PotlatchDeltic (PCH) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 22, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	POTLATCH CORP
Entity Central Index Key	1,338,749
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,688,158
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 127,896	$ 134,125
Costs and expenses:
Cost of goods sold	109,815	107,772
Selling, general and administrative expenses	13,009	12,326
Total costs and expenses	122,824	120,098
Operating income	5,072	14,027
Interest expense, net	(6,025)	(8,069)
Income (loss) before income taxes	(953)	5,958
Income tax benefit (provision)	1,110	(302)
Net income	$ 157	$ 5,656
Net income per share:
Basic (in dollars per share)	$ 0	$ 0.14
Diluted (in dollars per share)	0	0.14
Distributions per share (in dollars per share)	$ 0.375	$ 0.375
Weighted-average shares outstanding (in thousands):
Basic (in shares)	40,875,179	40,801,993
Diluted (in shares)	40,959,675	40,885,116

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Net income		$ 157		$ 5,656
Other comprehensive income, net of tax:
Amortization of prior service credit included in net periodic cost, net of tax of $(815) and $(849)	[1]	(1,275)		(1,328)
Amortization of actuarial loss included in net periodic cost, net of tax of $1,695 and $1,937	[1]	2,650		3,029
Cash flow hedge, net of tax of $(105)		(164)		0
Other comprehensive income, net of tax		1,211		1,701
Comprehensive income		$ 1,368	[1]	$ 7,357
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amortization of prior service credit included in net periodic cost, tax effect	$ (815)	$ (849)
Amortization of actuarial loss included in net periodic cost, tax effect	1,695	1,937
Cash flow hedge, tax effect	$ (105)	$ 0

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 7,789	$ 7,886
Short-term investments	35	39
Receivables, net	14,710	13,420
Inventories	25,028	35,162
Other assets	14,106	14,246
Total current assets	61,668	70,753
Property, plant and equipment, net	74,060	75,285
Timber and timberlands, net	810,856	816,599
Deferred tax assets, net	46,645	46,600
Other assets	8,126	7,375
Total assets	1,001,355	1,016,612
Current liabilities:
Revolving line of credit borrowings	0	30,000
Current portion of long-term debt	0	5,007
Accounts payable and accrued liabilities	44,580	39,740
Current portion of pension and other postretirement employee benefits	5,973	5,973
Total current liabilities	50,553	80,720
Long-term debt	627,709	598,874
Pension and other postretirement employee benefits	118,999	119,369
Other long-term obligations	13,618	13,913
Total liabilities	810,879	812,876
Common stock, $1 par value	40,688	40,681
Additional paid-in capital	351,188	350,541
Accumulated deficit	(88,108)	(72,983)
Accumulated other comprehensive loss	(113,292)	(114,503)
Total stockholders’ equity	190,476	203,736
Total liabilities and stockholders' equity	$ 1,001,355	$ 1,016,612

Consolidated Condensed Balance6

Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Consolidated Condensed Statemen

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 157	$ 5,656
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	8,605	8,504
Basis of real estate sold	2,034	408
Change in deferred taxes	(1,110)	(936)
Employee benefit plans	2,737	1,723
Equity-based compensation expense	954	1,136
Other, net	(531)	(501)
Working capital and operating-related activities, net	16,047	8,447
Net cash from operating activities	28,893	24,437
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments	4	7,483
Property, plant and equipment	(932)	(4,810)
Timberlands reforestation and roads	(2,242)	(2,734)
Other, net	116	309
Net cash from investing activities	(3,054)	248
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends to common stockholders	(15,258)	(15,253)
Repayment of revolving line of credit	(30,000)	0
Repayment of long-term debt	(5,000)	0
Proceeds from issuance of long-term debt	27,500	0
Change in book overdrafts	(2,836)	(3,551)
Employee tax withholdings on vested performance share awards	(101)	(1,407)
Other, net	(241)	26
Net cash from financing activities	(25,936)	(20,185)
Increase (decrease) in cash	(97)	4,500
Cash at beginning of period	7,886	4,644
Cash at end of period	7,789
Cash paid (received) during the period for:
Interest, net of amounts capitalized	2,029	1,498
Income taxes, net	$ (1,709)	$ 148

