FutureFuel (FF) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Entity Registrant Name	FUTUREFUEL CORP.
Entity Central Index Key	1,337,298
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		43,722,388
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 142,359,000	$ 124,079,000
Accounts receivable, inclusive of federal $1.00 per gallon blenders’ tax credit (“BTC”) of $0 and $28,954, net of allowances for bad debt of $0 and $0 at June 30, 2015 and December 31, 2014, respectively	19,651,000	50,135,000
Accounts receivable – related parties	5,131,000	1,173,000
Inventory	55,988,000	45,353,000
Income tax receivable	17,729,000	19,716,000
Prepaid expenses	946,000	$ 1,670,000
Prepaid expenses – related parties	23,000
Marketable securities	85,943,000	$ 87,720,000
Deferred financing costs	144,000
Other current assets	1,282,000	$ 1,619,000
Total current assets	329,196,000	331,465,000
Property, plant and equipment, net	126,735,000	127,371,000
Intangible assets	1,408,000	$ 0
Deferred financing costs	541,000
Other assets	2,861,000	$ 2,652,000
Total noncurrent assets	131,545,000	130,023,000
Total Assets	460,741,000	461,488,000
Liabilities and Stockholders’ Equity
Accounts payable	30,211,000	30,386,000
Accounts payable – related parties	2,191,000	2,912,000
Current deferred income tax liability	3,895,000	11,003,000
Deferred revenue – short-term	2,185,000	1,940,000
Contingent liability – short-term	1,151,000	1,151,000
Accrued expenses and other current liabilities	6,369,000	4,649,000
Accrued expenses and other current liabilities – related parties	313,000	46,000
Total current liabilities	46,315,000	52,087,000
Deferred revenue – long-term	16,412,000	15,927,000
Other noncurrent liabilities	3,362,000	4,024,000
Noncurrent deferred income tax liability	29,917,000	30,441,000
Total noncurrent liabilities	49,691,000	50,392,000
Total liabilities	$ 96,006,000	$ 102,479,000
Commitments and contingencies:
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, 43,722,388 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	4,000	4,000
Accumulated other comprehensive income	2,376,000	4,259,000
Additional paid in capital	278,584,000	277,652,000
Retained earnings	83,771,000	77,094,000
Total stockholders’ equity	364,735,000	359,009,000
Total Liabilities and Stockholders’ Equity	$ 460,741,000	$ 461,488,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Inclusive of Federal $1.00 Per Gallon Blenders' Tax Credit	$ 0	$ 28,954,000
Allowance for bad debt	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	75,000,000	75,000,000
Common stock shares issued (in shares)	43,722,388	43,722,388
Common stock shares outstanding (in shares)	43,722,388	43,722,388

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues	$ 78,690	$ 66,933	$ 128,505	$ 147,236
Revenues – related parties	25,908	1,106	30,180	3,000
Cost of goods sold	96,900	47,865	135,210	98,952
Cost of goods sold – related parties	1,063	12,610	2,807	33,123
Distribution	986	907	1,634	1,791
Distribution – related parties	105	79	176	190
Gross profit	5,544	6,578	18,858	16,180
Selling, general, and administrative expenses
Compensation expense	1,059	855	2,212	1,609
Other expense	572	536	1,181	1,167
Related party expense	66	147	126	211
Research and development expenses	670	869	1,385	1,571
	2,367	2,407	4,904	4,558
Income from operations	3,177	4,171	13,954	11,622
Interest and dividend income	1,405	1,567	2,672	3,937
Interest expense	(43)	(7)	(49)	(13)
Gain on marketable securities	451	2,949	1,471	2,900
Other expense	(78)	(64)	(122)	166
	1,735	4,445	3,972	6,990
Income before income taxes	4,912	8,616	17,926	18,612
Provision for income taxes	1,119	3,269	6,002	6,991
Net income	$ 3,793	$ 5,347	$ 11,924	$ 11,621
Earnings per common share
Basic (in dollars per share)	$ 0.09	$ 0.12	$ 0.27	$ 0.27
Diluted (in dollars per share)	$ 0.09	$ 0.12	$ 0.27	$ 0.27
Weighted average shares outstanding
Basic (in shares)	43,420,923	43,352,836	43,396,789	43,348,195
Diluted (in shares)	43,428,733	43,550,129	43,405,641	43,471,880
Comprehensive Income
Other comprehensive (loss)/income from unrealized net losses/gains on available-for-sale securities, net of tax	$ (1,282)	$ 2,511	$ (1,883)	$ 1,747
Comprehensive income	2,511	7,858	10,041	13,368
Revenues	78,690	66,933	128,505	147,236
Revenues – related parties	25,908	1,106	30,180	3,000
Cost of goods sold	96,900	47,865	135,210	98,952
Cost of goods sold – related parties	1,063	12,610	2,807	33,123
Distribution	986	907	1,634	1,791
Distribution – related parties	105	79	176	190
Gross profit	$ 5,544	$ 6,578	$ 18,858	$ 16,180

Consolidated Statements of Ope5

Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax	$ (799,000)	$ 1,597,000	$ (1,174,000)	$ 1,088

