Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 25, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Renewable Energy Group, Inc. | ' | ' |
Entity Central Index Key | '0001463258 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $358,842,000 |
Entity Common Stock, Shares Outstanding | ' | 38,787,018 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $153,227 | $66,785 |
Accounts receivable, net (includes amounts owed by related parties of $426 and $771, respectively) | 82,911 | 18,768 |
Inventories | 85,814 | 45,206 |
Deferred income taxes | 0 | 2,512 |
Prepaid expenses and other assets | 25,568 | 15,812 |
Total current assets | 347,520 | 149,083 |
Property, plant and equipment, net | 286,044 | 242,885 |
Property, plant and equipment, net—variable interest entities | 5,180 | 5,405 |
Goodwill | 84,864 | 84,864 |
Intangible assets, net | 4,867 | 4,609 |
Deferred income taxes | ' | 969 |
Investments | 7,351 | 2,618 |
Other assets (includes amounts owed by related party of $35 and $692, respectively) | 5,029 | 5,351 |
TOTAL ASSETS | 740,855 | 495,784 |
CURRENT LIABILITIES: | ' | ' |
Revolving line of credit | 10,986 | 0 |
Current maturities of notes payable | 6,729 | 4,955 |
Current maturities of notes payable—variable interest entities | 300 | 283 |
Accounts payable (includes amounts owed to related parties of $552 and $2,950, respectively) | 48,727 | 28,131 |
Accrued expenses and other liabilities | 12,305 | 6,475 |
Deferred income taxes | 3,687 | 0 |
Deferred revenue | 15,503 | 0 |
Total current liabilities | 98,237 | 39,844 |
Unfavorable lease obligation | 7,905 | 9,035 |
Deferred income taxes | -2,691 | 0 |
Notes payable | 23,422 | 27,776 |
Notes payable—variable interest entities | 3,729 | 4,030 |
Other liabilities | 6,838 | 7,292 |
Total liabilities | 142,822 | 87,977 |
COMMITMENTS AND CONTINGENCIES (NOTE 21) | ' | ' |
Company stockholders’ equity: | ' | ' |
Common stock ($.0001 par value; 300,000,000 shares authorized; 36,506,221 and 30,559,935 shares outstanding, respectively) | 4 | 3 |
Common stock—additional paid-in-capital | 359,671 | 273,989 |
Warrants—additional paid-in-capital | 147 | 147 |
Retained earnings | 238,134 | 53,823 |
Treasury stock (530,898 and 462,985 shares, respectively) | -3,886 | -3,198 |
Total equity | 594,070 | 324,764 |
TOTAL LIABILITIES AND EQUITY | 740,855 | 495,784 |
Series B Preferred Stock | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Series B Preferred Stock ($.0001 par value; 3,000,000 shares authorized; 143,313 and 2,995,106 shares outstanding, redemption amount $3,583 and $74,878, respectively) | $3,963 | $83,043 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2012 | Jan. 03, 2012 |
In Thousands, except Share data, unless otherwise specified | ||||
Accounts receivable, amounts owed by related parties | $426 | $771 | ' | ' |
Other assets, amounts owed by related party | 35 | 692 | ' | ' |
Accounts payable, amounts owed to related parties | 552 | 2,950 | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | ' | 450,000,000 |
Common stock, shares, outstanding | 36,506,221 | 30,559,935 | ' | ' |
Treasury stock, shares outstanding | 530,898 | 462,985 | ' | ' |
Series B Preferred Stock | ' | ' | ' | ' |
Preferred stock, par value | $0.00 | $0.00 | ' | ' |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 | ' | 3,000,000 |
Preferred stock, shares outstanding | 143,313 | 2,995,106,000 | ' | ' |
Preferred stock redemption amount | $3,583 | $74,878 | $74,987 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES: | ' | ' | ' |
Biodiesel sales | $1,207,618 | $1,006,465 | $752,826 |
Biodiesel sales—related parties | 0 | 6 | 5,161 |
Biodiesel government incentives | 290,393 | 8,326 | 65,822 |
Total biodiesel sales | 1,498,011 | 1,014,797 | 823,809 |
Services | 127 | 237 | 222 |
Total revenue | 1,498,138 | 1,015,034 | 824,031 |
COSTS OF GOODS SOLD: | ' | ' | ' |
Biodiesel | 1,209,191 | 902,084 | 433,060 |
Biodiesel—related parties | 49,358 | 54,364 | 263,562 |
Services | 156 | 263 | 198 |
Total cost of goods sold | 1,258,705 | 956,711 | 696,820 |
GROSS PROFIT | 239,433 | 58,323 | 127,211 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES (includes related party amounts of $37, $158, and $1,505, respectively) | 46,123 | 42,422 | 34,479 |
INCOME FROM OPERATIONS | 193,310 | 15,901 | 92,732 |
OTHER INCOME (EXPENSE), NET: | ' | ' | ' |
Change in fair value of preferred stock conversion feature embedded derivatives | 0 | 11,975 | 7,939 |
Change in fair value of Seneca Holdco liability | 0 | 349 | -2,097 |
Other income | 388 | 167 | 930 |
Interest expense (includes related party amounts of $30, $32, and $761, respectively) | -2,397 | -4,679 | -8,095 |
Total other income (expenses) | -2,009 | 7,812 | -1,323 |
INCOME BEFORE INCOME TAXES AND INCOME FROM EQUITY INVESTMENTS | 191,301 | 23,713 | 91,409 |
INCOME TAX EXPENSE | -4,935 | -1,454 | -2,982 |
INCOME FROM EQUITY INVESTMENTS | 0 | 0 | 442 |
NET INCOME | 186,366 | 22,259 | 88,869 |
EFFECTS OF RECAPITALIZATION | 0 | 39,107 | 0 |
LESS—ACCRETION OF SERIES A PREFERRED STOCK TO REDEMPTION VALUE | 0 | -1,808 | -25,343 |
LESS—CHANGES IN UNDISTRIBUTED DIVIDENDS ALLOCATED TO PREFERRED STOCKHOLDERS | 0 | -823 | -12,723 |
LESS—DISTRIBUTED DIVIDENDS TO PREFERRED STOCKHOLDERS | -2,055 | -3,156 | 0 |
LESS—EFFECT OF PARTICIPATING PREFERRED STOCK | -16,272 | -8,952 | -4,186 |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | -2,785 | -3,145 | -3,864 |
NET INCOME ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $165,254 | $43,482 | $42,753 |
Net income per share attributable to common stockholders: | ' | ' | ' |
Basic (in dollars per share) | $5 | $1.53 | $3.14 |
Diluted (in dollars per share) | $5 | $0.27 | $3.14 |
Weighted-average shares used to compute net income per share attributable to common stockholders: | ' | ' | ' |
Basic (in shares) | 33,045,164 | 28,381,676 | 13,607,840 |
Diluted (in shares) | 33,052,879 | 34,340,466 | 13,607,840 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Selling, general and administrative expenses | $37 | $158 | $1,505 |
Interest expense | $30 | $32 | $761 |
Consolidated_Statements_of_Red
Consolidated Statements of Redeemable Preferred Stock and Equity Statement (USD $) | Total | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Redeemable Preferred Stock | Redeemable Preferred Stock | Redeemable Preferred Stock | Redeemable Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Common Stock- Additional Paid-in Capital | Common Stock- Additional Paid-in Capital | Common Stock- Additional Paid-in Capital | Common Stock- Additional Paid-in Capital | Warrants- Additional Paid-in Capital | Warrants- Additional Paid-in Capital | Warrants- Additional Paid-in Capital | Warrants- Additional Paid-in Capital | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Treasury Stock | Treasury Stock | Treasury Stock | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Initial public offering | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock | USD ($) | Initial public offering | Series A Preferred Stock | Series B Preferred Stock |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Beginning Balance at Dec. 31, 2010 | $35,116 | ' | ' | ' | ' | $122,436 | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | $82,636 | ' | ' | ' | $4,820 | ' | ' | ' | ($52,341) | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, Shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | 13,455,522 | ' | ' | ' | ' | ' | ' | ' | 13,251,264 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in acquisition | 16,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in acquisition, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 673,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | 5,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' | ' | -80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,042 | ' | ' | ' | -1,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion | -398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -398 | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of restricted stock issuance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of preferred stock to redemption value | -25,343 | ' | ' | ' | ' | 25,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 88,869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,869 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 120,576 | ' | ' | ' | ' | 147,779 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 80,747 | ' | ' | ' | 3,698 | ' | ' | ' | 36,528 | ' | ' | ' | -398 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | 13,455,522 | ' | ' | ' | ' | ' | ' | ' | 13,962,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in acquisition | 4,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in acquisition, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derecognition of Series A Preferred Stock | ' | ' | ' | ' | ' | ' | ' | 149,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derecognition of Series A Preferred Stock, Shares | ' | ' | ' | ' | ' | ' | ' | -13,455,522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock | ' | ' | ' | 122 | ' | ' | ' | ' | -122 | 2 | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | 123 | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | -4,387 | 21,598,408 | ' | ' | 8,957 | -21,598,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in initial public offering, net of issuance cost of $8,892 | ' | 59,919 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 59,918 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in initial public offering, net of issuance cost of $8,892, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,200,000 | ' | ' | ' | -342,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 3,958 | ' | ' | 108,245 | ' | ' | ' | ' | 83,165 | ' | ' | ' | ' | ' | ' | ' | 1 | 3,958 | ' | ' | 111,795 | ' | ' | ' | -3,551 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, Shares | ' | ' | ' | 7,660,612 | ' | ' | ' | ' | 2,999,493 | ' | ' | ' | ' | 318,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | 13,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion | -2,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,800 | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion, Shares | -441,949,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of restricted stock issuance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -852,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of preferred stock to redemption value | ' | ' | -1,808 | ' | ' | ' | ' | 1,808 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,808 | ' | ' | ' | ' | ' |
Series B preferred stock dividends paid | ' | ' | ' | -3,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,155 | ' | ' | ' | ' |
Net income | 22,259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,259 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 324,764 | ' | ' | ' | ' | 83,043 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | 273,989 | ' | ' | ' | 147 | ' | ' | ' | 53,823 | ' | ' | ' | -3,198 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 2,995,106 | ' | ' | ' | 30,559,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock | 79,844 | ' | ' | ' | ' | -79,080 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 79,843 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock, Shares | ' | ' | ' | ' | ' | -2,851,793 | ' | ' | ' | 5,763,508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 423 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 423 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | 5,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion | -688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -688 | ' | ' | ' |
Purchase of treasury stock related to restricted stock unit conversion, Shares | -67,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of restricted stock issuance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -124,277 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B preferred stock dividends paid | -2,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,055 | ' | ' | ' | ' | ' | ' | ' |
Net income | 186,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,366 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $594,070 | ' | ' | ' | ' | $3,963 | ' | ' | ' | $4 | ' | ' | ' | $0 | ' | ' | ' | $359,671 | ' | ' | ' | $147 | ' | ' | ' | $238,134 | ' | ' | ' | ($3,886) | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | 143,313 | ' | ' | ' | 36,506,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Red1
Consolidated Statements of Redeemable Preferred Stock and Equity (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' |
Treasury stock purchased | 441,949,000 |
Issuance of common stock in initial public offering, net of issuance cost | $8,892 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $186,366 | $22,259 | $88,869 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation expense | 9,705 | 8,024 | 7,184 |
Amortization expense of assets and liabilities, net | -463 | -103 | 2,291 |
Loss on disposal of property, plant and equipment | 815 | 0 | 0 |
Provision for doubtful accounts | 309 | 563 | 1,389 |
Stock compensation expense | 5,416 | 13,119 | 5,934 |
(Income) from equity method investees | 0 | 0 | -442 |
Deferred tax expense (benefit) | 9,859 | 2,986 | -4,967 |
Change in fair value of preferred stock conversion feature embedded derivatives | 0 | -11,975 | -7,939 |
Change in fair value of Seneca Holdco liability | 0 | -249 | 1,497 |
Premium paid for Seneca Landlord investment | 0 | -7,063 | 0 |
Expense settled with stock issuance | 0 | 1,898 | 0 |
Forgiveness of note payable | 0 | 0 | -86 |
Changes in asset and liabilities, net of effects from mergers and acquisitions: | ' | ' | ' |
Accounts receivable | -64,460 | 32,014 | -35,421 |
Inventories | -40,608 | -3,096 | -13,047 |
Prepaid expenses and other assets | -9,984 | -394 | -11,951 |
Accounts payable | 22,386 | -4,002 | 14,153 |
Accrued expenses and other liabilities | 4,801 | -2,614 | 6,321 |
Deferred revenue | 15,503 | -6,748 | -2,591 |
Net cash flows provided from operating activities | 139,645 | 44,619 | 51,194 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Cash paid for purchase of property, plant and equipment | -39,053 | -12,654 | -4,806 |
Cash proceeds from involuntary disposal of fixed assets | 330 | 0 | 0 |
Change in restricted cash | 0 | -64 | 2,664 |
Cash paid for investments | -4,733 | -37 | 0 |
Consolidation of Bell, LLC | 0 | 0 | 22 |
Cash paid for acquisitions | -10,933 | -1,791 | 0 |
Net cash flows used in investing activities | -54,389 | -14,546 | -2,120 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings on line of credit | 1,538,615 | 1,331,557 | 40,564 |
Repayments on line of credit | -1,527,629 | -1,335,592 | -46,079 |
Cash received for issuance of note payable | 3,000 | 0 | 10,000 |
Cash paid on notes payable | -10,999 | -44,509 | -20,695 |
Cash paid for debt issuance costs | -203 | -138 | -1,443 |
Repayment of investment in Seneca Landlord | 0 | -4,000 | 0 |
Cash received from initial public offering | 0 | 63,747 | 0 |
Cash paid for issuance of common stock and preferred stock | -25 | -1,699 | -2,153 |
Cash received upon exercise of warrant | 0 | 0 | 48 |
Cash paid for treasury stock | -282 | -3,074 | 0 |
Cash paid for preferred stock dividends | -1,291 | -3,155 | 0 |
Net cash flows provided from (used in) financing activities | 1,186 | 3,137 | -19,758 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 86,442 | 33,210 | 29,316 |
CASH AND CASH EQUIVALENTS, Beginning of period | 66,785 | 33,575 | 4,259 |
CASH AND CASH EQUIVALENTS, End of period | 153,227 | 66,785 | 33,575 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ' | ' | ' |
Cash paid (received) for income taxes | -7,475 | 3,537 | -7,172 |
Cash paid for interest | 2,336 | 3,984 | 5,418 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Effects of recapitalization | 0 | 39,107 | 0 |
Accretion of preferred stock to redemption value | 0 | 1,808 | 25,343 |
Common stock repurchased included in accrued expenses and other liabilities | 529 | 124 | 398 |
Amounts included in period-end accounts payable for: | ' | ' | ' |
Purchases of property, plant and equipment | 2,037 | 3,884 | 898 |
Debt issuance costs | 16 | 48 | 85 |
Equity issuance costs | 89 | ' | 999 |
Incentive common stock liability for supply agreement | 583 | 423 | 1,469 |
Removal of equity method investee as a result of consolidation | ' | ' | 1,613 |
Issuance of common stock per exercise of Seneca Landlord put/call option | ' | 591 | ' |
Issuance of common stock for dividends | 764 | 1 | ' |
In-kind contribution through acquisition | ' | 1,336 | ' |
Issuance of note payable for acquisition | $5,135 | ' | ' |
Organization_Presentation_and_
Organization, Presentation, and Nature of the Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Presentation, and Nature of the Business | ' |
ORGANIZATION, PRESENTATION, AND NATURE OF THE BUSINESS | |
Renewable Energy Group, Inc. (the "Company") is a leading North American biodiesel producer with a nationwide distribution and logistics system. The Company participates in each aspect of biodiesel production, from acquiring feedstock, managing construction and operating biodiesel production facilities, to marketing, selling and distributing biodiesel and its co-products. | |
The Company operates a network of eight operating biodiesel production facilities with aggregate nameplate production capacity of 257 million gallons per year, or mmgy. A number of these plants are “multi-feedstock capable” which allows them to use a broad range of lower cost feedstocks, such as inedible corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. | |
The Company also has three partially constructed production facilities and one non-operational production facility. In 2007, the Company commenced construction of two 60 mmgy production facilities, one near New Orleans, Louisiana and the other in Emporia, Kansas. In 2008, the Company halted construction of these facilities as a result of conditions in the biodiesel industry and the credit markets. Construction of the New Orleans facility is approximately 45% complete and construction of the Emporia facility is approximately 20% complete. In September 2010, the Company acquired a 15 mmgy production facility in Clovis, New Mexico which is approximately 50% complete. Currently, the Clovis facility is being operated as a terminal. In November 2012, the Company completed our acquisition of Bulldog Biodiesel, LLC, a 15 mmgy production facility near Atlanta, Georgia, that was non-operational at the time the Company purchased it and will remain idled until certain repairs or upgrades are made. The Company will need to raise additional capital to complete construction of these plants and fund working capital requirements. It is uncertain when or if financing will be available. | |
The biodiesel industry and the Company’s business have benefited from the continuation of certain federal and state incentives. The federal blenders tax credit expired on December 31, 2013 and it is uncertain whether it will be reinstated. This revocation along with other amendments of any one or more of those laws, could adversely affect the financial results of the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Basis of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities which it controls. All significant intercompany balances and transactions have been eliminated for consolidated reporting purposes. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consists of money market funds and demand deposits with financial institutions. The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. Activity regarding the allowance for doubtful accounts was as follows: | ||||||||||||
Balance, January 1, 2011 | $ | 316 | ||||||||||
Amount charged to selling, general and administrative expenses | 1,389 | |||||||||||
Charge-offs, net of recovery | (270 | ) | ||||||||||
Balance, December 31, 2011 | 1,435 | |||||||||||
Amount charged to selling, general and administrative expenses | 563 | |||||||||||
Charge-offs, net of recovery | (26 | ) | ||||||||||
Balance, December 31, 2012 | 1,972 | |||||||||||
Amount charged to selling, general and administrative expenses | 309 | |||||||||||
Charge-offs, net of recovery | (157 | ) | ||||||||||
Balance, December 31, 2013 | $ | 2,124 | ||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market. There were no lower of cost or market adjustments made to the inventory values reported as of December 31, 2013 and 2012. Cost is determined based on the first-in, first-out method. | ||||||||||||
Renewable Identification Numbers (RINs) | ||||||||||||
When the Company produces and sells a gallon of biodiesel, 1.5 RINs per gallon are generated. RINs are used to track compliance with Renewable Fuel Standards (RFS2). RFS2 allows the Company to attach between zero and 2.5 RINs to any gallon of biodiesel. When the Company sells a gallon of biodiesel, 1.5 RINs are generally attached. As a result, a portion of the selling price for a gallon of biodiesel is generally attributable to RFS2 compliance. However, RINs that the Company generates are a form of government incentive and not a result of the physical attributes of the biodiesel production. Therefore, no cost is allocated to the RIN when it is generated, regardless of whether the RIN is transferred with the biodiesel produced or held by the Company pending attachment to other biodiesel production sales. In addition, the Company also obtains RINs from third parties who have separated the RINs from gallons of biomass-based diesel. From time to time, the Company holds varying amounts of these separated RINs for resale. RINs obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or market as of the last day of each accounting period and the resulting adjustments are reflected in costs of goods sold for the period. The value of RINs obtained from third parties is reflected in “Prepaid expenses and other assets” on the consolidated balance sheet. The cost of goods sold related to the sale of these RINs is determined using the average cost method, while market prices are determined by RIN values, as reported by the Oil Price Information Service (OPIS). | ||||||||||||
Derivative Instruments | ||||||||||||
Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in current period earnings. | ||||||||||||
Valuation of Series A Preferred Stock Conversion Feature Embedded Derivatives | ||||||||||||
The conversion feature of the Series A Preferred Stock was accounted for as an embedded derivative prior to the conversion of Series A Preferred Stock in January 2012. This embedded derivative was a liability representing the estimated fair value of Series A Preferred Stock holders right to receive the fair market value of the Common Stock issuable upon conversion of the Series A Preferred Stock on the redemption date. The value of this derivative was adjusted each quarter based on changes in the estimated fair value, and a corresponding income or expense was recorded in change in fair value of the Preferred Stock conversion feature embedded derivatives in the Company’s statements of operations. The Company used the Black-Scholes options pricing model to estimate the fair value and assumptions included the expected volatility of the value of the Company’s equity, the expected conversion date, an appropriate risk-free interest rate and the estimated fair value of the Company’s equity. | ||||||||||||
Valuation of Seneca Holdco Liability | ||||||||||||
The Company recorded a liability (Seneca Holdco Liability) at fair value, with changes in value recognized currently in earnings, for its obligation under a Put/Call Agreement with Seneca Holdco, LLC (Seneca Holdco) to purchase Seneca Landlord, LLC (Seneca Landlord) whose assets consisted primarily of a 60 mmgy biodiesel production facility in Seneca, Illinois (Seneca Facility) until the Company exercised its option and acquired the Seneca Facility in January 2012. Seneca Landlord was indirectly owned by three significant stockholders of the Company or their affiliates: Bunge North America, Inc. USRG Holdco IX, LLC, and West Central Cooperative. | ||||||||||||
The fair value of the Seneca Holdco Liability was determined by probability weighting the present value of gains or losses realized under each option in the Put/Call Agreement. The Put/Call Agreement had a term of seven years and was exercisable by either party at a price based on a pre-defined formula. The valuation required the development and use of highly subjective assumptions including (i) the value of the Landlord’s equity, (ii) expectations regarding future changes in the value of the Landlord’s equity, (iii) expectations about the probability of either option being exercised, including the Company’s ability to list its securities on an exchange or complete a public offering and (iv) an appropriate risk-free rate. Company management considered current public equity markets, relevant regulatory issues, industry conditions and the Company’s position within the industry when estimating the probability that the Company would raise additional capital. | ||||||||||||
Preferred Stock Accretion | ||||||||||||
The Company accreted the carrying value of the Series A Preferred Stock to its redemption value until January 2012 when it was converted in connection with the Initial Public Offering (IPO). Accretion of $1,808 and $25,343 for the years ended December 31, 2012 and 2011, respectively, was recognized as a reduction to income available to common stockholders in accordance with paragraph 15 of ASC Topic 480-10-S99. | ||||||||||||
The Company recorded the Series B Preferred Stock at fair value, which was a premium over its redemption value; therefore no accretion is recorded for the Series B Preferred Stock. | ||||||||||||
Non-monetary Exchanges | ||||||||||||
The Company records assets acquired and liabilities assumed through the exchange of non-monetary assets based on the fair value of the assets and liabilities acquired or the fair value of the consideration exchanged, whichever is more readily determinable. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. Estimated useful lives are as follows: | ||||||||||||
Automobiles and trucks | 5 years | |||||||||||
Computers and office equipment | 5 years | |||||||||||
Office furniture and fixtures | 7 years | |||||||||||
Machinery and equipment | 5-30 years | |||||||||||
Leasehold improvements | the lesser of the lease term or 30 years | |||||||||||
Buildings and improvements | 30-40 years | |||||||||||
As of December 31, 2013, 2012 and 2011, the Company capitalized interest incurred on debt during the construction of assets of $335, $33 and $0, respectively. | ||||||||||||
Goodwill | ||||||||||||
Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. The Company’s reporting units consist of its two operating segments, the biodiesel operating segment and services operating segment. The analysis is based on a comparison of the carrying value of the reporting unit to its fair value, determined utilizing both a discounted cash flow methodology and a market comparable methodology. The determination of whether or not the asset has become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the Company’s reporting units. Changes in estimates of future cash flows caused by items such as unforeseen events or sustained unfavorable changes in market conditions could negatively affect the fair value of the reporting unit’s goodwill asset and result in an impairment charge. The annual impairment test determined that the fair value of the biodiesel operating segment exceeded its carrying value by approximately 43% and the services operating segment exceeded its carrying value by approximately 20%. There was no impairment of goodwill recorded in any of the periods presented. | ||||||||||||
