2013 and $331 for each of the years ended December 31, 2012 and 2011. |
Note_20_Segment_Information
Note 20 - Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
20) Segment information | |||||||||||||
FutureFuel has two reportable segments organized along product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. | |||||||||||||
Chemicals | |||||||||||||
FutureFuel’s chemicals segment manufactures diversified chemical products that are sold externally to third party customers. This segment comprises two components: “custom manufacturing” (manufacturing chemicals for specific customers); and “performance chemicals” (multi-customer specialty chemicals). | |||||||||||||
Biofuels | |||||||||||||
FutureFuel’s biofuels business segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant and through distribution facilities available at a leased oil storage facility near Little Rock, Arkansas at negotiated prices. | |||||||||||||
Summary of long-lived assets and revenues by geographic area | |||||||||||||
All of FutureFuel’s long-lived assets are located in the U.S. | |||||||||||||
Most of FutureFuel’s sales are transacted with title passing at the time of shipment from the Batesville Plant, although some sales are transacted based on title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. Rarely is FutureFuel the exporter of record, never is FutureFuel the importer of record into foreign countries, and FutureFuel is not always aware of the exact quantities of its products that are moved into foreign markets by its customers. FutureFuel does track the addresses of its customers for invoicing purposes and uses this address to determine whether a particular sale is within or without the United States. FutureFuel’s revenues for the years ended December 31, 2013, 2012, and 2011 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows. | |||||||||||||
Fiscal Year | United States | All Foreign | Total | ||||||||||
Countries | |||||||||||||
31-Dec-13 | $ | 430,096 | $ | 14,823 | $ | 444,919 | |||||||
31-Dec-12 | $ | 338,307 | $ | 13,522 | $ | 351,829 | |||||||
31-Dec-11 | $ | 295,780 | $ | 14,105 | $ | 309,885 | |||||||
For the years ended December 31, 2013, 2012, and 2011, revenues from Mexico accounted for 3%, 3%, and 4%, respectively, of total revenues. Other than Mexico, revenues from a single foreign country during 2013, 2012, or 2011 did not exceed 1% of total revenues. | |||||||||||||
Summary of business by segment | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Chemicals | $ | 161,501 | $ | 160,450 | $ | 168,237 | |||||||
Biofuels | 283,418 | 191,379 | 141,648 | ||||||||||
Total revenues | $ | 444,919 | $ | 351,829 | $ | 309,885 | |||||||
Segment gross profit | |||||||||||||
Chemicals | $ | 54,708 | $ | 48,661 | $ | 42,685 | |||||||
Biofuels | 45,457 | 8,592 | 19,070 | ||||||||||
Total segment gross profit | 100,165 | 57,253 | 61,755 | ||||||||||
Corporate expenses | 9,911 | 11,161 | 10,140 | ||||||||||
Income before interest and taxes | 90,254 | 46,092 | 51,615 | ||||||||||
Interest and dividend income | 5,875 | 4,776 | 3,495 | ||||||||||
Interest and other income/(expense) | 1,222 | 4,012 | (2,335 | ) | |||||||||
Provision for income taxes | (23,317 | ) | (20,576 | ) | (18,266 | ) | |||||||
Net income | $ | 74,034 | $ | 34,304 | $ | 34,509 | |||||||
Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. | |||||||||||||
Gross margins for the biofuels segment for the year ended December 31, 2013 were favorably impacted by the receipt of approximately $886 awarded to FutureFuel under the United States Department of Agriculture Section 9005 – Advanced Biofuel Producers program in 2013. This award totaled $753 and $1,900 in 2012 and 2011, respectively. Based on the characteristics of this award, FutureFuel recognizes the income from the award in the period the funding is received. The biofuels segment also includes activity on a common pipeline carrier. |
Note_21_Fair_Value_Measurement
Note 21 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
21) Fair value measurements | |||||||||||||||||
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The following table provides information by level for assets and liabilities that are measured at fair value, on a recurring basis. | |||||||||||||||||
Asset/(Liability) | |||||||||||||||||
Fair Value at December 31, | Fair Value Measurements Using | ||||||||||||||||
Inputs Considered as | |||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative instruments | $ | (328 | ) | $ | (328 | ) | $ | - | $ | - | |||||||
Preferred stock, trust preferred securities, auction rate securities and other equity instruments | $ | 104,271 | $ | 104,271 | $ | - | $ | - | |||||||||
Asset/(Liability) | |||||||||||||||||
Fair Value at December 31, | Fair Value Measurements Using | ||||||||||||||||
Inputs Considered as | |||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative instruments | $ | (947 | ) | $ | (947 | ) | $ | - | $ | - | |||||||
Preferred stock, trust preferred securities, auction rate securities, and other equity instruments | $ | 87,768 | $ | 87,768 | $ | - | $ | - | |||||||||
Note_22_Reclassifications_from
Note 22 - Reclassifications from Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
22) Reclassifications from accumulated other comprehensive income | |||||||||
The following tables summarize the changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities: | |||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | |||||||||
For the twelve months ended December 31, 2013 | |||||||||
(net of tax) | |||||||||
2013 | |||||||||
Balance at January 1, 2013 | $ | 2,597 | |||||||
Other comprehensive income/(loss) before reclassifications | 4,505 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 334 | ||||||||
Net current-period other comprehensive gain/(loss) - twelve months ended December 31, 2013 | 4,839 | ||||||||
Balance at December 31, 2013 | $ | 7,436 | |||||||
The following table summarizes amounts reclassified from accumulated other comprehensive income in the years ended December 31, 2013: | |||||||||
Reclassifications from Accumulated Other Comprehensive Income | |||||||||
2013 | Affected Line Item in Statement of Operations | ||||||||
Unrealized gains on available-for-sale securities | $ | 542 | Gain on marketable securities | ||||||
Total before tax | 542 | ||||||||
Tax expense | (208 | ) | |||||||
Total reclassifications | $ | 334 | |||||||
Note_23_Commitments
Note 23 - Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
23) Commitments | |||||
Lease agreements | |||||
FutureFuel has entered into lease agreements for oil storage capacity, railcars, isotainers, gas cylinders, argon tanks, and office machines. Minimum rental commitments under existing noncancellable operating leases as of December 31, 2013 were as follows: | |||||
2014 | $ | 898 | |||
2015 | 632 | ||||
2016 | 603 | ||||
2017 | 427 | ||||
2018 | 113 | ||||
Thereafter | 501 | ||||
Total | $ | 3,174 | |||
Lease expenses totaled $1,207, $1,190, and $925 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Purchase obligations | |||||
FutureFuel has entered into contracts for the purchase of goods and services including contracts for the purchase of crude corn oil and expansion of FutureFuel’s specialty chemicals segment and related infrastructure. |
Note_24_Quarterly_Financial_In
Note 24 - Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
24) Quarterly financial information (unaudited) | |||||||||||||||||
Quarter | |||||||||||||||||
1st | 2nd | 3rd | 4th | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 92,165 | $ | 106,063 | $ | 121,119 | $ | 125,572 | |||||||||
Gross profit | $ | 21,381 | $ | 27,626 | $ | 26,018 | $ | 25,140 | |||||||||
Net income | $ | 14,050 | $ | 18,156 | $ | 15,297 | $ | 26,531 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.33 | $ | 0.42 | $ | 0.35 | $ | 0.61 | |||||||||
Diluted | $ | 0.33 | $ | 0.42 | $ | 0.35 | $ | 0.61 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 85,727 | $ | 103,237 | $ | 88,276 | $ | 74,589 | |||||||||
Gross profit | $ | 12,801 | $ | 14,440 | $ | 21,963 | $ | 8,049 | |||||||||
Net income | $ | 7,113 | $ | 8,473 | $ | 12,549 | $ | 6,169 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.17 | $ | 0.21 | $ | 0.3 | $ | 0.15 | |||||||||
Diluted | $ | 0.17 | $ | 0.2 | $ | 0.3 | $ | 0.15 | |||||||||
Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not necessarily equal the total for the year. |
Note_25_Recently_Issued_Accoun
Note 25 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
25) Recently issued accounting standards | |
In February 2013, the Financial Accounting Standards Board issued accounting guidance, given divergence in practice, covering loss contingencies that are joint and several liability arrangements for which the settlement amount is fixed and is not covered by other GAAP. Under the new requirements, an entity is to measure the obligation as the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. This guidance is effective for reporting periods beginning after December 15, 2013. Futurefuel has concluded that this new guidance will not have a material impact on Futurefuels financial postion or results of operations. | |
In April 2013, the Financial Accounting Standards Board issued clarifying guidance that requires financial statements to be prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation when liquidation is imminent. Liquidation is considered imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (i.e. involuntary bankruptcy). This guidance is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013. FutureFuel has concluded that this new guidance will have no impact on FutureFuel’s financial position or results of operation. | |