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows provided by operating activities
Net income	$ 11,924,000	$ 11,621,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,872,000	$ 4,527,000
Amortization of deferred financing costs	36,000
Benefit for deferred income taxes	(6,458,000)	$ (1,469,000)
Change in fair value of derivative instruments	5,423,000	$ 1,966,000
Other than temporary impairment of marketable securities	$ 186,000
Impairment of fixed assets		$ 247,000
Gain on the sale of investments	$ (1,657,000)	(2,900,000)
Stock based compensation	954,000	204,000
Losses on disposals of fixed assets	122,000	4,000
Noncash interest expense	13,000	13,000
Changes in operating assets and liabilities:
Accounts receivable	30,484,000	7,589,000
Accounts receivable – related parties	(3,958,000)	1,938,000
Inventory	(10,635,000)	(25,177,000)
Income tax receivable	1,987,000	(1,029,000)
Prepaid expenses	724,000	$ 1,052,000
Prepaid expenses – related party	(23,000)
Accrued interest on marketable securities	(73,000)	$ 15,000
Other assets	(207,000)	(110,000)
Accounts payable	(175,000)	(2,902,000)
Accounts payable – related parties	(721,000)	5,961,000
Accrued expenses and other current liabilities	1,720,000	(202,000)
Accrued expenses and other current liabilities – related parties	267,000	60,000
Deferred revenue	730,000	$ 1,434,000
Other noncurrent liabilities	(675,000)
Net cash provided by operating activities	34,860,000	$ 2,842,000
Cash flows from investing activities
Collateralization of derivative instruments	(5,013,000)	(3,337,000)
Purchase of marketable securities	(25,819,000)	(18,247,000)
Proceeds from the sale of marketable securities	26,010,000	$ 32,945,000
Expenditures for intangible assets	(1,408,000)
Capital expenditures	(4,360,000)	$ (5,715,000)
Net cash (used in)/provided by investing activities	(10,590,000)	5,646,000
Cash flows from financing activities
Minimum tax withholding on stock options exercised	$ (22,000)	(54,000)
Excess tax benefits associated with stock options		$ 89,000
Deferred financing costs	$ (721,000)
Payment of dividends	(5,247,000)	$ (10,434,000)
Net cash used in financing activities	(5,990,000)	(10,399,000)
Net change in cash and cash equivalents	18,280,000	(1,911,000)
Cash and cash equivalents at beginning of period	124,079,000	86,463,000
Cash and cash equivalents at end of period	$ 142,359,000	$ 84,552,000
Cash paid for interest
Cash paid for income taxes	$ 11,147,000	$ 7,000,000

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	1) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 acres of land six miles southeast of Batesville in north central Arkansas fronting the White River (the “Batesville Plant”). FutureFuel Chemical manufactures diversified chemical products, biobased products comprised of biofuels, and biobased specialty chemical products. FutureFuel Chemical’s operations are reported in two segments: chemicals and biofuels. The chemicals segment manufactures a diversified listing of chemical products that are sold to third party customers. The majority of the revenues from the chemical segment are derived from the custom manufacturing of specialty chemicals for specific customers. The biofuels business segment primarily produces and sells biodiesel. FutureFuel Chemical Company also sells petrodiesel in blends with our biodiesel and, from time to time, with no biodiesel added. Finally, FutureFuel is a shipper of refined petroleum products on common carrier pipelines and buys and sells petroleum products to maintain an active shipper status on these pipelines. Basis of Presentation The accompanying consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2014 audited consolidated financial statements and should be read in conjunction with the 2014 audited consolidated financial statements of FutureFuel. In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States for interim financial information and with instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and do include amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of FutureFuel and its wholly owned subsidiaries; namely, FutureFuel Chemical, FFC Grain, L.L.C., FutureFuel Warehouse Company, L.L.C., and Legacy Regional Transport, L.L.C. Intercompany transactions and balances have been eliminated in consolidation.

Note 2 - Inventory

Note 2 - Inventory	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	2) INVENTORY The carrying values of inventory were as follows as of: June 30, 2015 December 31, 2014 At average cost (approximates current cost) Finished goods $ 24,184 $ 25,369 Work in process 2,666 2,391 Raw materials and supplies 34,156 25,935 61,006 53,695 LIFO reserve (5,018 ) (8,342 ) Total inventory $ 55,988 $ 45,353 In determining the LIFO cost of its inventory, FutureFuel relies on certain pricing indices. In the three months ended June 30, 2015, these index values changed in such a way as to decrease FutureFuel’s LIFO cost relative to weighted average cost. As such, FutureFuel recorded an increase in its LIFO reserve of $345, the offset of which was recorded as an increase to cost of goods sold of $197 in the biofuels segment and an increase of $148 in the chemicals segment for the three months ended June 30, 2015. For the three months ended June 30, 2014, FutureFuel recorded an increase in its LIFO reserve of $500, the offset of which was recorded as an increase to cost of goods sold of $260 in the biofuels segment and an increase of $240 in the chemicals segment. In the six months ended June 30, 2015, these index values changed in such a way as to increase FutureFuel’s LIFO cost relative to weighted average cost. As such, FutureFuel recorded a reduction in its LIFO reserve of $3,324, the offset of which was recorded as a reduction to cost of goods sold of $2,282 in the biofuels segment and a reduction of $1,042 in the chemicals segment for the six months ended June 30, 2015. For the six months ended June 30, 2014, FutureFuel recorded an increase in its LIFO reserve of $732, the offset of which was recorded as an increase to cost of goods sold of $344 in the biofuels segment and an increase of $388 in the chemicals segment.