The following table summarizes goodwill for the Company’s business segments: | ||||||||||||
Biodiesel | Services | Total | ||||||||||
Beginning balance - January 1, 2012 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2012 | 68,784 | 16,080 | 84,864 | |||||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2013 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Impairment of Assets | ||||||||||||
The Company tests its long-lived assets for recoverability when events or circumstances indicate that its carrying amount may not be recoverable. Significant assumptions used in the undiscounted cash flow analysis include the projected demand for biodiesel based on annual renewable fuel volume obligations under the Renewable Fuel Standards (RFS2), the Company's capacity to meet that demand, the market price of biodiesel and the cost of feedstock used in the manufacturing process. For facilities under construction, estimates also include the capital expenditures necessary to complete construction of the plant. The Company’s facilities under construction are expected to have substantially similar operating capabilities and results as the current operating facilities. Such operating capabilities would include similar feedstock capabilities, similar access to low cost feedstocks, proximity to shipping from our vendors and to our customers and our ability to transfer best practices among the Company's various operating facilities to maximize production volumes and reduce operating costs. There were no asset impairment charges for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Investments | ||||||||||||
The Company has made investments in several biofuels businesses. These investments are recorded at cost and assessed for impairment at each reporting period. There were no impairment charges for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Unfavorable Lease Obligation | ||||||||||||
The Company assumed a ground lease of a terminal facility in Houston, Texas as part of an acquisition which required the Company to pay above market rentals through the remainder of the lease term expiring in 2021. The unfavorable lease obligation is amortized over the contractual period the Company is required to make rental payments under the lease. The amount expected to be amortized each year for the remainder of the contract is $1,129. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenues from the following sources: | ||||||||||||
• | the sale of biodiesel and its co-products, as well as Renewable Identification Numbers (RINs) and raw material feedstocks, purchased or produced by the Company at owned manufacturing facilities and manufacturing facilities with which the Company has tolling arrangements; | |||||||||||
• | the resale of biodiesel, RINs and raw material feedstocks acquired from third parties; | |||||||||||
• | fees received under toll manufacturing agreements with third parties; | |||||||||||
• | incentives received from federal and state programs for renewable fuels; and | |||||||||||
• | fees received for the marketing and sales of biodiesel produced by third parties and from managing operations of third party facilities. | |||||||||||
Biodiesel, including RINs, and raw material feedstock revenues are recognized where there is persuasive evidence of an arrangement, delivery has occurred, the price has been fixed or is determinable and collectability can be reasonably assured. | ||||||||||||
Fees received under toll manufacturing agreements with third parties are generally established as an agreed upon amount per gallon of biodiesel produced. The fees are recognized where there is persuasive evidence of an arrangement, delivery has occurred, the price has been fixed or is determinable and collectability can be reasonably assured. | ||||||||||||
Revenues associated with the governmental incentive programs are recognized when the amount to be received is determinable, collectability is reasonably assured and the sale of product giving rise to the incentive has been recognized. The Company received funds from the United States Department of Agriculture (USDA) in the amount of $2,813, $1,161 and $9,913 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company records amounts when it has received notification of a payment from the USDA or is in receipt of the funds and records the awards under the Program in "Biodiesel government incentives" as they are closely associated with the Company's biodiesel production activities. | ||||||||||||
While in general the Company has not historically offered sales incentives to customers, the uncertainty around the reinstatement of the federal blenders tax credit led to the introduction of such an incentive during 2012. Specifically, during 2012 the Company negotiated contracts with certain customers to allow such customers to share in the value of federal blenders tax payments if the law were to be reinstated. The federal blenders tax credit was reinstated on January 2, 2013 and the Company recognized $69,534 of cash payments owed to customers as a reduction of Biodiesel sales revenue. The Company did not have similar contracts before 2012. | ||||||||||||
Freight | ||||||||||||
Amounts billed to customers for freight are included in biodiesel sales. Costs incurred for freight are included in costs of goods sold. | ||||||||||||
Advertising Costs | ||||||||||||
Advertising costs are charged to expense as they are incurred. Advertising and promotional expenses were $648, $485 and $251 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Research and Development | ||||||||||||
The Company expenses research and development costs as incurred. Research and development costs totaled $258, $14 and $22 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Employee Benefits Plan | ||||||||||||
The Company sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions equal to 50% of the participant’s pre-tax contribution up to a maximum of 6% of the participant’s eligible earnings. Total expense related to the Company’s defined contribution plan was approximately $533, $456 and $323 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation | ||||||||||||
Stock-based compensation expense is measured at the grant-date fair value of the award and recognized as compensation expense over the vesting period. | ||||||||||||
Income Taxes | ||||||||||||
Deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. Consideration is given to positive and negative evidence related to the realization of the deferred tax assets and valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized. Significant judgment is required in making this assessment. | ||||||||||||
Recapitalization | ||||||||||||
In connection with the Company's IPO on January 24, 2012, the Company gave effect to the one-time conversion of Series A Preferred Stock and certain common stock warrants into 7,660,612 shares of newly-issued Common Stock and 2,999,493 shares of $74,987 aggregate liquidation preference Series B Preferred Stock with cumulative dividends of 4.5% per annum. All Series A Preferred Stock was converted and no Series A Preferred Stock remains outstanding. The Company recorded the effects from the exchange of Series A Preferred Stock for Series B Preferred Stock and Common Stock as an extinguishment in accordance with ASC Topic 260-10-S99-2. | ||||||||||||
Accordingly, the Company recognized an addition to the income available to common shareholders in the amount of $39,107. This amount was determined by comparing the fair value of the Series B Preferred Stock and Common Stock issued of $152,327 to the carrying amount of the Series A preferred shares that were redeemed of $191,434. The excess of the carrying amount of Series A Preferred Stock that were redeemed over the fair value of the Series B Preferred Stock and Common Stock that were issued was recorded as an increase to additional paid-in capital and was added to net earnings available to common shareholders of $39,107. The Series B Preferred Stock fair value was determined using Monte Carlo simulation methodology with the assistance of external third-party experts to calculate the fair-value using the Company's common stock at time of conversion. The significant assumptions included the volatility rate and risk-free rate based upon the yield of the U.S. Industrials B curve. | ||||||||||||
Variable Interest Entities | ||||||||||||
The Company uses both quantitative and qualitative analysis when evaluating its variable interest entities (VIE’s) and determining the primary beneficiary (PB) of a VIE. The Company consolidates a VIE if it has both (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||||||||||||
Concentrations | ||||||||||||
Certain customers represented greater than 10% of the total consolidated revenues of the Company for the three years ended December 31, 2013, 2012 and 2011. All customer amounts disclosed in the table are related to biodiesel sales: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Customer A | $ | 243,258 | $ | 363,372 | $ | 189,773 | ||||||
The Company maintains cash balances at financial institutions, which may at times exceed the $250 coverage by the U.S. Federal Deposit Insurance Company. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on information that is currently available to management and on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. | ||||||||||||
New Accounting Pronouncements | ||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740). The amendments to ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning with the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2014. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. |
Stockholders_Equity_of_the_Com
Stockholders' Equity of the Company | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | ||||||||||||||
Stockholders' Equity of the Company | ' | ||||||||||||||
STOCKHOLDERS’ EQUITY OF THE COMPANY | |||||||||||||||
Common Stock | |||||||||||||||
The Company has authorized capital stock consisting of 450,000,000 shares, all with a par value of $.0001 per share, which includes 300,000,000 shares of Common Stock (the class of common stock offered in the IPO), 140,000,000 shares of Common Stock A and 10,000,000 shares of Preferred Stock including 3,000,000 shares of Series B Preferred Stock. | |||||||||||||||
Each holder of Common Stock is entitled to one vote for each share of Common Stock held on all matters submitted to a vote of stockholders. Subject to preferences that may apply to shares of previously outstanding Series A Preferred Stock and currently outstanding Series B Preferred Stock as outlined below, the holders of outstanding shares of Common Stock are entitled to receive dividends. After the payment of all preferential amounts required to the holders of Series B Preferred Stock, all of the remaining assets of the Company available for distribution shall be distributed ratably among the holders of Common Stock. | |||||||||||||||
On January 3, 2012, the Company effected a one-for-2.5 reverse stock split on the shares issued and outstanding. All numbers of common shares and per share data in the accompanying consolidated financial statements and related notes have been retroactively adjusted. | |||||||||||||||
On January 24, 2012, the Company completed an IPO of shares of Common Stock in which it sold 7,200,000 shares at a price to the public of $10 per share, which included 342,860 shares of Common Stock from selling shareholders. The IPO raised approximately $59,919 net of underwriting fees and offering costs. In connection with the Company’s IPO on January 24, 2012, the Company gave effect to the one-time conversion of Series A Preferred Stock and certain common stock warrants into 7,660,612 shares of newly issued Class A Common Stock and 2,999,493 shares of $74,987 aggregate liquidation preference Series B Preferred Stock with cumulative dividends of 4.50% per annum. | |||||||||||||||
During the third quarter 2013, the Company's closing sale price of its Common Stock exceeded $15.00 for at least 20 days in a 30 consecutive trading day period with the average daily trading volume exceeding 200,000 shares. Therefore, the Company opted to cause 50% of the then-outstanding shares of Series B Preferred Stock to be converted as provided for in the preferred stock shareholder agreement. The Company converted 518,365 shares of Series B Preferred Stock into 1,047,465 shares of Common Stock. | |||||||||||||||
Common Stock Warrants | |||||||||||||||
Under the Company’s outstanding warrants, the holder may purchase the number of shares of Common Stock underlying each warrant held for a purchase price of $11.16 per share. The warrant holder may “net exercise” the warrants and use the common shares received upon exercise of the warrants outstanding as the consideration for payment of the exercise price. | |||||||||||||||
The warrant holders are generally protected from anti-dilution by adjustments for any stock dividends, stock split, combination, or other recapitalization. | |||||||||||||||
On January 24, 2012, certain common stock warrant holders were converted to Class A Common Stock as part of the stock recapitalization. Warrant holders converted 287,561 common stock warrants to 134,181 shares of Common Stock. | |||||||||||||||
The following table summarizes the number of shares reserved for the exercise of common stock purchase warrants as of December 31: | |||||||||||||||
Issued to | Issuance Date | Expiration Date | Exercise | Warrants Outstanding | Warrants Outstanding | ||||||||||
Price Per | 2013 | 2012 | |||||||||||||
Share | |||||||||||||||
Blackhawk warrant holders | February 26, 2010 | February 25, 2015 | $ | 11.16 | 17,916 | 17,916 | |||||||||
No common stock warrants were issued during 2013 or 2012. | |||||||||||||||
Stock Issuance Costs | |||||||||||||||
In addition to the warrants, other direct costs of obtaining capital by issuing the common and preferred stock were deducted from related proceeds with the net amount recorded as preferred stock or stockholders’ equity. Direct costs incurred for the years ended December 31, 2013, 2012 and 2011 were $114, $700 and $3,152, respectively. |
Redeemable_Preferred_Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Temporary Equity Disclosure [Abstract] | ' |
Redeemable Preferred Stock | ' |
REDEEMABLE PREFERRED STOCK | |
The rights, preferences, privileges and restrictions granted to and imposed on the preferred stock are set forth below. The holders of preferred stock are generally protected from anti-dilution by adjustments for any stock dividends, stock split, combination or other recapitalization. | |
In connection with the Company’s IPO on January 24, 2012, the Company gave effect to the one-time conversion of Series A Preferred Stock and certain common stock warrants into 7,660,612 shares of newly-issued Common Stock and 2,999,493 shares of $74,987 aggregate liquidation preference Series B Preferred Stock with cumulative dividends of 4.5% per annum. Prior to conversion, Series A Preferred Stock accrued dividends at the rate of $0.88 per share per annum, was entitled to voting rights on an as converted basis, had liquidation preference over common stock, and had certain redemption rights. All Series A Preferred Stock was converted and no Series A Preferred Stock remains outstanding. | |
Series B Preferred Stock | |
Dividend Provisions | |
The holders of the Series B Preferred Stock are entitled to receive, when, as and if declared by the Company Board, cumulative dividends on each outstanding share of Series B Preferred Stock at the annual rate of 4.50% of the stated value. Dividends are payable semi-annually in arrears on June 30 and December 30 of each year. The Company may, at its option, defer a regularly scheduled dividend payment and instead pay accumulated and unpaid dividends on the following dividend payment date. The Company can only defer two such dividend payments and may not defer consecutive dividend payments. The Company will pay any dividend in cash, by delivering shares of Common Stock or through any combination of cash and shares of Common Stock. During May 2012, the Company Board declared its first dividend with respect to the Series B Preferred Stock in the amount of $0.49 per share in cash. Total dividends paid on June 30, 2012 were $1,470. The payment was pro-rated to give effect to the fact that the Series B Preferred Stock was not issued until January 24, 2012. During December 2012, the Company Board declared its second dividend with respect to the Series B Preferred Stock in the amount of $0.5625 per share in cash. The second dividend was paid in December 2012 in the amount of $1,685. The Company declared and paid dividends in 2013 with respect to the Series B Preferred Stock in the amount of $0.5625 per share cash. The dividends were paid in June 2013 and December 2013 in the amount of $1,205 and $80, respectively. | |
Liquidation Rights | |
In the event of any voluntary or involuntary liquidation, dissolution or winding up of affairs, a holder of Series B Preferred Stock will be entitled to be paid, before any distribution or payment may be made to any holders of junior stock, an amount per share of Series B Preferred Stock, ( the "Liquidation Preference"), equal to the sum of the stated value of a share of Series B Preferred Stock of $25.00, (the "Stated Value"), plus the amount of any accumulated and unpaid dividends, whether or not declared, to, but excluding, the date of payment. | |
If upon any liquidation or dissolution, the remaining net assets of the Company are insufficient to pay the amount that the Series B preferred stockholders are due as indicated above, the holders of Series B Preferred Stock will share ratably in any distribution of the remaining assets of the Company. | |
Conversion Rights | |
At any time following the lock-up expiration date, the holder of any shares of Series B Preferred Stock will have the right to convert such shares, together with accumulated and unpaid dividends (whether or not declared) into shares of Common Stock at a conversion rate in effect at such time. The initial conversion rate for each $25.00 of Liquidation Preference will be equal to $25.00 divided by a price that is 125% of the public offering price in the IPO. | |
The conversion rate is subject to adjustment from time to time upon the following events: a distribution or dividend of Common Stock, certain subdivisions and combinations of the Common Stock, the issuance to holders of Common Stock of certain rights or warrants to purchase Common Stock, certain dividends or distributions of capital stock, evidences of indebtedness, other assets or cash to holders of Common Stock, or, under certain circumstances, a payment the Company makes in respect of a tender offer or exchange offer for Common Stock. | |
If, at any time following the lock-up expiration date, the closing sale price of the Common Stock exceeds $15.00 for at least 20 trading days in any 30 consecutive trading day period and the average daily trading volume of the Common Stock for at least 20 trading days in such period exceeds 200,000 shares or $2,500, then the Company may, at its option, cause up to 50% of the then-outstanding shares of Series B Preferred Stock, and corresponding accumulated and unpaid dividends, to be converted into shares of Common Stock at the then-applicable conversion rate. This occurred and was affected in 2013. If, at any time following the lock-up expiration date, the closing sale price of the Common Stock exceeds $16.00 for at least 20 trading days in any 30 consecutive trading day period and the average daily trading volume of the Common Stock for at least 20 trading days in such period exceeds 200,000 shares or $2,500, the Company may, at its option, cause up to all of the then-outstanding shares of Series B Preferred Stock, and corresponding accumulated and unpaid dividends, to be converted into shares of Common Stock at the then-applicable conversion rate. | |
Voting Rights | |
Each holder of the Series B Preferred Stock is entitled to vote their shares of Series B Preferred Stock on an as-converted basis on any matters presented to holders of Common Stock. Except as required by law, holders of Series B Preferred Stock will vote on an as-converted basis together with the holders of Common Stock and with the holders of any other class or series of the Company’s capital stock entitled to vote with the Common Stock, as a single class. | |
The vote or consent of at least 75% of the outstanding shares of the Series B Preferred Stock, voting as a separate class, shall be necessary to amend, alter or repeal the terms of the Series B Preferred Stock so as to adversely affect the powers, preferences or rights of the Series B Preferred Stock. | |
Redemption Rights | |
Except as set forth below, the Company may not redeem the Series B Preferred Stock prior to the date, (the "Initial Optional Redemption Date") which is 18 months following the lock-up expiration date. On or after the Initial Optional Redemption Date, the Series B Preferred Stock may be redeemed at the Company’s option, in whole or in part, for cash at a price per share equal to the Stated Value, plus any accumulated and unpaid dividends (the "Redemption Price"). If a change of control transaction occurs any time before the Initial Optional Redemption Date, then the Company may elect to redeem all, but not part, of the outstanding shares of Series B Preferred Stock for cash at the Redemption Price plus a “make-whole” payment for each share of Series B Preferred Stock equal to $2.25 less the amount of any dividends paid on such share since the original issuance date of the Series B Preferred Stock. | |
If before March 31, 2015, the Company conducts an equity offering or offerings for cash that results in aggregate net proceeds in excess of $20,000, then, subject to the Company having legally available funds, the Company will offer to purchase or redeem the maximum number of shares of Series B Preferred Stock at a price equal to the Stated Value plus the amount of any accumulated and unpaid dividends to, but excluding, the purchase date that may be purchased or redeemed using 25% of those net proceeds. Before the Initial Optional Redemption Date, the Company will use those net proceeds to offer to purchase, in a tender offer, Series B Preferred Stock, and after the Initial Optional Redemption Date, the Company will use those net proceeds to redeem Series B Preferred Stock. | |
On June 30, 2015, each holder of Series B Preferred Stock will have the right to require the Company to redeem its shares at the Redemption Price, subject to the Company having legally available funds. If at any time dividends on any shares of Series B Preferred Stock are unpaid as of the specific dividend payment date and the non-payment continues for a period of 30 days, then the holders of not less than 25% of the then-outstanding Series B Preferred Stock may require the Company, subject to our having legally available funds, to redeem all outstanding shares of Series B Preferred Stock at the Redemption Price. |
Acquisitions_and_Equity_Transa
Acquisitions and Equity Transactions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions and Equity Transactions | ' | |||||||
ACQUISITIONS AND EQUITY TRANSACTIONS | ||||||||
SoyMor Biodiesel, LLC | ||||||||
On July 12, 2011, the Company and REG Albert Lea, LLC (REG Albert Lea), a subsidiary of the Company, completed its asset acquisition of SoyMor. Pursuant to the Asset Purchase Agreement, dated June 8, 2011, the Company issued 673,544 shares of Common Stock in exchange for the transfer of substantially all the assets of SoyMor and assumed certain liabilities. The assets of SoyMor consisted primarily of a 30 mmgy nameplate capacity biodiesel facility located in Albert Lea, Minnesota, as well as, a co-located soy lecithin production facility. The Company recorded a gain from the equity investment of $661 due to step-up acquisition accounting for SoyMor. The equity investment gain was recorded in income (loss) from equity investments on the condensed consolidated statement of operations. | ||||||||
The Company determined that the SoyMor assets did not constitute a business as defined under ASC Topic 805, Business Combinations (ASC Topic 805), on the basis that the SoyMor assets were not an integrated set of activities or assets that were capable of being conducted or managed in a manner that would provide any economic benefit or return to the Company. As a result, the Company accounted for the SoyMor assets as an asset acquisition. Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition, and no significant contingent assets or liabilities were acquired or assumed in the acquisition. | ||||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition: | ||||||||
Allocation at | ||||||||
July 12, | ||||||||
2011 | ||||||||
Assets (liabilities) acquired: | ||||||||
Inventory | $ | 78 | ||||||
Property, plant and equipment | 18,886 | |||||||
Debt | (1,001 | ) | ||||||
Fair value of investment prior to allocation | (1,613 | ) | ||||||
Fair value of common stock issued | $ | 16,350 | ||||||
The acquisition price is summarized as follows: | ||||||||
Value at July 12, 2011 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of stock issued: | ||||||||
Common Stock | $ | 16,350 | $ | 24.28 | ||||
Seneca Landlord, LLC | ||||||||
On January 24, 2012, the Company acquired the Seneca Facility pursuant to the exercise of its option under the Funding, Investor Fee and Put/Call Agreement (Put/Call Agreement). Pursuant to the Put/Call Agreement, the Company acquired all of the equity interest of Seneca Landlord, which owned the Seneca Facility, in exchange for $12,000, of which approximately $937 was previously paid, and 60,000 shares of the Company’s Class A Common Stock. | ||||||||
Seneca Landlord was determined to be a consolidated variable interest entity (VIE) prior to the exercise of the option available under the Put/Call Agreement, thus the basis of the assets recorded were not impacted by its exercise. The payment of cash and Class A Common Stock shown below was used to relieve the Company’s obligation reflected on the condensed consolidated balance sheet as the Seneca Holdco Liability. | ||||||||
A summary of the acquisition price is as follows: | ||||||||
Value at | ||||||||
January 24, 2012 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 11,063 | ||||||
Class A Common Stock | 591 | $ | 9.85 | |||||
Total | $ | 11,654 | ||||||
North Texas Bio Energy, LLC | ||||||||
On October 26, 2012, the Company and REG New Boston, LLC (New Boston), a subsidiary of the Company, completed its acquisition of North Texas Bio Energy, LLC (NTBE). Pursuant to the Asset Purchase Agreement, the Company acquired substantially all of the assets of NTBE in exchange for 900,000 shares of the Company’s common stock and $324 in cash. The assets of NTBE consisted of an idled 15 mmgy nameplate capacity biodiesel facility and related assets, located in New Boston, Texas. | ||||||||
The Company determined that the NTBE assets did not constitute a business as defined under ASC Topic 805 on the basis that the NTBE assets were not an integrated set of activities or assets that were capable of being conducted or managed in a manner that would provide any economic benefit or return to the Company. As a result, the Company accounted for the NTBE assets as an asset acquisition. Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition, and no significant contingent assets or liabilities were acquired or assumed in the acquisition. | ||||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired at the date of acquisition: | ||||||||