In July 2013, the Financial Accounting Standards Board issued amended accounting guidance to permit the use of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes. In addition, the update also removes the restriction on using different benchmark rates for similar hedges. This guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. FutureFuel has concluded that this new guidance will not have an impact on FutureFuel’s financial position or results of operations. | |
In July 2013, the Financial Accounting Standards Board issued amended accounting guidance, given divergence in practice that addresses the financial statement presentation of tax items eligible for netting. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This guidance is effective prospectivly for reporting periods beginning after December 15, 2013. Retrospective application and early adoption is permitted. FutureFuel has concluded that this new guidance will not have an impact on FutureFuel’s financial positon or results of operation. |
Note_26_Reserve_Roll_Forwards_
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
26) Reserve roll forwards - valuation and qualifying accounts | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2013 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2013 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
LIFO inventory | 12,201 | - | - | 2,914 | 9,287 | ||||||||||||||||
Aged and obsolete inventory | 260 | 148 | - | - | 408 | ||||||||||||||||
Deferred tax valuation allowance | - | - | - | - | - | ||||||||||||||||
Aged and obsolete supplies and parts | 960 | - | 15 | 945 | |||||||||||||||||
$ | 13,421 | $ | 148 | $ | - | $ | 2,929 | $ | 10,640 | ||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2012 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2012 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | 10 | $ | - | $ | - | $ | 10 | $ | - | |||||||||||
LIFO inventory | 13,518 | - | - | 1,317 | 12,201 | ||||||||||||||||
Aged and obsolete inventory | 460 | - | - | 200 | 260 | ||||||||||||||||
Deferred tax valuation allowance | 25 | - | - | 25 | - | ||||||||||||||||
Aged and obsolete supplies and parts | 928 | 32 | - | - | 960 | ||||||||||||||||
$ | 14,941 | $ | 32 | $ | - | $ | 1,552 | $ | 13,421 | ||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2011 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2011 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | |||||||||||
LIFO inventory | 7,938 | 5,580 | - | - | 13,518 | ||||||||||||||||
Aged and obsolete inventory | 279 | 181 | - | - | 460 | ||||||||||||||||
Deferred tax valuation allowance | 277 | - | - | 252 | 25 | ||||||||||||||||
Aged and obsolete supplies and parts | 719 | 209 | - | - | 928 | ||||||||||||||||
$ | 9,223 | $ | 5,970 | $ | - | $ | 252 | $ | 14,941 | ||||||||||||
Note_27_Asset_Impairment
Note 27 - Asset Impairment | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Asset Impairment Charges [Text Block] | ' |
27) Asset impairment | |
On July 29, 2013, FutureFuel received notice from a chemicals segment customer for the intermediate anode powder that the customer will terminate the contract in accordance with its terms effective August 9, 2014. FutureFuel does not expect additional material to be produced or sold in 2014 under that agreement. Termination of this sales contract also may affect the terms of the grant received by FutureFuel from the U.S. Department of Energy related to construction of the equipment utilized to produce the intermediate anode powder. As a result of this notice, FutureFuel assessed the carrying values of its fixed assets and deferred revenue associated with this product and recorded an impairment loss of $17,580 for the equipment based on the scrap value method less disposition costs and recorded a reduction of deferred revenue as an element of cost of goods sold slightly offset by other expenses in the amount of $16,160 in 2013. The net impact of this impairment recorded in cost of goods sold for 2013 was $1,420. FutureFuel’s customer remains liable for the payment of a minimum take or pay quantity per the terms of the sales agreement through the termination date. |
Note_28_Legal_Proceedings
Note 28 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
28) Legal proceedings | |
FutureFuel is not a party to, nor is any of its property subject to, any material pending legal proceedings, other than ordinary routine litigation incidental to its business. However, from time to time, FutureFuel may be a party to, or a target of, lawsuits, claims, investigations, and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which FutureFuel expects to be handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcome of any matters currently pending, FutureFuel does not believe that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. However, adverse developments could negatively impact earnings or cash flows in future periods. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Consolidation, Policy [Policy Text Block] | ' | |||
Consolidation | ||||
The accompanying consolidated financial statements include the accounts of FutureFuel and its wholly-owned subsidiaries, FutureFuel Chemical, FFC Grain, L.L.C., which was formed in 2009 to acquire a granary in Marianna, Arkansas, FutureFuel Warehouse Company, LLC, which was formed in 2011 to acquire a warehouse in Batesville, Arkansas, and Legacy Regional Transport, L.L.C., which was formed in 2012 and operates FutureFuel’s truck fleet. | ||||
All significant intercompany transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||
Cash and cash equivalents | ||||
Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. FutureFuel places its temporary cash investments with high credit quality financial institutions. At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit. | ||||
Receivables, Policy [Policy Text Block] | ' | |||
Accounts receivable, allowance for doubtful accounts, and credit risk | ||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. FutureFuel has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based upon management’s evaluation of the collectibility of individual invoices and is based upon management’s evaluation of the financial condition of its customers and historical bad debt experience. Write-offs are recorded at the time a customer receivable is deemed uncollectible. | ||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||
Customer concentrations | ||||
Significant portions of FutureFuel’s sales are made to a relatively small number of customers. All sales of a bleach activator are made to a leading North American consumer products company. Sales of the bleach activator totaled $56,596 for the year ended December 31, 2013 and $60,710 for the year ended December 31, 2012. Additionally, all sales of a herbicide and certain other intermediates used in the production of this herbicide are made to one customer. Sales of this herbicide and its intermediates constituted less than 10% of consolidated revenues for the year ended December 31, 2013 and 2012. Sales of biodiesel to one customer totaled $135,273 for the year ended December 31, 2013 and $102,772 for the year ended December 31, 2012. | ||||
Inventory, Policy [Policy Text Block] | ' | |||
Inventory | ||||
FutureFuel determines the cost of substantially all raw materials and finished goods inventories by the last-in, first-out (“LIFO”) method. FutureFuel writes down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon current demand and market conditions. | ||||
Derivatives, Policy [Policy Text Block] | ' | |||
Financial and derivative instruments | ||||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments. | ||||
FutureFuel maintains inventories of biodiesel and utilizes various derivative instruments such as regulated futures and regulated options as an economic hedge to reduce the effects of fluctuations in the prices of biodiesel. These derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815-20-25, Derivatives and Hedging, Hedging-General, Recognition. While management believes each of these instruments are entered into in order to effectively manage various market risks, none of the derivative instruments are designated and accounted for as hedges primarily as a result of the extensive record-keeping requirements. | ||||
FutureFuel records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold. FutureFuel maintains a margin account with a broker to collateralize these derivative instruments. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||
Property, plant, and equipment | ||||
Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When FutureFuel retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. FutureFuel records any profit and loss on retirement or other disposition in earnings. Depreciation is provided using the straight-line method over the following estimated useful lives: | ||||
Buildings and building equipment (years) | 20 | – | 39 | |
Machinery and equipment (years) | 3 | – | 33 | |
Transportation equipment (years) | 5 | – | 33 | |
Other (years) | 5 | – | 33 | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||
Customer relationships | ||||
Customer relationships are recorded at acquisition cost and are amortized on a straight-line basis over their estimated useful lives of five years. FutureFuel reviews and evaluates the recoverability of the carrying amounts of its acquired customer contracts annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||
Impairment of assets | ||||
FutureFuel evaluates the carrying value of long-lived assets when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. For long-lived assets to be held for use in future operations and for fixed (tangible) assets, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal. For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except that fair values are reduced for disposal costs. | ||||
