Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FUTUREFUEL CORP. | ||
Trading Symbol | FF | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 43,715,832 | ||
Entity Public Float | $ 283,248,378 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,337,298 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 154,049 | $ 124,079 |
Accounts receivable, inclusive of the BTC of $30,895 and $28,954 and net of allowance of $0 and $0, in 2015 and 2014, respectively | 46,319 | 50,135 |
Accounts receivable – related parties | 10 | 1,173 |
Inventory | 64,957 | 45,353 |
Income tax receivable | 14,114 | 19,716 |
Prepaid expenses | 1,642 | 1,670 |
Prepaid expenses – related parties | 35 | |
Marketable securities | 74,667 | 87,720 |
Deferred financing costs | 144 | |
Other current assets | 3,887 | 1,619 |
Total current assets | 359,824 | 331,465 |
Property, plant and equipment, net | 124,330 | 127,371 |
Intangible assets | 1,408 | 0 |
Deferred financing costs | 469 | |
Other assets | 3,078 | 2,652 |
Total noncurrent assets | 129,285 | 130,023 |
Total Assets | 489,109 | 461,488 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 34,442 | 30,386 |
Accounts payable - related parties | 244 | 2,912 |
Current deferred income tax liability | 7,060 | 11,003 |
Deferred revenue – short-term | 2,680 | 1,940 |
Contingent liability – short-term | 1,151 | 1,151 |
Accrued expenses and other current liabilities | 2,976 | 4,649 |
Accrued expenses and other current liabilities - related parties | 46 | |
Total current liabilities | 48,553 | 52,087 |
Deferred revenue – long-term | 15,908 | 15,927 |
Other noncurrent liabilities | 1,219 | 4,024 |
Noncurrent deferred income tax liability | 29,117 | 30,441 |
Total noncurrent liabilities | 46,244 | 50,392 |
Total Liabilities | $ 94,797 | $ 102,479 |
Commitments and contingencies (Notes 2, 15, 23, 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, 43,715,832 and 43,722,388 issued and outstanding as of December 31, 2015 and 2014, respectively | 4 | 4 |
Accumulated other comprehensive income | 2,055 | 4,259 |
Additional paid in capital | 279,231 | 277,652 |
Retained earnings | 113,002 | 77,094 |
Total stockholders’ equity | 394,312 | 359,009 |
Total Liabilities and Stockholders’ Equity | $ 489,109 | $ 461,488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, BTC (in Dollars) | $ 30,895 | $ 28,954 |
Accounts receivable,allowance for bad debt (in Dollars) | $ 0 | $ 0 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
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) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 43,715,832 | 43,722,388 |
Common stock shares outstanding | 43,715,832 | 43,722,388 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 234,630 | $ 302,748 | $ 435,499 |
Revenues – related parties | 64,981 | 39,090 | 9,420 |
Cost of goods sold | 233,063 | 213,172 | 289,828 |
Cost of goods sold – related parties | 6,662 | 58,822 | 50,635 |
Distribution | 2,435 | 3,536 | 3,899 |
Distribution - related parties | 405 | 335 | 392 |
Gross profit | 57,046 | 65,973 | 100,165 |
Selling, general, and administrative expenses | |||
Compensation expense | 4,955 | 4,268 | 3,647 |
Other expense | 2,164 | 2,195 | 2,421 |
Related party expense | 215 | 214 | 399 |
Research and development expenses | 2,741 | 3,168 | 3,444 |
Operating earnings | 10,075 | 9,845 | 9,911 |
Income from operations | 46,971 | 56,128 | 90,254 |
Interest and dividend income | 5,106 | 6,877 | 5,875 |
Interest expense | (134) | (25) | (24) |
Gain on marketable securities | 107 | 4,335 | 1,646 |
Other income (expense) | (181) | 30 | (400) |
Other income | 4,898 | 11,217 | 7,097 |
Income before income taxes | 51,869 | 67,345 | 97,351 |
Provision for income taxes | 5,448 | 14,145 | 23,317 |
Net income | $ 46,421 | $ 53,200 | $ 74,034 |
Earnings per common share: | |||
Basic (in Dollars per share) | $ 1.06 | $ 1.22 | $ 1.71 |
Diluted (in Dollars per share) | $ 1.06 | $ 1.22 | $ 1.71 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 43,432,149 | 43,357,602 | 43,237,513 |
Diluted (in Shares) | 43,445,730 | 43,392,011 | 43,276,931 |
Net income | $ 46,421 | $ 53,200 | $ 74,034 |
Other comprehensive income (loss) – unrealized gains (losses) on marketable securities, net of tax benefit of ($1,314) in 2015 and ($1,980) in 2014, and net of tax of $3,018 in 2013 | (2,204) | (3,177) | 4,839 |
Comprehensive income | $ 44,217 | $ 50,023 | $ 78,873 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income/(loss) – unrealized gains/(losses) on available-for-sale securities, tax | $ (1,314) | $ (1,980) | $ 3,018 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows provided by operating activities | |||
Net income | $ 46,421 | $ 53,200 | $ 74,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 10,187 | 8,981 | 10,316 |
Provision for (benefit from) deferred income taxes | (3,721) | 5,388 | (1,972) |
Change in fair value of derivative instruments | (3,295) | (396) | (617) |
Other than temporary impairment of marketable securities | 606 | 336 | |
Impairment of fixed assets | 247 | 18,102 | |
Gain on sale of investments | (713) | (4,335) | (1,982) |
Losses on disposals of fixed assets | 178 | 108 | 261 |
Stock based compensation | 2,043 | 1,440 | |
Noncash interest expense | 26 | 25 | 24 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 3,816 | (21,515) | (5,838) |
Accounts receivable – related parties | 1,163 | 3,456 | (4,629) |
Inventory | (19,604) | (3,189) | (172) |
Income taxes receivable | 5,602 | (4,984) | (14,732) |
Prepaid expenses | 28 | 173 | (248) |
Prepaid expenses - related parties | (35) | 32 | |
Accrued interest on marketable securities | 30 | 99 | (79) |
Other assets | (668) | 65 | (266) |
Accounts payable | 4,056 | 15,459 | 2,338 |
Accounts payable - related parties | (2,668) | 2,055 | (3,030) |
Income taxes payable | (620) | ||
Accrued expenses and other current liabilities | (1,673) | (3,153) | 4,209 |
Accrued expenses and other current liabilities - related parties | (46) | 43 | 3 |
Deferred revenue | 721 | (2,524) | (14,734) |
Other noncurrent liabilities | (2,831) | 1,309 | 1,718 |
Net cash provided by operating activities | 39,623 | 51,952 | 62,454 |
Cash flows from investing activities | |||
Collateralization of derivative instruments | 1,239 | (985) | 1,374 |
Purchase of marketable securities | (39,136) | (41,369) | (49,348) |
Proceeds from the sale of marketable securities | 48,546 | 57,098 | 41,198 |
Sales of auction rate securities | 1,150 | ||
Proceeds from the sale of fixed assets | 6 | 81 | 57 |
Expenditures for intangible assets | (1,408) | ||
Capital expenditures | (7,222) | (8,117) | (18,542) |
Net cash provided by (used in) investing activities | 2,025 | 6,708 | (24,111) |
Cash flows from financing activities | |||
Proceeds from the issuance of stock | 19,292 | ||
Minimum tax withholding on stock options exercised | (120) | (175) | (45) |
Excess tax benefits associated with stock awards and options | (344) | 59 | 40 |
Deferred financing costs | (721) | ||
Payment of dividend | (10,493) | (20,928) | (29,904) |
Net cash used in financing activities | (11,678) | (21,044) | (10,617) |
Net change in cash and cash equivalents | 29,970 | 37,616 | 27,726 |
Cash and cash equivalents at beginning of period | 124,079 | 86,463 | 58,737 |
Cash and cash equivalents at end of period | 154,049 | 124,079 | 86,463 |
Cash paid for interest | 23 | ||
Cash paid for income taxes | $ 13,381 | $ 12,372 | $ 38,890 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2012 | $ 4 | $ 2,597 | $ 257,041 | $ 692 | $ 260,334 |
Balance (in Shares) at Dec. 31, 2012 | 41,739,569 | ||||
Cash dividends | (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 | ||||
Cash dividends | (20,928) | (20,928) | |||
Stock based compensation | 1,440 | 1,440 | |||
Stock based compensation (in Shares) | 379,558 | ||||
Excess income tax benefits from exercise of stock options | 59 | 59 | |||
Minimum tax withholdings on options and awards | (175) | (175) | |||
Minimum tax withholdings on options and awards (in Shares) | 379,558 | ||||
Other comprehensive income | (3,177) | (3,177) | |||
Net income | 53,200 | 53,200 | |||
Balance at Dec. 31, 2014 | $ 4 | 4,259 | 277,652 | 77,094 | 359,009 |
Balance (in Shares) at Dec. 31, 2014 | 43,722,388 | ||||
Cash dividends | (10,493) | (10,493) | |||
Stock based compensation | 2,043 | 2,043 | |||
Stock based compensation (in Shares) | (6,556) | ||||
Excess income tax benefits from exercise of stock options | (344) | (344) | |||
Minimum tax withholdings on options and awards | (120) | (120) | |||
Minimum tax withholdings on options and awards (in Shares) | (6,556) | ||||
Other comprehensive income | (2,204) | (2,204) | |||
Net income | 46,421 | 46,421 | |||
Balance at Dec. 31, 2015 | $ 4 | $ 2,055 | $ 279,231 | $ 113,022 | $ 394,312 |
Balance (in Shares) at Dec. 31, 2015 | 43,715,832 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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 bio-based products platform. This included the production of biofuels (biodiesel) and bio-based specialty chemical products (bio-based solvents, chemicals, and intermediates). In addition to bio-based 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, 2015 | |
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 Company; FFC Grain, L.L.C., which was formed in 2009 to acquire a granary in Marianna, Arkansas; FutureFuel Warehouse Company, L.L.C., 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. 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 collectability 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 laundry detergent additive are made to a leading North American consumer products company. Sales of the laundry detergent additive were less than 10% of total revenue for the year ended December 31, 2015 and greater than 10% for the years ended December 31, 2014 and 2013, or $43,927 and $56,596, respectively. Sales to one biodiesel customer totaled $33,255, $62,994, and $135,273 for the years ended December 31, 2015, 2014, and 2013, respectively. Additionally, sales of biodiesel, petrodiesel, petrodiesel blends, and other petroleum products to a related party totaled $64,981, $39,090, and $9,420 for the years ended December 31, 2015, 2014, and 2013, respectively. See Note 19 below. 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 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. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in our biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, we may enter into exchange traded commodity futures and options contracts. We account for these derivative instruments in accordance with ASC 815-20-25, Derivatives and Hedging, Hedging-General, Recognition. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. We had no derivative instruments that qualified under these rules as designated accounting hedges in 2015 or 2014. Changes in the fair value of our derivative instruments are recognized at the end of each accounting period and recorded in the statement of operations as a component of cost of goods sold. Our immediate recognition of derivative instrument gains and losses can cause net income to be volatile from period to period due to the timing of the change in value of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2015 and 2014, the fair values of our derivative instruments were a net asset in the amount of $3,362 and $68, respectively. They were comprised of short positions of 200 regulated options with a fair value of $(427) and a short position of 631 regulated fixed price futures contracts with a fair value of $3,789 at December 31, 2015. Comparatively, we held a short position of 350 regulated options with a value of $(794) and a short position of 225 regulated fixed price future commitments with a value of $862 at December 31, 2014. 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: Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 Impairment of assets Long-lived tangible assets FutureFuel evaluates the carrying value of long-lived tangible 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. Indefinite-lived in tangible asset Intangible assets with indefinite lives are not amortized, but are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. The Company performs annual impairment tests of the intangible assets during the fourth quarter of each fiscal year and assesses qualitative factors to determine the likelihood of impairment. The Company’s qualitative analysis includes, but is not limited to, assessing the changes in macroeconomic conditions, legal and regulatory environment, industry and market conditions, financial performance, and any other relevant events or circumstances specific to the intangible asset. If it is more likely than not that the fair value of the intangible asset is greater than the carrying value, no further testing is required. Otherwise, the Company will apply the quantitative impairment test method. In performing the Company's qualitative analysis, the Company determined that it was more likely than not that the indefinite-lived intangible asset's fair value was greater than the carrying value. 