Allocation at | ||||||||
October 26, | ||||||||
2012 | ||||||||
Assets acquired: | ||||||||
Other current assets | $ | 17 | ||||||
Property, plant and equipment | 4,636 | |||||||
Fair value of common stock issued | $ | 4,653 | ||||||
The acquisition price is summarized as follows: | ||||||||
Value at October 26, 2012 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 324 | ||||||
Class A Common Stock | 4,329 | $ | 4.81 | |||||
Total | $ | 4,653 | ||||||
BullDog Biodiesel, LLC | ||||||||
On November 16, 2012, the Company and REG Atlanta, LLC (Atlanta), a subsidiary of the Company, completed its acquisition of BullDog Biodiesel, LLC. Pursuant to the Asset Purchase Agreement, the Company acquired substantially all of the assets of BullDog in exchange for $1,323 in cash and $1,336 of in-kind contribution. The assets of BullDog consisted of an idled 15 mmgy nameplate capacity biodiesel facility and related assets, located near Atlanta, Georgia. The facility had been idled prior to our acquisition and will remain so until certain repairs or upgrades are made. | ||||||||
The Company determined that the BullDog assets were not a business as defined under ASC Topic 805 on the basis that the BullDog assets were not an integrated set of activities or assets that were capable of being conducted or managed in a manner that would provide any economic benefit or return to the Company. As a result, the Company accounted for the BullDog assets as an asset acquisition. Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition, and no significant contingent assets or liabilities were acquired or assumed in the acquisition. | ||||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired at the date of acquisition: | ||||||||
Allocation at | ||||||||
November 16, | ||||||||
2012 | ||||||||
Assets acquired: | ||||||||
Other current assets | $ | 13 | ||||||
Property, plant and equipment | 2,646 | |||||||
Total | $ | 2,659 | ||||||
The acquisition price is summarized as follows: | ||||||||
Value at | ||||||||
November 16, | ||||||||
2012 | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 1,323 | ||||||
In-kind contribution | 1,336 | |||||||
Total | $ | 2,659 | ||||||
Soy Energy, LLC | ||||||||
On July 30, 2013, the Company and REG Mason City, LLC (REG Mason City), a subsidiary of the Company, completed the acquisition of substantially all the assets of Soy Energy, LLC's (Soy Energy) assets in exchange for $10,933 cash and the issuance of a $5,135 promissory note to Soy Energy. The assets of Soy Energy consisted of a 30 mmgy nameplate capacity biodiesel facility and related assets, located in Mason City, Iowa. | ||||||||
The Company determined that the Soy Energy assets were not a business as defined under ASC Topic 805, on the basis that the assets were not an integrated set of activities or assets that were capable of being conducted or managed in a manner that would provide any economic benefit to the Company. As a result, the Company accounted for the Soy Energy assets as an asset acquisition. Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition. | ||||||||
The allocation of the purchase price to the fair values of the assets acquired at the date of acquisition is as follows: | ||||||||
Allocation at | ||||||||
July 30, | ||||||||
2013 | ||||||||
Assets (liabilities) acquired: | ||||||||
Property, plant and equipment | $ | 16,085 | ||||||
Other current liabilities | (17 | ) | ||||||
Total | $ | 16,068 | ||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ' | |||
Variable Interest Entities | ' | |||
VARIABLE INTEREST ENTITIES | ||||
The Company has a 50% ownership in 416 S. Bell, LLC (Bell, LLC), a VIE joint venture that owns and leases to the Company its corporate office building in Ames, Iowa. Commencing January 1, 2011, the Company has the right to execute a call option with the joint venture member, Dayton Park, LLC (Dayton Park), to purchase Bell, LLC and commencing on January 1, 2013, Dayton Park has the right to execute a put option with the Company to sell Bell, LLC. The Company determined it was the primary beneficiary of Bell, LLC and has consolidated Bell, LLC into the Company’s financial statements since January 1, 2011. The Company is the primary beneficiary due to its ownership interest and having an exercisable call option that allows the Company to direct the activities that most significantly impact Bell, LLC’s economic performance and gives the Company the majority of the benefit from the use of Bell, LLC’s assets. Through the initial consolidation of Bell, LLC, the Company had an outstanding promissory note balance of $4,757 with interest accrued monthly at a rate of 5.7% per annum, with a maturity date of February 15, 2013. During February 2013, the Bell, LLC promissory note was amended to reflect the current interest rate of 3.5% per annum and maturity date of January 14, 2018. The note is secured by a mortgage interest in the office building. | ||||
The following table summarizes the fair values of the assets and liabilities recorded by the Company as a result of the consolidation of Bell, LLC: | ||||
Allocation at | ||||
January 1, | ||||
2011 | ||||
Assets (liabilities) acquired: | ||||
Cash | $ | 22 | ||
Property, plant and equipment | 5,881 | |||
Noncurrent assets | 4 | |||
Other current liabilities | (17 | ) | ||
Debt | (4,757 | ) | ||
Other noncurrent liabilities | (567 | ) | ||
Carrying value of previously held equity method investment | $ | 566 | ||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 13,393 | $ | 9,835 | ||||
Work in process | 1,456 | 448 | ||||||
Finished goods | 70,965 | 34,923 | ||||||
Total | $ | 85,814 | $ | 45,206 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Company owned property, plant and equipment consists of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Land | $ | 2,442 | $ | 987 | ||||
Building and improvements | 72,453 | 50,688 | ||||||
Leasehold improvements | 6,887 | 6,879 | ||||||
Machinery and equipment | 166,552 | 127,167 | ||||||
248,334 | 185,721 | |||||||
Accumulated depreciation | (37,362 | ) | (28,097 | ) | ||||
210,972 | 157,624 | |||||||
Construction in process | 75,072 | 85,261 | ||||||
Total | $ | 286,044 | $ | 242,885 | ||||
Property, plant and equipment of consolidated VIE’s consists of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Land | $ | 404 | $ | 404 | ||||
Building and improvements | 6,290 | 6,290 | ||||||
6,694 | 6,694 | |||||||
Accumulated depreciation | (1,514 | ) | (1,289 | ) | ||||
Total | $ | 5,180 | $ | 5,405 | ||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Assets | ' | |||||||
INTANGIBLE ASSETS | ||||||||
Amortizing intangible assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Raw material supply agreement intangibles | $ | 5,502 | $ | 4,919 | ||||
Ground lease | 200 | 200 | ||||||
Accumulated amortization | (835 | ) | (510 | ) | ||||
Total intangible assets | $ | 4,867 | $ | 4,609 | ||||
The raw material supply agreement acquired is amortized over its 15 year term based on actual usage under the agreement and expires in 2025. The Company determined the estimated amount of raw materials to be purchased over the life of the agreement to calculate a per pound rate of consumption. The rate is then multiplied by the actual usage each period for expense reporting purposes. | ||||||||
Amortization expense of $325, $252 and $200 for intangible assets is included in cost of goods sold – biodiesel in the statement of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Estimated amortization expense for fiscal years ended December 31 is as follows: | ||||||||
2014 | $ | 418 | ||||||
2015 | 479 | |||||||
2016 | 492 | |||||||
2017 | 506 | |||||||
2018 | 521 | |||||||
Thereafter | 2,451 | |||||||
Total | $ | 4,867 | ||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets | ' | |||||||
OTHER ASSETS | ||||||||
Prepaid expenses and other current assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Commodity derivatives and related collateral, net | $ | 13,675 | $ | 7,637 | ||||
Prepaid insurance | 1,804 | 1,109 | ||||||
Prepaid service contracts | 610 | 552 | ||||||
Prepaid storage | — | 515 | ||||||
Deposits | 293 | 857 | ||||||
RIN inventory | 6,455 | 99 | ||||||
Income taxes receivable | 2,197 | 4,735 | ||||||
Other | 534 | 308 | ||||||
Total | $ | 25,568 | $ | 15,812 | ||||
RIN inventory is valued at the lower of cost or market and consists of (i) RINs the Company generates in connection with its production of biodiesel and (ii) RINs acquired from third parties. RINs generated by the Company are recorded at no cost, as these RINs are government incentives and not a tangible output from its biodiesel production. The cost of RINs acquired from third parties is determined using the average cost method. RIN market value is based upon pricing as reported by the Oil Price Information Service (OPIS). Since RINs generated by the Company have zero cost associated to them, the lower of cost or market adjustment in RIN inventory reflects only the value of RINs obtained from third parties. RIN inventory values were adjusted in the amount of $1,277 and $21 at December 31, 2013 and 2012, respectively, to reflect the lower of cost or market. | ||||||||
Other noncurrent assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Debt issuance costs (net of accumulated amortization of $715 and $923, respectively) | $ | 832 | $ | 946 | ||||
Spare parts inventory | 3,671 | 3,546 | ||||||
Other | 526 | 859 | ||||||
Total | $ | 5,029 | $ | 5,351 | ||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Expenses and Other Liabilities | ' | |||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ||||||||
Accrued expenses and other liabilities consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Accrued property taxes | $ | 1,271 | $ | 1,201 | ||||
Accrued employee compensation | 8,138 | 3,375 | ||||||
Accrued interest | 109 | 47 | ||||||
Unfavorable lease obligation, current portion | 1,129 | 1,129 | ||||||
Incentive stock liability | 583 | 423 | ||||||
Excise tax payable | 545 | 136 | ||||||
Other | 530 | 164 | ||||||
Total | $ | 12,305 | $ | 6,475 | ||||
Other noncurrent liabilities consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Fair value of interest rate swap | $ | 19 | $ | 46 | ||||
Liability for unrecognized tax benefits | 1,900 | 1,900 | ||||||
Deferred grant revenue | 745 | 745 | ||||||
Straight-line lease liability | 3,581 | 4,011 | ||||||
Bell, LLC member investment on consolidation | 593 | 590 | ||||||
Total | $ | 6,838 | $ | 7,292 | ||||
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings | ' | |||||||
BORROWINGS | ||||||||
The Company’s term borrowings at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
REG Danville term loan | $ | 5,626 | $ | 10,060 | ||||
REG Newton term loan | 18,143 | 21,175 | ||||||
REG Mason City term loan | 5,135 | — | ||||||
Other | 1,247 | 1,496 | ||||||
Total notes payable | $ | 30,151 | $ | 32,731 | ||||
Bell, LLC promissory note - variable interest entity | $ | 4,029 | $ | 4,313 | ||||
REG Danville, LLC | ||||||||
On November 3, 2011, REG Danville, LLC entered into an Amended and Restated Loan Agreement with Fifth Third Bank (Fifth Third Loan). The renewed Fifth Third Loan had a three year term with an automatic one year extension upon certain cumulative principal payment thresholds being met. The loan requires monthly principal payments of $150 and interest based on a rate of LIBOR plus 5% per annum. The effective rate was 5.17% at December 31, 2013. The loan is secured by the Company's Danville facility. The loan agreement contains various loan covenants that restrict REG Danville’s ability to take certain actions, including prohibiting it in certain circumstances from making payments to the Company. The Fifth Third Loan requires semi-annual excess cash flow payments which began on December 31, 2011. REG Danville must pay Fifth Third a principal payment in the amount equal to 50% of REG Danville's Excess Cash Flow. The Fifth Third Loan agreement defines excess cash flow as REG Danville’s EBITDA plus certain affiliate payments less principal payments, interest expense, taxes and unfunded maintenance capital expenditures. The excess cash flow payment required for December 31, 2013 and 2012 are $1,425 and $1,429, respectively. | ||||||||
On March 4, 2013, REG Danville entered into the First Amendment to the Amended and Restated Loan Agreement (First Amendment) with Fifth Third Bank. The First Amendment includes changes to the debt covenants based upon the Company executing a tax sharing agreement with REG Danville. The tax sharing agreement provides that REG Danville will share the liability for income taxes via an allocation based upon a separate-return approach. Although the Company is not directly compensated for the use of carry-forward attributes, the tax sharing agreement allows each affiliate to benefit from net operating losses and tax credits that each generates. | ||||||||
On January 28, 2014, REG Danville received approval from Fifth Third Bank of extending the maturity date of its debt to November 3, 2015 based on meeting requirements of cumulative principal payments of $6,400 towards the debt. | ||||||||
REG Newton, LLC | ||||||||
On December 4, 2013, REG Newton, LLC entered into an Amended and Restated Master Loan Agreement, effective December 1, 2013, with AgStar Financial Services, PCA (AgStar) which replaced the existing Master Loan Agreement, dated March 8, 2010. The Amended and Restated Agreement extends the maturity of the existing term loan by five years until December 1, 2018 and increases the term loan by $5,000. The REG Newton term debt is secured by all plant assets owned by REG Newton. Interest is to be accrued based on 30-day LIBOR plus 400 basis points (effective rate at December 31, 2013 was 4.17%). REG Newton is required to make monthly principal and interest payments of approximately $270. The loan agreement requires REG Newton to make an annual payment equal to 50% of its Excess Cash Flow calculated based upon the prior year’s audited financial statements within 120 days of the fiscal year end. The AgStar Loan agreement defines Excess Cash Flow as EBITDA, less the sum of required debt payments, interest expense, up to $500 in maintenance capital expenditure and allowed distributions. There were no required excess cash flow payments for 2013 or 2012. | ||||||||
REG Mason City, LLC | ||||||||
On July 30, 2013, REG Mason City entered into an agreement with Soy Energy (Soy Energy Loan). The Soy Energy Loan has a six-year term and is secured by the Mason City facility. The loan requires interest only payments for the first eight months and monthly principal and interest payments of approximately $92 starting in April 2014. Interest is based on a fixed rate of 5%. The loan agreement contains a covenant that restricts REG Mason City's ability to take certain actions, including prohibiting it in certain circumstances from making payments to the Company. The Soy Energy Loan requires annual excess cash flow payments equal to 50% of its excess cash flow. The agreement defines excess cash flow as REG Mason City's EBITDA less principal payments, interest expense, and maintenance capital expenditures. There was no required excess cash flow payment for 2013. | ||||||||
REG Marketing & Logistics Group, LLC & REG Services Group, LLC | ||||||||
The Company’s revolving borrowings at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Total revolving loans (current) | $ | 10,986 | $ | — | ||||
The Company has a revolving credit facility that two of the Company’s subsidiaries entered into on December 23, 2011 with a bank group and Wells Fargo Capital Finance, LLC, as agent, (the "Wells Fargo Revolver"). The Company guaranteed the obligations of its subsidiaries under the Wells Fargo Revolver, which provides for the extension of revolving loans in an aggregate principal amount not to exceed $40,000, based on eligible inventory, accounts receivable and blenders tax credits of the subsidiary borrowers and the inventory of certain affiliates. There is the opportunity for additional lender increases up to a maximum commitment of $60,000. The Wells Fargo Revolver has a stated maturity date of December 23, 2016. Amounts borrowed under the Wells Fargo Revolver bear interest, in the case of LIBOR rate loans, at a per annum rate equal to the LIBOR rate plus the LIBOR Rate Margin (as defined), which may range from 2.50% to 3.25%. All other amounts borrowed that are not LIBOR rate loans bear interest at a rate equal to the greatest of (i) 1.75% per annum, (ii) the Federal Funds Rate plus 0.5%, (iii) the LIBOR Rate plus 1.5%, or (iv) the “prime rate” plus 1.00% to 1.75%. The effective interest rate was 3.75% at December 31, 2013. | ||||||||
The Wells Fargo Revolver contains various loan covenants that restrict each subsidiary borrower’s ability to take certain actions, including restrictions on incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock, making certain investments, entering into certain transactions with affiliates or changing the nature of the subsidiary’s business. In addition, the subsidiary borrowers are required to maintain a Fixed Charge Coverage Ratio (as defined in the Wells Fargo Revolver) of at least 1.0 to 1.0 and to have Excess Availability (as defined in the Wells Fargo Revolver) of at least $4,000. The new revolving credit agreement is secured by the subsidiary borrowers’ membership interests and substantially all of their assets, and the inventory of certain subsidiaries, subject to a $25,000 limitation. | ||||||||
The credit agreements of the subsidiaries mentioned above contain various customary affirmative and negative covenants. Many of the agreements, but not all, also contain certain financial covenants, including a current ratio, net worth ratio, fixed charge coverage ratio, maximum funded debt to earnings before interest depreciation and amortization ratio and a maximum capital expenditure limitation. Negative covenants include restrictions on incurring certain liens; making certain payments, such as distributions and dividend payments; making certain investments; transferring or selling assets; making certain acquisitions; and incurring additional indebtedness. The agreements generally provide that the payment of obligations may be accelerated upon the occurrence of customary events of default, including, but not limited to, non-payment, change of control or insolvency. | ||||||||
As of December 31, 2013, the Company was in compliance with all restrictive financial covenants associated with its borrowings. | ||||||||
Maturities of the term borrowings are as follows for the years ending December 31: | ||||||||
2014 | $ | 7,029 | ||||||
2015 | 6,699 | |||||||
2016 | 4,380 | |||||||
2017 | 4,218 | |||||||
2018 | 11,223 | |||||||
Thereafter | 631 | |||||||
Total | 34,180 | |||||||
Less: current portion | (7,029 | ) | ||||||
$ | 27,151 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
INCOME TAXES | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
The Company historically included revenue from certain government incentive payments in taxable income on its federal and state income tax returns. In connection with the U.S. Internal Revenue Service audits of the 2011 and 2010 years, the Company proposed that these government incentive payments should be excluded from taxable income. The U.S. Internal Revenue Service accepted this position and on August 1, 2013, the Company received notification from the congressional Joint Committee on Taxation approving the audit results and associated refund claim. Based on information obtained in connection with these audits, the Company changed its position related to these government incentive payments to exclude them from taxable income for years 2008 through the current year. This change had a significant impact on the Company’s provision for income taxes in 2013 since this change reduced taxable income in each year between 2008 and 2013. The majority of this reduction increased the Company's net operating loss carry forwards available to offset future taxable income rather than resulting in a refund of taxes previously paid. As a result of excluding these government incentive payments, the Company currently has cumulative losses in recent years and has established a valuation allowance to reduce its total deferred tax assets to the amount more-likely-than-not to be realized | ||||||||||||||||
The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Deferred Tax Assets: | ||||||||||||||||
Goodwill | $ | — | $ | 10,791 | $ | — | $ | 11,999 | ||||||||
Net operating loss carryforwards | — | 81,761 | — | 4,806 | ||||||||||||
Tax credit carryforwards | — | 3,068 | — | 3,068 | ||||||||||||
Start-up costs | — | 1,231 | — | 1,362 | ||||||||||||
Stock-based compensation | — | 2,137 | — | 1,214 | ||||||||||||
Houston terminal lease | — | 1,892 | — | 2,139 | ||||||||||||
Accrued compensation | 2,908 | — | 1,113 | — | ||||||||||||
Inventory capitalization | 1,053 | — | 985 | — | ||||||||||||
Allowance for doubtful accounts | 866 | — | 802 | — | ||||||||||||
Other | 150 | 1,064 | 236 | 678 | ||||||||||||
Deferred tax assets | 4,977 | 101,944 | 3,136 | 25,266 | ||||||||||||
Deferred Tax Liabilities: | ||||||||||||||||
Prepaid expenses | (949 | ) | — | (596 | ) | — | ||||||||||
Property, plant and equipment | — | (30,568 | ) | — | (23,425 | ) | ||||||||||
Deferred revenue | (4,127 | ) | — | — | — | |||||||||||
Other | (8 | ) | (731 | ) | (28 | ) | (872 | ) | ||||||||
Deferred tax liabilities | (5,084 | ) | (31,299 | ) | (624 | ) | (24,297 | ) | ||||||||
Net deferred tax assets (liabilities) | (107 | ) | 70,645 | 2,512 | 969 | |||||||||||
Valuation allowance | (3,580 | ) | (73,336 | ) | — | — | ||||||||||
Net deferred taxes | $ | (3,687 | ) | $ | (2,691 | ) | $ | 2,512 | $ | 969 | ||||||
In evaluating available evidence, the Company considers, among other factors, historical financial performance, expectation of future earnings, length of statutory carry forward periods and ability to carry back losses to prior periods, experience with operating loss and tax credit carry forwards not expiring unused, tax planning strategies and timing for the of reversals of temporary differences. In evaluating losses, management considers the nature, frequency and severity of losses in light of the conditions giving rise to those losses. As a result of excluding government incentive payments, the Company currently has cumulative losses in recent years and has established a valuation allowance of to reduce its total deferred tax assets to the amount more-likely-than-not to be realized. Activity regarding the valuation allowance for deferred tax assets was as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning of year balance | $ | — | $ | 7,337 | $ | 38,662 | ||||||||||
Changes in valuation allowance charged to income | 76,916 | (7,337 | ) | (31,325 | ) | |||||||||||
End of year balance | $ | 76,916 | $ | — | $ | 7,337 | ||||||||||
At December 31, 2013, the Company has recorded a deferred tax asset of $81,761 reflecting the benefit of federal and state net operating loss carry-forwards. Federal net operating losses total $208,129 and will begin to expire in 2028, while the amount and expiration dates of state net operating losses vary by jurisdiction. Changes in ownership of the Company, as defined by Section 382 of the Internal Revenue Code of 1986, as amended, may limit the utilization of federal and state net operating losses and credit carry forwards in any one year. The Company has performed a study to determine the impact of changes in ownership on utilization of carry forward attributes, the results of which have been incorporated into our financial statements. | ||||||||||||||||
At December 31, 2013, the Company had federal small agri-biodiesel producer tax credit carry-forwards of approximately $3,068. If not utilized, these small agri-biodiesel producer tax credits will expire at various times between 2026 and 2028. | ||||||||||||||||
Income tax benefit (expense) for the years ended December 31 is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current income tax benefit (expense) | ||||||||||||||||
Federal | $ | 2,432 | $ | (912 | ) | $ | (4,883 | ) | ||||||||
State | 2,492 | (588 | ) | (3,066 | ) | |||||||||||
4,924 | (1,500 | ) | (7,949 | ) | ||||||||||||
Deferred income tax benefit (expense) | ||||||||||||||||
Federal | 15,297 | (9,857 | ) | (4,709 | ) | |||||||||||
State | 3,736 | (1,187 | ) | (1,703 | ) | |||||||||||
Net operating loss carryforwards created (utilized) | 48,024 | 3,753 | (19,946 | ) | ||||||||||||
67,057 | (7,291 | ) | (26,358 | ) | ||||||||||||
Income tax benefit (expense) before valuation allowances | 71,981 | (8,791 | ) | (34,307 | ) | |||||||||||
Deferred tax valuation allowances | (76,916 | ) | 7,337 | 31,325 | ||||||||||||
Income tax expense | $ | (4,935 | ) | $ | (1,454 | ) | $ | (2,982 | ) | |||||||
A reconciliation of the reported amount of income tax expense to the amount computed by applying the statutory federal income tax rate to earnings from continuing operations before income taxes is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. Federal income tax expense at a statutory rate of 35 percent | $ | (66,955 | ) | $ | (8,256 | ) | $ | (32,090 | ) | |||||||
State taxes, net of federal income tax benefit | 6,905 | (684 | ) | (3,020 | ) | |||||||||||
Tax position on government incentives | 131,829 | — | — | |||||||||||||
Loss on embedded derivative | — | 4,191 | 2,779 | |||||||||||||
Reduction in stock-based compensation deferred tax asset | — | (3,686 | ) | — | ||||||||||||
Domestic production activities deduction | — | — | 307 | |||||||||||||
Seneca Landlord | — | 200 | (1,701 | ) | ||||||||||||
Unrecognized tax benefits | — | (400 | ) | — | ||||||||||||
Other | 202 | (156 | ) | (582 | ) | |||||||||||
Total (expense) benefits for income taxes before valuation allowances | 71,981 | (8,791 | ) | (34,307 | ) | |||||||||||
Valuation allowances | (76,916 | ) | 7,337 | 31,325 | ||||||||||||
Total expense for income taxes | $ | (4,935 | ) | $ | (1,454 | ) | $ | (2,982 | ) | |||||||
In accordance with ASC Topic 740, Income Taxes, the Company periodically reviews its portfolio of uncertain tax positions. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a tax return not yet filed, that has not been reflected in measuring income tax expense for financial reporting purposes. The Company does not recognize income tax benefits associated with uncertain tax positions where it is determined that it is not more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. | ||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits at December 31 is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning of year balance | $ | 1,900 | $ | 1,500 | $ | 1,500 | ||||||||||
Increases to tax positions expected to be taken | — | — | — | |||||||||||||
Increases to tax positions taken during prior years | — | 400 | — | |||||||||||||
Decreases to tax positions taken during prior years | — | — | — | |||||||||||||
Decreases due to lapse of statute of limitations | — | — | — | |||||||||||||
End of year balance | $ | 1,900 | $ | 1,900 | $ | 1,500 | ||||||||||