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' | |||
Deferred revenue | ||||
FutureFuel has signed contracts with customers to construct plant and related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of construction has been funded by the customers with title and risk of loss to the equipment residing with FutureFuel. Reimbursements are recognized as deferred revenue and are amortized over the expected life of the customer relationship starting upon the completion of construction and the asset being placed into service. | ||||
Additionally, FutureFuel has been awarded grants from governmental agencies related to the construction of production equipment and infrastructural improvements at its plant site. The cost of construction of these projects has been either funded by the governmental agencies directly or funded by FutureFuel who has then been reimbursed by the governmental agencies. Direct payments and reimbursements for construction costs have been recognized as deferred revenue and will be amortized into earnings over the expected life of the applicable customer relationship or the life of the asset if no direct customer relationship is tied to the asset. Such amortization will not begin until the asset has been placed into service and all contingencies associated with the grants are fulfilled. | ||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | |||
Asset retirement obligations | ||||
FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Environmental assets include but are not limited to waste management units such as destructors, landfills, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and FutureFuel’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, FutureFuel estimates the useful life of each individual asset up to 35 years. Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made. | ||||
Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. | ||||
Income Tax, Policy [Policy Text Block] | ' | |||
Income taxes | ||||
Income taxes are accounted for using the asset and liability method. Under this method, income tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax basis. A future income tax asset or liability is estimated for each temporary difference using enacted and substantively enacted income tax rates and laws expected to be in effect when the asset is realized or the liability settled. A valuation allowance is established, if necessary, to reduce any future income tax asset to an amount that is more likely than not to be realized. | ||||
FASB ASC Topic 740, Income Taxes (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. | ||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||
Revenue recognition | ||||
For most product sales, revenue is recognized when product is shipped from our facilities and risk of loss and title have passed to the customer, which is in accordance with our customer contracts and the stated shipping terms. All custom manufactured products are manufactured under written contracts. Performance chemicals and biofuels are usually sold pursuant to the terms of written purchase orders. In general, customers do not have any rights of return, except for quality disputes. However, all of our products are tested for quality before shipment, and historically returns have been inconsequential. FutureFuel does not offer rebates or warranties. | ||||
Bill and hold transactions for 2013 and 2012 related to six specialty chemical customers, and five specialty chemical customers in 2011, whereby revenue was recognized in accordance with contractual agreements based on product produced and ready for use. These sales were subject to written monthly purchase orders with agreement that production was reasonable. The inventory was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill and hold transactions are similar to other specialty chemical customers. Sales revenue under bill and hold arrangements totaled $44,047, $50,076, and $59,597 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | |||
Shipping and handling fees | ||||
Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenues. | ||||
Cost of Sales, Policy [Policy Text Block] | ' | |||
Cost of goods sold and selling, general, and administration expenses | ||||
Cost of goods sold includes the costs of inventory sold, related purchasing, distribution, and warehousing costs, costs incurred for shipping and handling, and environmental remediation costs. In 2013 and 2011, the biodiesel tax incentive for blending biodiesel with petroleum diesel is netted from costs of goods sold. The biodiesel tax credit amounted to one cent for each percentage point of vegetable oil or animal fat biodiesel that was blended with petrodiesel. The credit was recognized as it was earned, i.e., when biodiesel blended with petrodiesel was sold. The tax credit terminated on December 31, 2011. On January 3, 2013, the tax credit was retroactively reinstated for 2012 and extended through December 31, 2013 (see Note 3). This tax credit expired and has not been reinstated. | ||||
Selling, general, and administration expenses include personnel costs associated with sales, marketing and administration, legal and legal-related costs, consulting and professional services fees, advertising expenses, and other similar costs. | ||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||
Research and development | ||||
All costs identified as research and development costs are charged to expense when incurred. | ||||
Public Utilities, Policy [Policy Text Block] | ' | |||
Planned major maintenance activities | ||||
Expenditures for planned major maintenance activities are recognized as expense as incurred. | ||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||
Earnings per share | ||||
Basic earnings per share is computed by dividing net income (the numerator) by the weighted average number of outstanding shares (the denominator) for the period. Diluted earnings per share are calculated in accordance with the treasury stock method to determine the dilutive effect of warrants and options. The computation of diluted earnings per share includes the same numerator, but the denominator is increased to include the number of additional common shares from the exercise of warrants and options that would have been outstanding if potentially dilutive common shares had been issued. | ||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||
Comprehensive income | ||||
Comprehensive income is comprised of net income and other comprehensive income (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. FutureFuel’s OCI is comprised of unrealized gains and losses resulting from its investment in certain marketable securities classified as available for sale (see Note 6). For the year ended December 31, 2013, FutureFuel recorded other comprehensive income of $4,839, net of income taxes of $3,018, on these securities. For the year ended December 31, 2012, FutureFuel recorded other comprehensive income of $794, net of income taxes of $495, on these securities. For the year ended December 31, 2011, FutureFuel recorded other comprehensive income of $1,278, net of income taxes of $797, on these securities. For the year ended December 31, 2013, FutureFuel reclassified a portion of its unrealized income related to certain of its available-for-sale securities from OCI to a component of net income as a result of recording an other than temporary impairment. This reclassification totaled $207, net of income taxes of $129. For the year ended December 31, 2011, FutureFuel reclassified a portion of its unrealized losses related to certain of its available-for-sale securities from OCI to a component of net income as a result of recording an other than temporary impairment. This reclassification totaled $1,669, net of income taxes of $1,041. No such reclassification was made for the year ended December 31, 2012. | ||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | |||
Commitments and contingent liabilities | ||||
In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are utilized to ensure the availability of raw materials used in the production process. Sales contracts are utilized to ensure the future sale of produced product. | ||||
FutureFuel and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. FutureFuel accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, FutureFuel accrues the minimum amount. | ||||
Use of Estimates, Policy [Policy Text Block] | ' | |||
Use of estimates | ||||
The preparation of financial statements in conformity with accounting principals generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during a reporting period. Estimates are used when accounting for allowance for doubtful accounts, depreciation, amortization, asset retirement obligations, and income taxes as well as the evaluation of potential losses due to impairments or future liabilities. Actual results could differ materially from those estimates. | ||||
Segment Reporting, Policy [Policy Text Block] | ' | |||
Segment reporting | ||||
FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly by its chief operating decision maker in assessing the performance of those segments and in determining how to allocate resources. FutureFuel has determined that it has two reportable segments organized along product lines -- chemicals and biofuels. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | ' | |||
Buildings and building equipment (years) | 20 | – | 39 | |
Machinery and equipment (years) | 3 | – | 33 | |
Transportation equipment (years) | 5 | – | 33 | |
