FutureFuel (FF) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 09, 2019
Document Information [Line Items]
Entity Registrant Name	FUTUREFUEL CORP.
Entity Central Index Key	0001337298
Trading Symbol	ff
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		43,743,243
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 222,871	$ 214,972
Accounts receivable, net of allowance for bad debts of $0	21,641	16,294
Accounts receivable – related parties	30	1,844
Inventory	36,116	39,296
Income tax receivable	5,522	6,858
Prepaid expenses	1,055	1,767
Prepaid expenses – related parties		12
Marketable securities	80,560	79,888
Deferred financing costs	108	144
Other current assets	625	1,255
Total current assets	368,528	362,330
Property, plant and equipment, net	102,374	103,575
Intangible assets	1,408	1,408
Deferred financing costs		36
Other noncurrent assets	5,359	3,806
Total noncurrent assets	109,141	108,825
Total Assets	477,669	471,155
Liabilities and Stockholders’ Equity
Accounts payable	20,705	19,981
Accounts payable – related parties	441	1,689
Deferred revenue – short-term	5,258	4,581
Dividends payable	5,249	10,498
Accrued expenses and other current liabilities	4,011	2,742
Total current liabilities	35,664	39,491
Deferred revenue – long-term	20,233	20,319
Other noncurrent liabilities	5,649	4,241
Noncurrent deferred income tax liability	17,640	18,026
Total noncurrent liabilities	43,522	42,586
Total liabilities	79,186	82,077
Commitments and contingencies
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,743,243, issued and outstanding as of June 30, 2019 and December 31, 2018	4	4
Accumulated other comprehensive income	199	(20)
Additional paid in capital	282,145	282,145
Retained earnings	116,135	106,949
Total stockholders’ equity	398,483	389,078
Total Liabilities and Stockholders’ Equity	$ 477,669	471,155
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member]
Liabilities and Stockholders’ Equity
Total stockholders’ equity		$ 389,078

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowance for bad debt	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	43,743,243	43,743,243
Common stock, shares outstanding (in shares)	43,743,243	43,743,243

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 70,864	$ 88,336	$ 119,365	$ 144,083
Gross profit	3,270	8,271	6,532	45,778
Selling, general, and administrative expenses
Compensation expense	620	846	1,335	2,121
Other expense	547	596	1,048	1,006
Related party expense	130	205	259	278
Research and development expenses	788	784	1,494	1,966
Total expenses	2,085	2,431	4,136	5,371
Income from operations	1,185	5,840	2,396	40,407
Interest and dividend income	2,750	2,153	5,112	4,145
Interest expense	(44)	(43)	(87)	(86)
Gain/(loss) on marketable securities	826	281	3,753	(4,088)
Other expense	(113)	(177)	(113)	(177)
Total other income/(expense)	3,419	2,214	8,665	(206)
Income before income taxes	4,604	8,054	11,061	40,201
Provision/(benefit) for income taxes	917	2,003	1,875	(1,676)
Net income	$ 3,687	$ 6,051	$ 9,186	$ 41,877
Earnings per common share
Earnings per common share, basic (in dollars per share)	$ 0.08	$ 0.14	$ 0.21	$ 0.96
Earnings per common share, diluted (in dollars per share)	$ 0.08	$ 0.14	$ 0.21	$ 0.96
Weighted average shares outstanding
Weighted average shares outstanding, basic (in shares)	43,743,243	43,716,726	43,743,243	43,716,698
Weighted average shares outstanding, diluted (in shares)	43,743,243	43,720,942	43,746,109	43,721,568
Comprehensive Income
Net income	$ 3,687	$ 6,051	$ 9,186	$ 41,877
Other comprehensive income/(loss) from unrealized net gains/(losses) on available-for-sale securities	22	55	278	(19)
Income tax effect	(5)	(12)	(59)	4
Total unrealized gain/(loss), net of tax	17	43	219	(15)
Comprehensive income	3,704	6,094	9,405	41,862
Non-related Parties [Member]
Revenue	70,076	87,653	117,498	142,596
Cost of goods sold	61,501	73,218	101,566	85,357
Non-related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	1,994	1,498	3,319	2,817
Related Parties [Member]
Revenue	788	683	1,867	1,487
Cost of goods sold	4,063	5,302	7,859	10,031
Related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	$ 36	$ 47	$ 89	$ 100

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017	43,741,670
Balance at Dec. 31, 2017	$ 4	$ 8,433	$ 281,964	$ 61,195	$ 351,596
Other comprehensive income		(15)			(15)
Net income				41,877	41,877
Prior period adjustment: Change in accounting principles at Dec. 31, 2017		(8,273)		3,094	(5,179)
Balance, as adjusted (in shares) at Dec. 31, 2017	43,741,670
Balance, as adjusted at Dec. 31, 2017	$ 4	160	281,964	64,289	346,417
Stock based compensation			214		214
Balance (in shares) at Jun. 30, 2018	43,741,670
Balance at Jun. 30, 2018	$ 4	145	282,178	106,166	388,493
Other comprehensive income		43
Net income					6,051
Balance (in shares) at Jun. 30, 2018	43,741,670
Balance at Jun. 30, 2018	$ 4	145	282,178	106,166	388,493
Balance (in shares) at Dec. 31, 2018	43,743,243
Balance at Dec. 31, 2018	$ 4	(20)	282,145	106,949	389,078
Other comprehensive income		219			219
Net income				9,186	9,186
Balance (in shares) at Jun. 30, 2019	43,743,243
Balance at Jun. 30, 2019	$ 4	199	282,145	116,135	398,483
Balance at Mar. 31, 2019		182
Other comprehensive income		17
Net income					3,687
Balance (in shares) at Jun. 30, 2019	43,743,243
Balance at Jun. 30, 2019	$ 4	$ 199	$ 282,145	$ 116,135	$ 398,483