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION For purposes of this report, any reference to “Potlatch,” “the company,” “we,” “us,” and “our” means Potlatch Corporation and all of its wholly-owned subsidiaries, except where the context indicates otherwise. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements; certain disclosures normally provided in accordance with generally accepted accounting principles in the United States have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the Securities and Exchange Commission on February 12, 2016 . We believe that all adjustments necessary for a fair statement of the results of such interim periods have been included and all such adjustments are of a normal recurring nature.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases , which, among other things, requires lessees to recognize most leases on the balance sheet. We have operating leases covering office space, equipment, land and vehicles expiring at various dates through 2028, which would require a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, to be recognized in the statement of financial position. Lease costs would generally continue to be recognized on a straight-line basis. The future minimum payments required under our operating leases totaled $9.6 million at December 31, 2015. The ASU is effective for us on January 1, 2019. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which changes several aspects of the accounting for share-based payment award transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures and minimum statutory tax withholding requirements. This ASU is effective for us on January 1, 2017. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share, Basic, Other Disclosures [Abstract]
Earnings per Share	EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Quarter Ended (Dollars in thousands, except per share amounts) 2016 2015 Net income $ 157 $ 5,656 Basic weighted-average shares outstanding 40,875,179 40,801,993 Incremental shares due to: Performance shares 69,292 70,187 Restricted stock units 15,204 12,936 Diluted weighted-average shares outstanding 40,959,675 40,885,116 Basic net income per share $ — $ 0.14 Diluted net income per share $ — $ 0.14 For the three months ended March 31, 2016 , there were 90,272 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the three months ended March 31, 2015, there were 55,987 anti-dilutive stock-based awards. Anti-dilutive stock-based awards could be dilutive in future periods.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Disclosures	(Dollars in thousands) March 31, December 31, Inventories: Logs $ 276 $ 9,920 Lumber, plywood and veneer 16,096 16,932 Materials and supplies 8,656 8,310 Total inventories $ 25,028 $ 35,162 PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) March 31, December 31, Property, plant and equipment $ 248,496 $ 248,750 Less: accumulated depreciation (174,436 ) (173,465 ) Total property, plant and equipment, net $ 74,060 $ 75,285

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	DEBT In February 2016, we amended our term loan agreement to provide an additional loan in the amount of $27.5 million . This additional tranche refinanced $27.5 million of long-term debt that matured in December 2015 and February 2016. It matures in 2026 and carries a rate equal to 3-month LIBOR plus 2.15% per annum. At March 31, 2016, our term loan debt includes nine tranches totaling $349.5 million .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instrument Detail [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset or liability to a particular risk, such as interest rate risk, are considered fair value hedges. We have seven fair value interest rate swaps to convert interest payments on fixed-rate debt to variable-rate 3-month LIBOR plus a spread. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. We have one interest rate swap to convert variable-rate debt, comprised of 3-month LIBOR plus a spread, to fixed-rate debt. Our cash flow hedge is expected to be highly effective in achieving offsetting cash flows attributable to the hedged interest rate risk through the term of the hedge. Therefore, changes in the fair value of the interest rate swap are recorded as a component of other comprehensive income and will be recognized in earnings when the hedged interest rate affects earnings. The amounts paid or received on this interest rate hedge will be recognized as adjustments to interest expense. As of March 31, 2016, the amount of net losses expected to be reclassified into earnings in the next 12 months is $0.3 million . The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets : Assets Liabilities (Dollars in thousands) Location March 31, December 31, Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate contracts Other assets, current $ — $ 7 Long-term debt $ 269 $ — Interest rate contracts Other assets, non-current 1,523 574 Total derivatives designated as hedging instruments $ 1,523 $ 581 $ 269 $ — The following tables detail the effect of derivatives on our Consolidated Statements of Income : Quarter Ended (Dollars in thousands) Location 2016 2015 Derivatives designated in fair value hedging relationships: Realized gain on interest rate contracts 1 Interest expense $ 242 $ 379 Quarter Ended (Dollars in thousands) Location 2016 2015 Derivatives designated in cash flow hedging relationships: Gain (loss) recognized in OCI on derivative, net of tax of $(105) and $ - (effective portion) Other Comprehensive Income $ (164 ) $ — Gain (loss) reclassified from AOCI into income (effective portion) Interest expense $ — $ — 1 Realized gain on hedging instruments consists of net cash settlements and interest accruals on the interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instrument Detail [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and short-term investments (Level 1) $ 7,824 $ 7,824 $ 7,925 $ 7,925 Derivative asset related to interest rate swaps (Level 2) $ 1,523 $ 1,523 $ 581 $ 581 Derivative liability related to interest rate swaps (Level 2) $ 269 $ 269 $ — $ — Long-term debt, including fair value adjustments related to hedging instruments (Level 2) $ 627,709 $ 647,587 $ 603,881 $ 626,021 Company owned life insurance asset (COLI) (Level 3) $ 1,122 $ 1,122 $ 687 $ 687 For cash and short-term investments, the carrying amount approximates fair value due to the short-term nature of these financial instruments. The fair value of the interest rate swaps were determined by discounting the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity and uses observable market-based inputs, including interest rate forward curves. The fair value of our long-term debt is estimated based upon the quoted market prices for the same or similar debt issues, or estimated based on average market prices for comparable debt when there is no quoted market price. The contract value of our COLI, the amount at which it could be redeemed, is used as a practical expedient to estimate fair value because market prices are not readily available.