Other (years) | 5 | – | 33 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
At average cost (approximates current cost) | |||||||||
Finished goods | $ | 13,590 | $ | 15,803 | |||||
Work in process | 1,569 | 1,304 | |||||||
Raw materials and supplies | 36,292 | 37,086 | |||||||
51,451 | 54,193 | ||||||||
LIFO reserve | (9,287 | ) | (12,201 | ) | |||||
Total inventory | $ | 42,164 | $ | 41,992 |
Note_5_Derivative_Instruments_
Note 5 - Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||
Asset/(Liability) | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Quantity (contracts) Long/ (Short) | Fair Value | Quantity (contracts) Long/ (Short) | Fair Value | ||||||||||||||
Regulated options, included in other current assets | (50 | ) | $ | (328 | ) | (150 | ) | $ | (726 | ) | |||||||
Regulated fixed price future commitments, included in other current assets | 4 | $ | - | (50 | ) | $ | (221 | ) |
Note_6_Marketable_Securities_T
Note 6 - Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||||||||
2013 | |||||||||||||||||
Adjusted | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Equity instruments | $ | 51,711 | $ | 11,597 | $ | (278 | ) | $ | 63,030 | ||||||||
Preferred stock | 18,519 | 893 | (299 | ) | 19,113 | ||||||||||||
Trust preferred securities | 19,726 | 386 | (235 | ) | 19,877 | ||||||||||||
Exchange traded debt instruments | 2,243 | 34 | (26 | ) | 2,251 | ||||||||||||
Total | $ | 92,199 | $ | 12,910 | $ | (838 | ) | $ | 104,271 | ||||||||
2012 | |||||||||||||||||
Adjusted | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Equity instruments | $ | 46,842 | $ | 4,307 | $ | (1,550 | ) | $ | 49,599 | ||||||||
Preferred stock | 20,418 | 1,068 | - | 21,486 | |||||||||||||
Trust preferred securities | 15,143 | 402 | (12 | ) | 15,533 | ||||||||||||
Auction rate securities | 1,150 | - | - | 1,150 | |||||||||||||
Total | $ | 83,553 | $ | 5,777 | $ | (1,562 | ) | $ | 87,768 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,741 | $ | 5,753 | |||||
Buildings and building equipment | 26,240 | 27,178 | |||||||
Machinery and equipment | 142,874 | 149,436 | |||||||
Construction in progress | 4,069 | 2,216 | |||||||
Accumulated depreciation | (50,253 | ) | (45,718 | ) | |||||
Total | $ | 128,671 | $ | 138,865 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Cost | $ | 567 | $ | 567 | |||||
Accumulated amortization | (567 | ) | (567 | ) | |||||
Total | $ | - | $ | - |
Note_10_Accrued_Expenses_and_O1
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Accrued employee liabilities | $ | 5,010 | $ | 2,073 | |||||
Accrued property, use, and franchise taxes | 2,558 | 1,472 | |||||||
Other | 237 | 48 | |||||||
Total | $ | 7,805 | $ | 3,593 |
Note_11_Borrowings_Tables
Note 11 - Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||
Leverage | Base Rate | LIBOR | ||||||||||
Ratio | Margin | Margin | ||||||||||
> | 3 | -0.55% | 1.70% | |||||||||
> | 2 | < | 3 | -0.70% | 1.50% | |||||||
> | 1 | < | 2 | -1.00% | 1.25% | |||||||
< | 1 | -1.00% | 1.00% |
Note_12_Asset_Retirement_Oblig1
Note 12 - Asset Retirement Obligations and Environmental Reserves (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 747 | $ | 723 | |||||
Accretion expense | 24 | 24 | |||||||
Balance at December 31 | $ | 771 | $ | 747 |
Note_13_Stock_Based_Compensati1
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||
Assumptions | Apr-11 | Apr-12 | Aug-12 | |||||||||||||||||||||
Options | Options | Options | ||||||||||||||||||||||
Expected volatility rate | 61.53 | % | 41 | % | 43.38 | % | ||||||||||||||||||
Expected dividend yield | 3.14 | % | 3.77 | % | 3.4 | % | ||||||||||||||||||
Risk-free interest rate | 0.81 | % | 0.35 | % | 0.32 | % | ||||||||||||||||||
Expected forfeiture rate | 0 | % | 0 | % | 0 | % | ||||||||||||||||||
Expected term in years | 2.5 | 2.5 | 2.5 | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||
Options | Weighted Average Exercise Price | |||||||||||||||||||||||
Outstanding at January 1, 2011 | 417,500 | $ | 6.4 | |||||||||||||||||||||
Granted | 120,000 | $ | 12.74 | |||||||||||||||||||||
Exercised | (15,612 | ) | $ | 7 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2011 | 521,888 | $ | 7.84 | |||||||||||||||||||||
Granted | 130,000 | $ | 10.58 | |||||||||||||||||||||
Exercised | (441,277 | ) | $ | 6.85 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2012 | 210,611 | $ | 11.62 | |||||||||||||||||||||
Granted | - | $ | - | |||||||||||||||||||||
Exercised | (30,000 | ) | $ | 11.16 | ||||||||||||||||||||
Canceled, forfeited, or expired | - | $ | - | |||||||||||||||||||||
Outstanding at December 31, 2013 | 180,611 | $ | 11.7 | |||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||
Outstanding | Average | Average | Exercisable at | Average | ||||||||||||||||||||
at | Remaining | Exercise Price | December 31, | Exercise Price | ||||||||||||||||||||
December 31, | Contractual | 2013 | ||||||||||||||||||||||
2013 | Life | |||||||||||||||||||||||
$ | 7 | 10,611 | 0.97 | $ | 7 | 10,611 | $ | 7 | ||||||||||||||||
$ | 10.62 | 60,000 | 2.8 | $ | 10.62 | 60,000 | $ | 10.62 | ||||||||||||||||
$ | 12.74 | 110,000 | 2.15 | $ | 12.74 | 110,000 | $ | 12.74 | ||||||||||||||||
180,611 | $ | 11.7 | 180,611 | $ | 11.7 |
Note_14_Provision_for_Income_T1
Note 14 - Provision for Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before taxes - U.S. | $ | 97,351 | $ | 54,880 | $ | 52,775 | |||||||
Provision for income taxes: | |||||||||||||
Current | $ | 22,933 | $ | 16,643 | $ | 13,756 | |||||||
Deferred | (2,200 | ) | 1,587 | 2,547 | |||||||||
State and other | |||||||||||||
Current | 2,829 | 2,106 | 1,664 | ||||||||||
Deferred | (245 | ) | 240 | 299 | |||||||||
Total | $ | 23,317 | $ | 20,576 | $ | 18,266 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount computed using the statutory rate of 35% | $ | 34,072 | $ | 19,208 | $ | 18,471 | |||||||
Section 199 manufacturing deduction | (2,092 | ) | (762 | ) | (1,017 | ) | |||||||
Agri-biodiesel production credit | (1,950 | ) | - | (975 | ) | ||||||||
Federal excise tax benefit | (9,566 | ) | - | - | |||||||||
State excise tax benefit | (2,067 | ) | |||||||||||
Credit for increasing research activities | (180 | ) | - | (73 | ) | ||||||||
Alternative fueling equipment credit | (23 | ) | - | (69 | ) | ||||||||
Tax exempt interest income | (2 | ) | (6 | ) | - | ||||||||
Change in the valuation allowance | - | (25 | ) | (218 | ) | ||||||||
State income taxes, net | 3,983 | 2,133 | 2,112 | ||||||||||
Tax expense recorded as an increase in other noncurrent liabilities | 1,718 | - | - | ||||||||||
Other | (576 | ) | 28 | 35 | |||||||||
Provision for income taxes | $ | 23,317 | $ | 20,576 | $ | 18,266 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Compensation | $ | 1,211 | $ | 126 | |||||||||
Allowance for doubtful accounts | - | - | |||||||||||
Inventory reserves | 530 | 479 | |||||||||||
Self insurance | 97 | 122 | |||||||||||
Asset retirement obligation | 275 | 266 | |||||||||||
Derivative instruments | 52 | 176 | |||||||||||
Deferred revenue | 12,051 | 14,229 | |||||||||||
Stock based compensation | 240 | 273 | |||||||||||
Other | 78 | 78 | |||||||||||
Total deferred tax assets | 14,534 | 15,749 | |||||||||||
Deferred tax liabilities | |||||||||||||
Available for sale securities | (4,414 | ) | (1,284 | ) | |||||||||
Accrued expenses | (662 | ) | (561 | ) | |||||||||
LIFO inventory | (4,785 | ) | (5,017 | ) | |||||||||
Depreciation | (40,425 | ) | (44,357 | ) | |||||||||
Other | (22,874 | ) | (1,520 | ) | |||||||||
Total deferred tax liabilities | (52,570 | ) | (52,739 | ) | |||||||||
Valuation allowance | - | - | |||||||||||
Net deferred tax liabilities | $ | (38,036 | ) | $ | (36,990 | ) | |||||||
2013 | 2012 | ||||||||||||
As recorded in the consolidated balance sheet | |||||||||||||
Current deferred tax liability | $ | (8,787 | ) | $ | (6,953 | ) | |||||||
Noncurrent deferred tax liability | (29,249 | ) | (30,037 | ) | |||||||||
Net deferred tax liabilities | $ | (38,036 | ) | $ | (36,990 | ) | |||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||||
Increases to tax positions taken in the current year | 917 | - | - | ||||||||||
Increases to tax positions taken in a prior year | 801 | ||||||||||||
Balance at December 31 | $ | 1,718 | $ | - | $ | - |
Note_15_Deferred_Revenue_and_C1
Note 15 - Deferred Revenue and Contingent Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 33,755 | $ | 32,814 | |||||
Amortization | (6,077 | ) | (3,693 | ) | |||||
Additions | 9,094 | 4,634 | |||||||
Impairment | (16,381 | ) | - | ||||||
Balance at December 31 | $ | 20,391 | $ | 33,755 |
Note_17_Earnings_Per_Share_Tab
Note 17 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income available to common stockholders | $ | 74,034 | $ | 34,304 | $ | 34,509 | |||||||
Weighted average number of common shares outstanding | 43,237,513 | 41,366,860 | 40,708,552 | ||||||||||
Effect of stock options | 39,418 | 140,800 | 178,141 | ||||||||||
Weighted average diluted number of common shares outstanding | 43,276,931 | 41,507,660 | 40,886,693 | ||||||||||
Basic earnings per share | $ | 1.71 | $ | 0.83 | $ | 0.85 | |||||||
Diluted earnings per share | $ | 1.71 | $ | 0.83 | $ | 0.84 |
Note_19_Related_Party_Transact1
Note 19 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | |||||||||||||
Biodiesel, petrodiesel, blends and other petroleum products | $ | 4,629 | $ | - | |||||||||
Total accounts receivable | $ | 4,629 | $ | - | |||||||||
Prepaid expenses | |||||||||||||
Administrative services and other | $ | - | $ | 32 | |||||||||
Total prepaid expenses | $ | - | $ | 32 | |||||||||
Accounts payable | |||||||||||||
Natural gas and fuel purchases | $ | 857 | $ | 3,887 | |||||||||
Total accounts payable | $ | 857 | $ | 3,887 | |||||||||
Accrued liabilities | |||||||||||||