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 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 other warranties. Bill and hold transactions for 2015, 2014, and 2013 related to three specialty chemical customers in 2015, four in 2014, and six in 2013, 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 $28,740, $31,598, and $44,047 for the years ended December 31, 2015, 2014, and 2013, respectively. Taxes collected from customers and remitted to governmental authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. 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 2015, 2014 and 2013, the biodiesel tax incentive for blending biodiesel with petroleum diesel is netted with costs of goods sold. The one dollar per gallon blenders’ tax credit (“BTC”) 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 or when such credit was made law. This tax credit is set to expire on December 31, 2016. 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 Earnings per share is computed using the two-class method in accordance with ASC 260, Earnings Per Share Contingently issuable shares associated with outstanding service-based restricted stock shares were not included in the earnings per share calculations for the year ended December 31, 2015 and 2014 as the vesting conditions had not been satisfied. No such restricted stock units existed in 2013. Comprehensive income Comprehensive income is comprised of net income and other comprehensive income/(losses) (“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, 2015, FutureFuel recorded other comprehensive losses of $2,204, net of income tax benefit of $1,546, on these securities. For the year ended December 31, 2014, FutureFuel recorded other comprehensive losses of $3,177, net of income tax benefit of $1,980, on these securities. 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, 2015 and 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 $394 and $207, net of income tax benefit of $212 and $129 for the years ended December 31, 2015 and 2013, respectively. No such reclassification was made for the year ended December 31, 2014. 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 principles 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 BTC a
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 3) Reinstatement of biodiesel BTC and small agri-biodiesel producers tax credit On January 3, 2013, the BTC 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 year-end 2012, the retroactive credit was recognized as a reduction in cost of goods sold in the first quarter of 2013. On December 22, 2014, the BTC was retroactively reinstated for 2014 and expired on December 31, 2014. The retroactive credit for 2014 totaled $33,031, and $28,954 was recognized as a reduction in cost of goods sold in the fourth quarter of 2014, with the remainder recognized as a reduction of cost of goods sold in 2015. Pursuant to the terms of certain 2014 sales commitments, $18,628 of the 2014 retroactive credit was owed to customers. This obligation was recognized as a reduction in sales revenue in the fourth quarter of 2014. The BTC expired on December 31, 2014 and was reinstated on December 18, 2015. The retroactive credit for 2015 totaled $30,895 and was recognized as a reduction of cost of goods sold in the fourth quarter of 2015. Pursuant to the terms of certain 2015 sales commitments, $16,544 of the 2015 retroactive credit was owed to customers. This obligation was recognized as a reduction in sales revenue in the fourth quarter of 2015. The BTC is set to expire December 31, 2016. On January 3, 2013, a tax credit for small agri-biodiesel producers with production capacity not in excess of 60 million gallons of $0.10 per gallon for the first 15 million gallons of agri-biodiesel sold 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 year-end 2012, the retroactive income tax credit was recognized as a component of the provision for income taxes in the first quarter of 2013. This credit is part of the bill from which the BTC mentioned above was reinstated for 2014 and 2015. As such, this tax credit, totaling $1,500, was also retroactively reinstated for 2015 and 2014. The small agri-biodiesel producers’ credit is set to expire December 31, 2016. |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4) Inventory The carrying values of inventory were as follows as of December 31: 2015 2014 At average cost (approximates current cost) Finished goods $ 35,517 $ 25,369 Work in process 1,695 2,391 Raw materials and supplies 31,247 25,935 Total inventories at weighted average cost 68,459 53,695 LIFO reserve (3,502 ) (8,342 ) Total inventories $ 64,957 $ 45,353 In the year ended December 31, 2014, a change in inventory quantities and price index values resulted in a partial liquidation of inventory in FutureFuel’s LIFO inventory which reduced cost of goods sold by $945. No such liquidation occurred in the year ended December 31, 2015. In the aggregate, the inventory was carried at the lower costs prevailing in prior years as compared to the cost of purchases. A lower of cost or market adjustment was recorded at December 31, 2015 of $1,595 which was caused primarily by the change in the LIFO reserve. No such adjustment was recorded at December 31, 2014. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 The volumes and carrying values of FutureFuel’s derivative instruments were as follows at December 31: Asset/(Liability) 2015 2014 Quantity (contracts) Long/ (Short) Fair Value Quantity (contracts) Long/ (Short) Fair Value Regulated options, included in other current assets (200 ) $ (427 ) (350 ) $ (794 ) Regulated fixed price future commitments, included in other current assets (631 ) $ 3,789 (225 ) $ 862 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $225 and $1,464 at December 31, 2015 and 2014, 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, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6) Marketable securities At December 31, 2015 and 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: December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 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 investments with unrealized losses totaled $15,571 and $15,688 at December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, FutureFuel had no investments in marketable securities that were in an unrealized loss position for a greater than 12-month period, respectively. In 2015, FutureFuel recategorized a net gain of $2,402 from accumulated other comprehensive income to a component of net income as a result of sales of available for sale securities. This amount totaled $5,712 and $334 of net gains in 2014 and 2013, respectively. |
Note 7 - Property, Plant, and E
Note 7 - Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Land and land improvements $ 5,741 $ 5,741 Buildings and building equipment 26,478 26,524 Machinery and equipment 157,289 152,792 Construction in progress 3,586 1,186 Accumulated depreciation (68,764 ) (58,872 ) Total $ 124,330 $ 127,371 Depreciation expense totaled $10,079, $8,981, and $10,316 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8) Intangible assets 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 December 30, 2015 and 2014. The Company tested the intangible asset for impairment in accordance with codification ASC 350-30-35-18 through 35-20 and no impairment was necessary for either period. |
Note 9 - Other Assets
Note 9 - Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
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 $3,078 and $2,652 at December 31, 2015 and 2014, respectively. |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Accrued employee liabilities $ 1,474 $ 3,227 Accrued property, use, and franchise taxes 1,248 1,340 Other 254 128 Total $ 2,976 $ 4,695 |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 11) 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 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 which includes a sublimit of $30,000 for letters of credit and $15,000 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 % 2.25 % 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 December 31, 2015. There were no borrowings under this credit agreement at December 31, 2015 and there were no borrowings under the former credit agreement at December 31, 2014, which terminated on April 16, 2015. |
Note 12 - Asset Retirement Obli
Note 12 - Asset Retirement Obligations and Environmental Reserves | 12 Months Ended |
Dec. 31, 2015 | |
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 $822 and $796 as of December 31, 2015 and 2014, 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: 2015 2014 Beginning balance $ 796 $ 771 Accretion expense 26 25 Balance at December 31 $ 822 $ 796 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 May 2014, FutureFuel issued a restricted stock award of 250,000 shares to Paul A. Novelly, FutureFuel’s Chief Executive Officer. The restricted shares vest in three annual installments on the first, second, and third anniversaries of the grant date as service to the company is fulfilled. The total expense for the award was $4,195 and will be recognized into expense equally over the three years. In July 2014, FutureFuel issued a restricted stock award of 125,000 shares to Paul M. Flynn, FutureFuel’s Executive Vice President of Business and Marketing, upon commencement of employment on September 2, 2014. Twenty percent of the shares vested immediately. The remaining shares vest equally over the remaining annual installments on the first, second, third, and fourth anniversaries of the commencement of employment as service to the company is fulfilled. The total expense for the award was $2,136, with 20% recognized immediately and the remainder to be recognized into expense equally over the four years. No stock awards were issued in 2015. In December 2014, FutureFuel granted a total of 90,000 stock options to select members of management. The options awarded 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. The options awarded vest annually in equal increments over three years and expire on December 2, 2019. 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 December 2015, FutureFuel granted a total of 30,000 stock options to new members of the Board of Directors. The options awarded in 2015 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 2015 vested immediately upon grant and expire in December 2020. 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. The assumptions used in the determination of the fair value of the options granted are provided in the following table: Assumptions December 2015 Options December 2014 Options Expected volatility rate 43.08% 41.48% Expected dividend yield 1.72% 4.23% Risk-free interest rate 1.67% 1.25% Expected forfeiture rate 0.00% 0.00% Expected term in years 4.5 4.5 The volatility rate for the options granted in 2015 and 2014 were 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 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, 2015, 2014, and 2013, total share-based compensation expense (before tax) totaled $2,043, $1,440, and $0, respectively. In the years ended December 31, 2015, 2014, and 2013, this balance was recorded as an element of selling, general, and administrative expenses. As of December 31, 2015, $3,069 of total unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted average period of 1.86 years. As of December 31, 2015, $158 of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted average period of 1.92 years. Each amount will be adjusted for any future changes in estimated forfeitures. The weighted average fair value of options granted in 2015 was $4.55 per option, in 2014, it was $2.78 per option, and no options were granted in 2013. A summary of the activity of FutureFuel’s stock options and awards for the period beginning January 1, 2013 and ending December 31, 2015 is presented below. Options Weighted Average Exercise Price Outstanding at January 1, 2013 210,611 $ 11.62 Granted - $ - Exercised (30,000 ) $ 11.16 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2013 180,611 $ 11.70 Granted 90,000 $ 11.34 Exercised (30,611 ) $ 10.06 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2014 240,000 $ 11.77 Granted 30,000 $ 13.99 Exercised (20,000 ) $ 11.68 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2015 250,000 $ 12.05 There