Note 3 - Derivative Instruments

Note 3 - Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	3) 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 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 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 within the biodiesel segment, and amounted to losses of $3,056 and $232 for the three months ended June 30, 2015 and 2014, respectively, and losses of $2,337 and $294 for the six months ended June 30, 2015 and 2014, respectively. The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset/(Liability) June 30, 2015 December 31, 2014 Quantity (contracts) Short Fair Value Quantity (contracts) Short Fair Value Regulated options, included in other current assets (450 ) $ (1,407 ) (350 ) $ (794 ) Regulated fixed price future commitments, included in other current assets (175 ) $ (3,946 ) (225 ) $ 862 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $6,477 and $1,464 at June 30, 2015 and December 31, 2014, respectively. The carrying values of the margin account and of the derivative instruments are included, net, in other current assets.

Note 4 - Marketable Securities

Note 4 - Marketable Securities	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	4) MARKETABLE SECURITIES At June 30, 2015 and December 31, 2014, FutureFuel had investments in certain preferred stock, trust preferred securities, exchange traded debt instruments, and other equity 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. FutureFuel’s marketable securities were comprised of the following at June 30, 2015 and December 31, 2014: June 30, 2015 Adjusted Cost Unrealized Gains Unrealized L osses Fair Value Equity instruments $ 22,584 $ 2,641 $ (1,022 ) $ 24,203 Preferred stock 32,715 1,274 (205 ) 33,784 Trust preferred securities 18,488 1,190 (52 ) 19,626 Exchange traded debt instruments 8,300 122 (92 ) 8,330 Total $ 82,087 $ 5,227 $ (1,371 ) $ 85,943 December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 35,062 $ 5,214 $ (1,526 ) $ 38,750 Preferred stock 21,660 1,626 - 23,286 Trust preferred securities 18,920 1,285 (1 ) 20,204 Exchange traded debt instruments 5,292 192 (4 ) 5,480 Total $ 80,934 $ 8,317 $ (1,531 ) $ 87,720 The aggregate fair value of instruments with unrealized losses totaled $23,545 and $15,688 at June 30, 2015 and December 31, 2014, respectively. As of June 30, 2015 and December 31, 2014, FutureFuel had no investments in marketable securities that were in an unrealized loss position for a greater than 12-month period, respectively.

Note 5 - Accrued and Other Curr

Note 5 - Accrued and Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	5) ACCRUED AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: June 30 , 2015 December 31, 2014 Accrued employee liabilities $ 4,222 $ 3,227 Accrued property, use, and franchise taxes 1,712 1,340 Other 748 128 Total $ 6,682 $ 4,695

Note 6 - Borrowings

Note 6 - Borrowings	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	6) BORROWINGS On April 16, 2015, FutureFuel, with FutureFuel Chemical as borrowers, and certain of FutureFuel’s other subsidiaries, as guarantors, entered into a $150,000,000 secured and committed credit facility with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The credit facility consists of a five-year revolving credit facility in a dollar amount of up to $150,000,000, which includes a sublimit of $30,000,000 for letters of credit and $15,000,000 for swingline loans (collectively, the “Credit Facility”). The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee 1.00 :1.0 1.25% 0.25% 0.15% ≥ 1.00 :1.0 and < 1.50 :1.0 1.50% 0.50% 0.20% ≥ 1.50 :1.0 and < 2.00 :1.0 1.75% 0.75% 0.25% ≥ 2.00 :1.0 and < 2.50 :1.0 2.00% 1.00% 0.30% ≥ 2.50 :1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of June 30, 2015. There were no borrowings under this credit agreement at June 30, 2015 and there were no borrowings under the former credit agreement at December 31, 2014, which terminated on April 16, 2015.

Note 7 - Provision for Income T

Note 7 - Provision for Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7) PROVISION FOR INCOME TAXES The following table summarizes the provision for income taxes. Three months ended June 30 : Six months ended June 30 : 2015 2014 2015 2014 Provision for income taxes $ 1,119 $ 3,269 $ 6,002 $ 6,991 Effective tax rate 22.8 % 37.9 % 33.5 % 37.6 % The effective tax rate for the three and six-month periods ended June 30, 2015 and June 30, 2014 reflect our expected tax rate on reported operating earnings before income tax and reflects the elimination of the small agri-biodiesel producer tax credit and the elimination of the tax credit for increasing research activities. Additionally, the effective tax rate for the three and six-months ended June 30, 2015 reflects changes in estimates concerning FutureFuel’s unrecognized tax benefits. FutureFuel’s effective tax rate for the three and six-months ended June 30, 2015 is lower than it would have been otherwise. This reduced rate is not expected to continue for the remainder of 2015. Unrecognized tax benefits totaled $3,117and $2,981 at June 30, 2015 and December 31, 2014, respectively, and was included in other noncurrent liabilities on the balance sheet. FutureFuel records interest and penalties net as a component of income tax expense. At June 30, 2015 and December 31, 2014, respectively, FutureFuel recorded $113 and $46 in accruals for interest and tax penalties. In the second quarter of 2015, the IRS completed its audit of FutureFuel’s 2010 through 2012 amended federal income tax returns. FutureFuel was successful in recovering the benefits previously unrecorded in its financial statements. Also during the second quarter of 2015, FutureFuel received notice of rejection from an administrative law judge in The Arkansas Office of Hearings and Appeals regarding FutureFuel’s 2010 through 2012 amended state income tax returns. In connection with these matters, FutureFuel recognized a net income tax benefit of $695 in the second quarter of 2015 upon the recognition of previously unrecognized net tax benefits.