Travel and administrative services | $ | 3 | $ | - | |||||||||
Total accrued liabilities | $ | 3 | $ | - | |||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Biodiesel, petrodiesel, blends and other petroleum products | $ | 9,420 | $ | 13,017 | $ | 5,271 | |||||||
Total revenues | $ | 9,420 | $ | 13,017 | $ | 5,271 | |||||||
Cost of goods sold | |||||||||||||
Biodiesel, petrodiesel, blends, and other petroleum products | $ | 9,277 | $ | 5,226 | $ | 2,749 | |||||||
Natural gas purchases | 6,007 | 4,059 | 4,155 | ||||||||||
Income tax, consulting services and other | 80 | 81 | 92 | ||||||||||
Total cost of goods sold | $ | 15,364 | $ | 9,366 | $ | 6,996 | |||||||
Distribution | |||||||||||||
Distribution and related services | $ | 392 | $ | 471 | $ | 443 | |||||||
Total distribution | $ | 392 | $ | 471 | $ | 443 | |||||||
Selling, general and administrative expenses | |||||||||||||
Commodity trading advisory fees | $ | 132 | $ | 132 | $ | 132 | |||||||
Travel and administrative services | 267 | 320 | 402 | ||||||||||
Total selling, general, and administrative expenses | $ | 399 | $ | 452 | $ | 534 |
Note_20_Segment_Information_Ta
Note 20 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||
Fiscal Year | United States | All Foreign | Total | ||||||||||
Countries | |||||||||||||
31-Dec-13 | $ | 430,096 | $ | 14,823 | $ | 444,919 | |||||||
31-Dec-12 | $ | 338,307 | $ | 13,522 | $ | 351,829 | |||||||
31-Dec-11 | $ | 295,780 | $ | 14,105 | $ | 309,885 | |||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Chemicals | $ | 161,501 | $ | 160,450 | $ | 168,237 | |||||||
Biofuels | 283,418 | 191,379 | 141,648 | ||||||||||
Total revenues | $ | 444,919 | $ | 351,829 | $ | 309,885 | |||||||
Segment gross profit | |||||||||||||
Chemicals | $ | 54,708 | $ | 48,661 | $ | 42,685 | |||||||
Biofuels | 45,457 | 8,592 | 19,070 | ||||||||||
Total segment gross profit | 100,165 | 57,253 | 61,755 | ||||||||||
Corporate expenses | 9,911 | 11,161 | 10,140 | ||||||||||
Income before interest and taxes | 90,254 | 46,092 | 51,615 | ||||||||||
Interest and dividend income | 5,875 | 4,776 | 3,495 | ||||||||||
Interest and other income/(expense) | 1,222 | 4,012 | (2,335 | ) | |||||||||
Provision for income taxes | (23,317 | ) | (20,576 | ) | (18,266 | ) | |||||||
Net income | $ | 74,034 | $ | 34,304 | $ | 34,509 |
Note_21_Fair_Value_Measurement1
Note 21 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Asset/(Liability) | |||||||||||||||||
Fair Value at December 31, | Fair Value Measurements Using | ||||||||||||||||
Inputs Considered as | |||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative instruments | $ | (328 | ) | $ | (328 | ) | $ | - | $ | - | |||||||
Preferred stock, trust preferred securities, auction rate securities and other equity instruments | $ | 104,271 | $ | 104,271 | $ | - | $ | - | |||||||||
Asset/(Liability) | |||||||||||||||||
Fair Value at December 31, | Fair Value Measurements Using | ||||||||||||||||
Inputs Considered as | |||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative instruments | $ | (947 | ) | $ | (947 | ) | $ | - | $ | - | |||||||
Preferred stock, trust preferred securities, auction rate securities, and other equity instruments | $ | 87,768 | $ | 87,768 | $ | - | $ | - |
Note_22_Reclassifications_from1
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | |||||||||
For the twelve months ended December 31, 2013 | |||||||||
(net of tax) | |||||||||
2013 | |||||||||
Balance at January 1, 2013 | $ | 2,597 | |||||||
Other comprehensive income/(loss) before reclassifications | 4,505 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 334 | ||||||||
Net current-period other comprehensive gain/(loss) - twelve months ended December 31, 2013 | 4,839 | ||||||||
Balance at December 31, 2013 | $ | 7,436 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||
Reclassifications from Accumulated Other Comprehensive Income | |||||||||
2013 | Affected Line Item in Statement of Operations | ||||||||
Unrealized gains on available-for-sale securities | $ | 542 | Gain on marketable securities | ||||||
Total before tax | 542 | ||||||||
Tax expense | (208 | ) | |||||||
Total reclassifications | $ | 334 |
Note_23_Commitments_Tables
Note 23 - Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 898 | |||
2015 | 632 | ||||
2016 | 603 | ||||
2017 | 427 | ||||
2018 | 113 | ||||
Thereafter | 501 | ||||
Total | $ | 3,174 |
Note_24_Quarterly_Financial_In1
Note 24 - Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarter | |||||||||||||||||
1st | 2nd | 3rd | 4th | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 92,165 | $ | 106,063 | $ | 121,119 | $ | 125,572 | |||||||||
Gross profit | $ | 21,381 | $ | 27,626 | $ | 26,018 | $ | 25,140 | |||||||||
Net income | $ | 14,050 | $ | 18,156 | $ | 15,297 | $ | 26,531 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.33 | $ | 0.42 | $ | 0.35 | $ | 0.61 | |||||||||
Diluted | $ | 0.33 | $ | 0.42 | $ | 0.35 | $ | 0.61 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 85,727 | $ | 103,237 | $ | 88,276 | $ | 74,589 | |||||||||
Gross profit | $ | 12,801 | $ | 14,440 | $ | 21,963 | $ | 8,049 | |||||||||
Net income | $ | 7,113 | $ | 8,473 | $ | 12,549 | $ | 6,169 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.17 | $ | 0.21 | $ | 0.3 | $ | 0.15 | |||||||||
Diluted | $ | 0.17 | $ | 0.2 | $ | 0.3 | $ | 0.15 |
Note_26_Reserve_Roll_Forwards_1
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | ||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2013 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2013 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
LIFO inventory | 12,201 | - | - | 2,914 | 9,287 | ||||||||||||||||
Aged and obsolete inventory | 260 | 148 | - | - | 408 | ||||||||||||||||
Deferred tax valuation allowance | - | - | - | - | - | ||||||||||||||||
Aged and obsolete supplies and parts | 960 | - | 15 | 945 | |||||||||||||||||
$ | 13,421 | $ | 148 | $ | - | $ | 2,929 | $ | 10,640 | ||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2012 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2012 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | 10 | $ | - | $ | - | $ | 10 | $ | - | |||||||||||
LIFO inventory | 13,518 | - | - | 1,317 | 12,201 | ||||||||||||||||
Aged and obsolete inventory | 460 | - | - | 200 | 260 | ||||||||||||||||
Deferred tax valuation allowance | 25 | - | - | 25 | - | ||||||||||||||||
Aged and obsolete supplies and parts | 928 | 32 | - | - | 960 | ||||||||||||||||
$ | 14,941 | $ | 32 | $ | - | $ | 1,552 | $ | 13,421 | ||||||||||||
Additions | |||||||||||||||||||||
Balance at January 1, 2011 | Charged to Cost and Expense | Charged to Other Accounts | Deductions | Balance at December 31, 2011 | |||||||||||||||||
Reserve for: | |||||||||||||||||||||
Doubtful accounts and returns | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | |||||||||||
LIFO inventory | 7,938 | 5,580 | - | - | 13,518 | ||||||||||||||||
Aged and obsolete inventory | 279 | 181 | - | - | 460 | ||||||||||||||||
Deferred tax valuation allowance | 277 | - | - | 252 | 25 | ||||||||||||||||
Aged and obsolete supplies and parts | 719 | 209 | - | - | 928 | ||||||||||||||||
$ | 9,223 | $ | 5,970 | $ | - | $ | 252 | $ | 14,941 |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Goods, Net | $444,919 | $351,829 | $309,885 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4,839 | 794 | 1,278 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 3,018 | 495 | 797 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 207 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 129 | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | ' | 0 | 1,669 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent | ' | ' | 1,041 |
Number of Reportable Segments | 2 | ' | ' |
Customer One [Member] | Customer Concentration Risk [Member] | Maximum [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% | ' |
Bleach Activator [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Goods, Net | 56,596 | 60,710 | ' |
Biodiesel [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Goods, Net | 135,273 | 102,772 | ' |
Bill And Hold Arrangements [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Goods, Net | $44,047 | $50,076 | $59,597 |
Environmental Assets [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '35 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '20 years |
Building and Building Improvements [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '39 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '33 years |
Transportation Equipment [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '5 years |
Transportation Equipment [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '33 years |
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '5 years |
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '33 years |
Note_3_Reinstatement_of_Biodie1
Note 3 - Reinstatement of Biodiesel Blenders Tax Credit and Small Agri-biodiesel Producers Tax Credit (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2013 |
Biodiesel Blenders Credit [Member] | Small Agri-Biodiesel Producers Credit [Member] | ||||
Note 3 - Reinstatement of Biodiesel Blenders Tax Credit and Small Agri-biodiesel Producers Tax Credit (Details) [Line Items] | ' | ' | ' | ' | ' |
Tax Credit Per Gallon of Agri-Biodiesel Sold (in Dollars per US Gallon) | 0.1 | ' | 1 | ' | ' |
Income Tax Credits and Adjustments | ' | $1,500 | ' | $2,535 | $1,500 |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Effect of LIFO Inventory Liquidation on Income | $2,914 | $1,317 |
Note_4_Inventories_Details_Car
Note 4 - Inventories (Details) - Carrying Values of Inventory (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
At average cost (approximates current cost) | ' | ' |