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Quarter Ended March 31, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 1,507 $ 1,530 $ 5 $ 7 Interest cost 4,252 4,259 355 383 Expected return on plan assets (4,766 ) (5,191 ) — — Amortization of prior service cost (credit) 130 151 (2,220 ) (2,328 ) Amortization of actuarial loss 3,917 4,408 428 558 Net periodic cost (benefit) $ 5,040 $ 5,157 $ (1,432 ) $ (1,380 ) During the three months ended March 31, 2016 and 2015 , we paid non-qualified supplemental pension benefits of $0.4 million and $0.4 million . During the three months ended March 31, 2016 and 2015 , we paid OPEB benefits of $1.3 million and $1.3 million . The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL): Quarter Ended March 31, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,354 1,275 Actuarial loss (2,389 ) (261 ) (2,650 ) Total reclassification for the period (2,468 ) 1,093 (1,375 ) Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 Quarter Ended March 31, 2015 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 134,261 $ (15,869 ) $ 118,392 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (92 ) 1,420 1,328 Actuarial loss (2,689 ) (340 ) (3,029 ) Total reclassification for the period (2,781 ) 1,080 (1,701 ) Balance at March 31 $ 131,480 $ (14,789 ) $ 116,691 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATION As of March 31, 2016 , we had two stock incentive plans under which performance shares, restricted stock units (RSUs) and deferred compensation stock equivalent units were outstanding. These plans have received shareholder approval. We were originally authorized to issue up to 1.6 million shares and 1.0 million shares under our 2005 Stock Incentive Plan and 2014 Stock Incentive Plan, respectively. At March 31, 2016 , approximately 1.1 million shares were authorized for future use. We issue new shares of common stock to settle performance shares, restricted stock units and deferred compensation stock equivalent units. The following table details compensation expense and the related income tax benefit: Quarter Ended (Dollars in thousands) 2016 2015 Employee equity-based compensation expense: Performance shares $ 754 $ 872 Restricted stock units 200 205 Total employee equity-based compensation expense $ 954 $ 1,077 Deferred compensation stock equivalent units expense $ 200 $ 119 Total tax benefit recognized for share-based expense $ 66 $ 74 PERFORMANCE SHARES The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2016 and 2015 : Quarter Ended 2016 2015 Stock price as of valuation date $ 25.92 $ 40.00 Risk-free rate 0.88 % 1.07 % The following table summarizes outstanding performance share awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 : (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 161,049 $ 41.26 Granted 125,469 $ 30.02 Forfeited — $ — Unvested shares outstanding at March 31 286,518 $ 36.34 $ 9,025 As of March 31, 2016 , there was $6.0 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted-average period of 1.9 years. RESTRICTED STOCK UNITS The following table summarizes outstanding RSU awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 : (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 44,531 $ 40.95 Granted 42,320 $ 25.92 Vested (1,500 ) $ 38.91 Forfeited — $ — Unvested shares outstanding at March 31 85,351 $ 33.07 $ 2,689 The fair value of each RSU equaled our common share price on the date of grant. The total fair value of RSU awards that vested during the three months ended March 31, 2016 was $0.1 million . As of March 31, 2016 , there was $1.8 million of total unrecognized compensation cost related to unvested RSU awards, which is expected to be recognized over a weighted-average period of 2.0 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal and state corporate income taxes on income of the REIT that we distribute to our shareholders. We conduct certain activities through our taxable REIT subsidiaries (TRS), which are subject to corporate level federal and state income taxes. These taxable activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to income or loss of the TRS, as well as permanent book versus tax differences.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES In January 2007, the Environmental Protection Agency (EPA) notified us that we are a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Clean Water Act for cleanup of a site known as Avery Landing in northern Idaho. We own a portion of the land at the Avery Landing site, which we acquired in 1980 from the Milwaukee Railroad. The land we own at the site and adjacent properties were contaminated with petroleum as a result of the Milwaukee Railroad's operations at the site prior to 1980. On July 5, 2011, the EPA issued an Action Memorandum for the Avery Landing site selecting contaminant extraction and off-site disposal as the remedial alternative. On May 23, 2012, we signed a consent order with the EPA pursuant to which we agreed to provide $1.75 million in funding for EPA cleanup on a portion of our property (including the adjacent riverbank owned by the Idaho Department of Lands). The EPA cleanup was completed in October 2012. On April 4, 2013, the EPA issued a unilateral administrative order requiring us to remediate the portion of the Avery Landing site that we own. Our remediation was completed in October 2013. On September 25, 2015 the EPA sent us a letter asserting that the EPA and the Department of Transportation (the current owner of a portion of the adjacent property remediated by the EPA) (DOT) had incurred $9.8 million in unreimbursed response costs associated with the site and that we were liable for such costs. We believe we have meritorious defenses to this claim and we intend to defend ourselves vigorously. We have reserved all of our rights to seek reimbursement for the costs of remediation from all parties potentially responsible. We have executed a tolling agreement with the EPA and DOT suspending the statute of limitations on the claim until June 2016 in order to facilitate negotiations of a final settlement and release. We accrued $0.2 million for this matter in the first quarter of 2016. We believe that it is reasonably possible that we may incur additional charges in respect of this claim in the future that may exceed our accrual by up to $2.5 million .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information, Additional Information [Abstract]
Segment Information	SEGMENT INFORMATION The following table summarizes information by business segment: Quarter Ended (Dollars in thousands) 2016 2015 Revenues: Resource $ 48,710 $ 53,955 Wood Products 83,238 89,233 Real Estate 5,566 3,111 137,514 146,299 Elimination of intersegment revenues - Resource (9,618 ) (12,174 ) Total consolidated revenues $ 127,896 $ 134,125 Operating income: Resource $ 10,207 $ 14,978 Wood Products 956 3,500 Real Estate 2,075 1,599 Eliminations and adjustments 1,465 2,975 14,703 23,052 Corporate (9,631 ) (9,025 ) Operating income 5,072 14,027 Interest expense, net (6,025 ) (8,069 ) Income (loss) before income taxes $ (953 ) $ 5,958 Depreciation, depletion and amortization: Resource $ 6,128 $ 6,254 Wood Products 1,901 1,576 Real Estate 2 15 8,031 7,845 Corporate 208 284 Bond discounts and deferred loan fees 366 375 Total depreciation, depletion and amortization $ 8,605 $ 8,504 Basis of real estate sold: Real Estate $ 2,245 $ 471 Eliminations and adjustments (211 ) (63 ) Total basis of real estate sold $ 2,034 $ 408