were 1,194,700 options available for grant under the incentive plan at December 31, 2015. The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable at December 31, 2015. Options Outstanding Options Exercisable Exercise Price Number Outstanding at December 31, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2015 Weighted Average Exercise Price $ 12.74 90,000 0.33 $ 12.74 90,000 $ 12.74 $ 10.62 40,000 1.28 $ 10.62 40,000 $ 10.62 $ 11.34 90,000 3.92 $ 11.34 30,000 $ 11.34 $ 13.99 30,000 4.97 $ 13.99 30,000 $ 13.99 250,000 2.33 12.05 190,000 12.27 The weighted average remaining contractual life of all exercisable options is 1.83 years. The aggregate intrinsic values of total options outstanding and at December 31, 2015 and 2014 were $378 and $299, respectively. The aggregate intrinsic values of total options exercisable at December 31, 2015 and 2014 were $248 and $148, respectively. Intrinsic value is the amount by which the last trade price of the common stock closest to December 31, 2015 and December 31, 2014, respectively, exceeded the exercise price of the options granted. In 2015, FutureFuel realized gross proceeds from stock option exercises of $0 and realized a net tax benefit of $5. All of the options exercised in 2015 were exercised on a cashless basis and resulted in 16,556 shares of FutureFuel’s common stock being returned to FutureFuel by the stock option holder. All of the stock awards that vested were issued on a cashless basis and resulted in 10,000 shares of FutureFuel’s common stock being returned to FutureFuel by the stock award holder. Such shares were returned to satisfy payment of the exercise price along with minimum tax requirements. Such minimum tax requirements totaled $120. The following summarizes unvested restricted stock activity: Number of Restricted Stock Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of December 31, 2012 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2013 - - - Granted 375,000 $ 16.88 - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2014 350,000 $ 16.87 2.73 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2015 241,667 $ 16.88 1.86 The company realized a tax benefit of $339 in the year ended December 31, 2015 related to the vesting of restricted shares. The excess tax benefit attributable to restricted stock has been recorded as an decrease to additional paid-in-capital and is reflected as a financing cash inflow in the accompanying Consolidated Statement of Cash Flows. The following summarizes unvested stock option activity: Stock Options Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 2013 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2013 - - - Granted 90,000 $ 2.78 - Vested - - - Forfeited - - - Unvested as of December 31, 2014 90,000 2.78 2.92 Granted 30,000 4.55 - Vested (60,000 ) 3.67 - Forfeited - - - Unvested as of December 31, 2015 60,000 2.78 1.92 |
Note 14 - Provision for Income
Note 14 - Provision for Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14) Provision for income taxes The following table summarizes the provision for income taxes: 2015 2014 2013 Income before taxes - U.S. $ 51,869 $ 67,345 $ 97,351 Provision for income taxes: Current 7,475 8,455 22,933 Deferred (2,283 ) 3,858 (2,200 ) State and other Current 487 1,306 2,829 Deferred (231 ) 526 (245 ) Total $ 5,448 $ 14,145 $ 23,317 Differences between the provision for income taxes computed using the U.S. federal statutory income tax rate were as follows: 2015 2014 2013 Amount computed using the statutory rate of 35% $ 18,154 $ 23,571 $ 34,072 Section 199 manufacturing deduction (163 ) - (2,092 ) Agri-biodiesel production credit (975 ) (975 ) (1,950 ) Federal excise tax benefit (9,958 ) (10,344 ) (9,566 ) State excise tax benefit (792 ) (2,409 ) (2,067 ) Credit for increasing research activities (51 ) (80 ) (180 ) Alternative fueling equipment credit - (2 ) (23 ) Tax exempt interest income - - (2 ) State income taxes, net 695 3,189 3,983 Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit (747 ) 1,309 1,718 Other (715 ) (114 ) (576 ) Provision for income taxes $ 5,448 $ 14,145 $ 23,317 The effective tax rates for the years December 31, 2015 and 2014 reflect FutureFuel’s expected tax rate on reported operating earnings before income tax. In 2015, the biodiesel BTC formed a larger proportion of FutureFuel’s net income than in prior years. This increase in proportion combined with the income tax treatment of the BTC served to reduce FutureFuel’s effective income tax rate in 2015 relative to prior years. The significant components of deferred tax assets and liabilities were as follows as of December 31: 2015 2014 Deferred tax assets Compensation $ 249 $ 1,005 Inventory reserves 1,244 628 Self insurance 111 88 Asset retirement obligation 299 289 Deferred revenue 9,993 10,110 Stock based compensation 144 244 Other - 81 Total deferred tax assets 12,040 12,445 Deferred tax liabilities Available for sale securities (1,075 ) (2,618 ) Derivative instruments (1,348 ) (488 ) Accrued expenses (656 ) (592 ) LIFO inventory (5,163 ) (6,062 ) Depreciation (39,930 ) (41,520 ) Other (45 ) (2,609 ) Total deferred tax liabilities (48,217 ) (53,889 ) Valuation allowance - - Net deferred tax liabilities $ (36,177 ) $ (41,444 ) 2015 2014 As recorded in the consolidated balance sheet Current deferred tax liability $ (7,060 ) $ (11,003 ) Noncurrent deferred tax liability (29,117 ) (30,441 ) Net deferred tax liabilities $ (36,177 ) $ (41,444 ) In 2013, as a result of then recently issued technical guidance from the U.S. Internal Revenue Service, FutureFuel changed its position related to the benefit from the biodiesel BTC to exclude this credit from taxable income for the years 2010 through 2013. 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 in 2013, with $7,755 related to the years 2010 through 2012 and $3,878 related to 2013. This same treatment was followed in 2014 and 2015 when the biodiesel BTC was retroactively reinstated for 2014 and 2015 in December of 2014 and 2015, respectively. The biodiesel BTC was extended through the end of 2016 as part of the 2015 tax extenders package. FutureFuel’s unrecognized tax benefits totaled $4,588 and $2,981 at December 31, 2015 and 2014, respectively. The following table summarizes FutureFuel’s unrecognized tax benefits activity. 2015 2014 2013 Beginning balance $ 2,981 $ 1,718 $ - Increases to tax positions taken in the current year 1,471 1,255 917 Increases to tax positions taken in a prior year 3,117 8 801 Decrease due to resolution of tax positions taken in a prior year (2,981 ) - - Balance at December 31 $ 4,588 $ 2,981 $ 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 balances of $61 and $46 at December 31, 2015 and 2014, respectively, for interest or tax penalties. FutureFuel and its subsidiaries file tax returns in the U.S. federal jurisdiction and with various state jurisdictions. In general, FutureFuel is subject to U.S., state, and local examinations by tax authorities from 2012 forward . 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. |
Note 15 - Deferred Revenue and
Note 15 - Deferred Revenue and Contingent Liability | 12 Months Ended |
Dec. 31, 2015 | |
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 $18,588 at December 31, 2015, with $2,680 classified as a current liability and $15,908 classified as a noncurrent liability. Deferred revenue totaled $17,867 at December 31, 2014, with $1,940 classified as a current liability and $15,927 classified as a noncurrent liability. The following table summarizes FutureFuel’s deferred revenue activity: 201 5 2014 Beginning balance $ 17,867 $ 20,391 Amortization (2,468 ) (6,790 ) Additions 3,365 4,283 Impairment (176 ) (17 ) Balance at December 31 $ 18,588 $ 17,867 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 $1,151 at December 31, 2015 and 2014. |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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, as amended (“Exchange Act”), 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 could 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 aggregate 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, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 17) Earnings per share We compute earnings per share using the two-class method in accordance with ASC 260, Earnings Per Share Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the year ended December 31, 2015, as the vesting conditions had not been satisfied. No such restricted stock units existed in 2014. For the twelve months ended December 31: 2015 2014 2013 Numerator: Net income $ 46,421 $ 53,200 $ 74,034 Less: distributed earnings allocated to nonvested restricted stock (66 ) (114 ) - Less: undistributed earnings allocated to nonvested restricted stock (237 ) (258 ) - Numerator for basic earnings per share $ 46,118 $ 52,828 $ 74,034 Effect of dilutive securities: Add: undistributed earnings allocated to nonvested restricted stock 237 258 - Less: undistributed earnings reallocated to nonvested restricted stock (237 ) (258 ) - Numerator for diluted earnings per share $ 46,118 $ 52,828 $ 74,034 Denominator: Weighted average shares outstanding - basic 43,432,149 43,357,602 43,237,513 Effect of dilutive securities: Stock options and other awards 13,581 34,409 39,418 Weighted average shares outstanding – diluted 43,445,730 43,392,011 43,276,931 Basic earnings per share $ 1.06 $ 1.22 $ 1.71 Diluted earnings per share $ 1.06 $ 1.22 $ 1.71 Certain options to purchase FutureFuel’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2015 and 2014 because they were anti-dilutive in the period. The weighted number of options excluded on this basis was 97,500 and 25,000, respectively. No options to purchase shares of FutureFuel’s common stock were excluded from the computation of diluted earnings per share for the year ended December 31, 2013. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 $1,648, $1,683, and $1,664 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 10 $ 1,173 Total accounts receivable $ 10 $ 1,173 Prepaid expenses Administrative services and other $ 35 $ - Total prepaid expenses $ 35 $ - Accounts payable Natural gas and fuel purchases $ 233 $ 2,912 Travel and administrative services $ 11 $ - Total accounts payable $ 244 $ 2,912 Accrued liabilities Travel and administrative services $ - $ 46 Total accrued liabilities $ - $ 46 Related party income statement accounts For the years ended December 31: 2015 2014 2013 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 64,981 $ 39,090 $ 9,420 Total revenues $ 64,981 $ 39,090 $ 9,420 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 2,412 $ 51,647 $ 44,548 Natural gas purchases 4,190 7,095 6,007 Income tax, consulting services and other 60 80 80 Total cost of goods sold $ 6,662 $ 58,822 $ 50,635 Distribution Distribution and related services $ 405 $ 335 $ 392 Total distribution $ 405 $ 335 $ 392 Selling, general and administrative expenses Commodity trading advisory fees $ 143 $ 132 $ 132 Travel and administrative services 72 82 267 Total selling, general, and administrative expenses $ 215 $ 214 $ 399 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 throughput 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, throughput, 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. |
Note 20 - Segment Information
Note 20 - Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 20) Segment information FutureFuel has two reportable segments organized along similar 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 is comprised of 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, 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 on common carrier pipelines. 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, 2015, 2014, and 2013 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 December 31, 2015 $ 297,415 $ 2,196 $ 299,611 December 31, 2014 $ 334,210 $ 7,628 $ 341,838 December 31, 2013 $ 430,096 $ 14,823 $ 444,919 For the years ended December 31, 2015, 2014, and 2013, revenues from Mexico accounted for 0%, 1%, and 3%, respectively, of total revenues. Other than Mexico, revenues from a single foreign country during 2015, 2014, or 2013 did not exceed 1% of total revenues. Summary of business by segment Twelve months ended: 2015 2014 2013 Revenues: Custom chemicals $ 108,160 $ 127,956 $ 147,095 Performance chemicals 17,688 18,190 14,406 Chemicals Revenues 125,848 146,146 161,501 Biofuels Revenues 173,763 195,692 283,418 Total Revenues $ 299,611 $ 341,838 $ 444,919 Segment gross profit: Chemicals $ 35,452 $ 46,062 $ 54,708 Biofuels 21,594 19,911 45,457 Total gross profit 57,046 65,973 100,165 Corporate expenses 10,075 9,845 9,911 Income before interest and taxes 46,971 56,128 90,254 Interest and other income 5,213 6,877 5,875 Interest and other expense (315 ) 4,340 1,222 Provision for income taxes (5,448 ) (14,145 ) (23,317 ) Net income $ 46,421 $ 53,200 $ 74,034 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, 2015 were favorably impacted by the receipt of approximately $147 awarded to FutureFuel under the United States Department of Agriculture Section 9005 – Advanced Biofuel Producers program in 2015. This award totaled $420 and $886 in 2014 and 2013, 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 common carrier pipelines. |