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	8) EARNINGS PER SHARE We compute earnings per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “Earnings per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at June 30, 2015 or 2014. Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month and six-month periods ended June 30, 2015 or 2014 as the vesting conditions had not been satisfied. Basic and diluted earnings per common share were computed as follows: For the three months ended June 30: For the six months ended June 30: 2015 2014 2015 2014 Numerator: Net income $ 3,793 $ 5,347 $ 11,924 $ 11,621 Less: distributed earnings allocated to non-vested restricted stock (16 ) (30 ) (37 ) (30 ) Less: undistributed earnings allocated to non-vested restricted stock (7 ) (1 ) (49 ) (7 ) Numerator for basic earnings per share $ 3,770 $ 5,316 $ 11,838 $ 11,584 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 7 1 49 7 Less: undistributed earnings reallocated to non-vested restricted stock (7 ) (1 ) (49 ) (7 ) Numerator for diluted earnings per share $ 3,770 $ 5,316 $ 11,838 $ 11,584 Denominator: Weighted average shares outstanding – basic 43,420,923 43,352,836 43,396,789 43,348,195 Effect of dilutive securities: Stock options and other awards 7,810 197,293 8,852 123,685 Weighted average shares outstanding – diluted 43,428,733 43,550,129 43,405,641 43,471,880 Basic earnings per share $ 0.09 $ 0.12 $ 0.27 $ 0.27 Diluted earnings per share $ 0.09 $ 0.12 $ 0.27 $ 0.27 Certain options to purchase FutureFuel’s common stock were not included in the computation of diluted earnings per share for the three and six-months ended June 30, 2015 because they were anti-dilutive in the period. The weighted average number of options excluded on this basis was 100,000 for both the three and six-months ended June 30, 2015. No options to purchase shares of FutureFuel’s common stock were excluded from the computation of diluted earnings per share for the three and six-months ended June 30, 2014.

Note 9 - Segment Information

Note 9 - Segment Information	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9) SEGMENT INFORMATION FutureFuel has two reportable segments organized along product lines – chemicals and biofuels. 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 primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and the purchase and sale of other petroleum products. 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 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows: Three months ended: United States All Foreign Countries Total June 30, 2015 $ 104,157 $ 441 $ 104,598 June 30, 2014 $ 66,461 $ 1,578 $ 68,039 Six months ended: United States All Foreign Countries Total June 30, 2015 $ 157,734 $ 951 $ 158,685 June 30, 2014 $ 146,389 $ 3,847 $ 150,236 For the three months ended June 30, 2015 and 2014, revenues from Mexico accounted for 0% and 2%, respectively, of total revenues. For the six months ended June 30, 2015 and 2014, revenues from Mexico accounted for 0% and 2% of total revenues, respectively. Other than Mexico, revenues from a single foreign country during the three and six-months ended June 30, 2015 and 2014 did not exceed 1% of total revenues. Summary of business by segment Three months ended June 30 : Six months ended June 30 : 2015 2014 2015 2014 Revenues Chemicals $ 32,688 $ 32,609 $ 66,894 $ 62,885 Biofuels 71,910 35,430 91,791 87,351 Revenues $ 104,598 $ 68,039 $ 158,685 $ 150,236 Segment gross profit Chemicals $ 10,012 $ 7,131 $ 20,865 $ 16,165 Biofuels (4,468 ) (553 ) (2,007 ) 15 Segment gross margins 5,544 6,578 18,858 16,180 Corporate expenses (2,367 ) (2,407 ) (4,904 ) (4,558 ) Income before interest and taxes 3,177 4,171 13,954 11,622 Interest and other income 1,856 4,516 4,143 7,003 Interest and other expense (121 ) (71 ) (171 ) (13 ) Provision for income taxes (1,119 ) (3,269 ) (6,002 ) (6,991 ) Net income $ 3,793 $ 5,347 $ 11,924 $ 11,621 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.

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	10) 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 tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at June 30, 2015 and December 31, 2014. Asset/(Liability) Fair Value at June 30 , Fair Value Measurements Using Inputs Considered as: 2015 Level 1 Level 2 Level 3 Description Derivative instruments $ (5,353 ) $ (5,353 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 85,943 $ 85,943 $ - $ - Asset/(Liability) Fair Value at December 31, Fair Value Measurements Using Inputs Considered as: 2014 Level 1 Level 2 Level 3 Description Derivative instruments $ 68 $ 68 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 87,720 $ 87,720 $ - $ -