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On April 21, 2016, we sold approximately 172,000 acres of timberlands located in central Idaho for $114 million . The company purchased the property in 2007 and 2008 for the purpose of growing and harvesting timber and selling rural recreation parcels. The sale frees up capital without having to wait for the rural recreation real estate market in central Idaho to recover. We expect to record a loss of $36 million after taxes in our Real Estate segment in the second quarter of 2016. Historical earnings generated by the property have been positive, but not material. The asset group was classified as held and used as of March 31, 2016. Neither a signed letter of intent, nor an approved purchase agreement were in place as of that date. Because negotiations were underway with the buyer at the balance sheet date, we believed that it was prudent to complete an undiscounted cash flow analysis to determine whether the asset group was impaired. Given the long period of time over which cash flows would be generated in the hold scenario and management’s belief that the likelihood that a sale would be completed was 20% , the undiscounted cash flows significantly exceeded the book basis of the asset group. Therefore, management concluded that the asset group was not impaired as of March 31, 2016. On April 11, 2016, the company's Board of Directors authorized management, at its discretion, to repurchase up to $60 million of common stock with the proceeds from the sale of the central Idaho timberlands. Share repurchases may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate Potlatch to purchase any shares, and expires in two years. The authorization for the share repurchase program may be terminated, increased, or decreased by the company's Board of Directors in its discretion at any time.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share, Basic, Other Disclosures [Abstract]
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted EPS	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Quarter Ended (Dollars in thousands, except per share amounts) 2016 2015 Net income $ 157 $ 5,656 Basic weighted-average shares outstanding 40,875,179 40,801,993 Incremental shares due to: Performance shares 69,292 70,187 Restricted stock units 15,204 12,936 Diluted weighted-average shares outstanding 40,959,675 40,885,116 Basic net income per share $ — $ 0.14 Diluted net income per share $ — $ 0.14