Note 21 - Fair Value Measuremen
Note 21 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 Measurements Using Inputs Considered as Description Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - Asset/(Liability) Fair Value at December 31, 2014 Fair Value Measurements Using Inputs Considered as Description Level 1 Level 2 Level 3 Derivative instruments $ 68 $ 68 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 87,720 $ 87,720 $ - $ - |
Note 22 - Reclassifications fro
Note 22 - Reclassifications from Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (net of tax) 2015 Balance at January 1, 2015 $ 4,259 Other comprehensive loss before reclassifications (2,134 ) Amounts reclassified from accumulated other comprehensive income (70 ) Net current-period other comprehensive loss - twelve months ended December 31, 2015 (2,204 ) Balance at December 31, 2015 $ 2,055 2014 Balance at January 1, 2014 $ 7,436 Other comprehensive loss before reclassifications (507 ) Amounts reclassified from accumulated other comprehensive income (2,670 ) Net current-period other comprehensive loss - twelve months ended December 31, 2014 (3,177 ) Balance at December 31, 2014 $ 4,259 The following table summarizes amounts reclassified from accumulated other comprehensive income in the years ended December 31, 2015 and 2014: Reclassifications from Accumulated Other Comprehensive Income 2015 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale securities $ 107 Gain on marketable securities Total before tax 107 Tax expense (37 ) Total reclassifications $ 70 2014 Unrealized gains on available-for-sale securities $ 4,335 Gain on marketable securities Total before tax 4,335 Tax expense (1,665 ) Total reclassifications $ 2,670 |
Note 23 - Commitments
Note 23 - Commitments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 were as follows: Minimum Rental 2016 $ 1,035 2017 536 2018 119 2019 95 2020 95 Thereafter 311 Total $ 2,191 Lease expenses totaled $1,060, $946, and $1,207 for the years ended December 31, 2015, 2014, and 2013, respectively. Purchase obligations FutureFuel has entered into contracts for the purchase of goods and services including contracts for the purchase of feedstocks for biodiesel and expansion of FutureFuel’s specialty chemicals segment and related infrastructure. |
Note 24 - Quarterly Financial I
Note 24 - Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 24) Quarterly financial information (unaudited) Quarter 1st 2nd 3rd 4th 2015 Revenues $ 54,087 $ 104,598 $ 107,054 $ 33,872 Gross profit $ 13,314 $ 5,544 $ 8,675 $ 29,513 Net income $ 8,131 $ 3,793 $ 4,850 $ 29,647 Net income per common share: Basic $ 0.19 $ 0.09 $ 0.11 $ 0.68 Diluted $ 0.19 $ 0.09 $ 0.11 $ 0.68 2014 Revenues $ 82,197 $ 68,039 $ 103,135 $ 88,467 Gross profit $ 9,602 $ 6,578 $ 20,872 $ 28,921 Net income $ 6,274 $ 5,347 $ 11,451 $ 30,128 Net income per common share: Basic $ 0.14 $ 0.12 $ 0.26 $ 0.69 Diluted $ 0.14 $ 0.12 $ 0.26 $ 0.69 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 Accou
Note 25 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 25) Recently issued accounting standards 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. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued new guidance for debt issuance costs as a part of the simplification and productivity initiative. Under this guidance, debt issuance costs will be presented as a direct reduction from the carrying amount of the debt liability, consistent with the presentation of debt discounts. The amortization of debt issuance costs will be reported as interest expense. The recognition and measurement guidance for debt issuance costs is not affected by the amendment. In August 2015, the FASB released clarifying guidance for debt issuance costs related to line-of-credit arrangements that may be deferred and for presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is to be applied on a retrospective basis and reported as a change in an accounting principle. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued. FutureFuel has shown the payment of these debt issuance costs as an asset at December 31, 2015. In July 2015, the Financial Accounting Standards Board 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 currently evaluating the impact on its financial position, results of operations, and related disclosures. In November 2015, the FASB issued guidance under the simplification and productivity initiative for presentation of deferred income tax liabilities and assets. This guidance simplifies the presentation of deferred income taxes such that deferred tax liabilities and assets are to be classified as noncurrent in a classified balance sheet. The update does not amend the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual reporting period and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has elected not to early adopt the new guidance as of the balance sheet date due to the insignificance of the change. As of December 31, 2015, the impact to the company would be a reclassification of $7,060 from current deferred tax liability to long-term deferred tax liability. In February 2016, a pronouncement was issued that creates new accounting and reporting guidelines for leasing arrangements. The new guidance requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures in order to help users of financial statements better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. The new standard is to be applied using a modified retrospective approach. FutureFuel is currently evaluating the impact of the new pronouncement on its financial statements. |
Note 26 - Reserve Roll Forwards
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 26) Reserve roll forwards - valuation and qualifying accounts 2015 Additions Balance at January 1, 201 5 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 5 Reserve for: Doubtful accounts and returns $ - $ 37 $ - $ 37 $ - LIFO inventory 8,342 - - 4,840 3,502 Aged and obsolete inventory 633 - - 87 546 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 949 38 - - 987 $ 9,924 $ 75 $ - $ 4,964 $ 5,035 2014 Additions Balance at January 1, 201 4 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at 201 4 Reserve for: Doubtful accounts and returns $ - $ 46 $ - $ 46 $ - LIFO inventory 9,287 - - 945 8,342 Aged and obsolete inventory 408 225 - - 633 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 945 4 - - 949 $ 10,640 $ 229 $ - $ 945 $ 9,924 2013 Additions Balance at January 1, 201 3 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 3 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 |
Note 27 - Asset Impairment
Note 27 - Asset Impairment | 12 Months Ended |
Dec. 31, 2015 | |
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. This contract subsequently terminated on August 9, 2014 without any additional material being produced or sold in 2014. As a result of the cancelation 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 remitted payment for all remaining minimum take or pay quantities per the terms of the sales agreement in 2014. FutureFuel also recognized the shortfall payment from 2013 in 2014. Such amounts totaled $4,176 and $4,640 respectively, and were recorded as a component of chemical segment revenue in 2014. |
Note 28 - Legal Matters
Note 28 - Legal Matters | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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 Company; FFC Grain, L.L.C., which was formed in 2009 to acquire a granary in Marianna, Arkansas; FutureFuel Warehouse Company, L.L.C., 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. |
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 collectability 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 laundry detergent additive are made to a leading North American consumer products company. Sales of the laundry detergent additive were less than 10% of total revenue for the year ended December 31, 2015 and greater than 10% for the years ended December 31, 2014 and 2013, or $43,927 and $56,596, respectively. Sales to one biodiesel customer totaled $33,255, $62,994, and $135,273 for the years ended December 31, 2015, 2014, and 2013, respectively. Additionally, sales of biodiesel, petrodiesel, petrodiesel blends, and other petroleum products to a related party totaled $64,981, $39,090, and $9,420 for the years ended December 31, 2015, 2014, and 2013, respectively. See Note 19 below. |
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 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. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in our biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, we may enter into exchange traded commodity futures and options contracts. We account for these derivative instruments in accordance with ASC 815-20-25, Derivatives and Hedging, Hedging-General, Recognition. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. We had no derivative instruments that qualified under these rules as designated accounting hedges in 2015 or 2014. Changes in the fair value of our derivative instruments are recognized at the end of each accounting period and recorded in the statement of operations as a component of cost of goods sold. Our immediate recognition of derivative instrument gains and losses can cause net income to be volatile from period to period due to the timing of the change in value of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2015 and 2014, the fair values of our derivative instruments were a net asset in the amount of $3,362 and $68, respectively. They were comprised of short positions of 200 regulated options with a fair value of $(427) and a short position of 631 regulated fixed price futures contracts with a fair value of $3,789 at December 31, 2015. Comparatively, we held a short position of 350 regulated options with a value of $(794) and a short position of 225 regulated fixed price future commitments with a value of $862 at December 31, 2014. |
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: Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of assets Long-lived tangible assets FutureFuel evaluates the carrying value of long-lived tangible 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. Indefinite-lived in tangible asset Intangible assets with indefinite lives are not amortized, but are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. The Company performs annual impairment tests of the intangible assets during the fourth quarter of each fiscal year and assesses qualitative factors to determine the likelihood of impairment. The Company’s qualitative analysis includes, but is not limited to, assessing the changes in macroeconomic conditions, legal and regulatory environment, industry and market conditions, financial performance, and any other relevant events or circumstances specific to the intangible asset. If it is more likely than not that the fair value of the intangible asset is greater than the carrying value, no further testing is required. Otherwise, the Company will apply the quantitative impairment test method. In performing the Company's qualitative analysis, the Company determined that it was more likely than not that the indefinite-lived intangible asset's fair value was greater than the carrying value. |
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 |
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 other warranties. Bill and hold transactions for 2015, 2014, and 2013 related to three specialty chemical customers in 2015, four in 2014, and six in 2013, 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 $28,740, $31,598, and $44,047 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Excise and Sales Taxes [Policy Text Block] | Taxes collected from customers and remitted to governmental authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. |