The amount of unrecognized tax benefits that would affect the effective tax rate if the tax benefits were recognized was $0, $1,428 and $1,041 at December 31, 2013, 2012 and 2011, respectively. The remaining liability for unrecognized tax benefits is related to tax positions for which there is a related deferred tax asset. The Company does not believe it is reasonably possible that the amounts of unrecognized tax benefits existing as of December 31, 2013 will significantly increase or decrease over the next twelve months. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. The Company has not recorded any such amounts in the periods presented. | ||||||||||||||||
The U.S. Internal Revenue Service has examined the Company's federal income tax returns through 2008, as well as 2010 and 2011. All other years are subject to examination, while various state income tax returns also remain subject to examination by state taxing authorities. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
On October 26, 2011, the stockholders approved the 2009 Stock Incentive Plan (the 2009 Plan) which authorizes up to 4,160,000 shares of Company Common Stock to be issued for the award of restricted stock, restricted stock units (RSU’s) and stock appreciation rights (SAR’s) at the discretion of the Company Board as compensation to employees, consultants of the Company and to non-employee directors. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. There was no cash flow impact resulting from the grants of these awards. The 2009 Plan is generally protected from anti-dilution via adjustments for any stock dividends, stock split, combination or other recapitalization. | ||||||||
The Company recorded stock-based compensation expense of $5,416, $13,119 and $5,934 for the years ended December 31, 2013, 2012 and 2011, respectively. The stock-based compensation costs were included as a component of selling, general and administrative expenses. At December 31, 2013, there was $7,655 of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a period of approximately 3.7 years. | ||||||||
Stock Options | ||||||||
The following table summarizes information about Common Stock options granted, exercised, forfeited, vested and exercisable: | ||||||||
Number | Weighted Average | Weighted | ||||||
of Options | Exercise | Average | ||||||
Price | Contractual | |||||||
Term | ||||||||
Options outstanding - January 1, 2011 | 87,526 | 23.75 | 5.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | (500 | ) | 23.75 | |||||
Options outstanding - December 31, 2011 | 87,026 | 23.75 | 4.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | — | |||||||
Options outstanding - December 31, 2012 | 87,026 | 23.75 | 3.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | — | |||||||
Options outstanding - December 31, 2013 | 87,026 | 23.75 | 2.6 years | |||||
Options exercisable - December 31, 2013 | 87,026 | 23.75 | 2.6 years | |||||
All stock options that remain outstanding are fully vested and exercisable. There was no intrinsic value of options granted, exercised or outstanding during the periods presented. | ||||||||
Restricted Stock Units | ||||||||
The following table summarizes information about the Company’s Common Stock RSU’s granted, vested, exercised and forfeited: | ||||||||
Number of | Weighted | |||||||
Awards | Average Issue | |||||||
Price | ||||||||
Awards outstanding - January 1, 2011 | 1,154,086 | $12.50 | ||||||
Issued | 299,033 | $33.75 | ||||||
Vested and restriction lapsed | (50,000 | ) | $33.75 | |||||
Forfeited | (6,400 | ) | $12.53 | |||||
Awards outstanding - December 31, 2011 | 1,396,719 | $16.29 | ||||||
Issued | 411,456 | $8.93 | ||||||
Vested and restriction lapsed | (1,294,519 | ) | $13.65 | |||||
Forfeited | (8,040 | ) | $10.51 | |||||
Awards outstanding - December 31, 2012 | 505,616 | $17.14 | ||||||
Issued | 204,183 | $11.96 | ||||||
Vested and restriction lapsed | (192,190 | ) | $15.72 | |||||
Forfeited | (16,681 | ) | $9.98 | |||||
Awards outstanding - December 31, 2013 | 500,928 | $15.81 | ||||||
The RSU’s convert into one share of common stock upon vesting. RSU’s cliff vest at the earlier of expressly provided service or performance conditions. The service period for these RSU awards, excluding those issued to the Company’s Board of Directors (one year) and certain executive management (four year), is a three year period from the grant date. The performance conditions provide for accelerated vesting upon various conditions including a change in control or other common stock liquidity events. As a result of the Company’s IPO on January 24, 2012 (see “Note 3— Stockholders’ Equity of the Company”) a common stock liquidity-related performance condition was satisfied and 1,294,519 shares vested in relation to this event during 2012. | ||||||||
Stock Appreciation Rights | ||||||||
The following table summarizes information about SAR’s granted, forfeited, vested and exercisable: | ||||||||
Number of | Weighted Average | Weighted | ||||||
SAR’s | Exercise | Average | ||||||
Price | Contractual | |||||||
Term | ||||||||
SAR's outstanding - January 1, 2012 | — | |||||||
Granted | 1,055,805 | 9.47 | ||||||
Exercised | — | |||||||
Forfeited | (1,960 | ) | 9.19 | |||||
SAR's outstanding - December 31, 2012 | 1,053,845 | 9.47 | 9.3 years | |||||
Granted | 335,057 | 12.85 | ||||||
Exercised | (5,106 | ) | 8.92 | |||||
Forfeited | (10,727 | ) | 10.85 | |||||
SAR's outstanding - December 31, 2013 | 1,373,069 | 10.28 | 8.6 years | |||||
SAR's exercisable - December 31, 2013 | 250,370 | 9.49 | 8.6 years | |||||
SAR's expected to vest - December 31, 2013 | 1,136,280 | 10.45 | 8.6 years | |||||
The SAR’s vest 25% annually on each of the four anniversary dates following the grant date and expire after ten years. The fair value of each SAR grant is estimated using the Black-Scholes option-pricing model as set forth in the table below: | ||||||||
2013 | 2012 | |||||||
The weighted average fair value of stock appreciation rights issued (per unit) | $2.54 - $6.51 | $2.73 - $3.99 | ||||||
Dividend yield | —% | —% | ||||||
Weighted average risk-free interest rate | 0.7% - 1.8% | 0.7% - 0.9% | ||||||
Weighted average expected volatility | 40% | 40% | ||||||
Expected life in years | 6.25 | 6.25 | ||||||
There was no intrinsic value of options granted, exercised or outstanding during the periods presented. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||
Related parties include certain investors as well as entities in which the Company has an equity method investment or an investment combined with a MOSA or board seat. Investors defined as related parties include (i) the investor having ten percent or more ownership, including convertible preferred stock, in the Company or (ii) the investor holding a board seat on the Company Board. After the IPO, the number of related parties decreased due to the dilution of ownership of prior investors as well as the reduction of the number of board seats on the Company Board held by related party investors. The Company will report related party transactions before and after the IPO based on the related party characteristics mentioned above. | |||||||||||||
Summary of Related Party Transactions - Consolidated Statements of Operations | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues - Biodiesel sales (a) | $ | — | $ | 6 | $ | 5,161 | |||||||
Cost of goods sold - Biodiesel (b) | $ | 49,358 | $ | 54,364 | $ | 263,562 | |||||||
Selling, general and administrative expenses (c) | $ | 37 | $ | 158 | $ | 1,505 | |||||||
Interest expense (d) | $ | 30 | $ | 32 | $ | 761 | |||||||
(a) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | — | $ | 6 | $ | 11 | |||||||
Bunge | — | — | 2,124 | ||||||||||
ED & F Man | — | — | 3,026 | ||||||||||
$ | — | $ | 6 | $ | 5,161 | ||||||||
(b) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 49,358 | $ | 50,415 | $ | 48,510 | |||||||
Bunge | — | 3,949 | 203,092 | ||||||||||
ED & F Man | — | — | 11,960 | ||||||||||
$ | 49,358 | $ | 54,364 | $ | 263,562 | ||||||||
(c) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 37 | $ | 45 | $ | 102 | |||||||
Bunge | — | 113 | 1,403 | ||||||||||
$ | 37 | $ | 158 | $ | 1,505 | ||||||||
(d) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 30 | $ | 23 | $ | 96 | |||||||
Bunge | — | 9 | 308 | ||||||||||
USRG | — | — | 357 | ||||||||||
$ | 30 | $ | 32 | $ | 761 | ||||||||
Summary of Related Party Balances - Consolidated Balance Sheets | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable (a) | $ | 426 | $ | 771 | |||||||||
Other assets (a) | $ | 35 | $ | 692 | |||||||||
Accounts payable (a) | $ | 552 | $ | 2,950 | |||||||||
(a) | Represents balances with West Central | ||||||||||||
West Central Cooperative | |||||||||||||
The Company purchases once-refined soybean oil from West Central Cooperative (West Central) and is required to pay interest for amounts owed on extended trade terms. The Company also had biodiesel and co-product sales to West Central. | |||||||||||||
West Central leases the land under the Company’s production facility at Ralston, Iowa to the Company at an annual cost of one dollar. The Company is responsible for the property taxes, insurance, utilities and repairs for the facility relating to this lease. The lease has an initial term of twenty years and the Company has options to renew the lease for an additional thirty years. | |||||||||||||
In 2006, the Company executed an asset use agreement with West Central to provide for the use of certain assets, such as office space, maintenance equipment and utilities. The agreement requires the Company to pay West Central its proportionate share of certain costs incurred by West Central. This agreement has the same term as the land lease. During February 2012, the Company renegotiated the asset use agreement. The new agreement provides for the use of certain assets, such as buildings, equipment and utilities, which will be charged to the Company based on fixed and variable components. | |||||||||||||
At the time of the signing of the contribution agreement, the Company entered into a contract for services with West Central, to provide certain corporate and administrative services such as human resources, information technology and accounting. The agreement requires the Company to pay West Central the proportionate share of the costs associated with the provision of services, plus a 15% margin. The agreement had an initial one-year term and is cancellable thereafter upon six months’ notice by either party. As part of the renegotiated asset usage agreement, the services agreement was cancelled in February 2012. | |||||||||||||
In connection with the SoyMor acquisition, REG Albert Lea, LLC (REG Albert Lea) assumed a loan with West Central. REG Albert Lea was required to make monthly interest payments. The loan was paid off in May 2012. | |||||||||||||
Bunge North America | |||||||||||||
Prior to 2012, the Company purchased feedstocks from Bunge North America, Inc. (Bunge) for the production of biodiesel. The costs associated with the purchased feedstocks were reflected in costs of goods sold – biodiesel when sold to the end customer. The Company also made sales of biodiesel and raw materials to Bunge. | |||||||||||||
The Company entered into an agreement for Bunge to provide services related to the procurement of raw materials and the purchase and resale of biodiesel produced by the Company. The Company was required to pay interest for the aggregate outstanding amounts owed to Bunge. Also, as part of the agreement, the Company was required to pay an incentive fee to Bunge for meeting certain hedging goals utilizing Bunge’s advice. On November 8, 2011, the Company gave notice of termination to Bunge in accordance with the agreement. The agreement expired May 2012. | |||||||||||||
ED & F Man Holdings Ltd. | |||||||||||||
In August 2006, the Company entered into a glycerin marketing agreement and various terminal lease agreements with one of ED & F Man Holdings Ltd’s (ED & F Man) then wholly-owned subsidiaries, Westway Feed Products, Inc. (Westway). This contract was terminated and expired in August 2011. | |||||||||||||
The Company also entered into a tolling agreement with ED & F Man for biodiesel to be produced out of the Company’s Houston, Texas biodiesel production facility during 2010. Additionally, the Company purchased biodiesel from ED & F Man for resale and had raw material sales to ED & F Man. There has been no activity or agreements in place during 2013 or 2012. | |||||||||||||
USRG Holdco IX, LLC | |||||||||||||
In August 2011, REG Albert Lea entered into a loan with USRG in the amount of $10,000 for the purpose of purchasing feedstocks and chemicals for REG Albert Lea’s biodiesel production facility. REG Albert Lea was required to pay interest monthly for the aggregate amount owned to USRG. The loan was repaid in due course prior to maturity in December 2011. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Operating Leases | ' | |||
OPERATING LEASES | ||||
The Company leases certain land and equipment under operating leases. Total rent expense under operating leases was $12,549, $11,114 and $7,299 for the years ended December 31, 2013, 2012 and 2011, respectively. For each of the next five calendar years and thereafter, future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year are as follows: | ||||
Total | ||||
Payments | ||||
2014 | $ | 11,948 | ||
2015 | 9,401 | |||
2016 | 8,856 | |||
2017 | 8,339 | |||
2018 | 8,001 | |||
Thereafter | 30,243 | |||
Total minimum payments | $ | 76,788 | ||
The Company's leases consist primarily of access to distribution terminals, biodiesel storage facilities, railcars and vehicles. At the end of the lease term the Company, generally, has the option to (a) return the leased equipment to the lessor, (b) purchase the property at its then fair value or (c) renew its lease at the then fair rental value on a year-to-year basis or for an agreed upon term. Certain leases allow for adjustment to minimum rentals in future periods as determined by the Consumer Price Index. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments | ' | ||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||
The Company has entered into derivatives to hedge its exposure to price risk related to feedstock inventory and biodiesel finished goods inventory. Additionally, the Company has entered into an interest rate swap with the objective of managing risk caused by fluctuations in interest rates associated with the REG Danville note payable. The Company does not enter into derivative transactions for trading purposes. | |||||||||||||
All of the Company’s derivatives are designated as non-hedge derivatives and are utilized to manage cash flow. Although the contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. Unrealized gains and losses on commodity futures, swaps and options contracts used to hedge feedstock purchases or biodiesel inventory are recognized as a component of biodiesel costs of goods sold reflected in current results of operations. Commodity hedge gains and losses are generally offset by other corresponding changes in gross margin through changes in either biodiesel sales price and/or feedstock price. Unrealized gains and losses on the interest rate swap are recorded in other income (expense), net in the Company’s statements of operations. All derivative financial instruments are recorded on the balance sheet at fair value. | |||||||||||||
As of December 31, 2013, the Company has entered into heating oil and soybean oil derivative instruments and an interest rate swap agreement. The Company has entered into heating oil and soy oil commodity-based derivatives in order to protect gross profit margins from potentially adverse effects of price volatility on biodiesel sales where the prices are set at a future date. As of December 31, 2013, the Company had 1,076 open commodity contracts. In addition, the Company manages interest rate risk associated with the REG Danville variable interest rate note payable using a fixed rate swap. The interest rate swap agreement has an outstanding notional value of $3,295 as of December 31, 2013. The agreement effectively fixes the variable component of the interest rate on the Term Loan at 0.92% through July 2015. The fair value of the interest rate swap agreements was $19 and $46 at December 31, 2013 and 2012, respectively, and is recorded in the other noncurrent liabilities. | |||||||||||||
As of December 31, 2013, the Company posted $13,896 of collateral associated with its commodity-based derivatives with a net liability position of $221. | |||||||||||||
The Company’s preferred stock embedded conversion feature related to the Series A Preferred Stock that was converted upon our IPO is further discussed in “Note 2—Summary of Significant Accounting Policies.” | |||||||||||||
The following tables provide details regarding the Company’s derivative financial instruments: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Interest rate swap | $ | — | Other liabilities | $ | 19 | ||||||||
Commodity futures | Prepaid expenses and other assets | 62 | Prepaid expenses and other assets | — | |||||||||
Commodity swaps | Prepaid expenses and other assets | 75 | Prepaid expenses and other assets | 491 | |||||||||
Commodity options | Prepaid expenses and other assets | 188 | Prepaid expenses and other assets | 55 | |||||||||
Total derivatives | $ | 325 | $ | 565 | |||||||||
As of December 31, 2012 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Interest rate swap | $ | — | Other liabilities | $ | 46 | ||||||||
Commodity swaps | Prepaid expenses and other assets | 305 | Prepaid expenses and other assets | 476 | |||||||||
Commodity options | Prepaid expenses and other assets | 143 | Prepaid expenses and other assets | 388 | |||||||||
Total derivatives | $ | 448 | $ | 910 | |||||||||
2013 | 2012 | 2011 | |||||||||||
Location of Gain (Loss) | Amount of | Amount of | Amount of | ||||||||||
Recognized in Income | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized | Recognized | Recognized | |||||||||||
in Income on | in Income on | in Income on | |||||||||||
Derivatives | Derivatives | Derivatives | |||||||||||
Embedded derivative | Change in fair value of preferred stock conversion feature embedded derivatives | $ | — | $ | 11,975 | $ | 7,939 | ||||||
Interest rate swap | Other income (loss) | 26 | (5 | ) | 571 | ||||||||
Commodity futures | Cost of goods sold - Biodiesel | 258 | (4 | ) | (97 | ) | |||||||
Commodity swaps | Cost of goods sold - Biodiesel | (5,775 | ) | (4,254 | ) | 2,557 | |||||||
Commodity options | Cost of goods sold - Biodiesel | (139 | ) | (364 | ) | 567 | |||||||
Total | $ | (5,630 | ) | $ | 7,348 | $ | 11,537 | ||||||
The tables below represent the amounts subject to an enforceable master netting arrangement not otherwise disclosed: | |||||||||||||
2013 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Gross amounts recognized | $ | 14,221 | $ | 565 | |||||||||
Gross amounts offset in the Statement of Financial Position | (325 | ) | (325 | ) | |||||||||
Net amounts presented in the Statement of Financial Position | 13,896 | 240 | |||||||||||
Gross amounts not offset in the Statement of Financial Position | (13,896 | ) | — | ||||||||||
Net amount | $ | — | $ | 240 | |||||||||
2012 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Gross amounts recognized | $ | 8,501 | $ | 910 | |||||||||
Gross amounts offset in the Statement of Financial Position | (448 | ) | (448 | ) | |||||||||
Net amounts presented in the Statement of Financial Position | 8,053 | 462 | |||||||||||
Gross amounts not offset in the Statement of Financial Position | (8,053 | ) | — | ||||||||||
Net amount | $ | — | $ | 462 | |||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurement | ' | |||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||
The fair value hierarchy prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. | |||||||||||||||
• | Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||
A summary of assets (liabilities) measured at fair value is as follows: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | ||||||
Commodity futures | 62 | — | 62 | — | ||||||||||||
Commodity swaps | (416 | ) | — | (416 | ) | — | ||||||||||
Commodity options | 133 | — | 133 | — | ||||||||||||
$ | (240 | ) | $ | — | $ | (240 | ) | $ | — | |||||||
As of December 31, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (46 | ) | $ | — | $ | (46 | ) | $ | — | ||||||
Commodity swaps | (171 | ) | — | (171 | ) | — | ||||||||||
Commodity options | (245 | ) | — | (245 | ) | — | ||||||||||
$ | (462 | ) | $ | — | $ | (462 | ) | $ | — | |||||||
The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended as follows: | ||||||||||||||||
Preferred | Seneca | |||||||||||||||
Stock | Holdco | |||||||||||||||
Embedded | Liability | |||||||||||||||
Derivatives | ||||||||||||||||
Ending balance - January 1, 2011 | $ | (61,761 | ) | $ | (10,406 | ) | ||||||||||
Total unrealized gains (losses) | 7,939 | (2,097 | ) | |||||||||||||
Purchase accounting consolidation | — | 600 | ||||||||||||||
Ending balance - December 31, 2011 | (53,822 | ) | (11,903 | ) | ||||||||||||
Total realized gains | 11,975 | 349 | ||||||||||||||
Purchases | — | — | ||||||||||||||
Issuance | — | — | ||||||||||||||
Settlements | 41,847 | 11,554 | ||||||||||||||
Ending balance - December 31, 2012 | — | — | ||||||||||||||
Total unrealized gains (losses) | — | — | ||||||||||||||
Purchases | — | — | ||||||||||||||
Issuance | — | — | ||||||||||||||
Settlements | — | — | ||||||||||||||
Ending balance - December 31, 2013 | $ | — | $ | — | ||||||||||||
The Company used the following methods and assumptions to estimate fair value of its financial instruments: | ||||||||||||||||
Valuation of Preferred Stock embedded conversion feature derivatives: The estimated fair value of the derivative instruments embedded in the Company’s outstanding preferred stock was determined using the option pricing method to allocate the fair value of the underlying stock to the various components comprising the security, including the embedded derivative. The allocation was performed based on each class of preferred stock’s liquidation preference and relative seniority. Derivative liabilities are adjusted to reflect fair value at each period end. The effects of interactions between embedded derivatives are calculated and accounted for in arriving at the overall fair value of the financial instruments. | ||||||||||||||||
Interest rate swap: The fair value of the interest swap was determined based on a discounted cash flow approach using market observable swap curves. | ||||||||||||||||
Commodity derivatives: The instruments held by the Company consist primarily of futures contracts, swap agreements, purchased put options and written call options. The fair value of contracts based on quoted prices of identical assets in an active exchange-traded market is reflected in Level 1. Contract fair value is determined based on quoted prices of similar contracts in over-the-counter markets and are reflected in Level 2. | ||||||||||||||||
Seneca Holdco liability: The liability represents the combination of the Call Option and the Put Option related to the purchase of membership interest of Seneca Landlord. The fair value of the Seneca Holdco liability was determined using an option pricing model and represents the probability weighted present value of the gain that is realized upon exercise of each option. | ||||||||||||||||
Notes payable and lines of credit: The fair value of long-term debt and lines of credit was established using discounted cash flow calculations and current market rates reflecting Level 2 inputs. | ||||||||||||||||
The estimated fair values of the Company’s financial instruments, which are not recorded at fair value are as follows as of December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Asset (Liability) | Estimated Fair Value | Asset (Liability) | Estimated Fair Value | |||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||
Financial Liabilities: | ||||||||||||||||
Notes payable and lines of credit | $ | (45,166 | ) | $ | (45,094 | ) | $ | (37,044 | ) | $ | (37,000 | ) |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Share | ' | ||||||||
NET INCOME PER SHARE | |||||||||
Basic net income per common share is presented in conformity with the two-class method required for participating securities. Participating securities include, or have included, Series A Preferred Stock, Series B Preferred Stock and RSU's. Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to common stock and the participating securities. | |||||||||
The holders of the Series A Preferred Stock accrued dividends at the rate of $0.88 per share per annum. Dividends were cumulative, accrued on a daily basis from the date of issuance and compounded annually from the date of issuance. If dividends on the Series A Preferred Stock had not been paid or declared, the deficiency would have paid or declared before any dividend is declared for Common Stock. Dividends in arrears did not bear interest. Holders of the Series A Preferred Stock were allowed to participate in the dividends to common stockholders in the event that dividends on Common Stock exceed that of the Series A Preferred Stock as if the Series A Preferred Stock had been converted to Common Stock at the beginning of the year. Series A Preferred Stock was converted to common shares at the time of the Company's initial public offering. | |||||||||
The holders of the Series B Preferred Stock accrue dividends at a rate of $1.125 per share per annum. Dividends are cumulative, accrue on a daily basis from the date of issuance and compound annually from the date of issuance. If dividends on the Series B Preferred Stock have not been paid or declared, the deficiency shall be paid or declared before any dividend is declared for Common Stock. Dividends in arrears do not bear interest. Holders of the Series B Preferred Stock are allowed to participate in the dividends to common stockholders in the event that dividends on Common Stock exceed that of the Series B Preferred Stock as if the Series B Preferred Stock had been converted to Common Stock at the beginning of the year. | |||||||||
The Company calculates the effects of participating securities on diluted earnings per share (EPS) using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of Common Stock options, warrants, and stock appreciation rights on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS. | |||||||||
The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Options to purchase common stock | 87,026 | 87,026 | 87,207 | ||||||
Restricted stock units | — | 754,359 | 1,230,092 | ||||||
Stock appreciation rights | 1,030,926 | 1,196,975 | — | ||||||
Warrants to purchase common stock | — | 35,987 | 355,886 | ||||||
Redeemable preferred shares | — | — | 5,382,209 | ||||||
Total | 1,117,952 | 2,074,347 | 7,055,394 | ||||||
The following table presents the calculation of diluted net income per share for the years ended December 31, 2013 and 2012. For the year ended December 31, 2011, the effect from all convertible securities were anti-dilutive (in thousands, except share and per share data): | |||||||||
2013 | 2012 | ||||||||
Net income attributable to the Company's common stockholders - Basic | $ | 165,254 | $ | 43,482 | |||||
Less: effects of recapitalization | — | (39,107 | ) | ||||||
Plus: change in undistributed dividends allocated to preferred stockholders | — | 823 | |||||||
Plus: distributed dividends to Preferred Stockholders | 2,055 | 3,156 | |||||||
Plus: accretion of Series A Preferred Stock to redemption value | — | 1,808 | |||||||
Plus: (gain) loss due to change in fair value of Series A Preferred Stock conversion feature embedded derivatives | — | (11,975 | ) | ||||||
Plus: effect of participating securities | 19,057 | 12,097 | |||||||
Net income attributable to common stockholders | 186,366 | 10,284 | |||||||