Note 11 - Reclassifications fro

Note 11 - Reclassifications from Accumulated and Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	11) RECLASSIFICATIONS FROM ACCUMULATED AND OTHER COMPREHENSIVE INCOME: The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three months ended June 30, 2015 and 2014. Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the t hree months ended June 30, 2015 and 2014 (net of tax) 2015 201 4 Balance at March 31 $ 3,658 $ 6,672 Other comprehensive loss/(gain) before reclassifications (1,004 ) 6,042 Amounts reclassified from accumulated other comprehensive income (278 ) (3,531 ) Net current-period other comprehensive (loss)/gain (1,282 ) 2,511 Balance at June 30 $ 2,376 $ 9,183 Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the s ix months ended June 30, 2015 and 2014 (net of tax) 201 5 201 4 Balance at December 31 $ 4,259 $ 7,436 Other comprehensive (loss)/gain before reclassifications (977 ) 5,266 Amounts reclassified from accumulated other comprehensive income (906 ) (3,519 ) Net current-period other comprehensive (loss)/gain (1,883 ) 1,747 Balance at June 30 $ 2,376 $ 9,183 The following tables summarize amounts reclassified from accumulated other comprehensive income in the three and six-months ended June 30, 2015 and 2014: Reclassifications from Accumulated Other Comprehensive Income Three months ended June 30, 2015 Six months ended June 30, 2015 Affected Line Item in Statement of Operations Unrealized gain on available- for-sale securities $ 451 $ 1,471 Gains on marketable securities Total before tax 451 1,471 Tax provision (173 ) (565 ) Total reclassifications $ 278 $ 906 Three months ended June 30, 2014 Six months ended June 30, 2014 Affected Line Item in Statement of Operations Unrealized gain on available-for-sale securities $ 5,732 $ 5,713 Gains on marketable securities Total before tax 5,732 5,713 Tax provision (2,201 ) (2,194 ) Total reclassifications $ 3,531 $ 3,519

Note 12 - Legal Matters

Note 12 - Legal Matters	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	12) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not believe, based upon currently available facts, 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.

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties. As previously disclosed, related party costs of goods sold for the three and six-months ended June 30, 2014 have been reclassified from their prior presentation. For revised prior period comparative information, please see Note 19 – “Related party transactions” in the notes to consolidated financial statements in our Form 10-K for the year ended December 31, 2014.

Note 14 - Recently Issued Accou

Note 14 - Recently Issued Accounting Statements	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	14) RECENTLY ISSUED ACCOUNTING STATEMENTS In July 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance that requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard will be effective for periods on or after December 15, 2016 and will be applied prospectively. Early adoption is permitted. FutureFuel is evaluating the impact that this new guidance will have on our Consolidated Financial Statements and related Note disclosures. In April 2015, the FASB issued new guidance related to presentation of debt issue costs. The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. FutureFuel adopted this standard early effective April 1, 2015. However, since no borrowings were outstanding against the credit facility at June 30, 2015, FutureFuel has shown the payment of these debt issuance costs as an asset. In May 2014, the FASB and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that will supersede virtually all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in a July 2015 meeting, the FASB affirmed its proposal to defer the effective date by one year. The provisions of the ASU are to be applied retrospectively; early adoption prior to the original effective date is not permitted. FutureFuel is currently evaluating the impact on its financial position, results of operations, and related disclosures.

Note 15 - Intangible Asset

Note 15 - Intangible Asset	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	15) INTANGIBLE ASSET In April of 2015, FutureFuel acquired additional historical line space on a pipeline for $1,408. The acquired line space was recorded as an intangible asset with an indefinite life as there was no foreseeable limit on the time period over which it is expected to contribute to cash flows. The carrying value of the asset was $1,408 and $0, respectively, as of June 30, 2015 and 2014. The Company will test the intangible asset for impairment in accordance with codification ASC 350-30-35-18 through 35-20.

Note 2 - Inventory (Tables)

Note 2 - Inventory (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2015 December 31, 2014 At average cost (approximates current cost) Finished goods $ 24,184 $ 25,369 Work in process 2,666 2,391 Raw materials and supplies 34,156 25,935 61,006 53,695 LIFO reserve (5,018 ) (8,342 ) Total inventory $ 55,988 $ 45,353

Note 3 - Derivative Instrumen23

Note 3 - Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset/(Liability) June 30, 2015 December 31, 2014 Quantity (contracts) Short Fair Value Quantity (contracts) Short Fair Value Regulated options, included in other current assets (450 ) $ (1,407 ) (350 ) $ (794 ) Regulated fixed price future commitments, included in other current assets (175 ) $ (3,946 ) (225 ) $ 862

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Marketable Securities [Table Text Block]	June 30, 2015 Adjusted Cost Unrealized Gains Unrealized L osses Fair Value Equity instruments $ 22,584 $ 2,641 $ (1,022 ) $ 24,203 Preferred stock 32,715 1,274 (205 ) 33,784 Trust preferred securities 18,488 1,190 (52 ) 19,626 Exchange traded debt instruments 8,300 122 (92 ) 8,330 Total $ 82,087 $ 5,227 $ (1,371 ) $ 85,943 December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 35,062 $ 5,214 $ (1,526 ) $ 38,750 Preferred stock 21,660 1,626 - 23,286 Trust preferred securities 18,920 1,285 (1 ) 20,204 Exchange traded debt instruments 5,292 192 (4 ) 5,480 Total $ 80,934 $ 8,317 $ (1,531 ) $ 87,720

Note 5 - Accrued and Other Cu25

Note 5 - Accrued and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30 , 2015 December 31, 2014 Accrued employee liabilities $ 4,222 $ 3,227 Accrued property, use, and franchise taxes 1,712 1,340 Other 748 128 Total $ 6,682 $ 4,695

Note 6 - Borrowings (Tables)

Note 6 - Borrowings (Tables)	6 Months Ended
	Jun. 30, 2015
Revolving Credit Facility [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee 1.00 :1.0 1.25% 0.25% 0.15% ≥ 1.00 :1.0 and < 1.50 :1.0 1.50% 0.50% 0.20% ≥ 1.50 :1.0 and < 2.00 :1.0 1.75% 0.75% 0.25% ≥ 2.00 :1.0 and < 2.50 :1.0 2.00% 1.00% 0.30% ≥ 2.50 :1.0 2.25% 1.25% 0.35%