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 9,186	$ 41,877
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	5,472	5,512
Amortization of deferred financing costs	72	72
Benefit for deferred income taxes	(445)	(3,885)
Change in fair value of equity securities	(4,891)	6,412
Change in fair value of derivative instruments	(297)	(1,559)
Impairment of fixed assets	130	171
(Gain)/loss on the sale of investments	1,138	(2,324)
Stock based compensation		214
Loss on disposal of fixed assets	11	37
Noncash interest expense	14	14
Changes in operating assets and liabilities:
Accounts receivable	(5,347)	(417)
Accounts receivable – related parties	1,814	(11)
Inventory	3,180	(3,767)
Income tax receivable	1,336	3,456
Prepaid expenses	712	706
Prepaid expenses – related parties	12
Accrued interest on marketable securities	19	(82)
Other assets	520	39
Accounts payable	958	16,316
Accounts payable - related parties	(1,248)	(402)
Accrued expenses and other current liabilities	688	4,584
Deferred revenue	591	(1,603)
Other noncurrent liabilities	(98)
Net cash provided by operating activities	13,527	65,360
Cash flows from investing activities
Collateralization of derivative instruments	908	1,237
Purchase of marketable securities	(14,323)	(10,690)
Proceeds from the sale of marketable securities	17,682	35,718
Proceeds from the sale of fixed assets	13	20
Capital expenditures	(4,659)	(1,103)
Net cash (used in)/provided by investing activities	(379)	25,182
Cash flows from financing activities
Payment of dividends	(5,249)	(5,248)
Net cash used in financing activities	(5,249)	(5,248)
Net change in cash and cash equivalents	7,899	85,294
Cash and cash equivalents at beginning of period	214,972	114,627
Cash and cash equivalents at end of period	222,871	199,921
Cash paid for interest
Cash paid for income taxes	898	759
Noncash items incurred:
Noncash capital expenditures	108
Noncash operating leases	$ 432

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Nature of Operations [Text Block]	1 ) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 six two The chemicals segment manufactures a diversified portfolio of chemical products that are sold to third The biofuels segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the company’s biodiesel and, from time to time, with no Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2018 2018 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not

Note 2 - Reinstatement of the B

Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	2 ) R EINSTATEMENT OF THE BIODIESEL BLENDERS’ TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a $1.00 0.1% December 31, 2016 not 2017 2018 February 9, 2018. 2018, $28,869 $13,559 $42,428 twelve December 31, 2017. As part of the law from which the BTC was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 six June 30, 2018. Neither the BTC nor the Small Agri-biodiesel Producer Tax Credit have been passed into law for gallons blended and sold in 2018 2019.

Note 3 - Inventory

Note 3 - Inventory	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	3 ) INVENTORY The carrying values of inventory were as follows as of: June 30, 2019 December 31, 2018 At average cost (approximates current cost) Finished goods $ 17,765 $ 23,658 Work in process 1,551 2,100 Raw materials and supplies 25,248 23,909 44,564 49,667 LIFO reserve (8,448 ) (10,371 ) Total inventory $ 36,116 $ 39,296

Note 4 - Derivative Instruments

Note 4 - Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	4 ) 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 sheets. FutureFuel’s derivative instruments do not 815 20 25, Derivatives and Hedging None The fair value of FutureFuel’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold, and amounted to a gain of $443 three June 30, 2019 $3,109 three June 30, 2018, $1,033 $3,271 six June 30, 2019 2018, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: June 30, 2019 December 31, 2018 Contract quantity Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 100 $ (484 ) Regulated fixed price future commitments, included in other current assets - $ - 96 $ 187 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $72 $980 June 30, 2019 December 31, 2018,

Note 5 - Marketable Securities

Note 5 - Marketable Securities	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	5 ) MARKETABLE SECURITIES At June 30, 2019 December 31, 2018, six June 30, 2019 2018, FutureFuel’s available for sale debt securities were comprised of the following at June 30, 2019 December 31, 2018: June 30, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 100 $ (8 ) $ 1,520 Trust preferred 3,676 161 - 3,837 Total debt securities $ 5,104 $ 261 $ (8 ) $ 5,357 December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 37 $ (65 ) $ 1,400 Trust preferred 3,147 21 (18 ) 3,150 Total debt securities $ 4,575 $ 58 $ (83 ) $ 4,550 The aggregate fair value of debt securities with unrealized losses totaled $253 June 30, 2019, $2,540 December 31, 2018. June 30, 2019, $253 12 December 31, 2018, $187 12 $8 $19, June 30, 2019 December 31, 2018. The adjusted cost basis and fair value of debt securities at June 30, 2019, June 3 0 , 201 9 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,357 Total $ 5,104 $ 5,357 The following table shows the recognized change in equity securities sold and the change in unrealized fair value: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net gains/(losses) recognized on equity securities $ 826 $ 281 $ 3,753 $ (4,088 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period (1,057 ) 663 (1,138 ) 2,324 Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date $ 1,883 $ (382 ) $ 4,891 $ (6,412 )