Finished goods | $13,590 | $15,803 |
Work in process | 1,569 | 1,304 |
Raw materials and supplies | 36,292 | 37,086 |
51,451 | 54,193 | |
LIFO reserve | -9,287 | -12,201 |
Total inventory | $42,164 | $41,992 |
Note_5_Derivative_Instruments_1
Note 5 - Derivative Instruments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $1,151 | $4,528 | ($20) |
Restricted Cash and Cash Equivalents | $479 | $1,853 | ' |
Note_5_Derivative_Instruments_2
Note 5 - Derivative Instruments (Details) - Carrying Value of Derivative Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity Option [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Quantity (Contracts) Long/(Short) | -50 | -150 |
Fair Value (in Dollars) | ($328) | ($726) |
Future [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Quantity (Contracts) Long/(Short) | 4 | -50 |
Fair Value (in Dollars) | ' | ($221) |
Note_6_Marketable_Securities_D
Note 6 - Marketable Securities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Investments, Fair Value Disclosure | $26,321 | $22,818 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 1,915 | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | $334 | $2,411 | $830 |
Note_6_Marketable_Securities_D1
Note 6 - Marketable Securities (Details) - Marketable Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | $92,199 | $83,553 |
Unrealized Gains | 12,910 | 5,777 |
Unrealized Losses | -838 | -1,562 |
Fair Value | 104,271 | 87,768 |
Equity Securities [Member] | ' | ' |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | 51,711 | 46,842 |
Unrealized Gains | 11,597 | 4,307 |
Unrealized Losses | -278 | -1,550 |
Fair Value | 63,030 | 49,599 |
Preferred Stock [Member] | ' | ' |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | 18,519 | 20,418 |
Unrealized Gains | 893 | 1,068 |
Unrealized Losses | -299 | ' |
Fair Value | 19,113 | 21,486 |
Trust Preferred Securities [Member] | ' | ' |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | 19,726 | 15,143 |
Unrealized Gains | 386 | 402 |
Unrealized Losses | -235 | -12 |
Fair Value | 19,877 | 15,533 |
Debt Securities [Member] | ' | ' |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | 2,243 | ' |
Unrealized Gains | 34 | ' |
Unrealized Losses | -26 | ' |
Fair Value | 2,251 | ' |
Auction Rate Securities [Member] | ' | ' |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ' | ' |
Adjusted cost | ' | 1,150 |
Fair Value | ' | $1,150 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $10,316 | $10,454 | $9,004 |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant, and Equipment (Details) - Property, Plant, and Equipment Summary (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant, and Equipment Summary [Abstract] | ' | ' |
Land and land improvements | $5,741 | $5,753 |
Buildings and building equipment | 26,240 | 27,178 |
Machinery and equipment | 142,874 | 149,436 |
Construction in progress | 4,069 | 2,216 |
Accumulated depreciation | -50,253 | -45,718 |
Total | $128,671 | $138,865 |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $0 | $0 | $94 |
Note_8_Intangible_Assets_Detai1
Note 8 - Intangible Assets (Details) - Customer Relationships (Customer Relationships [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $567 | $567 |
Accumulated amortization | -567 | -567 |
Total | $0 | $0 |
Note_9_Other_Assets_Details
Note 9 - Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure Text Block Supplement [Abstract] | ' | ' |
Other Assets, Noncurrent | $2,488 | $2,436 |
Note_10_Accrued_Expenses_and_O2
Note 10 - Accrued Expenses and Other Current Liabilities (Details) - Accrued Expenses and Other Current Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ' |
Accrued employee liabilities | $5,010 | $2,073 |
Accrued property, use, and franchise taxes | 2,558 | 1,472 |
Other | 237 | 48 |
Total | $7,805 | $3,593 |
Note_11_Borrowings_Details
Note 11 - Borrowings (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $50,000,000 | ' |
Line of Credit Facility, Borrowing Capacity, Description | 'Advances are made pursuant to a borrowing base comprised of 85% of eligible accounts plus 60% of eligible direct inventory plus 50% of eligible indirect inventory. Advances are secured by a perfected first priority security interest in accounts receivable and inventory | ' |
Line of Credit Facility, Borrowing Base, Percentage of Eligible Accounts Receivable | 85.00% | ' |
Line of Credit Facility, Borrowing Base, Percentage of Eligible Direct Inventory | 60.00% | ' |
Line of Credit Facility, Borrowing Base, Percentage of Eligible Indirect Inventory | 50.00% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ' |
Ratio of EBITDA to Fixed Charges | 3 | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | $0 | $0 |
Note_11_Borrowings_Details_Lev
Note 11 - Borrowings (Details) - Leverage Ratio | 12 Months Ended |
Dec. 31, 2013 | |
Base Rate [Member] | Leverage Ratio 1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | -0.55% |
Base Rate [Member] | Leverage Ratio 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | -0.70% |
Base Rate [Member] | Leverage Ratio 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | -1.00% |
Base Rate [Member] | Leverage Ratio 4 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | -1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio 1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | 1.70% |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | 1.25% |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio 4 [Member] | ' |
Debt Instrument [Line Items] | ' |
Variable Rate Margin | 1.00% |
Minimum [Member] | Leverage Ratio 1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 3 |
Minimum [Member] | Leverage Ratio 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 2 |
Minimum [Member] | Leverage Ratio 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 1 |
Maximum [Member] | Leverage Ratio 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 3 |
Maximum [Member] | Leverage Ratio 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 2 |
Maximum [Member] | Leverage Ratio 4 [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio | 1 |
Note_12_Asset_Retirement_Oblig2
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset Retirement Obligation | $771 | $747 | $723 |
Note_12_Asset_Retirement_Oblig3
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details) - Asset Retirement Obligations (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligations [Abstract] | ' | ' |
Asset retirement obligations | $747 | $723 |
Accretion expense | 24 | 24 |
Asset retirement obligations | $771 | $747 |
Note_13_Stock_Based_Compensati2
Note 13 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 13 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Award Term | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 130,000 | 120,000 |
Allocated Share-based Compensation Expense | $0 | $281 | $502 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $2.17 | $4.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,689,700 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '2 years 109 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 741 | 154 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 30,000 | 441,277 | 15,612 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 0 | 2,075 | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 40 | 806 | ' |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | 21,613 | 101,297 | ' |
Payments Related to Tax Withholding for Share-based Compensation | $45 | $255 | ' |
Board of Directors [Member] | ' | ' | ' |
Note 13 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | 80,000 | 80,000 |
Management [Member] | ' | ' | ' |
Note 13 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | 40,000 | 40,000 |
Consultant [Member] | ' | ' | ' |
Note 13 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | 10,000 | ' |
Note_13_Stock_Based_Compensati3
Note 13 - Stock Based Compensation (Details) - Assumptions Used in the Determination of the Fair Value of the Options Granted | 12 Months Ended |
Dec. 31, 2013 | |
April 2011 Options [Member] | ' |
Note 13 - Stock Based Compensation (Details) - Assumptions Used in the Determination of the Fair Value of the Options Granted [Line Items] | ' |
Expected volatility rate | 61.53% |
Expected dividend yield | 3.14% |
Risk-free interest rate | 0.81% |
Expected forfeiture rate | 0.00% |
Expected term in years | '2 years 6 months |
April 2012 Options [Member] | ' |
Note 13 - Stock Based Compensation (Details) - Assumptions Used in the Determination of the Fair Value of the Options Granted [Line Items] | ' |
Expected volatility rate | 41.00% |
Expected dividend yield | 3.77% |
Risk-free interest rate | 0.35% |
Expected forfeiture rate | 0.00% |
Expected term in years | '2 years 6 months |
August 2012 Options [Member] | ' |
Note 13 - Stock Based Compensation (Details) - Assumptions Used in the Determination of the Fair Value of the Options Granted [Line Items] | ' |
Expected volatility rate | 43.38% |
Expected dividend yield | 3.40% |
Risk-free interest rate | 0.32% |
Expected forfeiture rate | 0.00% |
Expected term in years | '2 years 6 months |
Note_13_Stock_Based_Compensati4
Note 13 - Stock Based Compensation (Details) - Activity of Stock Option (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Activity of Stock Option [Abstract] | ' | ' | ' |
Options | 210,611 | 521,888 | 417,500 |
Weighted Average Exercise Price | $11.62 | $7.84 | $6.40 |
Options, Granted | 0 | 130,000 | 120,000 |
Weighted Average Exercise Price, Granted | $0 | $10.58 | $12.74 |
Options, Options, Exercised | -30,000 | -441,277 | -15,612 |
Weighted Average Exercise Price, Exercised | $11.16 | $6.85 | $7 |
Canceled, forfeited | 0 | 0 | 0 |
Weighted Average Exercise Price, Canceled, forfeited or expired | $0 | $0 | $0 |