Certain Balance Sheet Compone22

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	(Dollars in thousands) March 31, December 31, Inventories: Logs $ 276 $ 9,920 Lumber, plywood and veneer 16,096 16,932 Materials and supplies 8,656 8,310 Total inventories $ 25,028 $ 35,162
Property, Plant and Equipment	(Dollars in thousands) March 31, December 31, Property, plant and equipment $ 248,496 $ 248,750 Less: accumulated depreciation (174,436 ) (173,465 ) Total property, plant and equipment, net $ 74,060 $ 75,285

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instrument Detail [Abstract]
Fair Values of Derivative Instruments	The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets : Assets Liabilities (Dollars in thousands) Location March 31, December 31, Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate contracts Other assets, current $ — $ 7 Long-term debt $ 269 $ — Interest rate contracts Other assets, non-current 1,523 574 Total derivatives designated as hedging instruments $ 1,523 $ 581 $ 269 $ —
Effect of Derivatives on Consolidated Statements of Income	The following tables detail the effect of derivatives on our Consolidated Statements of Income : Quarter Ended (Dollars in thousands) Location 2016 2015 Derivatives designated in fair value hedging relationships: Realized gain on interest rate contracts 1 Interest expense $ 242 $ 379 Quarter Ended (Dollars in thousands) Location 2016 2015 Derivatives designated in cash flow hedging relationships: Gain (loss) recognized in OCI on derivative, net of tax of $(105) and $ - (effective portion) Other Comprehensive Income $ (164 ) $ — Gain (loss) reclassified from AOCI into income (effective portion) Interest expense $ — $ — 1 Realized gain on hedging instruments consists of net cash settlements and interest accruals on the interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instrument Detail [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the estimated fair values of our financial instruments: March 31, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and short-term investments (Level 1) $ 7,824 $ 7,824 $ 7,925 $ 7,925 Derivative asset related to interest rate swaps (Level 2) $ 1,523 $ 1,523 $ 581 $ 581 Derivative liability related to interest rate swaps (Level 2) $ 269 $ 269 $ — $ — Long-term debt, including fair value adjustments related to hedging instruments (Level 2) $ 627,709 $ 647,587 $ 603,881 $ 626,021 Company owned life insurance asset (COLI) (Level 3) $ 1,122 $ 1,122 $ 687 $ 687