Less: effect of participating securities | (21,108 | ) | (1,108 | ) | |||||
Net income attributable to the Company's common stockholders - Diluted | $ | 165,258 | $ | 9,176 | |||||
Shares: | |||||||||
Weighted-average shares outstanding - Basic | 33,045,164 | 28,381,676 | |||||||
Adjustment to reflect conversion of preferred stock | — | 5,958,790 | |||||||
Adjustment to reflect stock appreciation right conversions | 7,065 | — | |||||||
Adjustment to reflect warrants to purchase common stock | 650 | — | |||||||
Weighted-average shares outstanding - Diluted | 33,052,879 | 34,340,466 | |||||||
Net income per share attributable to common stockholders - Diluted | $ | 5 | $ | 0.27 | |||||
Reportable_Segments
Reportable Segments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Reportable Segments | ' | |||||||||||
REPORTABLE SEGMENTS | ||||||||||||
The Company reports its reportable segments based on services provided to customers, which includes Biodiesel, Services and Corporate and other activities. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company has chosen to differentiate the reportable segments based on the products and services each segment offers. | ||||||||||||
The Biodiesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks and methanol into biodiesel. The Biodiesel segment also includes the Company’s purchases and resale of biodiesel produced by third parties. Revenue is derived from the purchases and sales of biodiesel, RINs and raw material feedstocks acquired from third parties, sales of biodiesel produced under toll manufacturing arrangements with third party facilities, sales of processed biodiesel from Company facilities, related by-products and renewable energy government incentive payments. The Services segment offers services for managing the construction of biodiesel production facilities and managing ongoing operations of third party plants and collects fees related to the services provided. The Company does not allocate items that are of a non-operating nature or corporate expenses to the business segments. Intersegment revenues are reported by the Services segment, which manages the construction and operations of facilities included in the Biodiesel segment. Revenues are recorded by the Services segment at cost. Corporate expenses consist of corporate office expenses including compensation, benefits, occupancy and other administrative costs, including management service expenses. | ||||||||||||
The following table represents the significant items by reportable segment for the results of operations for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales: | ||||||||||||
Biodiesel | $ | 1,498,011 | $ | 1,014,797 | $ | 823,809 | ||||||
Services | 63,980 | 38,031 | 13,027 | |||||||||
Intersegment revenues | (63,853 | ) | (37,794 | ) | (12,805 | ) | ||||||
$ | 1,498,138 | $ | 1,015,034 | $ | 824,031 | |||||||
Income before income taxes and income from equity investments: | ||||||||||||
Biodiesel | $ | 239,462 | $ | 58,349 | $ | 127,187 | ||||||
Services | (29 | ) | (26 | ) | 24 | |||||||
Corporate and other (a) | (48,132 | ) | (34,610 | ) | (35,802 | ) | ||||||
$ | 191,301 | $ | 23,713 | $ | 91,409 | |||||||
Depreciation and amortization expense, net: | ||||||||||||
Biodiesel | $ | 8,199 | $ | 7,111 | $ | 8,833 | ||||||
Services | 120 | 38 | 4 | |||||||||
Corporate and other (a) | 923 | 772 | 638 | |||||||||
$ | 9,242 | $ | 7,921 | $ | 9,475 | |||||||
Cash paid for purchases of property, plant and equipment: | ||||||||||||
Biodiesel | $ | 36,770 | $ | 11,409 | $ | 3,823 | ||||||
Services | 504 | 396 | 53 | |||||||||
Corporate and other (a) | 1,779 | 849 | 930 | |||||||||
$ | 39,053 | $ | 12,654 | $ | 4,806 | |||||||
2013 | 2012 | 2011 | ||||||||||
Goodwill: | ||||||||||||
Biodiesel | $ | 68,784 | $ | 68,784 | $ | 68,784 | ||||||
Services | 16,080 | 16,080 | 16,080 | |||||||||
$ | 84,864 | $ | 84,864 | $ | 84,864 | |||||||
Assets: | ||||||||||||
Biodiesel | $ | 444,945 | $ | 357,305 | $ | 341,863 | ||||||
Services | 20,542 | 20,033 | 20,474 | |||||||||
Corporate and other (b) | 275,368 | 118,446 | 122,110 | |||||||||
$ | 740,855 | $ | 495,784 | $ | 484,447 | |||||||
(a) | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. | |||||||||||
(b) | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company is involved in legal proceedings in the normal course of business. The Company currently believes that any ultimate liability arising out of such proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Supplemental_Quarterly_Informa
Supplemental Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Supplemental Quarterly Information (Unaudited) | ' | |||||||||||||||
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) | ||||||||||||||||
The following table represents the significant items for the results of operations on a quarterly basis for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Three Months | Three Months | Three Months | Three Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 264,368 | $ | 384,735 | $ | 458,444 | $ | 390,591 | ||||||||
Gross profit | 86,695 | 50,181 | 57,849 | 44,708 | ||||||||||||
Selling, general, and administrative expenses | 9,644 | 11,226 | 12,686 | 12,567 | ||||||||||||
Income from operations | 77,051 | 38,955 | 45,163 | 32,141 | ||||||||||||
Other income (expense), net | (459 | ) | (511 | ) | (511 | ) | (528 | ) | ||||||||
Net income | 46,403 | 23,130 | 86,703 | 30,130 | ||||||||||||
Net income per share attributable to common stockholders - basic | 1.25 | 0.63 | 2.32 | 0.81 | ||||||||||||
Net income per share attributable to common stockholders - diluted | 1.25 | 0.62 | 2.31 | 0.8 | ||||||||||||
Three Months | Three Months | Three Months | Three Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 188,247 | $ | 271,927 | $ | 322,912 | $ | 231,948 | ||||||||
Gross profit | 17,034 | 30,949 | 2,791 | 7,549 | ||||||||||||
Selling, general, and administrative expenses | 12,962 | 11,014 | 9,902 | 8,544 | ||||||||||||
Income (loss) from operations | 4,072 | 19,935 | (7,111 | ) | (995 | ) | ||||||||||
Other income (expense), net | 11,308 | (1,031 | ) | (1,094 | ) | (1,371 | ) | |||||||||
Net income (loss) | 14,017 | 14,433 | (6,040 | ) | (151 | ) | ||||||||||
Net income (loss) per share attributable to common stockholders - basic | 1.6 | 0.39 | (0.24 | ) | (0.03 | ) | ||||||||||
Net income (loss) per share attributable to common stockholders - diluted | 0.06 | 0.39 | (0.24 | ) | (0.03 | ) | ||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On December 17, 2013, the Company and REG Synthetic Fuels, LLC, a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement with Syntroleum Corporation (Syntroleum) to acquire substantially all assets, including all of Syntroleum's intellectual property and its 50% equity interest in Dynamic Fuels, LLC. As consideration for the asset sale, REG Synthetic Fuels will assume substantially all material assets and liabilities of Syntroleum and Syntroleum will receive 3,796,000 shares of the Company's common stock, subject to downward adjustment (based on the value of the Company's Common Stock at closing, as calculated under the Asset Purchase Agreement) to the extent that Syntroleum’s cash on hand at closing is less than $3,200; provided, that, if the per share value of the Company’s Common Stock at closing (as calculated under the Asset Purchase Agreement) is equal to or greater than $12.91, then the number of shares of the Company's common stock will be equal to (i) $49,000, divided by (ii) the Company's Common Stock value at closing (as calculated under the Asset Purchase Agreement). The closing of the transaction is conditioned upon Syntroleum’s receipt of the approval of the holders of a majority of Syntroleum’s outstanding shares of common stock and other specified closing conditions. Accordingly, this transaction is not reflected in the Company's financial statements as of December 31, 2013. | |
On January 22, 2014, REG Life Sciences, LLC, a wholly-owned subsidiary of the Company, acquired substantially all of the assets and certain liabilities of LS9, Inc. (LS9) as part of its strategy to expand into the production of renewable chemicals, additional advanced biofuels and other products. LS9 is a research and development stage company focused on harnessing the power of microbial fermentation to develop and produce renewable chemicals, fuels and other products. The assets acquired consist mainly of in-process research and development, intellectual property and fixed assets. The Company has not completed its initial accounting for this business combination as the valuation of the assets acquired and contingent consideration has not been finalized. | |
As consideration for the asset sale, LS9 received (i) $15,275 in cash and (ii) 2,230,559 shares of the Company’s Common Stock (LS9 Stock Consideration) and may receive over a six-year period earnout payments, if any, with a value of up to a maximum amount of $21,500 (LS9 Earnout Payments), subject to achievement of certain milestones related to the development and commercialization of products from LS9’s technology. Of the LS9 Stock Consideration, 541,288 shares will be held in escrow for 18 months and applied towards the indemnification obligations of LS9 and certain of its securityholders. | |
The Earnout Payments will be payable, at REG Life Sciences’ election, as follows: (i) by the delivery to LS9 of shares of the Company’s Common Stock equal to the amount of the applicable Earnout Payment divided by the average closing sales price of the Company’s Common Stock as reported on the NASDAQ Global Select Market for the 30-trading day period ending on the third trading day preceding the date of the applicable Earnout Payment, (ii) by delivery to LS9 by wire transfer of immediately available funds of an amount in dollars equal to the applicable Earnout Payment, or (iii) by delivery to LS9 of any combination of shares of the Company’s Common Stock and amounts in dollars. | |
On February 24, 2014, the Company’s Board of Directors authorized the Company, at management's discretion, to redeem all outstanding shares of Series B Preferred Stock. The Company plans to execute the cash redemption prior to the end of first quarter 2014. | |
Schedule_I_Financial_Informati
Schedule I - Financial Information of Parent Company | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule I - Financial Information of Parent Company | ' | |||||||||||
RENEWABLE ENERGY GROUP, INC. | ||||||||||||
FINANCIAL INFORMATION OF PARENT COMPANY | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
AS OF DECEMBER 31, 2013 AND 2012 | ||||||||||||
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 1,581 | $ | 11,287 | ||||||||
Notes receivable | — | 8,618 | ||||||||||
Deferred income taxes | 7,018 | — | ||||||||||
Prepaid expenses and other assets | 2,668 | 5,518 | ||||||||||
Total current assets | 11,267 | 25,423 | ||||||||||
Property, plant and equipment, net | 3,823 | 2,193 | ||||||||||
Intangible assets, net | 4,749 | 4,476 | ||||||||||
Investment in subsidiaries | 614,330 | 403,549 | ||||||||||
Intercompany receivables | 1,177 | 721 | ||||||||||
Long term note receivables | — | 14,093 | ||||||||||
Other assets | 122 | 11 | ||||||||||
TOTAL ASSETS | $ | 635,468 | $ | 450,466 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 2,083 | $ | 3,799 | ||||||||
Accrued expenses | 2,728 | 1,392 | ||||||||||
Deferred income taxes | — | 529 | ||||||||||
Total current liabilities | 4,811 | 5,720 | ||||||||||
Deferred income taxes | 32,624 | 36,939 | ||||||||||
Total liabilities | 37,435 | 42,659 | ||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
SERIES B PREFERRED STOCK ($.0001 par value; 3,000,000 shares authorized; 143,313 and 2,995,106 shares outstanding, respectively; redemption amount $3,583 and $74,878, respectively) | 3,963 | 83,043 | ||||||||||
EQUITY: | ||||||||||||
Company stockholders' equity: | ||||||||||||
Common stock ($.0001 par value; 300,000,000 shares authorized; 36,506,221 and 30,559,935 shares outstanding, respectively) | 4 | 3 | ||||||||||
Common stock - additional paid-in-capital | 359,671 | 273,989 | ||||||||||
Warrants - additional paid-in-capital | 147 | 147 | ||||||||||
Retained earnings | 238,134 | 53,823 | ||||||||||
Treasury stock (530,898 and 462,985 shares outstanding, respectively) | (3,886 | ) | (3,198 | ) | ||||||||
Total stockholders' equity | 594,070 | 324,764 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 635,468 | $ | 450,466 | ||||||||
See notes to the Renewable Energy Group, Inc. and subsidiaries consolidated financial statements elsewhere herein. | ||||||||||||
SCHEDULE I | ||||||||||||
RENEWABLE ENERGY GROUP, INC. | ||||||||||||
FINANCIAL INFORMATION OF PARENT COMPANY | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||
(IN THOUSANDS) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Equity in earnings of subsidiaries of continuing operations | $ | 178,100 | $ | 20,071 | $ | 98,432 | ||||||
Income from services provided to subsidiaries | 4,760 | 5,138 | 500 | |||||||||
Total income | 182,860 | 25,209 | 98,932 | |||||||||
General and administrative expenses | (17,404 | ) | (25,473 | ) | (13,019 | ) | ||||||
Change in fair value of preferred stock conversion feature embedded derivatives | — | 11,975 | 7,939 | |||||||||
Change in fair value of Seneca Holdco liability | — | 349 | (2,097 | ) | ||||||||
Other income | 39 | 109 | 35 | |||||||||
Interest expense | (2 | ) | (199 | ) | (14 | ) | ||||||
Interest income | 1,504 | 414 | 134 | |||||||||
Income before income taxes and income (loss) from equity investments | 166,997 | 12,384 | 91,910 | |||||||||
Income tax benefit (expense) | 19,369 | 9,804 | (2,982 | ) | ||||||||
Income (loss) from equity investments | — | 71 | (59 | ) | ||||||||
Net income | 186,366 | 22,259 | 88,869 | |||||||||
Effects of recapitalization | — | 39,107 | — | |||||||||
Less - accretion of Series A preferred stock to redemption value | — | (1,808 | ) | (25,343 | ) | |||||||
Less - changes in undistributed dividends allocated to preferred stockholders | — | (823 | ) | (12,723 | ) | |||||||
Less - distributed dividends to preferred stockholders | (2,055 | ) | (3,156 | ) | — | |||||||
Less - effects of participating preferred stock | (16,272 | ) | (8,952 | ) | (4,186 | ) | ||||||
Less - effect of participating share-based awards | (2,785 | ) | (3,145 | ) | (3,864 | ) | ||||||
Net income attributable to the company's common stockholders | $ | 165,254 | $ | 43,482 | $ | 42,753 | ||||||
See notes to the Renewable Energy Group, Inc. and subsidiaries consolidated financial statements elsewhere herein. | ||||||||||||
SCHEDULE I | ||||||||||||
RENEWABLE ENERGY GROUP, INC. | ||||||||||||
FINANCIAL INFORMATION OF PARENT COMPANY | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||
(IN THOUSANDS) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 186,366 | $ | 22,259 | $ | 88,869 | ||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||
Equity in earnings of continuing operations | (178,100 | ) | (20,071 | ) | (98,432 | ) | ||||||
Depreciation expense | 255 | 157 | 410 | |||||||||
Amortization expense | 314 | 240 | 189 | |||||||||
Provision for doubtful accounts | — | 12 | — | |||||||||
Stock compensation expense | 5,416 | 13,119 | 5,934 | |||||||||
(Income) loss from equity method investees | — | (71 | ) | 59 | ||||||||
Deferred tax benefit | (12,239 | ) | (7,794 | ) | (4,967 | ) | ||||||
Change in fair value of preferred stock conversion feature embedded derivatives | — | (11,975 | ) | (7,939 | ) | |||||||
Change in fair value of Seneca Holdco liability | — | (249 | ) | 2,097 | ||||||||
Expense settled with stock issuance | — | 1,898 | — | |||||||||
Dividends received from subsidiary | 162,969 | — | 6,802 | |||||||||
Premium paid for Seneca Landlord investment | — | (7,063 | ) | — | ||||||||
Changes in asset and liabilities, net of effects from mergers and acquisitions: | ||||||||||||
Accounts receivable | (514 | ) | 675 | (564 | ) | |||||||
Prepaid expenses and other assets | 2,849 | (4,978 | ) | (204 | ) | |||||||
Accounts payable | (1,246 | ) | 2,254 | 674 | ||||||||
Accrued expenses | 770 | (973 | ) | 1,818 | ||||||||
Net cash flows provided from (used in) operating activities | 166,840 | (12,560 | ) | (5,254 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Change in investments in subsidiaries | (153,343 | ) | (352 | ) | (158 | ) | ||||||
Cash paid for purchase of property, plant and equipment | (2,444 | ) | (666 | ) | (679 | ) | ||||||
Cash paid for acquisitions | (10,933 | ) | (1,647 | ) | — | |||||||
Net cash flows used in investing activities | (166,720 | ) | (2,665 | ) | (837 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Cash paid on note receivable to subsidiaries | (35,982 | ) | (22,711 | ) | (1,482 | ) | ||||||
Cash received on note receivable from subsidiaries | 27,754 | — | 4,671 | |||||||||
Cash paid on note payable from subsidiaries | — | (3,846 | ) | — | ||||||||
Cash received on note payable from subsidiaries | — | 1,250 | 2,596 | |||||||||
Repayment of investment in Seneca Landlord | — | (4,000 | ) | — | ||||||||
Cash received upon exercise of warrants | — | — | 48 | |||||||||
Cash received from initial public offering | — | 63,747 | — | |||||||||
Cash paid for issuance cost of common and preferred stock | (25 | ) | (1,699 | ) | (1,199 | ) | ||||||
Cash paid for treasury stock | (282 | ) | (3,074 | ) | — | |||||||
Cash paid for preferred stock dividends | (1,291 | ) | (3,155 | ) | — | |||||||
Net cash flows provided from (used in) financing activities | (9,826 | ) | 26,512 | 4,634 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (9,706 | ) | 11,287 | (1,457 | ) | |||||||
CASH AND CASH EQUIVALENTS, Beginning of period | 11,287 | — | 1,457 | |||||||||
CASH AND CASH EQUIVALENTS, End of period | $ | 1,581 | $ | 11,287 | $ | — | ||||||
See notes to the Renewable Energy Group, Inc. and subsidiaries consolidated financial statements elsewhere herein. | ||||||||||||
SCHEDULE I | ||||||||||||
RENEWABLE ENERGY GROUP, INC. | ||||||||||||
NOTES TO THE CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | ||||||||||||
For The Three Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
NOTE 1—BASIS OF PRESENTATION | ||||||||||||
The accompanying condensed financial statements (the Parent Company Financial Statements) of Renewable Energy Group, Inc., including the notes thereto, should be read in conjunction with the consolidated financial statements of Renewable Energy Group, Inc. and subsidiaries (the Company) and the notes thereto. The condensed financial statements and notes thereto are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) and do not contain certain information included in the Company’s Annual Report to Shareholders for the fiscal year ended December 31, 2013. | ||||||||||||
The condensed financial information of Renewable Energy Group, Inc. includes only the financial information for the Registrant, Renewable Energy Group, Inc., excluding all of its consolidated subsidiaries. The accompanying financial statement information reflects the financial position, results of operations and cash flows of the Registrant on a separate, parent company basis. All subsidiaries of Renewable Energy Group, Inc. are reflected as investments accounted for using the equity method. In accordance with Rule 12-04 of Regulation S-X, these parent-only financial statements do not include all of the information and footnotes required by Generally Accepted Accounting Principles (GAAP) in the United States (U.S.) for annual financial statements. Because these parent-only financial statements and notes do not include all of the information and footnotes required by GAAP in the U.S. for annual financial statements, these parent-only financial statements and other information included should be read in conjunction with Renewable Energy Group, Inc.’s audited Consolidated Financial Statements for the year ended December 31, 2013. The schedule is required based upon the limitations on dividends and distributions that its subsidiaries can make to the Registrant under the terms of their debt agreements as described in the Note 12 — Borrowings to the consolidated financial statements. | ||||||||||||
The preparation of the Parent Company Financial Statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and disclosures in the condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. | ||||||||||||
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
See notes to the Renewable Energy Group, Inc. and subsidiaries consolidated financial statements for additional accounting policies. | ||||||||||||
NOTE 3—INCOME TAXES | ||||||||||||
The Parent Company Financial Statements recognizes deferred tax assets and liabilities for the differences between the financial reporting and tax basis assets and liabilities at the financial statement date using enacted tax rates expected to be in effect in the year the differences are expected to reverse. The Parent Company Financial Statements are included in the Company’s consolidated income tax return. However, the Parent Company Financial Statement’s income tax assets and liabilities are computed on a stand-alone basis. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Basis of Consolidation | ' | |||||||||||
Basis of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities which it controls. All significant intercompany balances and transactions have been eliminated for consolidated reporting purposes. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consists of money market funds and demand deposits with financial institutions. The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. Activity regarding the allowance for doubtful accounts was as follows: | ||||||||||||
Balance, January 1, 2011 | $ | 316 | ||||||||||
Amount charged to selling, general and administrative expenses | 1,389 | |||||||||||
Charge-offs, net of recovery | (270 | ) | ||||||||||
Balance, December 31, 2011 | 1,435 | |||||||||||
Amount charged to selling, general and administrative expenses | 563 | |||||||||||
Charge-offs, net of recovery | (26 | ) | ||||||||||
Balance, December 31, 2012 | 1,972 | |||||||||||
Amount charged to selling, general and administrative expenses | 309 | |||||||||||
Charge-offs, net of recovery | (157 | ) | ||||||||||
Balance, December 31, 2013 | $ | 2,124 | ||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market. There were no lower of cost or market adjustments made to the inventory values reported as of December 31, 2013 and 2012. Cost is determined based on the first-in, first-out method. | ||||||||||||
Renewable Identification Numbers (RINs) | ' | |||||||||||
Renewable Identification Numbers (RINs) | ||||||||||||
When the Company produces and sells a gallon of biodiesel, 1.5 RINs per gallon are generated. RINs are used to track compliance with Renewable Fuel Standards (RFS2). RFS2 allows the Company to attach between zero and 2.5 RINs to any gallon of biodiesel. When the Company sells a gallon of biodiesel, 1.5 RINs are generally attached. As a result, a portion of the selling price for a gallon of biodiesel is generally attributable to RFS2 compliance. However, RINs that the Company generates are a form of government incentive and not a result of the physical attributes of the biodiesel production. Therefore, no cost is allocated to the RIN when it is generated, regardless of whether the RIN is transferred with the biodiesel produced or held by the Company pending attachment to other biodiesel production sales. In addition, the Company also obtains RINs from third parties who have separated the RINs from gallons of biomass-based diesel. From time to time, the Company holds varying amounts of these separated RINs for resale. RINs obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or market as of the last day of each accounting period and the resulting adjustments are reflected in costs of goods sold for the period. The value of RINs obtained from third parties is reflected in “Prepaid expenses and other assets” on the consolidated balance sheet. The cost of goods sold related to the sale of these RINs is determined using the average cost method, while market prices are determined by RIN values, as reported by the Oil Price Information Service (OPIS). | ||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
Derivative Instruments | ||||||||||||
Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in current period earnings. | ||||||||||||
Valuation of Series A Preferred Stock Conversion Feature Embedded Derivatives | ' | |||||||||||
Valuation of Series A Preferred Stock Conversion Feature Embedded Derivatives | ||||||||||||
The conversion feature of the Series A Preferred Stock was accounted for as an embedded derivative prior to the conversion of Series A Preferred Stock in January 2012. This embedded derivative was a liability representing the estimated fair value of Series A Preferred Stock holders right to receive the fair market value of the Common Stock issuable upon conversion of the Series A Preferred Stock on the redemption date. The value of this derivative was adjusted each quarter based on changes in the estimated fair value, and a corresponding income or expense was recorded in change in fair value of the Preferred Stock conversion feature embedded derivatives in the Company’s statements of operations. The Company used the Black-Scholes options pricing model to estimate the fair value and assumptions included the expected volatility of the value of the Company’s equity, the expected conversion date, an appropriate risk-free interest rate and the estimated fair value of the Company’s equity. | ||||||||||||
Valuation of Seneca Holdco Liability | ' | |||||||||||
Valuation of Seneca Holdco Liability | ||||||||||||
The Company recorded a liability (Seneca Holdco Liability) at fair value, with changes in value recognized currently in earnings, for its obligation under a Put/Call Agreement with Seneca Holdco, LLC (Seneca Holdco) to purchase Seneca Landlord, LLC (Seneca Landlord) whose assets consisted primarily of a 60 mmgy biodiesel production facility in Seneca, Illinois (Seneca Facility) until the Company exercised its option and acquired the Seneca Facility in January 2012. Seneca Landlord was indirectly owned by three significant stockholders of the Company or their affiliates: Bunge North America, Inc. USRG Holdco IX, LLC, and West Central Cooperative. | ||||||||||||
The fair value of the Seneca Holdco Liability was determined by probability weighting the present value of gains or losses realized under each option in the Put/Call Agreement. The Put/Call Agreement had a term of seven years and was exercisable by either party at a price based on a pre-defined formula. The valuation required the development and use of highly subjective assumptions including (i) the value of the Landlord’s equity, (ii) expectations regarding future changes in the value of the Landlord’s equity, (iii) expectations about the probability of either option being exercised, including the Company’s ability to list its securities on an exchange or complete a public offering and (iv) an appropriate risk-free rate. Company management considered current public equity markets, relevant regulatory issues, industry conditions and the Company’s position within the industry when estimating the probability that the Company would raise additional capital. | ||||||||||||
Preferred Stock Accretion | ' | |||||||||||
Preferred Stock Accretion | ||||||||||||