Options | 180,611 | 210,611 | 521,888 |
Weighted Average Exercise Price | $11.70 | $11.62 | $7.84 |
Note_13_Stock_Based_Compensati5
Note 13 - Stock Based Compensation (Details) - Stock Options Activities, by Exercise Price Range (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding, Options Outstanding (in Shares) | 180,611 |
Weighted Average Exercise Price, Options Outstanding | $11.70 |
Number Exercisable, Options Exercisable (in Shares) | 180,611 |
Weighted Average Exercise Price, Exercisable | $11.70 |
Price Range 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | $7 |
Number Outstanding, Options Outstanding (in Shares) | 10,611 |
Weighted Average Remaining Contractual Life, Options Outstanding | '354 days |
Weighted Average Exercise Price, Options Outstanding | $7 |
Number Exercisable, Options Exercisable (in Shares) | 10,611 |
Weighted Average Exercise Price, Exercisable | $7 |
Price Range 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | $10.62 |
Number Outstanding, Options Outstanding (in Shares) | 60,000 |
Weighted Average Remaining Contractual Life, Options Outstanding | '2 years 292 days |
Weighted Average Exercise Price, Options Outstanding | $10.62 |
Number Exercisable, Options Exercisable (in Shares) | 60,000 |
Weighted Average Exercise Price, Exercisable | $10.62 |
Price Range 5 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | $12.74 |
Number Outstanding, Options Outstanding (in Shares) | 110,000 |
Weighted Average Remaining Contractual Life, Options Outstanding | '2 years 54 days |
Weighted Average Exercise Price, Options Outstanding | $12.74 |
Number Exercisable, Options Exercisable (in Shares) | 110,000 |
Weighted Average Exercise Price, Exercisable | $12.74 |
Note_14_Provision_for_Income_T2
Note 14 - Provision for Income Taxes (Details) (USD $) | 12 Months Ended | 12 Months Ended | 36 Months Ended | 48 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Biodiesel Blenders Credit [Member] | Biodiesel Blenders Credit [Member] | Biodiesel Blenders Credit [Member] | |||||
Note 14 - Provision for Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $23,317 | $20,576 | $18,266 | ' | ($3,878) | ($7,755) | ($11,633) |
Unrecognized Tax Benefits | 1,718 | 0 | 0 | 0 | ' | ' | ' |
Income Tax Examination, Penalties and Interest Accrued | $0 | $0 | ' | ' | ' | ' | ' |
Note_14_Provision_for_Income_T3
Note 14 - Provision for Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision for Income Taxes [Abstract] | ' | ' | ' |
Income before taxes - U.S. | $97,351 | $54,880 | $52,775 |
Provision for income taxes: | ' | ' | ' |
Current | 22,933 | 16,643 | 13,756 |
Deferred | -2,200 | 1,587 | 2,547 |
State and other | ' | ' | ' |
Current | 2,829 | 2,106 | 1,664 |
Deferred | -245 | 240 | 299 |
Total | $23,317 | $20,576 | $18,266 |
Note_14_Provision_for_Income_T4
Note 14 - Provision for Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Amount computed using the statutory rate of 35% | $34,072 | $19,208 | $18,471 |
Section 199 manufacturing deduction | -2,092 | -762 | -1,017 |
Agri-biodiesel production credit | -1,950 | ' | -975 |
Federal excise tax benefit | -9,566 | ' | ' |
State excise tax benefit | -2,067 | ' | ' |
Credit for increasing research activities | -180 | ' | -73 |
Alternative fueling equipment credit | -23 | ' | -69 |
Tax exempt interest income | -2 | -6 | ' |
Change in the valuation allowance | ' | -25 | -218 |
State income taxes, net | 3,983 | 2,133 | 2,112 |
Tax expense recorded as an increase in other noncurrent liabilities | 1,718 | ' | ' |
Other | -576 | 28 | 35 |
Provision for income taxes | $23,317 | $20,576 | $18,266 |
Note_14_Provision_for_Income_T5
Note 14 - Provision for Income Taxes (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Note_14_Provision_for_Income_T6
Note 14 - Provision for Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Compensation | $1,211 | $126 |
Inventory reserves | 530 | 479 |
Self insurance | 97 | 122 |
Asset retirement obligation | 275 | 266 |
Derivative instruments | 52 | 176 |
Deferred revenue | 12,051 | 14,229 |
Stock based compensation | 240 | 273 |
Other | 78 | 78 |
Total deferred tax assets | 14,534 | 15,749 |
Deferred tax liabilities | ' | ' |
Available for sale securities | -4,414 | -1,284 |
Accrued expenses | -662 | -561 |
LIFO inventory | -4,785 | -5,017 |
Depreciation | -40,425 | -44,357 |
Other | -22,874 | -1,520 |
Total deferred tax liabilities | -52,570 | -52,739 |
Net deferred tax liabilities | -38,036 | -36,990 |
Current deferred tax liability | -8,787 | -6,953 |
Noncurrent deferred tax liability | ($29,249) | ($30,037) |
Note_14_Provision_for_Income_T7
Note 14 - Provision for Income Taxes (Details) - Unrecognized Tax Benefits Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrecognized Tax Benefits Activity [Abstract] | ' | ' | ' |
Beginning balance | $0 | $0 | $0 |
Increases to tax positions taken in the current year | 917 | 0 | 0 |
Increases to tax positions taken in a prior year | 801 | 0 | 0 |
Balance at December 31 | $1,718 | $0 | $0 |
Note_15_Deferred_Revenue_and_C2
Note 15 - Deferred Revenue and Contingent Liability (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred Revenue Disclosure [Abstract] | ' | ' | ' |
Deferred Revenue | $20,391 | $33,755 | $32,814 |
Deferred Revenue, Current | 6,869 | 6,071 | ' |
Deferred Revenue, Noncurrent | 13,522 | 27,684 | ' |
Loss Contingency, Accrual, Current | $1,151 | $2,521 | ' |
Note_15_Deferred_Revenue_and_C3
Note 15 - Deferred Revenue and Contingent Liability (Details) - Summary of Deferred Revenue Activity (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Deferred Revenue Activity [Abstract] | ' | ' |
Balance | $33,755 | $32,814 |
Amortization | -6,077 | -3,693 |
Additions | 9,094 | 4,634 |
Impairment | -16,381 | ' |
Balance | $20,391 | $33,755 |
Note_16_Stockholders_Equity_De
Note 16 - Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Feb. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 11-May-11 | Feb. 10, 2011 | Jul. 12, 2006 | |
Note 16 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Shares of Common Stock Subject to Registration Rights Agreement (in Shares) | ' | ' | ' | ' | ' | ' | 16,250,000 |
Aggregate Amount of Common and Preferred Stock, Warrants, Rights and Units Registered for Future Issuance | ' | ' | ' | ' | ' | $50,000,000 | ' |
At-the-Market Offering of Common Stock, Term | ' | ' | ' | ' | '3 years | ' | ' |
At-the-Market Offering, Maximum Shares of Common Stock the Company May Sell (in Shares) | ' | ' | ' | ' | 3,000,000 | ' | ' |
Proceeds from Issuance of Common Stock | ' | 19,292,000 | 3,149,000 | 15,872,000 | ' | ' | ' |
At-the-Market Offering, Aggregate Shares Issued | 3,000,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 37,247,000 | 19,247,000 | 2,894,000 | 15,872,000 | ' | ' | ' |
Net Proceeds from Issuance of Common Stock after Commissions and Fees | 36,127,000 | ' | ' | ' | ' | ' | ' |
At-The-Market Offering [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 16 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | 1,594,872 | 91,143 | 1,313,985 | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | 19,292,000 | 1,074,000 | 15,763,000 | ' | ' | ' |
Payments of Stock Issuance Costs | ' | $599,000 | $33,000 | $488,000 | ' | ' | ' |
Note_17_Earnings_Per_Share_Det
Note 17 - Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 180,000 | 90,000 |
Note_17_Earnings_Per_Share_Det1
Note 17 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Common Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Computation of Basic and Diluted Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to common stockholders (in Dollars) | $26,531 | $15,297 | $18,156 | $14,050 | $6,169 | $12,549 | $8,473 | $7,113 | $74,034 | $34,304 | $34,509 |
Weighted average number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 43,237,513 | 41,366,860 | 40,708,552 |
Effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 39,418 | 140,800 | 178,141 |
Weighted average diluted number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 43,276,931 | 41,507,660 | 40,886,693 |
Basic earnings per share (in Dollars per share) | $0.61 | $0.35 | $0.42 | $0.33 | $0.15 | $0.30 | $0.21 | $0.17 | $1.71 | $0.83 | $0.85 |
Diluted earnings per share (in Dollars per share) | $0.61 | $0.35 | $0.42 | $0.33 | $0.15 | $0.30 | $0.20 | $0.17 | $1.71 | $0.83 | $0.84 |
Note_18_Employee_Benefit_Plans1
Note 18 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | 6.00% | 6.00% |
Defined Contribution Plan, Cost Recognized | $1,664 | $1,655 | $1,747 |
Note_19_Related_Party_Transact2
Note 19 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 19 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $1,207 | $1,190 | $925 |
Railroad Transportation Equipment [Member] | ' | ' | ' |
Note 19 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $315 | $331 | $331 |
Note_19_Related_Party_Transact3
Note 19 - Related Party Transactions (Details) - Related Party Balance Sheet Accounts (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts receivable | ' | ' |
Accounts receivable, related parties | $4,629 | ' |
Prepaid expenses | ' | ' |
Prepaid expenses, related parties | ' | 32 |
Accounts payable | ' | ' |
Accounts payable, related parties | 857 | 3,887 |
Accrued liabilities | ' | ' |
Accrued liabilities, related parties | 3 | ' |
Biodiesel [Member] | Affiliated Entity [Member] | ' | ' |
Accounts receivable | ' | ' |
Accounts receivable, related parties | 4,629 | ' |
Natural Gas Purchases [Member] | Affiliated Entity [Member] | ' | ' |
Accounts payable | ' | ' |
Accounts payable, related parties | 857 | 3,887 |
Affiliated Entity [Member] | Administrative Services and Other [Member] | ' | ' |
Prepaid expenses | ' | ' |