Pension and Other Postretirem25

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of Net Periodic Cost (Benefit)	The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Quarter Ended March 31, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 1,507 $ 1,530 $ 5 $ 7 Interest cost 4,252 4,259 355 383 Expected return on plan assets (4,766 ) (5,191 ) — — Amortization of prior service cost (credit) 130 151 (2,220 ) (2,328 ) Amortization of actuarial loss 3,917 4,408 428 558 Net periodic cost (benefit) $ 5,040 $ 5,157 $ (1,432 ) $ (1,380 )
Schedule of Accumulated Other Comprehensive Loss	The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL): Quarter Ended March 31, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,354 1,275 Actuarial loss (2,389 ) (261 ) (2,650 ) Total reclassification for the period (2,468 ) 1,093 (1,375 ) Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 Quarter Ended March 31, 2015 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 134,261 $ (15,869 ) $ 118,392 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (92 ) 1,420 1,328 Actuarial loss (2,689 ) (340 ) (3,029 ) Total reclassification for the period (2,781 ) 1,080 (1,701 ) Balance at March 31 $ 131,480 $ (14,789 ) $ 116,691 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Details of Compensation Expense	The following table details compensation expense and the related income tax benefit: Quarter Ended (Dollars in thousands) 2016 2015 Employee equity-based compensation expense: Performance shares $ 754 $ 872 Restricted stock units 200 205 Total employee equity-based compensation expense $ 954 $ 1,077 Deferred compensation stock equivalent units expense $ 200 $ 119 Total tax benefit recognized for share-based expense $ 66 $ 74
Fair Value of Performance Share Awards	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2016 and 2015 : Quarter Ended 2016 2015 Stock price as of valuation date $ 25.92 $ 40.00 Risk-free rate 0.88 % 1.07 %
Summary of Outstanding Performance Share Awards	The following table summarizes outstanding performance share awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 : (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 161,049 $ 41.26 Granted 125,469 $ 30.02 Forfeited — $ — Unvested shares outstanding at March 31 286,518 $ 36.34 $ 9,025
Summary of Outstanding RSU Awards	The following table summarizes outstanding RSU awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 : (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 44,531 $ 40.95 Granted 42,320 $ 25.92 Vested (1,500 ) $ 38.91 Forfeited — $ — Unvested shares outstanding at March 31 85,351 $ 33.07 $ 2,689

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information, Additional Information [Abstract]
Summary of Information by Business Segment	The following table summarizes information by business segment: Quarter Ended (Dollars in thousands) 2016 2015 Revenues: Resource $ 48,710 $ 53,955 Wood Products 83,238 89,233 Real Estate 5,566 3,111 137,514 146,299 Elimination of intersegment revenues - Resource (9,618 ) (12,174 ) Total consolidated revenues $ 127,896 $ 134,125 Operating income: Resource $ 10,207 $ 14,978 Wood Products 956 3,500 Real Estate 2,075 1,599 Eliminations and adjustments 1,465 2,975 14,703 23,052 Corporate (9,631 ) (9,025 ) Operating income 5,072 14,027 Interest expense, net (6,025 ) (8,069 ) Income (loss) before income taxes $ (953 ) $ 5,958 Depreciation, depletion and amortization: Resource $ 6,128 $ 6,254 Wood Products 1,901 1,576 Real Estate 2 15 8,031 7,845 Corporate 208 284 Bond discounts and deferred loan fees 366 375 Total depreciation, depletion and amortization $ 8,605 $ 8,504 Basis of real estate sold: Real Estate $ 2,245 $ 471 Eliminations and adjustments (211 ) (63 ) Total basis of real estate sold $ 2,034 $ 408

Recent Accounting Pronounceme28

Recent Accounting Pronouncements (Details) $ in Millions	Dec. 31, 2015USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Operating Leases, Future Minimum Payments Due	$ 9.6