The Company accreted the carrying value of the Series A Preferred Stock to its redemption value until January 2012 when it was converted in connection with the Initial Public Offering (IPO). Accretion of $1,808 and $25,343 for the years ended December 31, 2012 and 2011, respectively, was recognized as a reduction to income available to common stockholders in accordance with paragraph 15 of ASC Topic 480-10-S99. | ||||||||||||
The Company recorded the Series B Preferred Stock at fair value, which was a premium over its redemption value; therefore no accretion is recorded for the Series B Preferred Stock. | ||||||||||||
Non-monetary Exchanges | ' | |||||||||||
Non-monetary Exchanges | ||||||||||||
The Company records assets acquired and liabilities assumed through the exchange of non-monetary assets based on the fair value of the assets and liabilities acquired or the fair value of the consideration exchanged, whichever is more readily determinable. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. Estimated useful lives are as follows: | ||||||||||||
Automobiles and trucks | 5 years | |||||||||||
Computers and office equipment | 5 years | |||||||||||
Office furniture and fixtures | 7 years | |||||||||||
Machinery and equipment | 5-30 years | |||||||||||
Leasehold improvements | the lesser of the lease term or 30 years | |||||||||||
Buildings and improvements | 30-40 years | |||||||||||
As of December 31, 2013, 2012 and 2011, the Company capitalized interest incurred on debt during the construction of assets of $335, $33 and $0, respectively. | ||||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. The Company’s reporting units consist of its two operating segments, the biodiesel operating segment and services operating segment. The analysis is based on a comparison of the carrying value of the reporting unit to its fair value, determined utilizing both a discounted cash flow methodology and a market comparable methodology. The determination of whether or not the asset has become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the Company’s reporting units. Changes in estimates of future cash flows caused by items such as unforeseen events or sustained unfavorable changes in market conditions could negatively affect the fair value of the reporting unit’s goodwill asset and result in an impairment charge. The annual impairment test determined that the fair value of the biodiesel operating segment exceeded its carrying value by approximately 43% and the services operating segment exceeded its carrying value by approximately 20%. There was no impairment of goodwill recorded in any of the periods presented. | ||||||||||||
The following table summarizes goodwill for the Company’s business segments: | ||||||||||||
Biodiesel | Services | Total | ||||||||||
Beginning balance - January 1, 2012 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2012 | 68,784 | 16,080 | 84,864 | |||||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2013 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Impairment of Assets | ' | |||||||||||
Impairment of Assets | ||||||||||||
The Company tests its long-lived assets for recoverability when events or circumstances indicate that its carrying amount may not be recoverable. Significant assumptions used in the undiscounted cash flow analysis include the projected demand for biodiesel based on annual renewable fuel volume obligations under the Renewable Fuel Standards (RFS2), the Company's capacity to meet that demand, the market price of biodiesel and the cost of feedstock used in the manufacturing process. For facilities under construction, estimates also include the capital expenditures necessary to complete construction of the plant. The Company’s facilities under construction are expected to have substantially similar operating capabilities and results as the current operating facilities. Such operating capabilities would include similar feedstock capabilities, similar access to low cost feedstocks, proximity to shipping from our vendors and to our customers and our ability to transfer best practices among the Company's various operating facilities to maximize production volumes and reduce operating costs. There were no asset impairment charges for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Investments | ' | |||||||||||
Investments | ||||||||||||
The Company has made investments in several biofuels businesses. These investments are recorded at cost and assessed for impairment at each reporting period. There were no impairment charges for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Unfavorable Lease Obligation | ' | |||||||||||
Unfavorable Lease Obligation | ||||||||||||
The Company assumed a ground lease of a terminal facility in Houston, Texas as part of an acquisition which required the Company to pay above market rentals through the remainder of the lease term expiring in 2021. The unfavorable lease obligation is amortized over the contractual period the Company is required to make rental payments under the lease. The amount expected to be amortized each year for the remainder of the contract is $1,129. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenues from the following sources: | ||||||||||||
• | the sale of biodiesel and its co-products, as well as Renewable Identification Numbers (RINs) and raw material feedstocks, purchased or produced by the Company at owned manufacturing facilities and manufacturing facilities with which the Company has tolling arrangements; | |||||||||||
• | the resale of biodiesel, RINs and raw material feedstocks acquired from third parties; | |||||||||||
• | fees received under toll manufacturing agreements with third parties; | |||||||||||
• | incentives received from federal and state programs for renewable fuels; and | |||||||||||
• | fees received for the marketing and sales of biodiesel produced by third parties and from managing operations of third party facilities. | |||||||||||
Biodiesel, including RINs, and raw material feedstock revenues are recognized where there is persuasive evidence of an arrangement, delivery has occurred, the price has been fixed or is determinable and collectability can be reasonably assured. | ||||||||||||
Fees received under toll manufacturing agreements with third parties are generally established as an agreed upon amount per gallon of biodiesel produced. The fees are recognized where there is persuasive evidence of an arrangement, delivery has occurred, the price has been fixed or is determinable and collectability can be reasonably assured. | ||||||||||||
Revenues associated with the governmental incentive programs are recognized when the amount to be received is determinable, collectability is reasonably assured and the sale of product giving rise to the incentive has been recognized. The Company received funds from the United States Department of Agriculture (USDA) in the amount of $2,813, $1,161 and $9,913 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company records amounts when it has received notification of a payment from the USDA or is in receipt of the funds and records the awards under the Program in "Biodiesel government incentives" as they are closely associated with the Company's biodiesel production activities. | ||||||||||||
While in general the Company has not historically offered sales incentives to customers, the uncertainty around the reinstatement of the federal blenders tax credit led to the introduction of such an incentive during 2012. Specifically, during 2012 the Company negotiated contracts with certain customers to allow such customers to share in the value of federal blenders tax payments if the law were to be reinstated. The federal blenders tax credit was reinstated on January 2, 2013 and the Company recognized $69,534 of cash payments owed to customers as a reduction of Biodiesel sales revenue. The Company did not have similar contracts before 2012. | ||||||||||||
Freight | ' | |||||||||||
Freight | ||||||||||||
Amounts billed to customers for freight are included in biodiesel sales. Costs incurred for freight are included in costs of goods sold. | ||||||||||||
Advertising Costs | ' | |||||||||||
Advertising Costs | ||||||||||||
Advertising costs are charged to expense as they are incurred. Advertising and promotional expenses were $648, $485 and $251 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Research and Development | ' | |||||||||||
Research and Development | ||||||||||||
The Company expenses research and development costs as incurred. Research and development costs totaled $258, $14 and $22 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Employee Benefits Plan | ' | |||||||||||
Employee Benefits Plan | ||||||||||||
The Company sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions equal to 50% of the participant’s pre-tax contribution up to a maximum of 6% of the participant’s eligible earnings. Total expense related to the Company’s defined contribution plan was approximately $533, $456 and $323 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
Stock-based compensation expense is measured at the grant-date fair value of the award and recognized as compensation expense over the vesting period. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. Consideration is given to positive and negative evidence related to the realization of the deferred tax assets and valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized. Significant judgment is required in making this assessment. | ||||||||||||
Recapitalization | ' | |||||||||||
Recapitalization | ||||||||||||
In connection with the Company's IPO on January 24, 2012, the Company gave effect to the one-time conversion of Series A Preferred Stock and certain common stock warrants into 7,660,612 shares of newly-issued Common Stock and 2,999,493 shares of $74,987 aggregate liquidation preference Series B Preferred Stock with cumulative dividends of 4.5% per annum. All Series A Preferred Stock was converted and no Series A Preferred Stock remains outstanding. The Company recorded the effects from the exchange of Series A Preferred Stock for Series B Preferred Stock and Common Stock as an extinguishment in accordance with ASC Topic 260-10-S99-2. | ||||||||||||
Accordingly, the Company recognized an addition to the income available to common shareholders in the amount of $39,107. This amount was determined by comparing the fair value of the Series B Preferred Stock and Common Stock issued of $152,327 to the carrying amount of the Series A preferred shares that were redeemed of $191,434. The excess of the carrying amount of Series A Preferred Stock that were redeemed over the fair value of the Series B Preferred Stock and Common Stock that were issued was recorded as an increase to additional paid-in capital and was added to net earnings available to common shareholders of $39,107. The Series B Preferred Stock fair value was determined using Monte Carlo simulation methodology with the assistance of external third-party experts to calculate the fair-value using the Company's common stock at time of conversion. The significant assumptions included the volatility rate and risk-free rate based upon the yield of the U.S. Industrials B curve. | ||||||||||||
Variable Interest Entities | ' | |||||||||||
Variable Interest Entities | ||||||||||||
The Company uses both quantitative and qualitative analysis when evaluating its variable interest entities (VIE’s) and determining the primary beneficiary (PB) of a VIE. The Company consolidates a VIE if it has both (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||||||||||||
Concentrations | ' | |||||||||||
Concentrations | ||||||||||||
Certain customers represented greater than 10% of the total consolidated revenues of the Company for the three years ended December 31, 2013, 2012 and 2011. All customer amounts disclosed in the table are related to biodiesel sales: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Customer A | $ | 243,258 | $ | 363,372 | $ | 189,773 | ||||||
The Company maintains cash balances at financial institutions, which may at times exceed the $250 coverage by the U.S. Federal Deposit Insurance Company. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on information that is currently available to management and on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. | ||||||||||||
New Accounting Pronouncements | ' | |||||||||||
New Accounting Pronouncements | ||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740). The amendments to ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning with the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2014. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. | ||||||||||||
Fair Value Measurement | ' | |||||||||||
The fair value hierarchy prioritizes the inputs used in measuring fair value as follows: | ||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets. | |||||||||||
• | Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. | |||||||||||
• | Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Activity regarding the allowance for doubtful accounts | ' | |||||||||||
Activity regarding the allowance for doubtful accounts was as follows: | ||||||||||||
Balance, January 1, 2011 | $ | 316 | ||||||||||
Amount charged to selling, general and administrative expenses | 1,389 | |||||||||||
Charge-offs, net of recovery | (270 | ) | ||||||||||
Balance, December 31, 2011 | 1,435 | |||||||||||
Amount charged to selling, general and administrative expenses | 563 | |||||||||||
Charge-offs, net of recovery | (26 | ) | ||||||||||
Balance, December 31, 2012 | 1,972 | |||||||||||
Amount charged to selling, general and administrative expenses | 309 | |||||||||||
Charge-offs, net of recovery | (157 | ) | ||||||||||
Balance, December 31, 2013 | $ | 2,124 | ||||||||||
Estimated useful lives | ' | |||||||||||
Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. Estimated useful lives are as follows: | ||||||||||||
Automobiles and trucks | 5 years | |||||||||||
Computers and office equipment | 5 years | |||||||||||
Office furniture and fixtures | 7 years | |||||||||||
Machinery and equipment | 5-30 years | |||||||||||
Leasehold improvements | the lesser of the lease term or 30 years | |||||||||||
Buildings and improvements | 30-40 years | |||||||||||
Goodwill for Company's business segments | ' | |||||||||||
The following table summarizes goodwill for the Company’s business segments: | ||||||||||||
Biodiesel | Services | Total | ||||||||||
Beginning balance - January 1, 2012 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2012 | 68,784 | 16,080 | 84,864 | |||||||||
Acquisitions | — | — | — | |||||||||
Ending balance - December 31, 2013 | $ | 68,784 | $ | 16,080 | $ | 84,864 | ||||||
Concentration risk by customer | ' | |||||||||||
Certain customers represented greater than 10% of the total consolidated revenues of the Company for the three years ended December 31, 2013, 2012 and 2011. All customer amounts disclosed in the table are related to biodiesel sales: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Customer A | $ | 243,258 | $ | 363,372 | $ | 189,773 | ||||||
Stockholders_Equity_of_the_Com1
Stockholders' Equity of the Company (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | ||||||||||||||
Summary of the number of shares reserved for the exercise of common stock purchase warrants | ' | ||||||||||||||
The following table summarizes the number of shares reserved for the exercise of common stock purchase warrants as of December 31: | |||||||||||||||
Issued to | Issuance Date | Expiration Date | Exercise | Warrants Outstanding | Warrants Outstanding | ||||||||||
Price Per | 2013 | 2012 | |||||||||||||
Share | |||||||||||||||
Blackhawk warrant holders | February 26, 2010 | February 25, 2015 | $ | 11.16 | 17,916 | 17,916 | |||||||||
Acquisitions_and_Equity_Transa1
Acquisitions and Equity Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
SoyMor Biodiesel, LLC | ' | |||||||
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' | |||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition: | ||||||||
Allocation at | ||||||||
July 12, | ||||||||
2011 | ||||||||
Assets (liabilities) acquired: | ||||||||
Inventory | $ | 78 | ||||||
Property, plant and equipment | 18,886 | |||||||
Debt | (1,001 | ) | ||||||
Fair value of investment prior to allocation | (1,613 | ) | ||||||
Fair value of common stock issued | $ | 16,350 | ||||||
Summary of acquisition price | ' | |||||||
The acquisition price is summarized as follows: | ||||||||
Value at July 12, 2011 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of stock issued: | ||||||||
Common Stock | $ | 16,350 | $ | 24.28 | ||||
Seneca Landlord, LLC | ' | |||||||
Summary of acquisition price | ' | |||||||
A summary of the acquisition price is as follows: | ||||||||
Value at | ||||||||
January 24, 2012 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 11,063 | ||||||
Class A Common Stock | 591 | $ | 9.85 | |||||
Total | $ | 11,654 | ||||||
North Texas Bio Energy, LLC | ' | |||||||
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' | |||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired at the date of acquisition: | ||||||||
Allocation at | ||||||||
October 26, | ||||||||
2012 | ||||||||
Assets acquired: | ||||||||
Other current assets | $ | 17 | ||||||
Property, plant and equipment | 4,636 | |||||||
Fair value of common stock issued | $ | 4,653 | ||||||
Summary of acquisition price | ' | |||||||
The acquisition price is summarized as follows: | ||||||||
Value at October 26, 2012 | ||||||||
Fair Value | Fair Value per | |||||||
Share | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 324 | ||||||
Class A Common Stock | 4,329 | $ | 4.81 | |||||
Total | $ | 4,653 | ||||||
BullDog Biodiesel, LLC | ' | |||||||
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' | |||||||
The following table summarized the allocation of the purchase price to the fair values of the assets acquired at the date of acquisition: | ||||||||
Allocation at | ||||||||
November 16, | ||||||||
2012 | ||||||||
Assets acquired: | ||||||||
Other current assets | $ | 13 | ||||||
Property, plant and equipment | 2,646 | |||||||
Total | $ | 2,659 | ||||||
Summary of acquisition price | ' | |||||||
The acquisition price is summarized as follows: | ||||||||
Value at | ||||||||
November 16, | ||||||||
2012 | ||||||||
Fair value of consideration issued: | ||||||||
Cash | $ | 1,323 | ||||||
In-kind contribution | 1,336 | |||||||
Total | $ | 2,659 | ||||||
Soy Energy, LLC | ' | |||||||
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' | |||||||
Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition. | ||||||||
The allocation of the purchase price to the fair values of the assets acquired at the date of acquisition is as follows: | ||||||||
Allocation at | ||||||||
July 30, | ||||||||
2013 | ||||||||
Assets (liabilities) acquired: | ||||||||
Property, plant and equipment | $ | 16,085 | ||||||
Other current liabilities | (17 | ) | ||||||
Total | $ | 16,068 | ||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ' | |||||||||||||||
Fair values of the assets and liabilities recorded by the Company | ' | |||||||||||||||
The following table summarizes the fair values of the assets and liabilities recorded by the Company as a result of the consolidation of Bell, LLC: | ||||||||||||||||
Allocation at | ||||||||||||||||
January 1, | ||||||||||||||||
2011 | ||||||||||||||||
Assets (liabilities) acquired: | ||||||||||||||||
Cash | $ | 22 | ||||||||||||||
Property, plant and equipment | 5,881 | |||||||||||||||
Noncurrent assets | 4 | |||||||||||||||
Other current liabilities | (17 | ) | ||||||||||||||
Debt | (4,757 | ) | ||||||||||||||
Other noncurrent liabilities | (567 | ) | ||||||||||||||
Carrying value of previously held equity method investment | $ | 566 | ||||||||||||||
A summary of assets (liabilities) measured at fair value is as follows: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | ||||||
Commodity futures | 62 | — | 62 | — | ||||||||||||
Commodity swaps | (416 | ) | — | (416 | ) | — | ||||||||||
Commodity options | 133 | — | 133 | — | ||||||||||||
$ | (240 | ) | $ | — | $ | (240 | ) | $ | — | |||||||
As of December 31, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (46 | ) | $ | — | $ | (46 | ) | $ | — | ||||||
Commodity swaps | (171 | ) | — | (171 | ) | — | ||||||||||
Commodity options | (245 | ) | — | (245 | ) | — | ||||||||||
$ | (462 | ) | $ | — | $ | (462 | ) | $ | — | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 13,393 | $ | 9,835 | ||||
Work in process | 1,456 | 448 | ||||||
Finished goods | 70,965 | 34,923 | ||||||
Total | $ | 85,814 | $ | 45,206 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, plant and equipment | ' | |||||||
Company owned property, plant and equipment consists of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Land | $ | 2,442 | $ | 987 | ||||
Building and improvements | 72,453 | 50,688 | ||||||
Leasehold improvements | 6,887 | 6,879 | ||||||
Machinery and equipment | 166,552 | 127,167 | ||||||
248,334 | 185,721 | |||||||
Accumulated depreciation | (37,362 | ) | (28,097 | ) | ||||
210,972 | 157,624 | |||||||
Construction in process | 75,072 | 85,261 | ||||||
Total | $ | 286,044 | $ | 242,885 | ||||
Property, plant and equipment of consolidated VIE’s consists of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Land | $ | 404 | $ | 404 | ||||
Building and improvements | 6,290 | 6,290 | ||||||
6,694 | 6,694 | |||||||
Accumulated depreciation | (1,514 | ) | (1,289 | ) | ||||
Total | $ | 5,180 | $ | 5,405 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Components of Intangible assets | ' | |||||||
Amortizing intangible assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Raw material supply agreement intangibles | $ | 5,502 | $ | 4,919 | ||||
Ground lease | 200 | 200 | ||||||
Accumulated amortization | (835 | ) | (510 | ) | ||||
Total intangible assets | $ | 4,867 | $ | 4,609 | ||||
Estimated amortization expense | ' | |||||||
Estimated amortization expense for fiscal years ended December 31 is as follows: | ||||||||
2014 | $ | 418 | ||||||
2015 | 479 | |||||||
2016 | 492 | |||||||
2017 | 506 | |||||||
2018 | 521 | |||||||
Thereafter | 2,451 | |||||||
Total | $ | 4,867 | ||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Summary of prepaid expense and other current assets | ' | |||||||
Prepaid expenses and other current assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Commodity derivatives and related collateral, net | $ | 13,675 | $ | 7,637 | ||||
Prepaid insurance | 1,804 | 1,109 | ||||||
Prepaid service contracts | 610 | 552 | ||||||
Prepaid storage | — | 515 | ||||||
Deposits | 293 | 857 | ||||||
RIN inventory | 6,455 | 99 | ||||||
Income taxes receivable | 2,197 | 4,735 | ||||||
Other | 534 | 308 | ||||||
Total | $ | 25,568 | $ | 15,812 | ||||
Summary of other noncurrent assets | ' | |||||||
Other noncurrent assets consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Debt issuance costs (net of accumulated amortization of $715 and $923, respectively) | $ | 832 | $ | 946 | ||||
Spare parts inventory | 3,671 | 3,546 | ||||||
Other | 526 | 859 | ||||||
Total | $ | 5,029 | $ | 5,351 | ||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Summary of accrued expenses and other liabilities | ' | |||||||
Accrued expenses and other liabilities consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Accrued property taxes | $ | 1,271 | $ | 1,201 | ||||
Accrued employee compensation | 8,138 | 3,375 | ||||||
Accrued interest | 109 | 47 | ||||||
Unfavorable lease obligation, current portion | 1,129 | 1,129 | ||||||
Incentive stock liability | 583 | 423 | ||||||
Excise tax payable | 545 | 136 | ||||||
Other | 530 | 164 | ||||||
Total | $ | 12,305 | $ | 6,475 | ||||
Summary of other noncurrent liabilities | ' | |||||||
Other noncurrent liabilities consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Fair value of interest rate swap | $ | 19 | $ | 46 | ||||
Liability for unrecognized tax benefits | 1,900 | 1,900 | ||||||
Deferred grant revenue | 745 | 745 | ||||||
Straight-line lease liability | 3,581 | 4,011 | ||||||
Bell, LLC member investment on consolidation | 593 | 590 | ||||||
Total | $ | 6,838 | $ | 7,292 | ||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Company's borrowings | ' | |||||||
The Company’s term borrowings at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
REG Danville term loan | $ | 5,626 | $ | 10,060 | ||||
REG Newton term loan | 18,143 | 21,175 | ||||||
REG Mason City term loan | 5,135 | — | ||||||
Other | 1,247 | 1,496 | ||||||
Total notes payable | $ | 30,151 | $ | 32,731 | ||||
Bell, LLC promissory note - variable interest entity | $ | 4,029 | $ | 4,313 | ||||
Summary of company's revolving borrowings | ' | |||||||
The Company’s revolving borrowings at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Total revolving loans (current) | $ | 10,986 | $ | — | ||||
Summary of maturities of the term borrowings | ' | |||||||
Maturities of the term borrowings are as follows for the years ending December 31: | ||||||||
2014 | $ | 7,029 | ||||||
2015 | 6,699 | |||||||
2016 | 4,380 | |||||||
2017 | 4,218 | |||||||
2018 | 11,223 | |||||||
Thereafter | 631 | |||||||
Total | 34,180 | |||||||
Less: current portion | (7,029 | ) | ||||||
$ | 27,151 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Tax effects of temporary differences that give rise to the Company's deferred tax assets and liabilities | ' | |||||||||||||||
The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Deferred Tax Assets: | ||||||||||||||||
Goodwill | $ | — | $ | 10,791 | $ | — | $ | 11,999 | ||||||||
Net operating loss carryforwards | — | 81,761 | — | 4,806 | ||||||||||||
Tax credit carryforwards | — | 3,068 | — | 3,068 | ||||||||||||
Start-up costs | — | 1,231 | — | 1,362 | ||||||||||||
Stock-based compensation | — | 2,137 | — | 1,214 | ||||||||||||
Houston terminal lease | — | 1,892 | — | 2,139 | ||||||||||||
Accrued compensation | 2,908 | — | 1,113 | — | ||||||||||||
Inventory capitalization | 1,053 | — | 985 | — | ||||||||||||
Allowance for doubtful accounts | 866 | — | 802 | — | ||||||||||||
Other | 150 | 1,064 | 236 | 678 | ||||||||||||
Deferred tax assets | 4,977 | 101,944 | 3,136 | 25,266 | ||||||||||||
Deferred Tax Liabilities: | ||||||||||||||||
Prepaid expenses | (949 | ) | — | (596 | ) | — | ||||||||||
Property, plant and equipment | — | (30,568 | ) | — | (23,425 | ) | ||||||||||
Deferred revenue | (4,127 | ) | — | — | — | |||||||||||
Other | (8 | ) | (731 | ) | (28 | ) | (872 | ) | ||||||||
Deferred tax liabilities | (5,084 | ) | (31,299 | ) | (624 | ) | (24,297 | ) | ||||||||
Net deferred tax assets (liabilities) | (107 | ) | 70,645 | 2,512 | 969 | |||||||||||
Valuation allowance | (3,580 | ) | (73,336 | ) | — | — | ||||||||||
Net deferred taxes | $ | (3,687 | ) | $ | (2,691 | ) | $ | 2,512 | $ | 969 | ||||||
Valuation allowance for deferred tax assets | ' | |||||||||||||||
Activity regarding the valuation allowance for deferred tax assets was as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning of year balance | $ | — | $ | 7,337 | $ | 38,662 | ||||||||||
Changes in valuation allowance charged to income | 76,916 | (7,337 | ) | (31,325 | ) | |||||||||||
End of year balance | $ | 76,916 | $ | — | $ | 7,337 | ||||||||||
Income tax benefit (expense) | ' | |||||||||||||||
Income tax benefit (expense) for the years ended December 31 is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current income tax benefit (expense) | ||||||||||||||||
Federal | $ | 2,432 | $ | (912 | ) | $ | (4,883 | ) | ||||||||
State | 2,492 | (588 | ) | (3,066 | ) | |||||||||||
4,924 | (1,500 | ) | (7,949 | ) | ||||||||||||
Deferred income tax benefit (expense) | ||||||||||||||||
Federal | 15,297 | (9,857 | ) | (4,709 | ) | |||||||||||
State | 3,736 | (1,187 | ) | (1,703 | ) | |||||||||||