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 2015, 2014 and 2013, the biodiesel tax incentive for blending biodiesel with petroleum diesel is netted with costs of goods sold. The one dollar per gallon blenders’ tax credit (“BTC”) 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 or when such credit was made law. This tax credit is set to expire on December 31, 2016. 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 Earnings per share is computed using the two-class method in accordance with ASC 260, Earnings Per Share Contingently issuable shares associated with outstanding service-based restricted stock shares were not included in the earnings per share calculations for the year ended December 31, 2015 and 2014 as the vesting conditions had not been satisfied. No such restricted stock units existed in 2013. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income is comprised of net income and other comprehensive income/(losses) (“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, 2015, FutureFuel recorded other comprehensive losses of $2,204, net of income tax benefit of $1,546, on these securities. For the year ended December 31, 2014, FutureFuel recorded other comprehensive losses of $3,177, net of income tax benefit of $1,980, on these securities. 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, 2015 and 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 $394 and $207, net of income tax benefit of $212 and $129 for the years ended December 31, 2015 and 2013, respectively. No such reclassification was made for the year ended December 31, 2014. |
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 principles 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 Accounti37
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2015 2014 At average cost (approximates current cost) Finished goods $ 35,517 $ 25,369 Work in process 1,695 2,391 Raw materials and supplies 31,247 25,935 Total inventories at weighted average cost 68,459 53,695 LIFO reserve (3,502 ) (8,342 ) Total inventories $ 64,957 $ 45,353 |
Note 5 - Derivative Instrumen39
Note 5 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Asset/(Liability) 2015 2014 Quantity (contracts) Long/ (Short) Fair Value Quantity (contracts) Long/ (Short) Fair Value Regulated options, included in other current assets (200 ) $ (427 ) (350 ) $ (794 ) Regulated fixed price future commitments, included in other current assets (631 ) $ 3,789 (225 ) $ 862 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Marketable Securities [Table Text Block] | December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 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 7 - Property, Plant, and41
Note 7 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2015 2014 Land and land improvements $ 5,741 $ 5,741 Buildings and building equipment 26,478 26,524 Machinery and equipment 157,289 152,792 Construction in progress 3,586 1,186 Accumulated depreciation (68,764 ) (58,872 ) Total $ 124,330 $ 127,371 |
Note 10 - Accrued Expenses an42
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 Accrued employee liabilities $ 1,474 $ 3,227 Accrued property, use, and franchise taxes 1,248 1,340 Other 254 128 Total $ 2,976 $ 4,695 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
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 % 2.25 % 1.25 % 0.35 % |
Note 12 - Asset Retirement Ob44
Note 12 - Asset Retirement Obligations and Environmental Reserves (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | 2015 2014 Beginning balance $ 796 $ 771 Accretion expense 26 25 Balance at December 31 $ 822 $ 796 |
Note 13 - Stock Based Compens45
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions December 2015 Options December 2014 Options Expected volatility rate 43.08% 41.48% Expected dividend yield 1.72% 4.23% Risk-free interest rate 1.67% 1.25% Expected forfeiture rate 0.00% 0.00% Expected term in years 4.5 4.5 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Exercise Price Outstanding at January 1, 2013 210,611 $ 11.62 Granted - $ - Exercised (30,000 ) $ 11.16 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2013 180,611 $ 11.70 Granted 90,000 $ 11.34 Exercised (30,611 ) $ 10.06 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2014 240,000 $ 11.77 Granted 30,000 $ 13.99 Exercised (20,000 ) $ 11.68 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2015 250,000 $ 12.05 |
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 Outstanding at December 31, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2015 Weighted Average Exercise Price $ 12.74 90,000 0.33 $ 12.74 90,000 $ 12.74 $ 10.62 40,000 1.28 $ 10.62 40,000 $ 10.62 $ 11.34 90,000 3.92 $ 11.34 30,000 $ 11.34 $ 13.99 30,000 4.97 $ 13.99 30,000 $ 13.99 250,000 2.33 12.05 190,000 12.27 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Restricted Stock Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of December 31, 2012 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2013 - - - Granted 375,000 $ 16.88 - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2014 350,000 $ 16.87 2.73 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2015 241,667 $ 16.88 1.86 |
Schedule of Nonvested Share Activity [Table Text Block] | Stock Options Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 2013 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2013 - - - Granted 90,000 $ 2.78 - Vested - - - Forfeited - - - Unvested as of December 31, 2014 90,000 2.78 2.92 Granted 30,000 4.55 - Vested (60,000 ) 3.67 - Forfeited - - - Unvested as of December 31, 2015 60,000 2.78 1.92 |
Note 14 - Provision for Incom46
Note 14 - Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Income before taxes - U.S. $ 51,869 $ 67,345 $ 97,351 Provision for income taxes: Current 7,475 8,455 22,933 Deferred (2,283 ) 3,858 (2,200 ) State and other Current 487 1,306 2,829 Deferred (231 ) 526 (245 ) Total $ 5,448 $ 14,145 $ 23,317 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Amount computed using the statutory rate of 35% $ 18,154 $ 23,571 $ 34,072 Section 199 manufacturing deduction (163 ) - (2,092 ) Agri-biodiesel production credit (975 ) (975 ) (1,950 ) Federal excise tax benefit (9,958 ) (10,344 ) (9,566 ) State excise tax benefit (792 ) (2,409 ) (2,067 ) Credit for increasing research activities (51 ) (80 ) (180 ) Alternative fueling equipment credit - (2 ) (23 ) Tax exempt interest income - - (2 ) State income taxes, net 695 3,189 3,983 Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit (747 ) 1,309 1,718 Other (715 ) (114 ) (576 ) Provision for income taxes $ 5,448 $ 14,145 $ 23,317 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets Compensation $ 249 $ 1,005 Inventory reserves 1,244 628 Self insurance 111 88 Asset retirement obligation 299 289 Deferred revenue 9,993 10,110 Stock based compensation 144 244 Other - 81 Total deferred tax assets 12,040 12,445 Deferred tax liabilities Available for sale securities (1,075 ) (2,618 ) Derivative instruments (1,348 ) (488 ) Accrued expenses (656 ) (592 ) LIFO inventory (5,163 ) (6,062 ) Depreciation (39,930 ) (41,520 ) Other (45 ) (2,609 ) Total deferred tax liabilities (48,217 ) (53,889 ) Valuation allowance - - Net deferred tax liabilities $ (36,177 ) $ (41,444 ) 2015 2014 As recorded in the consolidated balance sheet Current deferred tax liability $ (7,060 ) $ (11,003 ) Noncurrent deferred tax liability (29,117 ) (30,441 ) Net deferred tax liabilities $ (36,177 ) $ (41,444 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2015 2014 2013 Beginning balance $ 2,981 $ 1,718 $ - Increases to tax positions taken in the current year 1,471 1,255 917 Increases to tax positions taken in a prior year 3,117 8 801 Decrease due to resolution of tax positions taken in a prior year (2,981 ) - - Balance at December 31 $ 4,588 $ 2,981 $ 1,718 |
Note 15 - Deferred Revenue an47
Note 15 - Deferred Revenue and Contingent Liability (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 201 5 2014 Beginning balance $ 17,867 $ 20,391 Amortization (2,468 ) (6,790 ) Additions 3,365 4,283 Impairment (176 ) (17 ) Balance at December 31 $ 18,588 $ 17,867 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the twelve months ended December 31: 2015 2014 2013 Numerator: Net income $ 46,421 $ 53,200 $ 74,034 Less: distributed earnings allocated to nonvested restricted stock (66 ) (114 ) - Less: undistributed earnings allocated to nonvested restricted stock (237 ) (258 ) - Numerator for basic earnings per share $ 46,118 $ 52,828 $ 74,034 Effect of dilutive securities: Add: undistributed earnings allocated to nonvested restricted stock 237 258 - Less: undistributed earnings reallocated to nonvested restricted stock (237 ) (258 ) - Numerator for diluted earnings per share $ 46,118 $ 52,828 $ 74,034 Denominator: Weighted average shares outstanding - basic 43,432,149 43,357,602 43,237,513 Effect of dilutive securities: Stock options and other awards 13,581 34,409 39,418 Weighted average shares outstanding – diluted 43,445,730 43,392,011 43,276,931 Basic earnings per share $ 1.06 $ 1.22 $ 1.71 Diluted earnings per share $ 1.06 $ 1.22 $ 1.71 |
Note 19 - Related Party Trans49
Note 19 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Condensed Balance Sheet [Table Text Block] | 2015 2014 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 10 $ 1,173 Total accounts receivable $ 10 $ 1,173 Prepaid expenses Administrative services and other $ 35 $ - Total prepaid expenses $ 35 $ - Accounts payable Natural gas and fuel purchases $ 233 $ 2,912 Travel and administrative services $ 11 $ - Total accounts payable $ 244 $ 2,912 Accrued liabilities Travel and administrative services $ - $ 46 Total accrued liabilities $ - $ 46 |
Condensed Income Statement [Table Text Block] | For the years ended December 31: 2015 2014 2013 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 64,981 $ 39,090 $ 9,420 Total revenues $ 64,981 $ 39,090 $ 9,420 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 2,412 $ 51,647 $ 44,548 Natural gas purchases 4,190 7,095 6,007 Income tax, consulting services and other 60 80 80 Total cost of goods sold $ 6,662 $ 58,822 $ 50,635 Distribution Distribution and related services $ 405 $ 335 $ 392 Total distribution $ 405 $ 335 $ 392 Selling, general and administrative expenses Commodity trading advisory fees $ 143 $ 132 $ 132 Travel and administrative services 72 82 267 Total selling, general, and administrative expenses $ 215 $ 214 $ 399 |
Note 20 - Segment Information (
Note 20 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 $ 297,415 $ 2,196 $ 299,611 December 31, 2014 $ 334,210 $ 7,628 $ 341,838 December 31, 2013 $ 430,096 $ 14,823 $ 444,919 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended: 2015 2014 2013 Revenues: Custom chemicals $ 108,160 $ 127,956 $ 147,095 Performance chemicals 17,688 18,190 14,406 Chemicals Revenues 125,848 146,146 161,501 Biofuels Revenues 173,763 195,692 283,418 Total Revenues $ 299,611 $ 341,838 $ 444,919 Segment gross profit: Chemicals $ 35,452 $ 46,062 $ 54,708 Biofuels 21,594 19,911 45,457 Total gross profit 57,046 65,973 100,165 Corporate expenses 10,075 9,845 9,911 Income before interest and taxes 46,971 56,128 90,254 Interest and other income 5,213 6,877 5,875 Interest and other expense (315 ) 4,340 1,222 Provision for income taxes (5,448 ) (14,145 ) (23,317 ) Net income $ 46,421 $ 53,200 $ 74,034 |
Note 21 - Fair Value Measurem51
Note 21 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Fair Value Measurements Using Inputs Considered as Description Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - Asset/(Liability) Fair Value at December 31, 2014 Fair Value Measurements Using Inputs Considered as Description Level 1 Level 2 Level 3 Derivative instruments $ 68 $ 68 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 87,720 $ 87,720 $ - $ - |
Note 22 - Reclassifications f52
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2015 Balance at January 1, 2015 $ 4,259 Other comprehensive loss before reclassifications (2,134 ) Amounts reclassified from accumulated other comprehensive income (70 ) Net current-period other comprehensive loss - twelve months ended December 31, 2015 (2,204 ) Balance at December 31, 2015 $ 2,055 2014 Balance at January 1, 2014 $ 7,436 Other comprehensive loss before reclassifications (507 ) Amounts reclassified from accumulated other comprehensive income (2,670 ) Net current-period other comprehensive loss - twelve months ended December 31, 2014 (3,177 ) Balance at December 31, 2014 $ 4,259 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from Accumulated Other Comprehensive Income 2015 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale securities $ 107 Gain on marketable securities Total before tax 107 Tax expense (37 ) Total reclassifications $ 70 2014 Unrealized gains on available-for-sale securities $ 4,335 Gain on marketable securities Total before tax 4,335 Tax expense (1,665 ) Total reclassifications $ 2,670 |
Note 23 - Commitments (Tables)
Note 23 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Rental 2016 $ 1,035 2017 536 2018 119 2019 95 2020 95 Thereafter 311 Total $ 2,191 |