Note 6 - Accrued Expenses and O

Note 6 - Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	6 ) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: June 30, 2019 December 31, 2018 Accrued employee liabilities $ 1,296 $ 1,253 Accrued property, franchise, motor fuel and other taxes 1,962 1,225 Lease liability 525 - Other 228 264 Total $ 4,011 $ 2,742

Note 7 - Borrowings

Note 7 - Borrowings	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	7 ) BORROWINGS On April 16, 2015, $150,000 May 25, 2016, $15,000. five $165,000, $30,000 $15,000 April 16, 2020. 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 < 2.00:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of June 30, 2019. There were no June 30, 2019 December 31, 2018.

Note 8 - Lease Commitments and

Note 8 - Lease Commitments and Short-term Contracts	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8 LEASE COMMITMENTS AND SHORT-TERM CONTRACTS The FASB established Topic 842, No. 2016 02, 12 The Company adopted the new lease standard January 1, 2019 12 not FutureFuel leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its Biofuels segment. The lease fees are fixed, with no no no two five 4 not January 1, 2019, $1,641 $370 $1,271, Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating lease expense $ 149 $ 135 $ 279 $ 270 Short-term lease expense $ 38 $ - $ 92 $ - Cash paid for operating leases $ 149 $ 135 $ 279 $ 270 Right of use assets obtained in exchange for lease obligations $ - $ - $ 432 $ - Weighted average discount rate 4.4% per annum NA 4.4% per annum NA Supplemental balance sheet information related to leases as of June 30, 2019: Operating lease right-of-use assets: Other noncurrent assets $ 1,817 Total operating lease assets $ 1,817 Operating lease liabilities: Other current liabilities $ 525 Other noncurrent liabilities 1,292 Total operating lease liabilities $ 1,817 Maturities of lease liabilities as of June 30, 2019: 2019 $ 279 2020 595 2021 388 2022 370 2023 318 2024 32 Total $ 1,982 Less: imputed interest 165 Present value of lease payments $ 1,817

Note 9 - Provision for Income T

Note 9 - Provision for Income Taxes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 ) PROVISION FOR INCOME TAXES The following table summarizes the provision for income taxes. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for income taxes $ 917 $ 2,003 $ 1,875 $ (1,676 ) Effective tax rate 19.9 % 24.9 % 17.0 % (4.2% ) The effective tax rate for the three June 30, 2019 2018 three June 30, 2019 The effective tax rate for the six June 30, 2019 six June 30, 2018, 2017 three March 31, 2018), not 2019. Unrecognized tax benefits totaled $2,804 June 30, 2019 December 31, 2018. FutureFuel records interest and penalties, net, as a component of provision for income taxes. FutureFuel accrued balances of $734 $681 June 30, 2019 December 31, 2018,

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	10 ) EARNINGS PER SHARE In the three six June 30, 2019, 2018, two No. 260, Earnings per Share two two no June 30, 2019 2018. Contingently issuable shares associated with outstanding service-based restricted stock units were not three six June 30, 2018 not no three six June 30, 2019. Basic and diluted earnings per common share were computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 3,687 $ 6,051 $ 9,186 $ 41,877 Less: distributed earnings allocated to non-vested stock - - - - Less: undistributed earnings allocated to non-vested restricted stock - (3 ) - (24 ) Numerator for basic earnings per share $ 3,687 $ 6,048 $ 9,186 $ 41,853 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock - 3 - 24 Less: undistributed earnings reallocated to non-vested restricted stock - (3 ) - (24 ) Numerator for diluted earnings per share $ 3,687 $ 6,048 $ 9,186 $ 41,853 Denominator: Weighted average shares outstanding – basic 43,743,243 43,716,726 43,743,243 43,716,698 Effect of dilutive securities: Stock options and other awards - 4,216 2,866 4,870 Weighted average shares outstanding – diluted 43,743,243 43,720,942 43,746,109 43,721,568 Basic earnings per share $ 0.08 $ 0.14 $ 0.21 $ 0.96 Diluted earnings per share $ 0.08 $ 0.14 $ 0.21 $ 0.96 Certain options to purchase FutureFuel’s common stock were not three six June 30, 2018 30,000 three six June 30, 2018. three June 30, 2019, 40,000 six June 30, 2019 20,000.