Net operating loss carryforwards created (utilized) | 48,024 | 3,753 | (19,946 | ) | ||||||||||||
67,057 | (7,291 | ) | (26,358 | ) | ||||||||||||
Income tax benefit (expense) before valuation allowances | 71,981 | (8,791 | ) | (34,307 | ) | |||||||||||
Deferred tax valuation allowances | (76,916 | ) | 7,337 | 31,325 | ||||||||||||
Income tax expense | $ | (4,935 | ) | $ | (1,454 | ) | $ | (2,982 | ) | |||||||
Effective income tax rate continuing operations tax rate reconciliation | ' | |||||||||||||||
A reconciliation of the reported amount of income tax expense to the amount computed by applying the statutory federal income tax rate to earnings from continuing operations before income taxes is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. Federal income tax expense at a statutory rate of 35 percent | $ | (66,955 | ) | $ | (8,256 | ) | $ | (32,090 | ) | |||||||
State taxes, net of federal income tax benefit | 6,905 | (684 | ) | (3,020 | ) | |||||||||||
Tax position on government incentives | 131,829 | — | — | |||||||||||||
Loss on embedded derivative | — | 4,191 | 2,779 | |||||||||||||
Reduction in stock-based compensation deferred tax asset | — | (3,686 | ) | — | ||||||||||||
Domestic production activities deduction | — | — | 307 | |||||||||||||
Seneca Landlord | — | 200 | (1,701 | ) | ||||||||||||
Unrecognized tax benefits | — | (400 | ) | — | ||||||||||||
Other | 202 | (156 | ) | (582 | ) | |||||||||||
Total (expense) benefits for income taxes before valuation allowances | 71,981 | (8,791 | ) | (34,307 | ) | |||||||||||
Valuation allowances | (76,916 | ) | 7,337 | 31,325 | ||||||||||||
Total expense for income taxes | $ | (4,935 | ) | $ | (1,454 | ) | $ | (2,982 | ) | |||||||
Reconciliation of total amounts of unrecognized tax benefits | ' | |||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits at December 31 is as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning of year balance | $ | 1,900 | $ | 1,500 | $ | 1,500 | ||||||||||
Increases to tax positions expected to be taken | — | — | — | |||||||||||||
Increases to tax positions taken during prior years | — | 400 | — | |||||||||||||
Decreases to tax positions taken during prior years | — | — | — | |||||||||||||
Decreases due to lapse of statute of limitations | — | — | — | |||||||||||||
End of year balance | $ | 1,900 | $ | 1,900 | $ | 1,500 | ||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | |||||||
The following table summarizes information about Common Stock options granted, exercised, forfeited, vested and exercisable: | ||||||||
Number | Weighted Average | Weighted | ||||||
of Options | Exercise | Average | ||||||
Price | Contractual | |||||||
Term | ||||||||
Options outstanding - January 1, 2011 | 87,526 | 23.75 | 5.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | (500 | ) | 23.75 | |||||
Options outstanding - December 31, 2011 | 87,026 | 23.75 | 4.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | — | |||||||
Options outstanding - December 31, 2012 | 87,026 | 23.75 | 3.6 years | |||||
Granted | — | |||||||
Exercised | — | |||||||
Forfeited | — | |||||||
Options outstanding - December 31, 2013 | 87,026 | 23.75 | 2.6 years | |||||
Options exercisable - December 31, 2013 | 87,026 | 23.75 | 2.6 years | |||||
Summary about the Company's Common Stock restricted stock units granted, vested, exercised and forfeited | ' | |||||||
The following table summarizes information about the Company’s Common Stock RSU’s granted, vested, exercised and forfeited: | ||||||||
Number of | Weighted | |||||||
Awards | Average Issue | |||||||
Price | ||||||||
Awards outstanding - January 1, 2011 | 1,154,086 | $12.50 | ||||||
Issued | 299,033 | $33.75 | ||||||
Vested and restriction lapsed | (50,000 | ) | $33.75 | |||||
Forfeited | (6,400 | ) | $12.53 | |||||
Awards outstanding - December 31, 2011 | 1,396,719 | $16.29 | ||||||
Issued | 411,456 | $8.93 | ||||||
Vested and restriction lapsed | (1,294,519 | ) | $13.65 | |||||
Forfeited | (8,040 | ) | $10.51 | |||||
Awards outstanding - December 31, 2012 | 505,616 | $17.14 | ||||||
Issued | 204,183 | $11.96 | ||||||
Vested and restriction lapsed | (192,190 | ) | $15.72 | |||||
Forfeited | (16,681 | ) | $9.98 | |||||
Awards outstanding - December 31, 2013 | 500,928 | $15.81 | ||||||
Summary about the stock appreciate rights granted, forfeited, vested and exercisable | ' | |||||||
The following table summarizes information about SAR’s granted, forfeited, vested and exercisable: | ||||||||
Number of | Weighted Average | Weighted | ||||||
SAR’s | Exercise | Average | ||||||
Price | Contractual | |||||||
Term | ||||||||
SAR's outstanding - January 1, 2012 | — | |||||||
Granted | 1,055,805 | 9.47 | ||||||
Exercised | — | |||||||
Forfeited | (1,960 | ) | 9.19 | |||||
SAR's outstanding - December 31, 2012 | 1,053,845 | 9.47 | 9.3 years | |||||
Granted | 335,057 | 12.85 | ||||||
Exercised | (5,106 | ) | 8.92 | |||||
Forfeited | (10,727 | ) | 10.85 | |||||
SAR's outstanding - December 31, 2013 | 1,373,069 | 10.28 | 8.6 years | |||||
SAR's exercisable - December 31, 2013 | 250,370 | 9.49 | 8.6 years | |||||
SAR's expected to vest - December 31, 2013 | 1,136,280 | 10.45 | 8.6 years | |||||
Assumptions for Black-Scholes options pricing model/Estimated fair value of SAR grant using Black-Scholes options pricing model | ' | |||||||
The fair value of each SAR grant is estimated using the Black-Scholes option-pricing model as set forth in the table below: | ||||||||
2013 | 2012 | |||||||
The weighted average fair value of stock appreciation rights issued (per unit) | $2.54 - $6.51 | $2.73 - $3.99 | ||||||
Dividend yield | —% | —% | ||||||
Weighted average risk-free interest rate | 0.7% - 1.8% | 0.7% - 0.9% | ||||||
Weighted average expected volatility | 40% | 40% | ||||||
Expected life in years | 6.25 | 6.25 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Summary of Related Party Transactions | ' | ||||||||||||
The Company will report related party transactions before and after the IPO based on the related party characteristics mentioned above. | |||||||||||||
Summary of Related Party Transactions - Consolidated Statements of Operations | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues - Biodiesel sales (a) | $ | — | $ | 6 | $ | 5,161 | |||||||
Cost of goods sold - Biodiesel (b) | $ | 49,358 | $ | 54,364 | $ | 263,562 | |||||||
Selling, general and administrative expenses (c) | $ | 37 | $ | 158 | $ | 1,505 | |||||||
Interest expense (d) | $ | 30 | $ | 32 | $ | 761 | |||||||
(a) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | — | $ | 6 | $ | 11 | |||||||
Bunge | — | — | 2,124 | ||||||||||
ED & F Man | — | — | 3,026 | ||||||||||
$ | — | $ | 6 | $ | 5,161 | ||||||||
(b) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 49,358 | $ | 50,415 | $ | 48,510 | |||||||
Bunge | — | 3,949 | 203,092 | ||||||||||
ED & F Man | — | — | 11,960 | ||||||||||
$ | 49,358 | $ | 54,364 | $ | 263,562 | ||||||||
(c) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 37 | $ | 45 | $ | 102 | |||||||
Bunge | — | 113 | 1,403 | ||||||||||
$ | 37 | $ | 158 | $ | 1,505 | ||||||||
(d) | Represents transactions with related parties as follows: | ||||||||||||
West Central | $ | 30 | $ | 23 | $ | 96 | |||||||
Bunge | — | 9 | 308 | ||||||||||
USRG | — | — | 357 | ||||||||||
$ | 30 | $ | 32 | $ | 761 | ||||||||
Summary of Related Party Balances | ' | ||||||||||||
Summary of Related Party Balances - Consolidated Balance Sheets | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable (a) | $ | 426 | $ | 771 | |||||||||
Other assets (a) | $ | 35 | $ | 692 | |||||||||
Accounts payable (a) | $ | 552 | $ | 2,950 | |||||||||
(a) | Represents balances with West Central |
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Future minimum lease payments under operating leases | ' | |||
For each of the next five calendar years and thereafter, future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year are as follows: | ||||
Total | ||||
Payments | ||||
2014 | $ | 11,948 | ||
2015 | 9,401 | |||
2016 | 8,856 | |||
2017 | 8,339 | |||
2018 | 8,001 | |||
Thereafter | 30,243 | |||
Total minimum payments | $ | 76,788 | ||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Summary of derivative financial instruments by balance sheet location | ' | ||||||||||||
The following tables provide details regarding the Company’s derivative financial instruments: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Interest rate swap | $ | — | Other liabilities | $ | 19 | ||||||||
Commodity futures | Prepaid expenses and other assets | 62 | Prepaid expenses and other assets | — | |||||||||
Commodity swaps | Prepaid expenses and other assets | 75 | Prepaid expenses and other assets | 491 | |||||||||
Commodity options | Prepaid expenses and other assets | 188 | Prepaid expenses and other assets | 55 | |||||||||
Total derivatives | $ | 325 | $ | 565 | |||||||||
As of December 31, 2012 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Interest rate swap | $ | — | Other liabilities | $ | 46 | ||||||||
Commodity swaps | Prepaid expenses and other assets | 305 | Prepaid expenses and other assets | 476 | |||||||||
Commodity options | Prepaid expenses and other assets | 143 | Prepaid expenses and other assets | 388 | |||||||||
Total derivatives | $ | 448 | $ | 910 | |||||||||
Summary of derivative financial instruments by location of gain (loss) | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Location of Gain (Loss) | Amount of | Amount of | Amount of | ||||||||||
Recognized in Income | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized | Recognized | Recognized | |||||||||||
in Income on | in Income on | in Income on | |||||||||||
Derivatives | Derivatives | Derivatives | |||||||||||
Embedded derivative | Change in fair value of preferred stock conversion feature embedded derivatives | $ | — | $ | 11,975 | $ | 7,939 | ||||||
Interest rate swap | Other income (loss) | 26 | (5 | ) | 571 | ||||||||
Commodity futures | Cost of goods sold - Biodiesel | 258 | (4 | ) | (97 | ) | |||||||
Commodity swaps | Cost of goods sold - Biodiesel | (5,775 | ) | (4,254 | ) | 2,557 | |||||||
Commodity options | Cost of goods sold - Biodiesel | (139 | ) | (364 | ) | 567 | |||||||
Total | $ | (5,630 | ) | $ | 7,348 | $ | 11,537 | ||||||
Summary of derivative financial instruments by enforceable master netting arrangement | ' | ||||||||||||
The tables below represent the amounts subject to an enforceable master netting arrangement not otherwise disclosed: | |||||||||||||
2013 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Gross amounts recognized | $ | 14,221 | $ | 565 | |||||||||
Gross amounts offset in the Statement of Financial Position | (325 | ) | (325 | ) | |||||||||
Net amounts presented in the Statement of Financial Position | 13,896 | 240 | |||||||||||
Gross amounts not offset in the Statement of Financial Position | (13,896 | ) | — | ||||||||||
Net amount | $ | — | $ | 240 | |||||||||
2012 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Gross amounts recognized | $ | 8,501 | $ | 910 | |||||||||
Gross amounts offset in the Statement of Financial Position | (448 | ) | (448 | ) | |||||||||
Net amounts presented in the Statement of Financial Position | 8,053 | 462 | |||||||||||
Gross amounts not offset in the Statement of Financial Position | (8,053 | ) | — | ||||||||||
Net amount | $ | — | $ | 462 | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets (liabilities) measured at fair value | ' | |||||||||||||||
The following table summarizes the fair values of the assets and liabilities recorded by the Company as a result of the consolidation of Bell, LLC: | ||||||||||||||||
Allocation at | ||||||||||||||||
January 1, | ||||||||||||||||
2011 | ||||||||||||||||
Assets (liabilities) acquired: | ||||||||||||||||
Cash | $ | 22 | ||||||||||||||
Property, plant and equipment | 5,881 | |||||||||||||||
Noncurrent assets | 4 | |||||||||||||||
Other current liabilities | (17 | ) | ||||||||||||||
Debt | (4,757 | ) | ||||||||||||||
Other noncurrent liabilities | (567 | ) | ||||||||||||||
Carrying value of previously held equity method investment | $ | 566 | ||||||||||||||
A summary of assets (liabilities) measured at fair value is as follows: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | ||||||
Commodity futures | 62 | — | 62 | — | ||||||||||||
Commodity swaps | (416 | ) | — | (416 | ) | — | ||||||||||
Commodity options | 133 | — | 133 | — | ||||||||||||
$ | (240 | ) | $ | — | $ | (240 | ) | $ | — | |||||||
As of December 31, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap | $ | (46 | ) | $ | — | $ | (46 | ) | $ | — | ||||||
Commodity swaps | (171 | ) | — | (171 | ) | — | ||||||||||
Commodity options | (245 | ) | — | (245 | ) | — | ||||||||||
$ | (462 | ) | $ | — | $ | (462 | ) | $ | — | |||||||
Liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended as follows: | ||||||||||||||||
Preferred | Seneca | |||||||||||||||
Stock | Holdco | |||||||||||||||
Embedded | Liability | |||||||||||||||
Derivatives | ||||||||||||||||
Ending balance - January 1, 2011 | $ | (61,761 | ) | $ | (10,406 | ) | ||||||||||
Total unrealized gains (losses) | 7,939 | (2,097 | ) | |||||||||||||
Purchase accounting consolidation | — | 600 | ||||||||||||||
Ending balance - December 31, 2011 | (53,822 | ) | (11,903 | ) | ||||||||||||
Total realized gains | 11,975 | 349 | ||||||||||||||
Purchases | — | — | ||||||||||||||
Issuance | — | — | ||||||||||||||
Settlements | 41,847 | 11,554 | ||||||||||||||
Ending balance - December 31, 2012 | — | — | ||||||||||||||
Total unrealized gains (losses) | — | — | ||||||||||||||
Purchases | — | — | ||||||||||||||
Issuance | — | — | ||||||||||||||
Settlements | — | — | ||||||||||||||
Ending balance - December 31, 2013 | $ | — | $ | — | ||||||||||||
Estimated fair values of the Company's financial instruments | ' | |||||||||||||||
The estimated fair values of the Company’s financial instruments, which are not recorded at fair value are as follows as of December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Asset (Liability) | Estimated Fair Value | Asset (Liability) | Estimated Fair Value | |||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||
Financial Liabilities: | ||||||||||||||||
Notes payable and lines of credit | $ | (45,166 | ) | $ | (45,094 | ) | $ | (37,044 | ) | $ | (37,000 | ) |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods | ' | ||||||||
The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Options to purchase common stock | 87,026 | 87,026 | 87,207 | ||||||
Restricted stock units | — | 754,359 | 1,230,092 | ||||||
Stock appreciation rights | 1,030,926 | 1,196,975 | — | ||||||
Warrants to purchase common stock | — | 35,987 | 355,886 | ||||||
Redeemable preferred shares | — | — | 5,382,209 | ||||||
Total | 1,117,952 | 2,074,347 | 7,055,394 | ||||||
Calculation of diluted net income per share | ' | ||||||||
The following table presents the calculation of diluted net income per share for the years ended December 31, 2013 and 2012. For the year ended December 31, 2011, the effect from all convertible securities were anti-dilutive (in thousands, except share and per share data): | |||||||||
2013 | 2012 | ||||||||
Net income attributable to the Company's common stockholders - Basic | $ | 165,254 | $ | 43,482 | |||||
Less: effects of recapitalization | — | (39,107 | ) | ||||||
Plus: change in undistributed dividends allocated to preferred stockholders | — | 823 | |||||||
Plus: distributed dividends to Preferred Stockholders | 2,055 | 3,156 | |||||||
Plus: accretion of Series A Preferred Stock to redemption value | — | 1,808 | |||||||
Plus: (gain) loss due to change in fair value of Series A Preferred Stock conversion feature embedded derivatives | — | (11,975 | ) | ||||||
Plus: effect of participating securities | 19,057 | 12,097 | |||||||
Net income attributable to common stockholders | 186,366 | 10,284 | |||||||
Less: effect of participating securities | (21,108 | ) | (1,108 | ) | |||||
Net income attributable to the Company's common stockholders - Diluted | $ | 165,258 | $ | 9,176 | |||||
Shares: | |||||||||
Weighted-average shares outstanding - Basic | 33,045,164 | 28,381,676 | |||||||
Adjustment to reflect conversion of preferred stock | — | 5,958,790 | |||||||
Adjustment to reflect stock appreciation right conversions | 7,065 | — | |||||||
Adjustment to reflect warrants to purchase common stock | 650 | — | |||||||
Weighted-average shares outstanding - Diluted | 33,052,879 | 34,340,466 | |||||||
Net income per share attributable to common stockholders - Diluted | $ | 5 | $ | 0.27 | |||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment for the results of operations | ' | |||||||||||
The following table represents the significant items by reportable segment for the results of operations for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales: | ||||||||||||
Biodiesel | $ | 1,498,011 | $ | 1,014,797 | $ | 823,809 | ||||||
Services | 63,980 | 38,031 | 13,027 | |||||||||
Intersegment revenues | (63,853 | ) | (37,794 | ) | (12,805 | ) | ||||||
$ | 1,498,138 | $ | 1,015,034 | $ | 824,031 | |||||||
Income before income taxes and income from equity investments: | ||||||||||||
Biodiesel | $ | 239,462 | $ | 58,349 | $ | 127,187 | ||||||
Services | (29 | ) | (26 | ) | 24 | |||||||
Corporate and other (a) | (48,132 | ) | (34,610 | ) | (35,802 | ) | ||||||
$ | 191,301 | $ | 23,713 | $ | 91,409 | |||||||
Depreciation and amortization expense, net: | ||||||||||||
Biodiesel | $ | 8,199 | $ | 7,111 | $ | 8,833 | ||||||
Services | 120 | 38 | 4 | |||||||||
Corporate and other (a) | 923 | 772 | 638 | |||||||||
$ | 9,242 | $ | 7,921 | $ | 9,475 | |||||||
Cash paid for purchases of property, plant and equipment: | ||||||||||||
Biodiesel | $ | 36,770 | $ | 11,409 | $ | 3,823 | ||||||
Services | 504 | 396 | 53 | |||||||||
Corporate and other (a) | 1,779 | 849 | 930 | |||||||||
$ | 39,053 | $ | 12,654 | $ | 4,806 | |||||||
2013 | 2012 | 2011 | ||||||||||
Goodwill: | ||||||||||||
Biodiesel | $ | 68,784 | $ | 68,784 | $ | 68,784 | ||||||
Services | 16,080 | 16,080 | 16,080 | |||||||||
$ | 84,864 | $ | 84,864 | $ | 84,864 | |||||||
Assets: | ||||||||||||
Biodiesel | $ | 444,945 | $ | 357,305 | $ | 341,863 | ||||||
Services | 20,542 | 20,033 | 20,474 | |||||||||
Corporate and other (b) | 275,368 | 118,446 | 122,110 | |||||||||
$ | 740,855 | $ | 495,784 | $ | 484,447 | |||||||
(a) | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. | |||||||||||
(b) | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. |
Supplemental_Quarterly_Informa1
Supplemental Quarterly Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Significant items for the results of operations on a quarterly basis | ' | |||||||||||||||
The following table represents the significant items for the results of operations on a quarterly basis for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Three Months | Three Months | Three Months | Three Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 264,368 | $ | 384,735 | $ | 458,444 | $ | 390,591 | ||||||||
Gross profit | 86,695 | 50,181 | 57,849 | 44,708 | ||||||||||||
Selling, general, and administrative expenses | 9,644 | 11,226 | 12,686 | 12,567 | ||||||||||||
Income from operations | 77,051 | 38,955 | 45,163 | 32,141 | ||||||||||||
Other income (expense), net | (459 | ) | (511 | ) | (511 | ) | (528 | ) | ||||||||
Net income | 46,403 | 23,130 | 86,703 | 30,130 | ||||||||||||
Net income per share attributable to common stockholders - basic | 1.25 | 0.63 | 2.32 | 0.81 | ||||||||||||
Net income per share attributable to common stockholders - diluted | 1.25 | 0.62 | 2.31 | 0.8 | ||||||||||||
Three Months | Three Months | Three Months | Three Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 188,247 | $ | 271,927 | $ | 322,912 | $ | 231,948 | ||||||||
Gross profit | 17,034 | 30,949 | 2,791 | 7,549 | ||||||||||||
Selling, general, and administrative expenses | 12,962 | 11,014 | 9,902 | 8,544 | ||||||||||||
Income (loss) from operations | 4,072 | 19,935 | (7,111 | ) | (995 | ) | ||||||||||
Other income (expense), net | 11,308 | (1,031 | ) | (1,094 | ) | (1,371 | ) | |||||||||
Net income (loss) | 14,017 | 14,433 | (6,040 | ) | (151 | ) | ||||||||||
Net income (loss) per share attributable to common stockholders - basic | 1.6 | 0.39 | (0.24 | ) | (0.03 | ) | ||||||||||
Net income (loss) per share attributable to common stockholders - diluted | 0.06 | 0.39 | (0.24 | ) | (0.03 | ) | ||||||||||
Organization_Presentation_and_1
Organization, Presentation, and Nature of the Business - (Details) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2010 | Nov. 30, 2012 | Dec. 31, 2013 | |
facility | facility | Louisiana | Louisiana | Kansas | Kansas | New Mexico | Georgia | Construction in Progress | |
gal | gal | gal | gal | gal | facility | ||||
Organization, Presentation, and Nature of the Business (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating biodiesel production facilities | 8 | 2 | ' | ' | ' | ' | ' | ' | 3 |
Number of non-operating biodiesel production facilities | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Production capacity per year | 257,000,000 | ' | ' | 60,000,000 | ' | 60,000,000 | 15,000,000 | 15,000,000 | ' |
Percentage of production capacity facility completed | ' | ' | 45.00% | ' | 20.00% | ' | 50.00% | ' | ' |
Tax Credit Expiration Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity regarding the allowance for doubtful accounts | ' | ' | ' |
Beginning Balance | $1,972 | $1,435 | $316 |
Amount charged to selling, general and administrative expenses | 309 | 563 | 1,389 |
Charge-offs, net of recovery | -157 | -26 | -270 |
Ending Balance | $2,124 | $1,972 | $1,435 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Automobiles and trucks | ' |
Estimated useful lives | ' |
Estimated useful lives | '5 years |
Computers and office equipment | ' |
Estimated useful lives | ' |
Estimated useful lives | '5 years |
Office furniture and fixtures | ' |
Estimated useful lives | ' |
Estimated useful lives | '7 years |
Machinery and equipment | Minimum | ' |
Estimated useful lives | ' |
Estimated useful lives | '5 years |
Machinery and equipment | Maximum | ' |
Estimated useful lives | ' |
Estimated useful lives | '30 years |
Leasehold improvements | ' |
Estimated useful lives | ' |
Estimated useful lives | '30 years |
Buildings and improvements | Minimum | ' |
Estimated useful lives | ' |
Estimated useful lives | '30 years |
Buildings and improvements | Maximum | ' |
Estimated useful lives | ' |
Estimated useful lives | '40 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill for Company's business segments | ' | ' |
Beginning Balance | $84,864 | $84,864 |
Acquisitions | 0 | 0 |
Ending Balance | 84,864 | 84,864 |
Biodiesel | ' | ' |
Goodwill for Company's business segments | ' | ' |
Beginning Balance | 68,784 | 68,784 |
Acquisitions | 0 | 0 |
Ending Balance | 68,784 | 68,784 |
Services | ' | ' |
Goodwill for Company's business segments | ' | ' |
Beginning Balance | 16,080 | 16,080 |
Acquisitions | 0 | 0 |
Ending Balance | $16,080 | $16,080 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Concentrations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $390,591 | $458,444 | $384,735 | $264,368 | $231,948 | $322,912 | $271,927 | $188,247 | $1,498,138 | $1,015,034 | $824,031 |
Customer A | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $243,258 | $363,372 | $189,773 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 24, 2012 | Jan. 31, 2012 | Jan. 24, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
renewable_identification_number | Minimum | Maximum | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Class A Common Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock and Common Stock [Member] | Seneca Landlord, LLC | Biodiesel | Services | ||||
segment | renewable_identification_number | renewable_identification_number | gal | |||||||||||||||
gal | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $74,987 | ' | $3,583 | $74,878 | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | ' | ' | ' | ' |
Maturity period of cash and cash equivalents | ' | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RINs per gallon | ' | 1.5 | ' | ' | 0 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Put and call option | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion | ' | ' | ' | ' | ' | ' | 1,808 | 25,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization of interest incurred on debt during construction | ' | 335 | 33 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage increase in fair value of each of the reporting units over its carrying value through annual impairment test | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.00% | 20.00% |
Production capacity per year | ' | 257,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' |
Amortization Of Long Term Capital Lease Obligations | ' | 1,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 2,813 | 1,161 | 9,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Biodiesel government incentives | ' | 290,393 | 8,326 | 65,822 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,534 | ' |
Advertising Costs | ' | 648 | 485 | 251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development | ' | 258 | 14 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Matching contributions | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participants eligible earnings | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expense related to the Company's defined contribution plan | ' | 533 | 456 | 323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,660,612 | 2,999,493 | 2,999,493 | ' | ' | ' | ' | ' | ' |
Effects of recapitalization | ' | 0 | 39,107 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B Preferred Stock and Common Stock, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,327 | ' | ' | ' |
SERIES B PREFERRED STOCK ($.0001 par value; 3,000,000 shares authorized; 143,313 and 2,995,106 shares outstanding, respectively; redemption amount $3,583 and $74,878, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | 191,434 | ' | ' | ' | 3,963 | 83,043 | ' | ' | ' | ' |
Concentration Risk Cash Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 | ' |
Stockholders_Equity_of_the_Com2
Stockholders' Equity of the Company - (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of the number of shares reserved for the exercise of common stock purchase warrants | ' | ' |
Exercise Price Per Share | 11.16 | ' |
Blackhawk warrant holders | ' | ' |
Summary of the number of shares reserved for the exercise of common stock purchase warrants | ' | ' |
Issuance Date | 26-Feb-10 | ' |
Expiration Date | 25-Feb-15 | ' |
Exercise Price Per Share | 11.16 | ' |
Warrants Outstanding | 17,916 | 17,916 |
Stockholders_Equity_of_the_Com3
Stockholders' Equity of the Company - (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 24, 2012 | Jan. 03, 2012 | Jul. 12, 2011 | Jan. 24, 2012 | Jan. 24, 2012 | Jan. 03, 2012 | Jan. 24, 2012 | Sep. 30, 2013 | Jan. 24, 2012 | Jan. 03, 2012 | Jan. 31, 2012 | Jan. 24, 2012 | Jan. 03, 2012 | Jan. 24, 2012 | Jan. 03, 2012 | Jan. 24, 2012 | Jan. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2012 | Jan. 24, 2012 |
Initial public offering | Current Shareholders | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | |||||||||
Initial public offering | Initial public offering | Initial public offering | Initial public offering | Initial public offering | |||||||||||||||||||||||
Common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 673,544 | 7,200,000 | 342,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of underwriting fees and offering costs | ' | ' | ' | ' | ' | ' | ' | ' | $59,919 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants converted into common stock | ' | ' | ' | ' | ' | 287,561 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,660,612 | ' | ' | ' | 7,660,612 | ' | ' | ' | ' | 2,999,493 | 2,999,493 | ' | ' | ' | ' | 2,999,493 |