Prepaid expenses, related parties | ' | 32 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | ' | ' |
Accrued liabilities | ' | ' |
Accrued liabilities, related parties | 3 | ' |
Affiliated Entity [Member] | ' | ' |
Accounts receivable | ' | ' |
Accounts receivable, related parties | 4,629 | ' |
Prepaid expenses | ' | ' |
Prepaid expenses, related parties | ' | 32 |
Accounts payable | ' | ' |
Accounts payable, related parties | 857 | 3,887 |
Accrued liabilities | ' | ' |
Accrued liabilities, related parties | $3 | ' |
Note_19_Related_Party_Transact4
Note 19 - Related Party Transactions (Details) - Related Party Income Statement Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Revenues | $9,420 | $13,017 | $5,271 |
Cost of goods sold | ' | ' | ' |
Cost of goods sold | 15,364 | 9,366 | 6,996 |
Distribution | ' | ' | ' |
Distribution | 392 | 471 | 443 |
Biodeisel, Petrodiesel, Blends and Other Petroleum Products [Member] | Affiliated Entity [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 9,420 | 13,017 | 5,271 |
Cost of goods sold | ' | ' | ' |
Cost of goods sold | 9,277 | 5,226 | 2,749 |
Natural Gas Purchases [Member] | Affiliated Entity [Member] | ' | ' | ' |
Cost of goods sold | ' | ' | ' |
Cost of goods sold | 6,007 | 4,059 | 4,155 |
Income Tax Consulting Services and Other [Member] | Affiliated Entity [Member] | ' | ' | ' |
Cost of goods sold | ' | ' | ' |
Cost of goods sold | 80 | 81 | 92 |
Distribution Related [Member] | Affiliated Entity [Member] | ' | ' | ' |
Distribution | ' | ' | ' |
Distribution | 392 | 471 | 443 |
Commodity Trading Advisory Fees [Member] | Affiliated Entity [Member] | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' |
Selling, general and administrative expense | 132 | 132 | 132 |
Travel and Administrative Services [Member] | Affiliated Entity [Member] | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' |
Selling, general and administrative expense | 267 | 320 | 402 |
Affiliated Entity [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 9,420 | 13,017 | 5,271 |
Cost of goods sold | ' | ' | ' |
Cost of goods sold | 15,364 | 9,366 | 6,996 |
Distribution | ' | ' | ' |
Distribution | 392 | 471 | 443 |
Selling, general and administrative expenses | ' | ' | ' |
Selling, general and administrative expense | $399 | $452 | $534 |
Note_20_Segment_Information_De
Note 20 - Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Chemicals [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Biofuels [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Revenue from Grants (in Dollars) | $886 | $753 | $1,900 |
Geographic Concentration Risk [Member] | MEXICO | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 3.00% | 3.00% | 4.00% |
Note_20_Segment_Information_De1
Note 20 - Segment Information (Details) - Revenues by Geographical Areas (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | ' | ' | ' |
Revenues | $444,919 | $351,829 | $309,885 |
Reportable Geographical Components [Member] | UNITED STATES | ' | ' | ' |
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | ' | ' | ' |
Revenues | 430,096 | 338,307 | 295,780 |
Reportable Geographical Components [Member] | All Foreign Countries [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | ' | ' | ' |
Revenues | $14,823 | $13,522 | $14,105 |
Note_20_Segment_Information_De2
Note 20 - Segment Information (Details) - Summary of Business by Segment (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $444,919 | $351,829 | $309,885 |
Segment gross margins | 25,140 | 26,018 | 27,626 | 21,381 | 8,049 | 21,963 | 14,440 | 12,801 | 100,165 | 57,253 | 61,755 |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 90,254 | 46,092 | 51,615 |
Interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 5,875 | 4,776 | 3,495 |
Interest and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,222 | 4,012 | -2,335 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -23,317 | -20,576 | -18,266 |
Net income | 26,531 | 15,297 | 18,156 | 14,050 | 6,169 | 12,549 | 8,473 | 7,113 | 74,034 | 34,304 | 34,509 |
Operating Segments [Member] | Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 161,501 | 160,450 | 168,237 |
Segment gross margins | ' | ' | ' | ' | ' | ' | ' | ' | 54,708 | 48,661 | 42,685 |
Operating Segments [Member] | Biofuels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 283,418 | 191,379 | 141,648 |
Segment gross margins | ' | ' | ' | ' | ' | ' | ' | ' | 45,457 | 8,592 | 19,070 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment gross margins | ' | ' | ' | ' | ' | ' | ' | ' | 100,165 | 57,253 | 61,755 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | $9,911 | $11,161 | $10,140 |
Note_21_Fair_Value_Measurement2
Note 21 - Fair Value Measurements (Details) - Assets and Liiabilities Measured at Fair Value on Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 21 - Fair Value Measurements (Details) - Assets and Liiabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Derivative instruments | ($328) | ($947) |
Preferred stock, trust preferred securities, and other equity instruments | 104,271 | 87,768 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 21 - Fair Value Measurements (Details) - Assets and Liiabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Derivative instruments | -328 | -947 |
Preferred stock, trust preferred securities, and other equity instruments | $104,271 | $87,768 |
Note_22_Reclassifications_from2
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' |
Balance at January 1, 2013 | $2,597 | ' | ' |
Other comprehensive income/(loss) before reclassifications | 4,505 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 334 | ' | ' |
Net current-period other comprehensive gain/(loss) - twelve months ended December 31, 2013 | 4,839 | 794 | 1,278 |
Balance at December 31, 2013 | $7,436 | $2,597 | ' |
Note_22_Reclassifications_from3
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Details) - Reclassifications from Accumulated Other Comprehensive Income (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Reclassifications from Accumulated Other Comprehensive Income [Abstract] | ' |
Unrealized gains on available-for-sale securities | $542 |
Total before tax | 542 |
Tax expense | -208 |
Total reclassifications | $334 |
Note_23_Commitments_Details
Note 23 - Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $1,207 | $1,190 | $925 |
Note_23_Commitments_Details_Mi
Note 23 - Commitments (Details) - Minimum Rental Commitments under Noncancellable Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Rental Commitments under Noncancellable Operating Leases [Abstract] | ' |
2014 | $898 |
2015 | 632 |
2016 | 603 |
2017 | 427 |
2018 | 113 |
Thereafter | 501 |
Total | $3,174 |
Note_24_Quarterly_Financial_In2
Note 24 - Quarterly Financial Information (unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $125,572 | $121,119 | $106,063 | $92,165 | $74,589 | $88,276 | $103,237 | $85,727 | $435,499 | $338,812 | $304,614 |
Gross profit | 25,140 | 26,018 | 27,626 | 21,381 | 8,049 | 21,963 | 14,440 | 12,801 | 100,165 | 57,253 | 61,755 |
Net income | $26,531 | $15,297 | $18,156 | $14,050 | $6,169 | $12,549 | $8,473 | $7,113 | $74,034 | $34,304 | $34,509 |
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.61 | $0.35 | $0.42 | $0.33 | $0.15 | $0.30 | $0.21 | $0.17 | $1.71 | $0.83 | $0.85 |
Diluted (in Dollars per share) | $0.61 | $0.35 | $0.42 | $0.33 | $0.15 | $0.30 | $0.20 | $0.17 | $1.71 | $0.83 | $0.84 |
Note_26_Reserve_Roll_Forwards_2
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Details) - Summary of Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve for: | ' | ' | ' |
Beginning Balance | $13,421 | $14,941 | $9,223 |
Charged to Cost and Expense | 148 | 32 | 5,970 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 2,929 | 1,552 | 252 |
Ending Balance | 10,640 | 13,421 | 14,941 |
Doubtful Accounts and Returns [Member] | ' | ' | ' |
Reserve for: | ' | ' | ' |
Beginning Balance | 0 | 10 | 10 |
Charged to Cost and Expense | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 10 | 0 |
Ending Balance | 0 | 0 | 10 |
LIFO Inventory [Member] | ' | ' | ' |
Reserve for: | ' | ' | ' |
Beginning Balance | 12,201 | 13,518 | 7,938 |
Charged to Cost and Expense | 0 | 0 | 5,580 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 2,914 | 1,317 | 0 |
Ending Balance | 9,287 | 12,201 | 13,518 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Reserve for: | ' | ' | ' |
Beginning Balance | 260 | 460 | 279 |
Charged to Cost and Expense | 148 | 0 | 181 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 200 | 0 |
Ending Balance | 408 | 260 | 460 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Reserve for: | ' | ' | ' |
Beginning Balance | 0 | 25 | 277 |
Charged to Cost and Expense | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 25 | 252 |
Ending Balance | 0 | 0 | 25 |
Aged and Obsoliete Supplies and Parts [Member] | ' | ' | ' |
Reserve for: | ' | ' | ' |
Beginning Balance | 960 | 928 | 719 |
Charged to Cost and Expense | ' | 32 | 209 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 15 | 0 | 0 |
Ending Balance | $945 | $960 | $928 |
Note_27_Asset_Impairment_Detai
Note 27 - Asset Impairment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Note 27 - Asset Impairment (Details) [Line Items] | ' | ' |
Asset Impairment Charges | $18,102 | $466 |
Equipment and Deferred Revenue [Member] | Chemicals [Member] | ' | ' |
Note 27 - Asset Impairment (Details) [Line Items] | ' | ' |
Other Expenses | 16,160 | ' |
Chemicals [Member] | Cost of Sales [Member] | ' | ' |
Note 27 - Asset Impairment (Details) [Line Items] | ' | ' |
Asset Impairment Charges | 1,420 | ' |
Chemicals [Member] | ' | ' |
Note 27 - Asset Impairment (Details) [Line Items] | ' | ' |
Asset Impairment Charges | $17,580 | ' |