Note 11 - Segment Information

Note 11 - Segment Information	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11 ) SEGMENT INFORMATION FutureFuel has two Chemicals FutureFuel’s chemicals segment manufactures diversified chemical products that are sold externally to third two Biofuels FutureFuel’s biofuels segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no not not may Summary of long-lived assets and revenues by geographic area All of FutureFuel’s long-lived assets are located in the United States. Most of FutureFuel’s sales are transacted with control and title passing at the time of shipment from the Batesville Plant, although some sales are transacted with control and 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. FutureFuel is rarely the exporter of record, never the importer of record into foreign countries, and is not Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 70,302 $ 87,525 $ 118,266 $ 142,791 All Foreign Countries 562 811 1,099 1,292 Total $ 70,864 $ 88,336 $ 119,365 $ 144,083 Revenues from a single foreign country during the three six June 30, 2019 2018 not 1% Summary of business by segment Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue Custom chemicals $ 21,965 $ 27,072 $ 45,665 $ 50,492 Performance chemicals 3,894 4,455 7,546 10,116 Chemicals revenue 25,859 31,527 53,211 60,608 Biofuels revenue 45,005 56,809 66,154 83,475 Total Revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083 Segment gross profit/(loss) Chemicals $ 7,181 $ 8,016 $ 14,490 $ 15,572 Biofuels (3,911 ) 255 (7,958 ) 30,206 Total gross profit 3,270 8,271 6,532 45,778 Corporate expenses (2,085 ) (2,431 ) (4,136 ) (5,371 ) Income before interest and taxes 1,185 5,840 2,396 40,407 Interest and other income 3,576 2,434 8,865 4,145 Interest and other expense (157 ) (220 ) (200 ) (4,351 ) (Provision)/benefit for income taxes (917 ) (2,003 ) (1,875 ) 1,676 Net income $ 3,687 $ 6,051 $ 9,186 $ 41,877 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not

Note 12 - Fair Value Measuremen

Note 12 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	1 2 ) 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 1 2 not 3 The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at June 30, 2019 December 31, 2018. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description June 30, 2019 Level 1 Level 2 Level 3 Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 80,560 $ 80,560 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ -

Note 13 - Reclassifications Fro

Note 13 - Reclassifications From Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	1 3 ) RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME: The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three six June 30, 2019 2018. Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Three Months Ended June 30, 2019 and 2018 (net of tax) 2019 2018 Balance at April 1 $ 182 $ 102 Other comprehensive income before reclassifications 17 43 Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income 17 43 Balance at June 30 $ 199 $ 145 Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Six Months Ended June 30, 2019 and 2018 (net of tax) 2019 2018 Balance at January 1 $ (20 ) $ 160 Other comprehensive income before reclassifications 219 (15 ) Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income 219 (15 ) Balance at June 30 $ 199 $ 145 There were no three six June 30, 2019 2018.

Note 14 - Legal Matters

Note 14 - Legal Matters	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	14 LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not

Note 15 - Related Party Transac

Note 15 - Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	1 5 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties.

Note 16 - Intangible Asset

Note 16 - Intangible Asset	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	1 6 ) INTANGIBLE ASSET In April 2015, $1,408. no $1,408 June 30, 2019 December 31, 2018. 350.

Note 17 - Recently Issued Accou

Note 17 - Recently Issued Accounting Statements	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 7 RECENTLY ISSUED ACCOUNTING STATEMENTS The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the FASB: Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In August, 2018 2018 15, Intangibles – Goodwill and Other – Internal-Use Software 350 40 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract These amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350 40 Annual periods beginning after December 15, 2019 The Company plans to adopt the new guidance effective January 1, 2020. In June 2016, 2016 13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments. April May 2019, 2019 04 2019 05 2016 13 These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Annual periods beginning after December 15, 2019. December 15, 2018. The Company is currently considering the potential impact of this standard on financial reporting and internal controls related to the implementation of the standard as it relates to accounts receivable and debt securities and plans to adopt the new guidance on the effective date of January 1, 2020.

Note 18 - Revenue Recognition

Note 18 - Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	18 REVENUE RECOGNITION FutureFuel recognizes revenue in accordance with ASU 2014 09, Revenue from Contracts with Customers 606” 605” A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill and hold arrangements. The contract assets are recorded as accounts receivable on the consolidated balance sheet. Contract liabilities consist of advance payments related to material rights. These amounts were historically recorded as deferred revenue which primarily related to upfront capital payments. The contract liabilities are recorded as deferred revenue in the consolidated balance sheets and are reduced as FutureFuel transfers product to the customer under the renewal option approach. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table reflects the changes in FutureFuel’s contract assets and contract liabilities. Contract assets - short-term Three months ended June 30, 2019 2018 Beginning balance April 1 $ 1,190 $ 651 Additions 820 1,110 Reductions (1,190 ) (651 ) Ending balance June 30 $ 820 $ 1,110 Six months ended June 30, 2019 2018 Beginning balance January 1 $ 798 $ 505 Additions 2,010 1,761 Reductions (1,988 ) (1,156 ) Ending balance June 30 $ 820 $ 1,110 Contract liabilities Three months ended June 30, 2019 2018 Beginning balance at April 1 $ 20,419 $ 19,493 Additions 1,471 458 Revenue recognized (857 ) (1,796 ) Ending balance at June 30 $ 21,033 $ 18,155 Six months ended June 30, 2019 2018 Beginning balance at January 1 $ 20,332 $ 21,013 Additions 2,909 458 Revenue recognized (2,208 ) (3,316 ) Ending balance at June 30 $ 21,033 $ 18,155 Transaction price allocated to the remaining performance obligations : As of June 30, 2019, $21,033 one five 24% 12 76% one 5 We applied the practical expedient in ASC 606 10 50 14 one Disaggregation of revenue - contractual and non-contractual : Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Contract revenue from customers with > 1 year arrangements $ 11,721 $ 17,908 $ 27,139 $ 33,158 Contract revenue from customer with < 1 year arrangement 59,088 70,373 92,116 124,414 Revenue from non-contractual arrangements 55 55 110 110 BTC rebate - - - (13,599 ) Total revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083 Timing of revenue : Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Bill and hold revenue $ 12,006 $ 13,373 $ 23,762 $ 20,894 Non-bill and hold revenue 58,858 74,963 95,603 123,189 Total revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083 For both long term and short-term contracts, FutureFuel has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in net sales and shipping and handling costs incurred are recorded in cost of goods sold. FutureFuel has elected to exclude from net sales any taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which FutureFuel historically recorded shipping and handling fees and taxes.