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation Of Number Of Common Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per Share [Line Items]
Net income	$ 157	$ 5,656
Basic weighted-average shares outstanding (in shares)	40,875,179	40,801,993
Diluted weighted-average shares outstanding (in shares)	40,959,675	40,885,116
Basic net income per share (in dollars per share)	$ 0	$ 0.14
Diluted net income per share (in dollars per share)	$ 0	$ 0.14
Total anti-dilutive shares excluded from the calculation (in shares)	90,272	55,987
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares (in shares)	69,292	70,187
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares (in shares)	15,204	12,936

Certain Balance Sheet Compone30

Certain Balance Sheet Components (Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Logs	$ 276	$ 9,920
Lumber, plywood and veneer	16,096	16,932
Materials and supplies	8,656	8,310
Inventories, Total	$ 25,028	$ 35,162

Certain Balance Sheet Compone31

Certain Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 248,496	$ 248,750
Less: accumulated depreciation	174,436	173,465
Property, plant and equipment, net	$ 74,060	$ 75,285

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Term Loans [Member] $ in Millions	Mar. 31, 2016USD ($)Tranche	Feb. 29, 2016USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross | $	$ 349.5	$ 27.5
Debt Instrument, Interest Rate, Stated Percentage	2.15%
Number of Tranches Included in Term Loan | Tranche	9

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instrument Detail [Abstract]
Net losses expected to be reclassified into earnings in the next twelve months	$ 0.3

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 1,523	$ 581
Liability [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	269	0
Interest rate contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	7
Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,523	574
Interest rate contracts [Member] | Long-term Debt [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 269	$ 0

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivative (effective portion), tax effect		$ (105)	$ 0
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivative, net of tax of $(105) and $ - (effective portion)		(164)	0
Interest Expense [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain on interest rate contracts	[1]	242	379
Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI into income (effective portion)		$ 0	$ 0
[1]	Realized gain on hedging instruments consists of net cash settlements and interest accruals on the interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows.

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and short-term investments, Carrying Amount	$ 7,824	$ 7,925
Cash and short-term investments, Fair Value	7,824	7,925
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including fair value adjustments related to hedging instruments, Carrying Amount	627,709	603,881
Long-term debt, including fair value adjustments related to hedging instruments, Fair Value	647,587	626,021
Level 2 [Member] | Interest rate contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset related to interest rate swaps, Carrying Amount	1,523	581
Derivative asset related to interest rate swaps, Fair Value	1,523	581
Derivative liability related to interest rate swap, Carrying Amount	269	0
Derivative liability related to interest rate swap, Fair Value	269	0
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)	$ 1,122	$ 687

Pension and Other Postretirem37

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Other Postretirement Benefits Payments	$ 1.3	$ 1.3
Non-Qualified Supplemental Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 0.4	$ 0.4

Pension and Other Postretirem38

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,507	$ 1,530
Interest cost	4,252	4,259
Expected return on plan assets	(4,766)	(5,191)
Amortization of prior service cost (credit)	130	151
Amortization of actuarial loss	3,917	4,408
Net periodic cost (benefit)	5,040	5,157
Other Postretirement Employee Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	7
Interest cost	355	383
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	(2,220)	(2,328)
Amortization of actuarial loss	428	558
Net periodic cost (benefit)	$ (1,432)	$ (1,380)

Pension and Other Postretirem39

Pension and Other Postretirement Employee Benefits (Change in Accumulated Other Comprehensive Loss (AOCL)) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		$ 114,503	$ 118,392
Prior service credit (cost)	[1]	1,275	1,328
Actuarial loss	[1]	(2,650)	(3,029)
Total reclassification for the period	[1]	1,375	1,701
AOCL at end of period		113,128	116,691
Pension Plans [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		128,244	134,261
Prior service credit (cost)	[1]	(79)	(92)
Actuarial loss	[1]	(2,389)	(2,689)
Total reclassification for the period	[1]	2,468	2,781
AOCL at end of period		125,776	131,480
Other Postretirement Employee Benefits [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		(13,741)	(15,869)
Prior service credit (cost)	[1]	1,354	1,420
Actuarial loss	[1]	(261)	(340)
Total reclassification for the period	[1]	(1,093)	(1,080)
AOCL at end of period		$ (12,648)	$ (14,789)
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)shares
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 6
Weighted average period (in years)	1 year 10 months 24 days
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 1.8
Weighted average period (in years)	2 years
Total fair value of RSU awards vested | $	$ 0.1
2005 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	1.6
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	1
2005 and 2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	1.1