Note 24 - Quarterly Financial54
Note 24 - Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter 1st 2nd 3rd 4th 2015 Revenues $ 54,087 $ 104,598 $ 107,054 $ 33,872 Gross profit $ 13,314 $ 5,544 $ 8,675 $ 29,513 Net income $ 8,131 $ 3,793 $ 4,850 $ 29,647 Net income per common share: Basic $ 0.19 $ 0.09 $ 0.11 $ 0.68 Diluted $ 0.19 $ 0.09 $ 0.11 $ 0.68 2014 Revenues $ 82,197 $ 68,039 $ 103,135 $ 88,467 Gross profit $ 9,602 $ 6,578 $ 20,872 $ 28,921 Net income $ 6,274 $ 5,347 $ 11,451 $ 30,128 Net income per common share: Basic $ 0.14 $ 0.12 $ 0.26 $ 0.69 Diluted $ 0.14 $ 0.12 $ 0.26 $ 0.69 |
Note 26 - Reserve Roll Forwar55
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | 2015 Additions Balance at January 1, 201 5 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 5 Reserve for: Doubtful accounts and returns $ - $ 37 $ - $ 37 $ - LIFO inventory 8,342 - - 4,840 3,502 Aged and obsolete inventory 633 - - 87 546 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 949 38 - - 987 $ 9,924 $ 75 $ - $ 4,964 $ 5,035 2014 Additions Balance at January 1, 201 4 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at 201 4 Reserve for: Doubtful accounts and returns $ - $ 46 $ - $ 46 $ - LIFO inventory 9,287 - - 945 8,342 Aged and obsolete inventory 408 225 - - 633 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 945 4 - - 949 $ 10,640 $ 229 $ - $ 945 $ 9,924 2013 Additions Balance at January 1, 201 3 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 3 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 |
Note 2 - Significant Accounti56
Note 2 - Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Sales Revenue, Goods, Net | $ 299,611 | $ 341,838 | $ 444,919 |
Revenue from Related Parties | 64,981 | 39,090 | 9,420 |
Derivative Assets (Liabilities), at Fair Value, Net | 3,362 | 68 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,204) | (3,177) | 4,839 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (1,314) | (1,980) | 3,018 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 394 | 0 | 207 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 212 | 129 | |
Number of Reportable Segments | 2 | ||
Bleach Activator [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Sales Revenue, Goods, Net | 43,927 | 56,596 | |
Biodiesel [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Sales Revenue, Goods, Net | $ 33,255 | 62,994 | 135,273 |
Bill and Hold Arrangements [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Sales Revenue, Goods, Net | $ 28,740 | $ 31,598 | 44,047 |
Commodity Option [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Derivative Liability, Number of Instruments Held | 200 | 350 | |
Derivative Asset, Fair Value, Gross Liability | $ 427 | $ 794 | |
Commodity Option [Member] | Short [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Derivative Liability, Number of Instruments Held | 200 | ||
Derivative Asset, Fair Value, Gross Liability | $ 427 | $ 794 | |
Derivative Asset, Number of Instruments Held | 225 | ||
Future [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Derivative Asset, Number of Instruments Held | 631 | 225 | |
Derivative Asset, Fair Value, Gross Asset | $ 3,789 | $ 862 | |
Future [Member] | Short [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Derivative Liability, Number of Instruments Held | 350 | ||
Derivative Asset, Number of Instruments Held | 631 | ||
Derivative Asset, Fair Value, Gross Asset | $ 3,789 | $ 862 | |
Environmental Assets [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 35 years | ||
Affiliated Entity [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Revenue from Related Parties | $ 64,981 | 39,090 | 9,420 |
Affiliated Entity [Member] | Biodeisel, Petrodiesel, Blends and Other Petroleum Products [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Revenue from Related Parties | $ 64,981 | $ 39,090 | $ 9,420 |
Note 2 - Significant Accounti57
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Building and Building Improvements [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Transportation Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 5 years |
Minimum [Member] | Other Capitalized Property Plant and Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 5 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 39 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 33 years |
Maximum [Member] | Transportation Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 33 years |
Maximum [Member] | Other Capitalized Property Plant and Equipment [Member] | |
Note 2 - Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Useful life | 33 years |
Note 3 - Reinstatement of BTC58
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit (Details) $ in Thousands, gal in Millions | Jan. 03, 2013$ / galgal | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2015USD ($) |
Biodiesel Blenders Credit [Member] | ||||||
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit (Details) [Line Items] | ||||||
Income Tax Credits and Adjustments | $ 28,954 | $ 30,895 | $ 2,535 | $ 33,031 | ||
Biodiesel Blenders Credit [Member] | Owed to Customers [Member] | ||||||
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit (Details) [Line Items] | ||||||
Income Tax Credits and Adjustments | 16,544 | $ 18,628 | ||||
Small Agri-biodiesel Producers Credit [Member] | ||||||
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit (Details) [Line Items] | ||||||
Income Tax Credits and Adjustments | $ 1,500 | |||||
Maximum Production Capacity, Number of Gallons (in US Gallons) | gal | 60 | |||||
Tax Credit Per Gallon of Agri-Biodiesel Sold (in Dollars per US Gallon) | $ / gal | 0.10 | |||||
Number of Gallons Sold (in US Gallons) | gal | 15 | |||||
Small Agri-biodiesel Producers Credit [Member] | The Total Amount for 2015 and 2014 Adjustments [Member] | ||||||
Note 3 - Reinstatement of BTC and Small Agri-biodiesel Producers Tax Credit (Details) [Line Items] | ||||||
Income Tax Credits and Adjustments | $ 1,500 |
Note 4 - Inventory (Details)
Note 4 - Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Effect of LIFO Inventory Liquidation on Income | $ 0 | $ 945 |
Inventory, LIFO Reserve, Effect on Income, Net | $ 1,595 | $ 0 |
Note 4 - Inventory (Details) -
Note 4 - Inventory (Details) - Carrying Values of Inventory - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
At average cost (approximates current cost) | ||
Finished goods | $ 35,517 | $ 25,369 |
Work in process | 1,695 | 2,391 |
Raw materials and supplies | 31,247 | 25,935 |
Total inventories at weighted average cost | 68,459 | 53,695 |
LIFO reserve | (3,502) | (8,342) |
Total inventories | $ 64,957 | $ 45,353 |
Note 5 - Derivative Instrumen61
Note 5 - Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 9,101 | $ 12,757 | $ 1,151 |
Restricted Cash and Cash Equivalents | $ 225 | $ 1,464 |
Note 5 - Derivative Instrumen62
Note 5 - Derivative Instruments (Details) - Carrying Value of Derivative Instruments $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Commodity Option [Member] | ||
Derivative [Line Items] | ||
Regulated options, included in other current assets | (200) | (350) |
Regulated options, included in other current assets | $ (427) | $ (794) |
Future [Member] | ||
Derivative [Line Items] | ||
Regulated fixed price future commitments, included in other current assets | (631) | (225) |
Regulated fixed price future commitments, included in other current assets | $ 3,789 | $ 862 |
Note 6 - Marketable Securitie63
Note 6 - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | |||
Investments, Fair Value Disclosure | $ 15,571 | $ 15,688 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 2,402 | $ 5,712 | $ 334 |
Note 6 - Marketable Securitie64
Note 6 - Marketable Securities (Details) - Marketable Securities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ||
Adjusted cost | $ 71,503 | $ 80,934 |
Unrealized gains | 4,063 | 8,317 |
Unrealized losses | (899) | (1,531) |
Fair value | 74,667 | 87,720 |
Equity Securities [Member] | ||
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ||
Adjusted cost | 10,825 | 35,062 |
Unrealized gains | 44 | 5,214 |
Unrealized losses | (711) | (1,526) |
Fair value | 10,158 | 38,750 |
Preferred Stock [Member] | ||
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ||
Adjusted cost | 37,703 | 21,660 |
Unrealized gains | 2,419 | 1,626 |
Unrealized losses | (122) | |
Fair value | 40,000 | 23,286 |
Trust Preferred Securities [Member] | ||
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ||
Adjusted cost | 16,464 | 18,920 |
Unrealized gains | 1,303 | 1,285 |
Unrealized losses | (66) | (1) |
Fair value | 17,701 | 20,204 |
Debt Securities [Member] | ||
Note 6 - Marketable Securities (Details) - Marketable Securities [Line Items] | ||
Adjusted cost | 6,511 | 5,292 |
Unrealized gains | 297 | 192 |
Unrealized losses | (4) | |
Fair value | $ 6,808 | $ 5,480 |
Note 7 - Property, Plant, and65
Note 7 - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 10,079 | $ 8,981 | $ 10,316 |
Note 7 - Property, Plant, and66
Note 7 - Property, Plant, and Equipment (Details) - Property, Plant, and Equipment Summary - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant, and Equipment Summary [Abstract] | ||
Land and land improvements | $ 5,741 | $ 5,741 |
Buildings and building equipment | 26,478 | 26,524 |
Machinery and equipment | 157,289 | 152,792 |
Construction in progress | 3,586 | 1,186 |
Accumulated depreciation | (68,764) | (58,872) |
Total | $ 124,330 | $ 127,371 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Payments to Acquire Intangible Assets | $ 1,408,000 | $ 1,408,000 | |
Intangible Assets, Net (Excluding Goodwill) | 1,408,000 | $ 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Note 9 - Other Assets (Details)
Note 9 - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block Supplement [Abstract] | ||
Other Assets, Noncurrent | $ 3,078 | $ 2,652 |
Note 10 - Accrued Expenses an69
Note 10 - Accrued Expenses and Other Current Liabilities (Details) - Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued employee liabilities | $ 1,474 | $ 3,227 |
Accrued property, use, and franchise taxes | 1,248 | 1,340 |
Other | 254 | 128 |
Total | $ 2,976 | $ 4,695 |
Note 11 - Borrowings (Details)
Note 11 - Borrowings (Details) - USD ($) | Apr. 16, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 11 - Borrowings (Details) [Line Items] | |||
Long-term Line of Credit | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | Regions Bank and PNC Bank N.A. [Member] | |||
Note 11 - Borrowings (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | ||
Line of Credit Facility, Expiration Period | 5 years | ||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000 | ||
Line of Credit Facility Swingline Loans | $ 15,000 |
Note 11 - Borrowings (Details)
Note 11 - Borrowings (Details) - Leverage Ratio | 12 Months Ended |
Dec. 31, 2015 | |
Leverage Ratio 1 [Member] | |
Debt Instrument [Line Items] | |
Commitment fee | 0.15% |
Leverage Ratio 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 1.25% |
Leverage Ratio 1 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 0.25% |
Leverage Ratio 2 [Member] | |
Debt Instrument [Line Items] | |
Commitment fee | 0.20% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 0.50% |
Leverage Ratio 3 [Member] | |
Debt Instrument [Line Items] | |
Commitment fee | 0.25% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 0.75% |
Leverage Ratio 4 [Member] | |
Debt Instrument [Line Items] | |
Commitment fee | 0.30% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 1.00% |
Leverage Ratio 5 [Member] | |
Debt Instrument [Line Items] | |
Commitment fee | 0.35% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Spread of variable rate | 1.25% |
Minimum [Member] | Leverage Ratio 2 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 1 |
Minimum [Member] | Leverage Ratio 3 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 1.50 |
Minimum [Member] | Leverage Ratio 4 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 2 |
Minimum [Member] | Leverage Ratio 5 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 2.50 |
Maximum [Member] | Leverage Ratio 1 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 1 |
Maximum [Member] | Leverage Ratio 2 [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 1.50 |
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 | 2.50 |
Note 12 - Asset Retirement Ob72
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligation | $ 822 | $ 796 | $ 771 |
Note 12 - Asset Retirement Ob73
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details) - Asset Retirement Obligations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligations [Abstract] | ||
Beginning balance | $ 796 | $ 771 |
Accretion expense | 26 | 25 |