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2019 December 31, 2018 At average cost (approximates current cost) Finished goods $ 17,765 $ 23,658 Work in process 1,551 2,100 Raw materials and supplies 25,248 23,909 44,564 49,667 LIFO reserve (8,448 ) (10,371 ) Total inventory $ 36,116 $ 39,296

Note 4 - Derivative Instrumen_2

Note 4 - Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	June 30, 2019 December 31, 2018 Contract quantity Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 100 $ (484 ) Regulated fixed price future commitments, included in other current assets - $ - 96 $ 187

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Marketable Securities [Table Text Block]	June 30, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 100 $ (8 ) $ 1,520 Trust preferred 3,676 161 - 3,837 Total debt securities $ 5,104 $ 261 $ (8 ) $ 5,357 December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 37 $ (65 ) $ 1,400 Trust preferred 3,147 21 (18 ) 3,150 Total debt securities $ 4,575 $ 58 $ (83 ) $ 4,550
Investments Classified by Contractual Maturity Date [Table Text Block]	June 3 0 , 201 9 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,357 Total $ 5,104 $ 5,357
Gain (Loss) on Securities [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net gains/(losses) recognized on equity securities $ 826 $ 281 $ 3,753 $ (4,088 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period (1,057 ) 663 (1,138 ) 2,324 Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date $ 1,883 $ (382 ) $ 4,891 $ (6,412 )

Note 6 - Accrued Expenses and_2

Note 6 - Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, 2019 December 31, 2018 Accrued employee liabilities $ 1,296 $ 1,253 Accrued property, franchise, motor fuel and other taxes 1,962 1,225 Lease liability 525 - Other 228 264 Total $ 4,011 $ 2,742

Note 7 - Borrowings (Tables)

Note 7 - Borrowings (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.00:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35%

Note 8 - Lease Commitments an_2

Note 8 - Lease Commitments and Short-term Contracts (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating lease expense $ 149 $ 135 $ 279 $ 270 Short-term lease expense $ 38 $ - $ 92 $ - Cash paid for operating leases $ 149 $ 135 $ 279 $ 270 Right of use assets obtained in exchange for lease obligations $ - $ - $ 432 $ - Weighted average discount rate 4.4% per annum NA 4.4% per annum NA
Supplemental Balance Sheet Disclosures, Leases [Table Text Block]	Operating lease right-of-use assets: Other noncurrent assets $ 1,817 Total operating lease assets $ 1,817 Operating lease liabilities: Other current liabilities $ 525 Other noncurrent liabilities 1,292 Total operating lease liabilities $ 1,817
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2019 $ 279 2020 595 2021 388 2022 370 2023 318 2024 32 Total $ 1,982 Less: imputed interest 165 Present value of lease payments $ 1,817

Note 9 - Provision for Income_2

Note 9 - Provision for Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for income taxes $ 917 $ 2,003 $ 1,875 $ (1,676 ) Effective tax rate 19.9 % 24.9 % 17.0 % (4.2% )

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 3,687 $ 6,051 $ 9,186 $ 41,877 Less: distributed earnings allocated to non-vested stock - - - - Less: undistributed earnings allocated to non-vested restricted stock - (3 ) - (24 ) Numerator for basic earnings per share $ 3,687 $ 6,048 $ 9,186 $ 41,853 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock - 3 - 24 Less: undistributed earnings reallocated to non-vested restricted stock - (3 ) - (24 ) Numerator for diluted earnings per share $ 3,687 $ 6,048 $ 9,186 $ 41,853 Denominator: Weighted average shares outstanding – basic 43,743,243 43,716,726 43,743,243 43,716,698 Effect of dilutive securities: Stock options and other awards - 4,216 2,866 4,870 Weighted average shares outstanding – diluted 43,743,243 43,720,942 43,746,109 43,721,568 Basic earnings per share $ 0.08 $ 0.14 $ 0.21 $ 0.96 Diluted earnings per share $ 0.08 $ 0.14 $ 0.21 $ 0.96

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 70,302 $ 87,525 $ 118,266 $ 142,791 All Foreign Countries 562 811 1,099 1,292 Total $ 70,864 $ 88,336 $ 119,365 $ 144,083
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue Custom chemicals $ 21,965 $ 27,072 $ 45,665 $ 50,492 Performance chemicals 3,894 4,455 7,546 10,116 Chemicals revenue 25,859 31,527 53,211 60,608 Biofuels revenue 45,005 56,809 66,154 83,475 Total Revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083 Segment gross profit/(loss) Chemicals $ 7,181 $ 8,016 $ 14,490 $ 15,572 Biofuels (3,911 ) 255 (7,958 ) 30,206 Total gross profit 3,270 8,271 6,532 45,778 Corporate expenses (2,085 ) (2,431 ) (4,136 ) (5,371 ) Income before interest and taxes 1,185 5,840 2,396 40,407 Interest and other income 3,576 2,434 8,865 4,145 Interest and other expense (157 ) (220 ) (200 ) (4,351 ) (Provision)/benefit for income taxes (917 ) (2,003 ) (1,875 ) 1,676 Net income $ 3,687 $ 6,051 $ 9,186 $ 41,877