Equity-Based Compensation (Deta

Equity-Based Compensation (Details Of Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 954	$ 1,077
Deferred compensation stock equivalent units expense	200	119
Total tax benefit recognized for share-based expense	66	74
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	754	872
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 200	$ 205

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance Shares [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 25.92	$ 40
Risk-free rate	0.88%	1.07%

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary Of Outstanding Performance Shares/Restricted Stock Units) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares | shares	161,049
Granted (in shares) | shares	125,469
Forfeited (in shares) | shares	0
Unvested shares outstanding at March 31, Shares | shares	286,518
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 41.26
Granted, Weighted Av.g Exercise Price (in dollars per share) | $ / shares	30.02
Forfeited, Weighted Avg. Forfeited Date Fair Value (in dollars per share) | $ / shares	0
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 36.34
Aggregate Intrinsic Value | $	$ 9,025
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares | shares	44,531
Granted (in shares) | shares	42,320
Vested (in shares) | shares	(1,500)
Forfeited (in shares) | shares	0
Unvested shares outstanding at March 31, Shares | shares	85,351
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 40.95
Granted, Weighted Av.g Exercise Price (in dollars per share) | $ / shares	25.92
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	38.91
Forfeited, Weighted Avg. Forfeited Date Fair Value (in dollars per share) | $ / shares	0
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 33.07
Aggregate Intrinsic Value | $	$ 2,689

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 25, 2015	May. 23, 2012	Mar. 31, 2016
Site Contingency [Line Items]
Loss Contingency Accrual, Payments		$ 1,750
Loss Contingency, Damages Sought, Value	$ 9,800
Loss Contingency Accrual			$ 200
Loss Contingency, Range of Possible Loss, Portion Not Accrued			$ 2,500

Segment Information (Summary Of

Segment Information (Summary Of Information By Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Segment Revenues	$ 127,896	$ 134,125
Operating Income (loss)	(953)	5,958
Operating Income	5,072	14,027
Interest expense, net	(6,025)	(8,069)
Depreciation, depletion and amortization	8,605	8,504
Bond Discounts and Deferred Loan Fees	366	375
Basis of real estate sold	2,034	408
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment Revenues	137,514	146,299
Operating Income (loss)	14,703	23,052
Depreciation, depletion and amortization	8,031	7,845
Resource [Member]
Segment Reporting Information [Line Items]
Segment Revenues	48,710	53,955
Operating Income (loss)	10,207	14,978
Depreciation, depletion and amortization	6,128	6,254
Wood Products [Member]
Segment Reporting Information [Line Items]
Segment Revenues	83,238	89,233
Operating Income (loss)	956	3,500
Depreciation, depletion and amortization	1,901	1,576
Real Estate [Member]
Segment Reporting Information [Line Items]
Segment Revenues	5,566	3,111
Operating Income (loss)	2,075	1,599
Depreciation, depletion and amortization	2	15
Basis of real estate sold	2,245	471
Eliminations and Adjustments [Member]
Segment Reporting Information [Line Items]
Segment Revenues	(9,618)	(12,174)
Operating Income (loss)	1,465	2,975
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income (loss)	(9,631)	(9,025)
Depreciation, depletion and amortization	208	284
Basis of Real Estate Sold Eliminations and Adjustments [Member]
Segment Reporting Information [Line Items]
Basis of real estate sold	$ (211)	$ (63)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)a	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Apr. 11, 2016USD ($)
Subsequent Event [Line Items]
Net income		$ 157	$ 5,656
Management's Belief that the Likelihood that a Sale would be Completed		20.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Acres sold through timberland sale | a	172,000
Land Sales	$ 114,000
Stock Repurchase Program, Authorized Amount				$ 60,000
Real Estate [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Net income	$ 36,000