Note 7 - Provision for Income27

Note 7 - Provision for Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended June 30 : Six months ended June 30 : 2015 2014 2015 2014 Provision for income taxes $ 1,119 $ 3,269 $ 6,002 $ 6,991 Effective tax rate 22.8 % 37.9 % 33.5 % 37.6 %

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended June 30: For the six months ended June 30: 2015 2014 2015 2014 Numerator: Net income $ 3,793 $ 5,347 $ 11,924 $ 11,621 Less: distributed earnings allocated to non-vested restricted stock (16 ) (30 ) (37 ) (30 ) Less: undistributed earnings allocated to non-vested restricted stock (7 ) (1 ) (49 ) (7 ) Numerator for basic earnings per share $ 3,770 $ 5,316 $ 11,838 $ 11,584 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 7 1 49 7 Less: undistributed earnings reallocated to non-vested restricted stock (7 ) (1 ) (49 ) (7 ) Numerator for diluted earnings per share $ 3,770 $ 5,316 $ 11,838 $ 11,584 Denominator: Weighted average shares outstanding – basic 43,420,923 43,352,836 43,396,789 43,348,195 Effect of dilutive securities: Stock options and other awards 7,810 197,293 8,852 123,685 Weighted average shares outstanding – diluted 43,428,733 43,550,129 43,405,641 43,471,880 Basic earnings per share $ 0.09 $ 0.12 $ 0.27 $ 0.27 Diluted earnings per share $ 0.09 $ 0.12 $ 0.27 $ 0.27

Note 9 - Segment Information (T

Note 9 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three months ended: United States All Foreign Countries Total June 30, 2015 $ 104,157 $ 441 $ 104,598 June 30, 2014 $ 66,461 $ 1,578 $ 68,039 Six months ended: United States All Foreign Countries Total June 30, 2015 $ 157,734 $ 951 $ 158,685 June 30, 2014 $ 146,389 $ 3,847 $ 150,236
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30 : Six months ended June 30 : 2015 2014 2015 2014 Revenues Chemicals $ 32,688 $ 32,609 $ 66,894 $ 62,885 Biofuels 71,910 35,430 91,791 87,351 Revenues $ 104,598 $ 68,039 $ 158,685 $ 150,236 Segment gross profit Chemicals $ 10,012 $ 7,131 $ 20,865 $ 16,165 Biofuels (4,468 ) (553 ) (2,007 ) 15 Segment gross margins 5,544 6,578 18,858 16,180 Corporate expenses (2,367 ) (2,407 ) (4,904 ) (4,558 ) Income before interest and taxes 3,177 4,171 13,954 11,622 Interest and other income 1,856 4,516 4,143 7,003 Interest and other expense (121 ) (71 ) (171 ) (13 ) Provision for income taxes (1,119 ) (3,269 ) (6,002 ) (6,991 ) Net income $ 3,793 $ 5,347 $ 11,924 $ 11,621

Note 10 - Fair Value Measurem30

Note 10 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Asset/(Liability) Fair Value at June 30 , Fair Value Measurements Using Inputs Considered as: 2015 Level 1 Level 2 Level 3 Description Derivative instruments $ (5,353 ) $ (5,353 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 85,943 $ 85,943 $ - $ - Asset/(Liability) Fair Value at December 31, Fair Value Measurements Using Inputs Considered as: 2014 Level 1 Level 2 Level 3 Description Derivative instruments $ 68 $ 68 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 87,720 $ 87,720 $ - $ -

Note 11 - Reclassifications f31

Note 11 - Reclassifications from Accumulated and Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	2015 201 4 Balance at March 31 $ 3,658 $ 6,672 Other comprehensive loss/(gain) before reclassifications (1,004 ) 6,042 Amounts reclassified from accumulated other comprehensive income (278 ) (3,531 ) Net current-period other comprehensive (loss)/gain (1,282 ) 2,511 Balance at June 30 $ 2,376 $ 9,183 201 5 201 4 Balance at December 31 $ 4,259 $ 7,436 Other comprehensive (loss)/gain before reclassifications (977 ) 5,266 Amounts reclassified from accumulated other comprehensive income (906 ) (3,519 ) Net current-period other comprehensive (loss)/gain (1,883 ) 1,747 Balance at June 30 $ 2,376 $ 9,183
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Reclassifications from Accumulated Other Comprehensive Income Three months ended June 30, 2015 Six months ended June 30, 2015 Affected Line Item in Statement of Operations Unrealized gain on available- for-sale securities $ 451 $ 1,471 Gains on marketable securities Total before tax 451 1,471 Tax provision (173 ) (565 ) Total reclassifications $ 278 $ 906 Three months ended June 30, 2014 Six months ended June 30, 2014 Affected Line Item in Statement of Operations Unrealized gain on available-for-sale securities $ 5,732 $ 5,713 Gains on marketable securities Total before tax 5,732 5,713 Tax provision (2,201 ) (2,194 ) Total reclassifications $ 3,531 $ 3,519

Note 1 - Nature of Operations32

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - Jun. 30, 2015	a
Batesville, Arkansas [Member]
Area of Land	2,200
Number of Operating Segments	2