Note 12 - Fair Value Measurem_2

Note 12 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description June 30, 2019 Level 1 Level 2 Level 3 Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 80,560 $ 80,560 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ -

Note 13 - Reclassifications F_2

Note 13 - Reclassifications From Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Three Months Ended June 30, 2019 and 2018 (net of tax) 2019 2018 Balance at April 1 $ 182 $ 102 Other comprehensive income before reclassifications 17 43 Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income 17 43 Balance at June 30 $ 199 $ 145 Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Six Months Ended June 30, 2019 and 2018 (net of tax) 2019 2018 Balance at January 1 $ (20 ) $ 160 Other comprehensive income before reclassifications 219 (15 ) Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income 219 (15 ) Balance at June 30 $ 199 $ 145

Note 18 - Revenue Recognition (

Note 18 - Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Contract with Customer, Asset and Liability [Table Text Block]	Contract assets - short-term Three months ended June 30, 2019 2018 Beginning balance April 1 $ 1,190 $ 651 Additions 820 1,110 Reductions (1,190 ) (651 ) Ending balance June 30 $ 820 $ 1,110 Six months ended June 30, 2019 2018 Beginning balance January 1 $ 798 $ 505 Additions 2,010 1,761 Reductions (1,988 ) (1,156 ) Ending balance June 30 $ 820 $ 1,110 Contract liabilities Three months ended June 30, 2019 2018 Beginning balance at April 1 $ 20,419 $ 19,493 Additions 1,471 458 Revenue recognized (857 ) (1,796 ) Ending balance at June 30 $ 21,033 $ 18,155 Six months ended June 30, 2019 2018 Beginning balance at January 1 $ 20,332 $ 21,013 Additions 2,909 458 Revenue recognized (2,208 ) (3,316 ) Ending balance at June 30 $ 21,033 $ 18,155
Disaggregation of Revenue [Table Text Block]	Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Contract revenue from customers with > 1 year arrangements $ 11,721 $ 17,908 $ 27,139 $ 33,158 Contract revenue from customer with < 1 year arrangement 59,088 70,373 92,116 124,414 Revenue from non-contractual arrangements 55 55 110 110 BTC rebate - - - (13,599 ) Total revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083 Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Bill and hold revenue $ 12,006 $ 13,373 $ 23,762 $ 20,894 Non-bill and hold revenue 58,858 74,963 95,603 123,189 Total revenue $ 70,864 $ 88,336 $ 119,365 $ 144,083

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual)	6 Months Ended
	Jun. 30, 2019a
Area of Land	2,200
Number of Operating Segments	2

Note 2 - Reinstatement of the_2

Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit (Details Textual) gal in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)gal
Biodiesel Blenders Credit [Member]
Benefit From Tax Credit, Pretax	$ 28,869,000
Income Tax Credits and Adjustments	42,428,000
Biodiesel Blenders Credit [Member] | Owed to Customers [Member]
Income Tax Credits and Adjustments	$ 13,559,000
Small Agri Biodiesel Producers Credit [Member]
Tax Credit Per Gallon Of Agri Biodiesel Sold		$ 0.10
Number of Gallons Sold | gal		15

Note 3 - Inventory - Carrying V

Note 3 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finished goods	$ 17,765	$ 23,658
Work in process	1,551	2,100
Raw materials and supplies	25,248	23,909
Inventory, gross	44,564	49,667
LIFO reserve	(8,448)	(10,371)
Total inventory	$ 36,116	$ 39,296

Note 4 - Derivative Instrumen_3

Note 4 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 443	$ 3,109	$ 1,033	$ 3,271
Restricted Cash and Cash Equivalents, Total	$ 72		$ 72		$ 980

Note 4 - Derivative Instrumen_4

Note 4 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Commodity Option [Member]
Quantity (contracts) Short		100
Fair Value Liabilities		$ (484)
Future [Member]
Quantity (contracts) Short		96
Fair Value Liabilities		$ 187
Fair Value Liabilities

Note 5 - Marketable Securitie_2

Note 5 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	$ 253	$ 2,540
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	253	187
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 8	$ 19

Note 5 - Marketable Securitie_3

Note 5 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Adjusted Cost	$ 5,104	$ 4,575
Unrealized Gains	261	58
Unrealized Losses	(8)	(83)
Fair Value	5,357	4,550
Corporate Debt Securities [Member]
Adjusted Cost	1,428	1,428
Unrealized Gains	100	37
Unrealized Losses	(8)	(65)
Fair Value	1,520	1,400
Trust Preferred Securities [Member]
Adjusted Cost	3,676	3,147
Unrealized Gains	161	21
Unrealized Losses		(18)
Fair Value	$ 3,837	$ 3,150

Note 5 - Marketable Securitie_4

Note 5 - Marketable Securities - Adjusted Cost Basis and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Due in one year or less, adjusted cost
Due in one year or less, fair value
Due after one year through five years, adjusted cost
Due after one year through five years, fair value
Due after five years through ten years, adjusted cost
Due after five years through ten years, fair value
Due after ten years, adjusted cost	5,104
Due after ten years, fair value	5,357
Total, adjusted cost	5,104	$ 4,575
Total, fair value	$ 5,357	$ 4,550