Balance at December 31 | $ 822 | $ 796 |
Note 13 - Stock Based Compens74
Note 13 - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | May. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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) | 30,000 | 90,000 | 0 | ||||
Allocated Share-based Compensation Expense | $ 2,043 | $ 1,440 | $ 0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 158 | $ 158 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 4.55 | $ 2.78 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,194,700 | 1,194,700 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 1 year 302 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 378 | $ 299 | $ 378 | $ 299 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 248 | $ 148 | 248 | 148 | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 0 | ||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 5 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 120 | $ 175 | $ 45 | ||||
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) | 90,000 | ||||||
New Members of 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) | 30,000 | ||||||
Options Exercised [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | 16,556 | ||||||
Options Vested [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | 10,000 | ||||||
Restricted Stock [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 375,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,069 | $ 3,069 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 313 days | ||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 339 | ||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 250,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,195 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||
Restricted Stock [Member] | VP of Business and Marketing [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 125,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,136 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||||||
Employee Stock Option [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 335 days | ||||||
Employee Stock Option [Member] | Management [Member] | |||||||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 13 - Stock Based Compens75
Note 13 - Stock Based Compensation (Details) - Assumptions Used in the Determination of the Fair Value of the Options Granted | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
December 2015 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 | 43.08% | |
Expected dividend yield | 1.72% | |
Risk-free interest rate | 1.67% | |
Expected forfeiture rate | 0.00% | |
Expected term in years | 4 years 6 months | |
December 2014 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 | 41.48% | |
Expected dividend yield | 4.23% | |
Risk-free interest rate | 1.25% | |
Expected forfeiture rate | 0.00% | |
Expected term in years | 4 years 6 months |
Note 13 - Stock Based Compens76
Note 13 - Stock Based Compensation (Details) - Activity of Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity of Stock Option [Abstract] | |||
Options outstanding | 240,000 | 180,611 | 210,611 |
Options outstanding - weighted average exercise price | $ 11.77 | $ 11.70 | $ 11.62 |
Options granted | 30,000 | 90,000 | 0 |
Options granted - weighted average exercise price | $ 13.99 | $ 11.34 | $ 0 |
Options exercised | (20,000) | (30,611) | (30,000) |
Options exercised - weighted average exercise price | $ 11.68 | $ 10.06 | $ 11.16 |
Options canceled, forfeited, or expired | 0 | 0 | 0 |
Options canceled, forfeited, or expired - weighted average exercise price | $ 0 | $ 0 | $ 0 |
Options outstanding | 250,000 | 240,000 | 180,611 |
Options outstanding - weighted average exercise price | $ 12.05 | $ 11.77 | $ 11.70 |
Note 13 - Stock Based Compens77
Note 13 - Stock Based Compensation (Details) - Stock Options Activities, by Exercise Price Range shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding (in Shares) | shares | 250,000 |
Number outstanding - weighted average remaining contractual term | 2 years 120 days |
Number outstanding - weighted average exercise price | $ 12.05 |
Number exercisable (in Shares) | shares | 190,000 |
Number exercisable - weighted average exercise price | $ 12.27 |
Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price | $ 12.74 |
Number outstanding (in Shares) | shares | 90,000 |
Number outstanding - weighted average remaining contractual term | 120 days |
Number outstanding - weighted average exercise price | $ 12.74 |
Number exercisable (in Shares) | shares | 90,000 |
Number exercisable - weighted average exercise price | $ 12.74 |
Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price | $ 10.62 |
Number outstanding (in Shares) | shares | 40,000 |
Number outstanding - weighted average remaining contractual term | 1 year 102 days |
Number outstanding - weighted average exercise price | $ 10.62 |
Number exercisable (in Shares) | shares | 40,000 |
Number exercisable - weighted average exercise price | $ 10.62 |
Price Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price | $ 11.34 |
Number outstanding (in Shares) | shares | 90,000 |
Number outstanding - weighted average remaining contractual term | 3 years 335 days |
Number outstanding - weighted average exercise price | $ 11.34 |
Number exercisable (in Shares) | shares | 30,000 |
Number exercisable - weighted average exercise price | $ 11.34 |
Price Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price | $ 13.99 |
Number outstanding (in Shares) | shares | 30,000 |
Number outstanding - weighted average remaining contractual term | 4 years 354 days |
Number outstanding - weighted average exercise price | $ 13.99 |
Number exercisable (in Shares) | shares | 30,000 |
Number exercisable - weighted average exercise price | $ 13.99 |
Note 13 - Stock Based Compens78
Note 13 - Stock Based Compensation (Details) - Unvested Restricted Stock Activity - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 13 - Stock Based Compensation (Details) - Unvested Restricted Stock Activity [Line Items] | |||
Number of unvested restricted stock | 350,000 | ||
Weighted average grant date fair value - unvested | $ 16.87 | ||
Weighted average life remaining - unvested | 1 year 313 days | 2 years 266 days | |
Number of restricted stock granted | 375,000 | ||
Weighted average grant date fair value - granted | $ 16.88 | ||
Number of restricted stock vested | 108,333 | 25,000 | |
Weighted average grant date fair value - vested | $ 16.85 | $ 17.09 | |
Number of unvested restricted stock | 241,667 | 350,000 | |
Weighted average grant date fair value - unvested | $ 16.88 | $ 16.87 |
Note 13 - Stock Based Compens79
Note 13 - Stock Based Compensation (Details) - Unvested Stock Option Activity - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested Stock Option Activity [Abstract] | |||
Number of unvested stock options | 90,000 | ||
Weighted average grant date fair value | $ 2.78 | ||
Weighted average life remaining | 1 year 335 days | 2 years 335 days | |
Number of stock options granted | 30,000 | 90,000 | 0 |
Stock options granted - weighted average grant date fair value | $ 4.55 | $ 2.78 | |
Number of stock options vested | (60,000) | ||
Stock options vested - weighted average grant date fair value | $ 3.67 | ||
Number of unvested stock options | 60,000 | 90,000 | |
Weighted average grant date fair value | $ 2.78 | $ 2.78 |
Note 14 - Provision for Incom80
Note 14 - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | 48 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Note 14 - Provision for Income Taxes (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | $ 5,448 | $ 14,145 | $ 23,317 | ||
Unrecognized Tax Benefits | 4,588 | 2,981 | 1,718 | $ 0 | $ 1,718 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 61 | $ 46 | |||
Biodiesel Blenders Credit [Member] | |||||
Note 14 - Provision for Income Taxes (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | $ (3,878) | $ (7,755) | $ (11,633) | ||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Note 14 - Provision for Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2,012 | ||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||
Note 14 - Provision for Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2,012 |
Note 14 - Provision for Incom81
Note 14 - Provision for Income Taxes (Details) - Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for Income Taxes [Abstract] | |||
Income before taxes - U.S. | $ 51,869 | $ 67,345 | $ 97,351 |
Provision for income taxes: | |||
Current | 7,475 | 8,455 | 22,933 |
Deferred | (2,283) | 3,858 | (2,200) |
State and other | |||
Current | 487 | 1,306 | 2,829 |
Deferred | (231) | 526 | (245) |
Total | $ 5,448 | $ 14,145 | $ 23,317 |
Note 14 - Provision for Incom82
Note 14 - Provision for Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Amount computed using the statutory rate of 35% | $ 18,154 | $ 23,571 | $ 34,072 |
Section 199 manufacturing deduction | (163) | (2,092) | |
Agri-biodiesel production credit | (975) | (975) | (1,950) |
Federal excise tax benefit | (9,958) | (10,344) | (9,566) |
State excise tax benefit | (792) | (2,409) | (2,067) |
Credit for increasing research activities | (51) | (80) | (180) |
Alternative fueling equipment credit | (2) | (23) | |
Tax exempt interest income | (2) | ||
State income taxes, net | 695 | 3,189 | 3,983 |
Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit | (747) | 1,309 | 1,718 |
Other | (715) | (114) | (576) |
Provision for income taxes | $ 5,448 | $ 14,145 | $ 23,317 |
Note 14 - Provision for Incom83
Note 14 - Provision for Income Taxes (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Note 14 - Provision for Incom84
Note 14 - Provision for Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Compensation | $ 249 | $ 1,005 |
Inventory reserves | 1,244 | 628 |
Self insurance | 111 | 88 |
Asset retirement obligation | 299 | 289 |
Deferred revenue | 9,993 | 10,110 |
Stock based compensation | 144 | 244 |
Other | 81 | |
Total deferred tax assets | 12,040 | 12,445 |
Deferred tax liabilities | ||
Available for sale securities | (1,075) | (2,618) |
Derivative instruments | (1,348) | (488) |
Accrued expenses | (656) | (592) |
LIFO inventory | (5,163) | (6,062) |
Depreciation | (39,930) | (41,520) |
Other | (45) | (2,609) |
Total deferred tax liabilities | (48,217) | (53,889) |
Net deferred tax liabilities | (36,177) | (41,444) |
Current deferred tax liability | (7,060) | (11,003) |
Noncurrent deferred tax liability | $ (29,117) | $ (30,441) |
Note 14 - Provision for Incom85
Note 14 - Provision for Income Taxes (Details) - Unrecognized Tax Benefits Activity - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits Activity [Abstract] | |||
Beginning balance | $ 2,981 | $ 1,718 | $ 0 |
Increases to tax positions taken in the current year | 1,471 | 1,255 | 917 |
Increases to tax positions taken in a prior year | 3,117 | 8 | 801 |
Decrease due to resolution of tax positions taken in a prior year | (2,981) | 0 | 0 |
Balance at December 31 | $ 4,588 | $ 2,981 | $ 1,718 |
Note 15 - Deferred Revenue an86
Note 15 - Deferred Revenue and Contingent Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Revenue Disclosure [Abstract] | |||
Deferred Revenue | $ 18,588 | $ 17,867 | $ 20,391 |
Deferred Revenue, Current | 2,680 | 1,940 | |
Deferred Revenue, Noncurrent | 15,908 | 15,927 | |
Loss Contingency, Accrual, Current | $ 1,151 | $ 1,151 |
Note 15 - Deferred Revenue an87
Note 15 - Deferred Revenue and Contingent Liability (Details) - Summary of Deferred Revenue Activity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Deferred Revenue Activity [Abstract] | ||
Beginning balance | $ 17,867 | $ 20,391 |
Amortization | (2,468) | (6,790) |
Additions | 3,365 | 4,283 |
Impairment | (176) | (17) |
Balance at December 31 | $ 18,588 | $ 17,867 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Details) - USD ($) $ in Thousands | Feb. 06, 2013 | May. 11, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 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 | ||||||
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 | ||||||
At the Market Offering Aggregate Shares Issued (in Shares) | 3,000,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 37,247 | $ 19,247 | |||||
Net Proceeds from Issuance of Common Stock After Commissions and Fees | $ 36,127 | ||||||
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 | $ 1,074 | $ 15,763 | ||||
Payments of Stock Issuance Costs | $ 599 | $ 33 | $ 488 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | |||
Note 17 - Earnings Per Share (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 97,500 | 25,000 | 0 |
Note 17 - Earnings Per Share 90
Note 17 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Common Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | $ 30,128 | $ 11,451 | $ 5,347 | $ 6,274 | $ 46,421 | $ 53,200 | $ 74,034 |