Note 2 - Inventory (Details Tex

Note 2 - Inventory (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Biofuels [Member]
Inventory, LIFO Reserve, Effect on Income, Net	$ 197	$ 260	$ (2,282)	$ 344
Chemicals [Member]
Inventory, LIFO Reserve, Effect on Income, Net	148	240	(1,042)	388
Inventory, LIFO Reserve, Period Charge	$ (345)	$ (500)	$ 3,324	$ (732)

Note 2 - Inventory - Carrying V

Note 2 - Inventory - Carrying Values of Inventory (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Finished goods	$ 24,184,000	$ 25,369,000
Work in process	2,666,000	2,391,000
Raw materials and supplies	34,156,000	25,935,000
	61,006,000	53,695,000
LIFO reserve	(5,018,000)	(8,342,000)
Total inventory	$ 55,988,000	$ 45,353,000

Note 3 - Derivative Instrumen35

Note 3 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (3,056)	$ (232)	$ (2,337)	$ (294)
Restricted Cash and Cash Equivalents	$ 6,477		$ 6,477		$ 1,464

Note 3 - Derivative Instrumen36

Note 3 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Commodity Option [Member]
Quantity (contracts) Short	(450)	(350)
Fair Value Liabilities	$ (1,407)	$ (794)
Future [Member]
Quantity (contracts) Short	(175)	(225)
Fair Value Liabilities	$ (3,946)
Fair Value Assets		$ 862

Note 4 - Marketable Securitie37

Note 4 - Marketable Securities (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	$ 0	$ 0
Investments, Fair Value Disclosure	$ 23,545,000	$ 15,688,000

Note 4 - Marketable Securitie38

Note 4 - Marketable Securities - Marketable Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Equity Securities [Member]
Adjusted Cost	$ 22,584,000	$ 35,062,000
Unrealized Gains	2,641,000	5,214,000
Unrealized Losses	(1,022,000)	(1,526,000)
Fair Value	24,203,000	38,750,000
Preferred Stock [Member]
Adjusted Cost	32,715,000	21,660,000
Unrealized Gains	1,274,000	$ 1,626,000
Unrealized Losses	(205,000)
Fair Value	33,784,000	$ 23,286,000
Trust Preferred Securities [Member]
Adjusted Cost	18,488,000	18,920,000
Unrealized Gains	1,190,000	1,285,000
Unrealized Losses	(52,000)	(1,000)
Fair Value	19,626,000	20,204,000
Corporate Debt Securities [Member]
Adjusted Cost	8,300,000	5,292,000
Unrealized Gains	122,000	192,000
Unrealized Losses	(92,000)	(4,000)
Fair Value	8,330,000	5,480,000
Adjusted Cost	82,087,000	80,934,000
Unrealized Gains	5,227,000	8,317,000
Unrealized Losses	(1,371,000)	(1,531,000)
Fair Value	$ 85,943,000	$ 87,720,000

Note 5 - Accrued Expenses and O

Note 5 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued employee liabilities	$ 4,222	$ 3,227
Accrued property, use, and franchise taxes	1,712	1,340
Other	748	128
Total	$ 6,682	$ 4,695

Note 6 - Borrowings (Details Te

Note 6 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($)	1 Months Ended
	Apr. 16, 2015	Jun. 30, 2015	Dec. 31, 2014
Regions Bank and PNC Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000,000
Line of Credit Facility, Expiration Period	5 years
Line of Credit Facility Sublimit for Letters of Credit	$ 30,000,000
Line of Credit Facility Swingline Loans	$ 15,000,000
Long-term Line of Credit		$ 0	$ 0

Note 6 - Borrowings - Leverage

Note 6 - Borrowings - Leverage Ratio (Details)	6 Months Ended
	Jun. 30, 2015
Minimum [Member] | Leverage Ratio1 [Member]
Consolidated Leverage Ratio
Minimum [Member] | Leverage Ratio 2 [Member]
Consolidated Leverage Ratio	1
Minimum [Member] | Leverage Ratio 3 [Member]
Consolidated Leverage Ratio	1.5
Minimum [Member] | Leverage Ratio 4 [Member]
Consolidated Leverage Ratio	2
Minimum [Member] | Leverage Ratio 5 [Member]
Consolidated Leverage Ratio	2.5
Maximum [Member] | Leverage Ratio1 [Member]
Consolidated Leverage Ratio	1
Maximum [Member] | Leverage Ratio 2 [Member]
Consolidated Leverage Ratio	1.5
Maximum [Member] | Leverage Ratio 3 [Member]
Consolidated Leverage Ratio	2
Maximum [Member] | Leverage Ratio 4 [Member]
Consolidated Leverage Ratio	2.5
Maximum [Member] | Leverage Ratio 5 [Member]
Consolidated Leverage Ratio
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on Variable Rate	1.25%
Leverage Ratio1 [Member] | Base Rate [Member]
Spread on Variable Rate	0.25%
Leverage Ratio1 [Member]
Commitment Fee	0.15%
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on Variable Rate	1.50%
Leverage Ratio 2 [Member] | Base Rate [Member]
Spread on Variable Rate	0.50%
Leverage Ratio 2 [Member]
Commitment Fee	0.20%
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on Variable Rate	1.75%
Leverage Ratio 3 [Member] | Base Rate [Member]
Spread on Variable Rate	0.75%
Leverage Ratio 3 [Member]
Commitment Fee	0.25%
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on Variable Rate	2.00%
Leverage Ratio 4 [Member] | Base Rate [Member]
Spread on Variable Rate	1.00%
Leverage Ratio 4 [Member]
Commitment Fee	0.30%
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on Variable Rate	2.25%
Leverage Ratio 5 [Member] | Base Rate [Member]
Spread on Variable Rate	1.25%
Leverage Ratio 5 [Member]
Commitment Fee	0.35%