Note 5 - Marketable Securitie_5

Note 5 - Marketable Securities - Change in Equity sold and Change in Unrealized Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net gains/(losses) recognized on equity securities	$ 826	$ 281	$ 3,753	$ (4,088)
Less: net gains/(losses) recognized during the period on equity securities sold during the period	(1,057)	663	(1,138)	2,324
Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date	$ 1,883	$ (382)	$ 4,891	$ (6,412)

Note 6 - Accrued Expenses and_3

Note 6 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued employee liabilities	$ 1,296	$ 1,253
Accrued property, franchise, motor fuel and other taxes	1,962	1,225
Lease liability	525
Other	228	264
Total	$ 4,011	$ 2,742

Note 7 - Borrowings (Details Te

Note 7 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands	May 25, 2016	Jun. 30, 2019	Dec. 31, 2018	Apr. 16, 2015
Long-term Line of Credit, Total		$ 0	$ 0
Regions Bank and PNC Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 165,000			$ 150,000
Line of Credit, Additional Borrowing Capacity	$ 15,000
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 7 - Borrowings - Leverage

Note 7 - Borrowings - Leverage Ratio (Details)	6 Months Ended
	Jun. 30, 2019
Leverage Ratio1 [Member]
Commitment Fee	0.15%
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate	1.25%
Leverage Ratio1 [Member] | Base Rate [Member]
Spread on variable rate	0.25%
Leverage Ratio1 [Member] | Maximum [Member]
Leverage ratio	1
Leverage Ratio 2 [Member]
Commitment Fee	0.20%
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate	1.50%
Leverage Ratio 2 [Member] | Base Rate [Member]
Spread on variable rate	0.50%
Leverage Ratio 2 [Member] | Maximum [Member]
Leverage ratio	1.5
Leverage Ratio 2 [Member] | Minimum [Member]
Leverage ratio	1
Leverage Ratio 3 [Member]
Commitment Fee	0.25%
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate	1.75%
Leverage Ratio 3 [Member] | Base Rate [Member]
Spread on variable rate	0.75%
Leverage Ratio 3 [Member] | Maximum [Member]
Leverage ratio	2
Leverage Ratio 3 [Member] | Minimum [Member]
Leverage ratio	1.5
Leverage Ratio 4 [Member]
Commitment Fee	0.30%
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate	2.00%
Leverage Ratio 4 [Member] | Base Rate [Member]
Spread on variable rate	1.00%
Leverage Ratio 4 [Member] | Maximum [Member]
Leverage ratio	2.5
Leverage Ratio 4 [Member] | Minimum [Member]
Leverage ratio	2
Leverage Ratio 5 [Member]
Commitment Fee	0.35%
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate	2.25%
Leverage Ratio 5 [Member] | Base Rate [Member]
Spread on variable rate	1.25%
Leverage Ratio 5 [Member] | Minimum [Member]
Leverage ratio	2.5

Note 8 - Lease Commitments an_3

Note 8 - Lease Commitments and Short-term Contracts (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Weighted Average Remaining Lease Term	4 years
Operating Lease, Right-of-Use Asset	$ 1,817
Operating Lease, Liability, Current	525
Operating Lease, Liability, Noncurrent	$ 1,292
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 1,641
Operating Lease, Liability, Current		370
Operating Lease, Liability, Noncurrent		$ 1,271
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	2 years
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	5 years

Note 8 - Lease Commitments an_4

Note 8 - Lease Commitments and Short-term Contracts - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating lease expense	$ 149	$ 135	$ 279	$ 270
Short-term lease expense	38		92
Cash paid for operating leases	149	135	279	270
Noncash operating leases			$ 432
Weighted average discount rate	4.40%		4.40%

Note 8 - Lease Commitments an_5

Note 8 - Lease Commitments and Short-term Contracts - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other noncurrent assets	$ 1,817
Total operating lease assets	1,817
Operating Lease, Liability, Current	525
Operating Lease, Liability, Noncurrent	$ 1,292

Note 8 - Lease Commitments an_6

Note 8 - Lease Commitments and Short-term Contracts - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
2019	$ 279
2020	595
2021	388
2022	370
2023	318
2024	32
Total	1,982
Less: imputed interest	165
Present value of lease payments	$ 1,817

Note 9 - Provision for Income_3

Note 9 - Provision for Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Unrecognized Tax Benefits, Ending Balance	$ 2,804	$ 2,804
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 734	$ 681

Note 9 - Provision for Income_4

Note 9 - Provision for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Provision/(benefit) for income taxes	$ 917	$ 2,003	$ 1,875	$ (1,676)
Effective tax rate	19.90%	24.90%	17.00%	(4.20%)

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	40,000	30,000	20,000	30,000
Restricted Stock [Member]
Shares, Outstanding, Ending Balance	0		0