Less: distributed earnings allocated to nonvested restricted stock | (66) | (114) | |||||||||
Less: undistributed earnings allocated to nonvested restricted stock | (237) | (258) | |||||||||
Numerator for basic earnings per share | 46,118 | 52,828 | 74,034 | ||||||||
Effect of dilutive securities: | |||||||||||
Add: undistributed earnings allocated to nonvested restricted stock | 237 | 258 | |||||||||
Less: undistributed earnings reallocated to nonvested restricted stock | (237) | (258) | |||||||||
Numerator for diluted earnings per share | $ 46,118 | $ 52,828 | $ 74,034 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding - basic (in Shares) | 43,432,149 | 43,357,602 | 43,237,513 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options and other awards (in Shares) | 13,581 | 34,409 | 39,418 | ||||||||
Weighted average shares outstanding – diluted (in Shares) | 43,445,730 | 43,392,011 | 43,276,931 | ||||||||
Basic earnings per share (in Dollars per share) | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 0.69 | $ 0.26 | $ 0.12 | $ 0.14 | $ 1.06 | $ 1.22 | $ 1.71 |
Diluted earnings per share (in Dollars per share) | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 0.69 | $ 0.26 | $ 0.12 | $ 0.14 | $ 1.06 | $ 1.22 | $ 1.71 |
Note 18 - Employee Benefit Pl91
Note 18 - Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 1,648 | $ 1,683 | $ 1,664 |
Note 19 - Related Party Trans92
Note 19 - Related Party Transactions (Details) - Related Party Balance Sheet Accounts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable | ||
Accounts receivable, related parties | $ 10 | $ 1,173 |
Prepaid expenses | ||
Prepaid expenses, related parties | 35 | |
Accounts payable | ||
Accounts payable, related parties | 244 | 2,912 |
Accrued liabilities | ||
Accrued liabilities, related parties | 46 | |
Affiliated Entity [Member] | ||
Accounts receivable | ||
Accounts receivable, related parties | 10 | 1,173 |
Prepaid expenses | ||
Prepaid expenses, related parties | 35 | |
Accounts payable | ||
Accounts payable, related parties | 244 | 2,912 |
Accrued liabilities | ||
Accrued liabilities, related parties | 46 | |
Affiliated Entity [Member] | Biodiesel [Member] | ||
Accounts receivable | ||
Accounts receivable, related parties | 10 | 1,173 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | ||
Accounts payable | ||
Accounts payable, related parties | 233 | 2,912 |
Affiliated Entity [Member] | Administrative Services and Other [Member] | ||
Prepaid expenses | ||
Prepaid expenses, related parties | 35 | |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | ||
Accounts payable | ||
Accounts payable, related parties | $ 11 | |
Accrued liabilities | ||
Accrued liabilities, related parties | $ 46 |
Note 19 - Related Party Trans93
Note 19 - Related Party Transactions (Details) - Related Party Income Statement Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Revenues, related parties | $ 64,981 | $ 39,090 | $ 9,420 |
Cost of goods sold | |||
Cost of goods sold, related parties | 6,662 | 58,822 | 50,635 |
Distribution | |||
Distribution, related parties | 405 | 335 | 392 |
Affiliated Entity [Member] | |||
Revenues | |||
Revenues, related parties | 64,981 | 39,090 | 9,420 |
Cost of goods sold | |||
Cost of goods sold, related parties | 6,662 | 58,822 | 50,635 |
Distribution | |||
Distribution, related parties | 405 | 335 | 392 |
Selling, general and administrative expenses | |||
Selling, general, and administrative expenses, related parties | 215 | 214 | 399 |
Affiliated Entity [Member] | Biodeisel, Petrodiesel, Blends and Other Petroleum Products [Member] | |||
Revenues | |||
Revenues, related parties | 64,981 | 39,090 | 9,420 |
Cost of goods sold | |||
Cost of goods sold, related parties | 2,412 | 51,647 | 44,548 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | |||
Cost of goods sold | |||
Cost of goods sold, related parties | 4,190 | 7,095 | 6,007 |
Affiliated Entity [Member] | Income Tax Consulting Services and Other [Member] | |||
Cost of goods sold | |||
Cost of goods sold, related parties | 60 | 80 | 80 |
Affiliated Entity [Member] | Distribution Related [Member] | |||
Distribution | |||
Distribution, related parties | 405 | 335 | 392 |
Affiliated Entity [Member] | Commodity Trading Advisory Fees [Member] | |||
Selling, general and administrative expenses | |||
Selling, general, and administrative expenses, related parties | 143 | 132 | 132 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | |||
Selling, general and administrative expenses | |||
Selling, general, and administrative expenses, related parties | $ 72 | $ 82 | $ 267 |
Note 20 - Segment Information94
Note 20 - Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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) | $ 147 | $ 420 | $ 886 |
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | MEXICO | |||
Note 20 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 1.00% | 3.00% |
Note 20 - Segment Information95
Note 20 - Segment Information (Details) - Revenues by Geographical Areas - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | |||
Revenues | $ 299,611 | $ 341,838 | $ 444,919 |
Reportable Geographical Components [Member] | UNITED STATES | |||
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | |||
Revenues | 297,415 | 334,210 | 430,096 |
Reportable Geographical Components [Member] | All Foreign Countries [Member] | |||
Note 20 - Segment Information (Details) - Revenues by Geographical Areas [Line Items] | |||
Revenues | $ 2,196 | $ 7,628 | $ 14,823 |
Note 20 - Segment Information96
Note 20 - Segment Information (Details) - Summary of Business by Segment - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Revenues | $ 299,611 | $ 341,838 | $ 444,919 | ||||||||
Segment gross profit: | |||||||||||
Segment gross margins | $ 29,513 | $ 8,675 | $ 5,544 | $ 13,314 | $ 28,921 | $ 20,872 | $ 6,578 | $ 9,602 | 57,046 | 65,973 | 100,165 |
Income before interest and taxes | 46,971 | 56,128 | 90,254 | ||||||||
Interest and other income | 5,213 | 6,877 | 5,875 | ||||||||
Interest and other expense | (315) | 4,340 | 1,222 | ||||||||
Provision for income taxes | (5,448) | (14,145) | (23,317) | ||||||||
Net income | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | $ 30,128 | $ 11,451 | $ 5,347 | $ 6,274 | 46,421 | 53,200 | 74,034 |
Operating Segments [Member] | Chemicals [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 125,848 | 146,146 | 161,501 | ||||||||
Segment gross profit: | |||||||||||
Segment gross margins | 35,452 | 46,062 | 54,708 | ||||||||
Operating Segments [Member] | Biofuels [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 173,763 | 195,692 | 283,418 | ||||||||
Segment gross profit: | |||||||||||
Segment gross margins | 21,594 | 19,911 | 45,457 | ||||||||
Operating Segments [Member] | Custom Chemicals [Member] | Chemicals [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 108,160 | 127,956 | 147,095 | ||||||||
Operating Segments [Member] | Performance Chemicals [Member] | Chemicals [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 17,688 | 18,190 | 14,406 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment gross profit: | |||||||||||
Corporate expenses | $ 10,075 | $ 9,845 | $ 9,911 |
Note 21 - Fair Value Measurem97
Note 21 - Fair Value Measurements (Details) - Assets and Liiabilities Measured at Fair Value on Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 21 - Fair Value Measurements (Details) - Assets and Liiabilities Measured at Fair Value on Recurring Basis [Line Items] | ||
Derivative instruments | $ 3,362 | $ 68 |
Preferred stock, trust preferred securities, and other equity instruments | 74,667 | 87,720 |
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 | 3,362 | 68 |
Preferred stock, trust preferred securities, and other equity instruments | $ 74,667 | $ 87,720 |
Note 22 - Reclassifications f98
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Accumulated Other Comprehensive Income [Abstract] | |||
Balance at beginning of period | $ 4,259 | $ 7,436 | |
Balance at end of period | 2,055 | 4,259 | $ 7,436 |
Other comprehensive income (loss) before reclassifications | (2,134) | (507) | |
Amounts reclassified from accumulated other comprehensive loss | (70) | (2,670) | |
Net current-period other comprehensive loss | $ (2,204) | $ (3,177) | $ 4,839 |
Note 22 - Reclassifications f99
Note 22 - Reclassifications from Accumulated Other Comprehensive Income (Details) - Reclassifications from Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassifications from Accumulated Other Comprehensive Income [Abstract] | ||
Unrealized gains on available-for-sale securities | $ 107 | $ 4,335 |
Total before tax | 107 | 4,335 |
Tax benefit | (37) | (1,665) |
Total reclassifications | $ 70 | $ 2,670 |
Note 23 - Commitments (Details)
Note 23 - Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 1,060 | $ 946 | $ 1,207 |
Note 23 - Commitments (Detai101
Note 23 - Commitments (Details) - Minimum Rental Commitments under Noncancellable Operating Leases $ in Thousands | Dec. 31, 2015USD ($) |
Minimum Rental Commitments under Noncancellable Operating Leases [Abstract] | |
2,016 | $ 1,035 |
2,017 | 536 |
2,018 | 119 |
2,019 | 95 |
2,020 | 95 |
Thereafter | 311 |
Total | $ 2,191 |
Note 24 - Quarterly Financia102
Note 24 - Quarterly Financial Information (unaudited) (Details) - Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2,015 | |||||||||||
Revenues | $ 33,872 | $ 107,054 | $ 104,598 | $ 54,087 | $ 88,467 | $ 103,135 | $ 68,039 | $ 82,197 | $ 234,630 | $ 302,748 | $ 435,499 |
Gross profit | 29,513 | 8,675 | 5,544 | 13,314 | 28,921 | 20,872 | 6,578 | 9,602 | 57,046 | 65,973 | 100,165 |
Net income | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | $ 30,128 | $ 11,451 | $ 5,347 | $ 6,274 | $ 46,421 | $ 53,200 | $ 74,034 |
Net income per common share: | |||||||||||
Basic (in Dollars per share) | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 0.69 | $ 0.26 | $ 0.12 | $ 0.14 | $ 1.06 | $ 1.22 | $ 1.71 |
Diluted (in Dollars per share) | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 0.69 | $ 0.26 | $ 0.12 | $ 0.14 | $ 1.06 | $ 1.22 | $ 1.71 |
Note 25 - Recently Issued Ac103
Note 25 - Recently Issued Accounting Standards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pro Forma [Member] | Reclassifcation of Deferred Taxes from Current to Noncurrent [Member] | |
Note 25 - Recently Issued Accounting Standards (Details) [Line Items] | |
Current Period Reclassification Adjustment | $ 7,060 |
Note 26 - Reserve Roll Forwa104
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Details) - Summary of Valuation and Qualifying Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reserve for: | |||
Balance at January 1 | $ 9,924 | $ 10,640 | $ 13,421 |
Charged to Cost and Expense | 75 | 229 | 148 |
Deductions | 4,964 | 945 | 2,929 |
Balance at December 31 | $ 5,035 | $ 9,924 | $ 10,640 |
Doubtful Accounts and Returns [Member] | |||
Reserve for: | |||
Balance at January 1 | |||
Charged to Cost and Expense | $ 37 | $ 46 | |
Deductions | $ 37 | $ 46 | |
Balance at December 31 | |||
LIFO Inventory [Member] | |||
Reserve for: | |||
Balance at January 1 | $ 8,342 | $ 9,287 | $ 12,201 |
Deductions | 4,840 | 945 | 2,914 |
Balance at December 31 | 3,502 | 8,342 | 9,287 |
Inventory Valuation Reserve [Member] | |||
Reserve for: | |||
Balance at January 1 | 633 | 408 | 260 |
Charged to Cost and Expense | 225 | 148 | |
Deductions | 87 | ||
Balance at December 31 | $ 546 | $ 633 | $ 408 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Reserve for: | |||
Balance at January 1 | |||
Balance at December 31 | |||
Aged and Obsoliete Supplies and Parts [Member] | |||
Reserve for: | |||
Balance at January 1 | $ 949 | $ 945 | $ 960 |
Charged to Cost and Expense | 38 | 4 | |
Deductions | 15 | ||
Balance at December 31 | $ 987 | $ 949 | $ 945 |
Note 27 - Asset Impairment (Det
Note 27 - Asset Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 27 - Asset Impairment (Details) [Line Items] | |||
Increase (Decrease) in Deferred Revenue | $ 721 | $ (2,524) | $ (14,734) |
Cost of Goods Sold | $ 233,063 | 213,172 | 289,828 |
Equipment Used to Produce Anode Powder [Member] | |||
Note 27 - Asset Impairment (Details) [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 17,580 | ||
Increase (Decrease) in Deferred Revenue | (16,160) | ||
Cost of Goods Sold | $ 1,420 | ||
Equipment Used to Produce Anode Powder [Member] | Shortfall Payment One [Member] | |||
Note 27 - Asset Impairment (Details) [Line Items] | |||
Revenue, Net | 4,176 | ||
Equipment Used to Produce Anode Powder [Member] | Shortfall Payment Two [Member] | |||
Note 27 - Asset Impairment (Details) [Line Items] | |||
Revenue, Net | $ 4,640 |