Note 7 - Provision for Income42

Note 7 - Provision for Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Earliest Tax Year [Member] | Domestic Tax Authority [Member]
Open Tax Year		2,010
Latest Tax Year [Member] | Domestic Tax Authority [Member]
Open Tax Year		2,012
Unrecognized Tax Benefits	$ 3,117	$ 3,117	$ 2,981
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	113	$ 113	$ 46
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (695)

Note 7 - Provision for Income43

Note 7 - Provision for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Provision for income taxes	$ 1,119	$ 3,269	$ 6,002	$ 6,991
Effective tax rate	22.80%	37.90%	33.50%	37.60%

Note 8 - Earnings Per Share (De

Note 8 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100,000	0	100,000	0

Note 8 - Earnings Per Share - C

Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 3,793	$ 5,347	$ 11,924	$ 11,621
Less: distributed earnings allocated to non-vested restricted stock	(16)	(30)	(37)	(30)
Less: undistributed earnings allocated to non-vested restricted stock	(7)	(1)	(49)	(7)
Numerator for basic earnings per share	3,770	5,316	11,838	11,584
Effect of dilutive securities:
Add: undistributed earnings allocated to non-vested restricted stock	7	1	49	7
Less: undistributed earnings reallocated to non-vested restricted stock	(7)	(1)	(49)	(7)
Numerator for diluted earnings per share	$ 3,770	$ 5,316	$ 11,838	$ 11,584
Weighted average shares outstanding – basic (in shares)	43,420,923	43,352,836	43,396,789	43,348,195
Stock options and other awards (in shares)	7,810	197,293	8,852	123,685
Weighted average shares outstanding – diluted (in shares)	43,428,733	43,550,129	43,405,641	43,471,880
Basic earnings per share (in dollars per share)	$ 0.09	$ 0.12	$ 0.27	$ 0.27
Diluted earnings per share (in dollars per share)	$ 0.09	$ 0.12	$ 0.27	$ 0.27

Note 9 - Segment Information (D

Note 9 - Segment Information (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Chemicals [Member]
Number of Reportable Segments			2
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | MEXICO
Concentration Risk, Percentage	0.00%	2.00%	0.00%	2.00%
Number of Reportable Segments			2

Note 9 - Segment Information -

Note 9 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reportable Geographical Components [Member] | UNITED STATES
Revenues	$ 104,157	$ 66,461	$ 157,734	$ 146,389
Reportable Geographical Components [Member] | All Foreign Countries [Member]
Revenues	441	1,578	951	3,847
Revenues	$ 104,598	$ 68,039	$ 158,685	$ 150,236

Note 9 - Segment Information 48

Note 9 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Segments [Member] | Chemicals [Member]
Revenues	$ 32,688	$ 32,609	$ 66,894	$ 62,885
Gross profit	10,012	7,131	20,865	16,165
Operating Segments [Member] | Biofuels [Member]
Revenues	71,910	35,430	91,791	87,351
Gross profit	(4,468)	(553)	(2,007)	15
Corporate, Non-Segment [Member]
Corporate expenses	(2,367)	(2,407)	(4,904)	(4,558)
Revenues	104,598	68,039	158,685	150,236
Gross profit	5,544	6,578	18,858	16,180
Income before interest and taxes	3,177	4,171	13,954	11,622
Interest and other income	1,856	4,516	4,143	7,003
Interest and other expense	(121)	(71)	(171)	(13)
Provision for income taxes	(1,119)	(3,269)	(6,002)	(6,991)
Net income	$ 3,793	$ 5,347	$ 11,924	$ 11,621

Note 10 - Fair Value Measurem49

Note 10 - Fair Value Measurements - Assets and Liiabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Derivative instruments	$ (5,353)	$ 68
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments	$ 85,943	$ 87,720
Fair Value, Inputs, Level 2 [Member]
Derivative instruments
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments
Fair Value, Inputs, Level 3 [Member]
Derivative instruments
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments
Derivative instruments	$ (5,353)	$ 68
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments	$ 85,943	$ 87,720

Note 11 - Reclassifications f50

Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Beginning Balance	$ 3,658	$ 6,672	$ 4,259	$ 7,436
Other comprehensive loss/(gain) before reclassifications	(1,004)	6,042	(977)	5,266
Amounts reclassified from accumulated other comprehensive income	(278)	(3,531)	(906)	(3,519)
Net current-period other comprehensive (loss)/gain	(1,282)	2,511	(1,883)	1,747
Ending Balance	$ 2,376	$ 9,183	$ 2,376	$ 9,183

Note 11 - Reclassifications f51

Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unrealized gain on available-for-sale securities	$ 451	$ 5,732	$ 1,471	$ 5,713
Total before tax	451	5,732	1,471	5,713
Tax provision	(173)	(2,201)	(565)	(2,194)
Total reclassifications	$ 278	$ 3,531	$ 906	$ 3,519

Note 15 - Intangible Asset (Det

Note 15 - Intangible Asset (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Payments to Acquire Intangible Assets	$ 1,408,000	$ 1,408,000
Intangible Assets, Net (Excluding Goodwill)		$ 1,408,000		$ 0