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 3,687	$ 6,051	$ 9,186	$ 41,877
Less: distributed earnings allocated to non-vested stock
Less: undistributed earnings allocated to non-vested restricted stock		(3)		(24)
Numerator for basic earnings per share	3,687	6,048	9,186	41,853
Effect of dilutive securities:
Add: undistributed earnings allocated to non-vested restricted stock		3		24
Less: undistributed earnings reallocated to non-vested restricted stock		(3)		(24)
Numerator for diluted earnings per share	$ 3,687	$ 6,048	$ 9,186	$ 41,853
Weighted average shares outstanding – basic (in shares)	43,743,243	43,716,726	43,743,243	43,716,698
Stock options and other awards (in shares)		4,216	2,866	4,870
Weighted average shares outstanding – diluted (in shares)	43,743,243	43,720,942	43,746,109	43,721,568
Basic earnings per share (in dollars per share)	$ 0.08	$ 0.14	$ 0.21	$ 0.96
Diluted earnings per share (in dollars per share)	$ 0.08	$ 0.14	$ 0.21	$ 0.96

Note 11 - Segment Information_2

Note 11 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2019
Number of Reportable Segments	2
Chemicals [Member]
Number of Reportable Segments	2

Note 11 - Segment Information -

Note 11 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues	$ 70,864	$ 88,336	$ 119,365	$ 144,083
UNITED STATES
Revenues	70,302	87,525	118,266	142,791
Non-US [Member]
Revenues	$ 562	$ 811	$ 1,099	$ 1,292

Note 11 - Segment Information_3

Note 11 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues	$ 70,864	$ 88,336	$ 119,365	$ 144,083
Segment gross profit/(loss)
Gross profit	3,270	8,271	6,532	45,778
Income before interest and taxes	1,185	5,840	2,396	40,407
Interest and other income	3,576	2,434	8,865	4,145
Interest and other expense	(157)	(220)	(200)	(4,351)
(Provision)/benefit for income taxes	(917)	(2,003)	(1,875)	1,676
Net income	3,687	6,051	9,186	41,877
Operating Segments [Member] | Chemicals [Member]
Revenues	25,859	31,527	53,211	60,608
Segment gross profit/(loss)
Gross profit	7,181	8,016	14,490	15,572
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member]
Revenues	21,965	27,072	45,665	50,492
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member]
Revenues	3,894	4,455	7,546	10,116
Operating Segments [Member] | Biofuels [Member]
Revenues	45,005	56,809	66,154	83,475
Segment gross profit/(loss)
Gross profit	(3,911)	255	(7,958)	30,206
Corporate, Non-Segment [Member]
Segment gross profit/(loss)
Corporate expenses	$ (2,085)	$ (2,431)	$ (4,136)	$ (5,371)

Note 12 - Fair Value Measurem_3

Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments	$ 80,560	$ 79,888
Derivative instruments		(297)
Fair Value, Inputs, Level 1 [Member]
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments	80,560	79,888
Derivative instruments		(297)
Fair Value, Inputs, Level 2 [Member]
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments
Derivative instruments
Fair Value, Inputs, Level 3 [Member]
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments
Derivative instruments

Note 13 - Reclassifications F_3

Note 13 - Reclassifications From Accumulated Other Comprehensive Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 0	$ 0	$ 0	$ 0

Note 13 - Reclassifications F_4

Note 13 - Reclassifications From Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Balance			$ 389,078	$ 351,596
Amounts reclassified from accumulated other comprehensive income	$ 0	$ 0	0	0
Net current-period other comprehensive income			219	(15)
Balance	398,483	388,493	398,483	388,493
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member]
Balance			389,078
AOCI Attributable to Parent [Member]
Balance	182		(20)	8,433
Other comprehensive income before reclassifications	17	43	219	(15)
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income	17	43	219	(15)
Balance	$ 199	145	$ 199	145
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | Previously Reported [Member]
Balance		$ 102		$ 160

Note 16 - Intangible Asset (Det

Note 16 - Intangible Asset (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2015	Jun. 30, 2019	Dec. 31, 2018
Payments to Acquire Intangible Assets	$ 1,408
Intangible Assets, Net (Excluding Goodwill), Total		$ 1,408	$ 1,408

Note 18 - Revenue Recognition_2

Note 18 - Revenue Recognition (Details Textual) $ in Thousands	Jun. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01
Revenue, Remaining Performance Obligation, Amount	$ 21,033
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Percentage	24.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Percentage	76.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years

Note 18 - Revenue Recognition -

Note 18 - Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Beginning balance	$ 1,190	$ 651
Contract assets, additions	820	1,110	$ 2,010	$ 1,761
Reductions	(1,190)	(651)	(1,988)	(1,156)
Ending balance	820	1,110	820	1,110
Beginning balance			798	505
Ending balance	820	1,110	820	1,110
Beginning balance	20,419	19,493	20,332	21,013
Contract liabilities, additions	1,471	458	2,909	458
Revenue recognized	(857)	(1,796)	(2,208)	(3,316)
Ending balance	$ 21,033	$ 18,155	$ 21,033	$ 18,155

Note 18 - Revenue Recognition_3

Note 18 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 70,864	$ 88,336	$ 119,365	$ 144,083
Revenue from non-contractual arrangements	55	55	110	110
BTC rebate				(13,599)
Bill and Hold Revenue [Member]
Revenue	12,006	13,373	23,762	20,894
Non-bill and Hold Revenue [Member]
Revenue	58,858	74,963	95,603	123,189
Long-term Contract Revenue [Member]
Revenue	11,721	17,908	27,139	33,158
Short-term Contract Revenue [Member]
Revenue	$ 59,088	$ 70,373	$ 92,116	$ 124,414