Stock split conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IPO of shares of common stock / Issuance of common stock in acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,660,612 | ' | ' | ' | ' | ' | 7,660,612 | ' | ' |
Preferred stock cumulative dividends | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | 4.50% | ' | ' | 4.50% |
Exercise Price Per Share | ' | ' | 11.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 673,544 | 7,200,000 | 342,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 300,000,000 | 300,000,000 | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 3,000,000 | 3,000,000 | 3,000,000 | ' |
Aggregate liquidation from conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,987 | ' | ' | 3,583 | 74,878 | ' | 74,987 |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,365 | ' | ' | ' | ' |
Conversion of preferred Stock and certain common stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,047,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Period Of Security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Trading Days For Share Price | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Volume Of Security | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Preferred Stock To Be Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' |
Common stock, par value | ' | ' | $0.00 | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split ratio on shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-for-2.5 reverse stock split on the shares issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | $114 | $700 | $3,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Preferred_Stock_Det
Redeemable Preferred Stock - (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jan. 24, 2012 | Jan. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Jan. 24, 2012 | Dec. 31, 2013 |
Partial Conversion | Full Conversion | Minimum | Common Stock | Common Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | ||||||
Make-whole Payment | |||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class A common stock/Series B Preferred Stock to common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,660,612 | ' | ' | ' | 2,999,493 | 2,999,493 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | ' | ' | ' | ' | ' | $0.56 | $0.49 | ' | ' | ' |
Percentage of vote for Series B Preferred Stock shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' |
Initial Optional Redemption Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' |
Redemption conversion less any dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.25 | ' | ' |
Preferred stock redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $74,878 | ' | $74,987 | ' | ' | ' | $3,583 | ' | ' | ' | ' |
Fair market value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' |
Preferred stock cumulative dividends | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | 4.50% | ' | ' | ' | ' |
Preferred Stock accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.13 | ' | ' | $0.88 | $0.88 |
Dividends are payable semi-annually in arrears on June 30 and December 30 of each year | ' | ' | 'Dividends are payable semi-annually in arrears on June 30 and December 30 of each year. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | ' | ' | 1,291 | 3,155 | 0 | ' | ' | ' | ' | ' | 1,685 | 1,470 | ' | ' | ' | 1,205 | 80 | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | $15 | $16 | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum trading days | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares of preferred stock series | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' |
Aggregate net proceeds from equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' |
Percentage of proceeds from equity offering used in redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Preferred stock dividend payment duration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Consecutive trading days | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of preferred stock holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Average daily trading volume | ' | ' | $2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion rate for each $25.00 of Liquidation Preference will be equal to $25.00 divided by a price that is 125% of the public offering price in the IPO. | ' | ' | 'Initial conversion rate for each $25.00 of Liquidation Preference will be equal to $25.00 divided by a price that is 125% of the public offering price in the IPO. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation Preference | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of public offering used for calculating liquidation preference | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average daily trading volume, shares | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-15 | ' | ' | ' | ' |
Acquisitions_and_Equity_Transa2
Acquisitions and Equity Transactions - SoyMor Biodiesel, LLC Purchase Price Allocation (Details) (SoyMor Biodiesel, LLC, USD $) | Jul. 12, 2011 |
In Thousands, unless otherwise specified | |
SoyMor Biodiesel, LLC | ' |
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' |
Inventory | ($78) |
Property, plant and equipment | -18,886 |
Debt | -1,001 |
Fair value of investment prior to allocation | 1,613 |
Fair value of common stock issued | $16,350 |
Acquisitions_and_Equity_Transa3
Acquisitions and Equity Transactions - SoyMor Biodiesel, LLC Acquisition Price (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2012 | Jul. 12, 2011 |
In Thousands, except Per Share data, unless otherwise specified | Class A Common Stock | |||
SoyMor Biodiesel, LLC | ||||
Fair value of consideration issued: | ' | ' | ' | ' |
Fair Value | ' | ' | ' | $16,350 |
Fair Value per Share | $0.00 | $0.00 | $0.00 | $24.28 |
Acquisitions_and_Equity_Transa4
Acquisitions and Equity Transactions - Seneca Landlord, LLC Acquisition Price (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2012 | Jan. 24, 2012 | Jan. 24, 2012 |
Seneca Landlord, LLC | Seneca Landlord, LLC | |||||
Class A Common Stock | ||||||
Fair value of consideration issued: | ' | ' | ' | ' | ' | ' |
Cash | $10,933 | $1,791 | $0 | ' | $11,063 | ' |
Class A Common Stock/Common stock | ' | ' | ' | ' | ' | 591 |
Fair Value per Share | $0.00 | $0.00 | ' | $0.00 | ' | $9.85 |
Total | ' | ' | ' | ' | $11,654 | ' |
Acquisitions_and_Equity_Transa5
Acquisitions and Equity Transactions - North Texas Bio Energy, LLC Purchase Price Allocation (Details) (North Texas Bio Energy, LLC, USD $) | Oct. 26, 2012 |
In Thousands, unless otherwise specified | |
North Texas Bio Energy, LLC | ' |
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' |
Other current assets | $17 |
Property, plant and equipment | -4,636 |
Fair value of common stock issued | $4,653 |
Acquisitions_and_Equity_Transa6
Acquisitions and Equity Transactions - North Texas Bio Energy, LLC Acquisition Price (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2012 | Oct. 26, 2012 |
North Texas Bio Energy, LLC | |||||
Fair value of consideration issued: | ' | ' | ' | ' | ' |
Cash | $10,933 | $1,791 | $0 | ' | $324 |
Class A Common Stock/Common stock | ' | ' | ' | ' | 4,329 |
Fair Value per Share | $0.00 | $0.00 | ' | $0.00 | $4.81 |
Total | ' | ' | ' | ' | $4,653 |
Acquisitions_and_Equity_Transa7
Acquisitions and Equity Transactions - BullDog Biodiesel, LLC Purchase Price Allocation (Details) (BullDog Biodiesel, LLC, USD $) | Nov. 16, 2012 |
In Thousands, unless otherwise specified | |
BullDog Biodiesel, LLC | ' |
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' |
Other current assets | $13 |
Property, plant and equipment | -2,646 |
Total | $2,659 |
Acquisitions_and_Equity_Transa8
Acquisitions and Equity Transactions - BullDog Biodiesel, LLC Acquisition Price (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 16, 2012 |
BullDog Biodiesel, LLC | ||||
Fair value of consideration issued: | ' | ' | ' | ' |
Cash | $10,933 | $1,791 | $0 | $1,323 |
In-kind consideration | ' | ' | ' | 1,336 |
Total | ' | ' | ' | $2,659 |
Acquisitions_and_Equity_Transa9
Acquisitions and Equity Transactions - Soy Energy, LLC Purchase Price Allocation (Details) (Soy Energy, LLC, USD $) | Jul. 30, 2013 |
In Thousands, unless otherwise specified | |
Soy Energy, LLC | ' |
Summary of allocations of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition | ' |
Property, plant and equipment | $16,085 |
Other current liabilities | -17 |
Total | $16,068 |
Recovered_Sheet1
Acquisitions and Equity Transactions - (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 12, 2011 | Jul. 12, 2011 | Dec. 31, 2013 | Jan. 24, 2012 | Dec. 31, 2013 | Oct. 26, 2012 | Dec. 31, 2013 | Nov. 16, 2012 | Dec. 31, 2013 | Jul. 30, 2013 | Dec. 31, 2013 |
gal | SoyMor Biodiesel, LLC | SoyMor Biodiesel, LLC | Seneca Landlord, LLC | Seneca Landlord, LLC | North Texas Bio Energy, LLC | North Texas Bio Energy, LLC | BullDog Biodiesel, LLC | BullDog Biodiesel, LLC | Soy Energy, LLC | Soy Energy, LLC | ||||
gal | gal | gal | gal | |||||||||||
Acquisitions and Equity Transactions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original execution date | ' | ' | ' | ' | ' | 8-Jun-11 | ' | 24-Jan-12 | ' | 26-Oct-12 | ' | 16-Nov-12 | ' | 30-Jul-13 |
Cost of acquired entity purchase price previously paid | ' | ' | ' | ' | ' | ' | $937 | ' | ' | ' | ' | ' | ' | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | 60,000 | ' | 900,000 | ' | ' | ' | ' | ' |
Production capacity per year | 257,000,000 | ' | ' | ' | 30,000,000 | ' | ' | ' | 15,000,000 | ' | 15,000,000 | ' | 30,000,000 | ' |
Common stock, shares issued | ' | ' | ' | 673,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from the equity investment | ' | ' | ' | ' | 661 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 10,933 | 1,791 | 0 | ' | ' | ' | 11,063 | ' | 324 | ' | 1,323 | ' | 10,933 | ' |
Cash | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of note payable for acquisition | 5,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,135 | ' |
In-kind consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,336 | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities - (Details) (Bell, LLC, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Bell, LLC | ' |
Assets (liabilities) acquired: | ' |
Cash | $22 |
Property, plant and equipment | 5,881 |
Noncurrent assets | 4 |
Other current liabilities | -17 |
Debt | -4,757 |
Other noncurrent liabilities | -567 |
Carrying value of previously held equity method investment | $566 |
Variable_Interest_Entities_Det1
Variable Interest Entities - (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Jan. 02, 2011 |
Promissory Note | Promissory Note | Promissory Note | |||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership | 50.00% | ' | ' | ' | ' |
Notes payable | $23,422 | $27,776 | ' | $4,757 | ' |
Interest accrued monthly rate | ' | ' | ' | ' | 5.70% |
Maturity date | 15-Feb-13 | ' | ' | ' | ' |
Current interest rate | ' | ' | 3.50% | ' | ' |
Current Maturity date | 14-Jan-18 | ' | ' | ' | ' |
Inventories_Details
Inventories - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $13,393 | $9,835 |
Work in process | 1,456 | 448 |
Finished goods | 70,965 | 34,923 |
Total | $85,814 | $45,206 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | $248,334 | $185,721 |
Accumulated depreciation | -37,362 | -28,097 |
Property plant and equipment net excluding construction in progress | 210,972 | 157,624 |
Construction in process | 75,072 | 85,261 |
Total | 286,044 | 242,885 |
Consolidated VIE's | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 6,694 | 6,694 |
Accumulated depreciation | -1,514 | -1,289 |
Total | 5,180 | 5,405 |
Land | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 2,442 | 987 |
Land | Consolidated VIE's | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 404 | 404 |
Buildings and improvements | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 72,453 | 50,688 |
Buildings and improvements | Consolidated VIE's | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 6,290 | 6,290 |
Leasehold improvements | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | 6,887 | 6,879 |
Machinery and equipment | ' | ' |
Property, plant and equipment | ' | ' |
Property, Plant and Equipment | $166,552 | $127,167 |
Intangible_Assets_Details
Intangible Assets - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Intangible assets | ' | ' |
Raw material supply agreement intangibles | $5,502 | $4,919 |
Ground lease | 200 | 200 |
Accumulated amortization | -835 | -510 |
Total intangible assets | $4,867 | $4,609 |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expense (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated amortization expense | ' | ' |
2014 | $418 | ' |
2015 | 479 | ' |
2016 | 492 | ' |
2017 | 506 | ' |
2018 | 521 | ' |
Thereafter | 2,451 | ' |
Total intangible assets | $4,867 | $4,609 |
Intangible_Assets_Details_Text
Intangible Assets - (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $325 | $252 | $200 |
Raw Material Supply Agreement | ' | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Raw material supply agreement useful life | '15 years | ' | ' |
Other_Assets_Details
Other Assets - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of prepaid expense and other current assets | ' | ' |
Commodity derivatives and related collateral, net | $13,675 | $7,637 |
Prepaid insurance | 1,804 | 1,109 |
Prepaid service contracts | 610 | 552 |
Prepaid storage | 0 | 515 |
Deposits | 293 | 857 |
RIN inventory | 6,455 | 99 |
Income taxes receivable | 2,197 | 4,735 |
Other | 534 | 308 |
Total | $25,568 | $15,812 |
Other_Assets_Other_Noncurrent_
Other Assets - Other Noncurrent Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of other noncurrent assets | ' | ' |
Debt issuance costs (net of accumulated amortization of $715 and $923, respectively) | $832 | $946 |
Spare parts inventory | 3,671 | 3,546 |
Other | 526 | 859 |
Total | $5,029 | $5,351 |
Other_Assets_Details_Textual
Other Assets - (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets (Textual) [Abstract] | ' | ' |
Accumulated amortization on debt issuance costs | $715 | $923 |
Inventory reduced to lower of cost or market | $1,277 | $21 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of accrued expenses and other liabilities | ' | ' |
Accrued property taxes | $1,271 | $1,201 |
Accrued employee compensation | 8,138 | 3,375 |
Accrued interest | 109 | 47 |
Unfavorable lease obligation, current portion | 1,129 | 1,129 |
Incentive stock liability | 583 | 423 |
Excise tax payable | 545 | 136 |
Other | 530 | 164 |
Total | $12,305 | $6,475 |
Accrued_Expenses_and_Other_Lia3
Accrued Expenses and Other Liabilities - Other Noncurrent Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Summary of other noncurrent liabilities | ' | ' | ' | ' |
Fair value of interest rate swap | $19 | $46 | ' | ' |
Liability for unrecognized tax benefits | 1,900 | 1,900 | 1,500 | 1,500 |
Deferred grant revenue | 745 | 745 | ' | ' |
Straight-line lease liability | 3,581 | 4,011 | ' | ' |
Bell, LLC member investment on consolidation | 593 | 590 | ' | ' |
Total | $6,838 | $7,292 | ' | ' |
Borrowings_Details
Borrowings - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Company's borrowings | ' | ' |
Total notes payable | $30,151 | $32,731 |
REG Danville term loan | ' | ' |
Company's borrowings | ' | ' |
Total notes payable | 5,626 | 10,060 |
REG Newton term loan | ' | ' |
Company's borrowings | ' | ' |
Total notes payable | 18,143 | 21,175 |
REG Mason City term loan | ' | ' |
Company's borrowings | ' | ' |
Total notes payable | 5,135 | 0 |
Other | ' | ' |
Company's borrowings | ' | ' |
Total notes payable | 1,247 | 1,496 |
Bell, LLC promissory note | Variable Interest Entity | ' | ' |
Company's borrowings | ' | ' |
Total notes payable | $4,029 | $4,313 |
Borrowings_Details_Textual
Borrowings - (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Borrowing (Textual) [Abstract] | ' | ' |
Effective interest rate | 5.00% | ' |
Maturity date | 15-Feb-13 | ' |
Wells Fargo Revolver | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
Line of Credit Facility Basis Spread on LIBOR | 1.50% | ' |
Effective interest rate at period end | 3.75% | ' |
Additional increase in maximum borrowing capacity | 40,000 | ' |
Maximum commitment | 60,000 | ' |
Maturity date | 23-Dec-16 | ' |
Minimum variable rate | 1.75% | ' |
Basis spread on federal fund rate | 0.50% | ' |
Fixed charge coverage ratio | 100.00% | ' |
Limitation amount | 25,000 | ' |
Excess Availability | 4,000 | ' |
Wells Fargo Revolver | Maximum | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
LIBOR Rate Margin | 3.25% | ' |
Base rate margin percentage | 1.75% | ' |
Wells Fargo Revolver | Minimum | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
LIBOR Rate Margin | 2.50% | ' |
Base rate margin percentage | 1.00% | ' |
REG Danville, LLC | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
Maturity date | 3-Nov-15 | ' |
Interest to be accrued | 'LIBOR plus 5%Â per annum | 'LIBOR plus 5%Â per annum |
Reg Newton, LLC | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
Term Loan Renewal Period | '5 years | ' |
Periodic payment, principal and interest | 270 | ' |
Increase in term loan | 5,000 | ' |
Basis point | 4.00% | ' |
Effective interest rate | 4.17% | ' |
Principal payment of excess cash flow | 50.00% | ' |
Excess cash flow payment | 0 | 0 |
LIBOR period for interest rate | '30 days | ' |
Interest to be accrued | 'LIBOR plus 400 basis points | ' |
Maintenance Capital Expenditure Maximum Amount | 500 | ' |
Annual payment period under loan agreement | '120 days | ' |
REG Mason City, LLC | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
Principal payments | 92 | ' |
Principal payment of excess cash flow | 50.00% | ' |
Excess cash flow payment | 0 | ' |
Fifth Third Loan | REG Danville, LLC | ' | ' |
Borrowing (Textual) [Abstract] | ' | ' |
Agreement starting period | 3-Nov-11 | ' |
Term Loan Renewal Period | ' | '3 years |
Periodic payment, principal and interest | 150 | ' |
Principal payments | 6,400 | ' |
Basis point | 5.00% | ' |
Effective interest rate | 5.17% | ' |
Principal payment of excess cash flow | 50.00% | ' |
Excess cash flow payment | 1,425 | 1,429 |
Borrowings_Revolving_Borrowing
Borrowings - Revolving Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of company's revolving borrowings | ' | ' |
Total revolving loans (current) | $10,986 | $0 |
Borrowings_Maturities_of_Borro
Borrowings - Maturities of Borrowings (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of maturities of the term borrowings | ' |
2014 | $7,029 |
2015 | 6,699 |
2016 | 4,380 |
2017 | 4,218 |
2018 | 11,223 |
Thereafter | 631 |
Total | 34,180 |
Less: current portion | -7,029 |
Noncurrent | $27,151 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Goodwill, Noncurrent | $10,791 | $11,999 |
Net operating loss carryforwards, Noncurrent | 81,761 | 4,806 |
Tax credit carryforwards, Noncurrent | 3,068 | 3,068 |
Start-up costs, Noncurrent | 1,231 | 1,362 |
Stock-based compensation, Noncurrent | 2,137 | 1,214 |
Houston terminal lease, Noncurrent | 1,892 | 2,139 |
Accrued compensation, Current | 2,908 | 1,113 |
Inventory capitalization, Current | 1,053 | 985 |
Allowance for doubtful accounts, Current | 866 | 802 |
Other, Current | 150 | 236 |
Other, Noncurrent | 1,064 | 678 |
Deferred tax assets Current | 4,977 | 3,136 |
Deferred tax assets Noncurrent | 101,944 | 25,266 |
Deferred Tax Liabilities: | ' | ' |
Prepaid expenses, Current | -949 | -596 |
Property, plant and equipment, Noncurrent | -30,568 | -23,425 |
Deferred revenue, Current | -4,127 | 0 |
Other, current | -8 | -28 |
Other, Noncurrent | -731 | -872 |
Deferred tax liabilities, Current | -5,084 | -624 |
Deferred tax liabilities, Noncurrent | -31,299 | -24,297 |
Net deferred tax assets, Current | -107 | 2,512 |
Net deferred tax assets, Noncurrent | 70,645 | 969 |
Valuation Allowance, Current | -3,580 | 0 |
Valuation Allowance, Noncurrent | -73,336 | 0 |
Net deferred tax, Current | -3,687 | 2,512 |
Net deferred tax, Noncurrent | ($2,691) | $969 |
Income_Taxes_Valuation_Allowan
Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning of year balance | $0 | $7,337 | $38,662 |
Changes in valuation allowance charged to income | 76,916 | -7,337 | -31,325 |
End of year balance | $76,916 | $0 | $7,337 |
Income_Taxes_Income_Tax_Benefi
Income Taxes - Income Tax Benefit (Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax benefit (expense) | ' | ' | ' |
Federal | $2,432 | ($912) | ($4,883) |
State | 2,492 | -588 | -3,066 |
Current income tax (expense) benefit | 4,924 | -1,500 | -7,949 |
Deferred income tax benefit (expense) | ' | ' | ' |
Federal | 15,297 | -9,857 | -4,709 |
State | 3,736 | -1,187 | -1,703 |
Net operating loss carryforwards created (utilized) | 48,024 | 3,753 | -19,946 |
Deferred income tax (expense) benefit | 67,057 | -7,291 | -26,358 |
Income tax benefit (expense) before valuation allowances | 71,981 | -8,791 | -34,307 |
Changes in valuation allowance charged to income | -76,916 | 7,337 | 31,325 |
Income tax expense | ($4,935) | ($1,454) | ($2,982) |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | ' | ' |
Effective income tax rate continuing operations tax rate reconciliation | ' | ' | ' |
U.S. Federal income tax expense at a statutory rate of 35 percent | ($66,955) | ($8,256) | ($32,090) |
State taxes, net of federal income tax benefit | 6,905 | -684 | -3,020 |
Tax position on government incentives | 131,829 | 0 | 0 |
Loss on embedded derivative | 0 | 4,191 | 2,779 |
Reduction in stock-based compensation deferred tax asset | 0 | -3,686 | 0 |
Domestic production activities deduction | 0 | 0 | -307 |
Seneca Landlord | 0 | 200 | -1,701 |
Unrecognized tax benefits | 0 | -400 | 0 |
Other | 202 | -156 | -582 |
Total (expense) benefits for income taxes before valuation allowances | 71,981 | -8,791 | -34,307 |
Valuation allowances | -76,916 | 7,337 | 31,325 |
INCOME TAX EXPENSE | ($4,935) | ($1,454) | ($2,982) |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of total amounts of unrecognized tax benefits | ' | ' | ' |
Beginning of year balance | $1,900 | $1,500 | $1,500 |
Increases to tax positions expected to be taken | 0 | 0 | 0 |
Increases to tax positions taken during prior years | 0 | 400 | 0 |
Decreases to tax positions taken during prior years | 0 | 0 | 0 |
Decreases due to lapse of statute of limitations | 0 | 0 | 0 |
End of year balance | $1,900 | $1,900 | $1,500 |
Income_Taxes_Details_Textual
Income Taxes - (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Deferred tax asset reflecting federal and state net operating losses | $81,761 | ' | ' |
Federal net operating losses | 208,129 | ' | ' |
Expiration date for federal net operating losses | '2028 | ' | ' |
Tax credit carry-forwards | 3,068 | ' | ' |
Unrecognized tax benefits that would affect the effective tax rate | 0 | 1,428 | 1,041 |
Period for unrecognized tax benefits to increase or decrease | '12 months | ' | ' |
Interest and penalties related to unrecognized tax benefits | $0 | ' | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Options (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | ' | ' | ' |
Options outstanding, Beginning Balance | 87,026 | 87,026 | 87,526 | ' |
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $23.75 | $23.75 | $23.75 | ' |
Options outstanding, Weighted Average Contractual Term, Beginning Balance | '2 years 7 months 6 days | '3 years 7 months 6 days | '4 years 7 months 6 days | '5 years 7 months 6 days |
Number of Options, Forfeited | 0 | 0 | -500 | ' |
Weighted Average Exercise Price, Forfeited | ' | ' | $23.75 | ' |
Options outstanding, Ending Balance | 87,026 | 87,026 | 87,026 | 87,526 |
Options outstanding, Weighted Average Exercise Price, Ending Balance | $23.75 | $23.75 | $23.75 | $23.75 |
Options outstanding, Weighted Average Contractual Term, Ending Balance | '2 years 7 months 6 days | '3 years 7 months 6 days | '4 years 7 months 6 days | '5 years 7 months 6 days |
Options exercisable | 87,026 | ' | ' | ' |
Options exercisable, Weighted Average Exercise Price | $23.75 | ' | ' | ' |
Options exercisable, Weighted Average Contractual Term | '2 years 7 months 6 days | ' | ' | ' |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Units (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | ' | ' |
Number of Awards outstanding, Ending Balance | ' | ' | 0 |
Restricted stock units | ' | ' | ' |
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | ' | ' |
Number of Awards outstanding, Beginning Balance | 505,616 | 1,396,719 | 1,154,086 |
Number of Awards, Issued | 204,183 | 411,456 | 299,033 |
Number of Awards, Vest and restriction lapsed | -192,190 | -1,294,519 | -50,000 |
Number of Awards, Forfeited | -16,681 | -8,040 | -6,400 |
Number of Awards outstanding, Ending Balance | 500,928 | 505,616 | 1,396,719 |
Weighted Average Issue Price, Awards outstanding, Beginning Balance | $17.14 | $16.29 | $12.50 |
Weighted Average Issue Price, Issued | $11.96 | $8.93 | $33.75 |
Weighted Average Issue Price, Vested and restriction lapsed | $15.72 | $13.65 | $33.75 |
Weighted Average Issue Price, Forfeited | $9.98 | $10.51 | $12.53 |
Weighted Average Issue Price, Awards outstanding, Ending Balance | $15.81 | $17.14 | $16.29 |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Appreciation Rights (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | ' |
Number of Awards outstanding, Beginning Balance | ' | 0 |
Number of Awards, Exercised | ' | 0 |
Stock appreciation rights | ' | ' |
Common Stock options granted, exercised, forfeited, vested and exercisable | ' | ' |
Number of Awards outstanding, Beginning Balance | 1,053,845 | ' |
Number of Awards, Issued | 335,057 | 1,055,805 |
Number of Awards, Exercised | -5,106 | ' |
Number of Awards, Forfeited | -10,727 | -1,960 |
Number of Awards outstanding, Ending Balance | 1,373,069 | 1,053,845 |
Number of Awards, Exercisable | 250,370 | ' |
Number of Awards, expected to vest | 1,136,280 | ' |
Weighted Average Issue Price, Granted | $12.85 | $9.47 |
Weighted Average Issue Price, Exercised | $8.92 | ' |
Weighted Average Issue Price, Forfeited | $10.85 | $9.19 |
Weighted Average Issue Price, Outstanding | $10.28 | $9.47 |
Weighted Average Issue Price, Exercisable | $9.49 | ' |
Weighted Average Issue Price, expected to vest | $10.45 | ' |
Weighted Average Contractual Term | '8 years 7 months 6 days | '9 years 3 months 18 days |
Weighted Average Contractual Term, expected to vest | '8 years 7 months 6 days | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of SAR Frants Using Black-Scholes Option-Pricing Model (Details) (Stock appreciation rights, Black Scholes, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Estimated fair value of SAR grant using Black-Scholes options pricing model | ' | ' |
Dividend yield | 0.00% | 0.00% |
Weighted average expected volatility | 40.00% | 40.00% |
Expected life in years | '6 years 3 months | '6 years 3 months |
Minimum | ' | ' |
Estimated fair value of SAR grant using Black-Scholes options pricing model | ' | ' |
The weighted average fair value of stock appreciation rights issued (per unit) | 2.54 | 2.73 |
Weighted average risk-free interest rate, Minimum | 0.70% | 0.70% |
Maximum | ' | ' |
Estimated fair value of SAR grant using Black-Scholes options pricing model | ' | ' |
The weighted average fair value of stock appreciation rights issued (per unit) | 6.51 | 3.99 |
Weighted average risk-free interest rate, Maximum | 1.80% | 0.90% |
StockBased_Compensation_Detail
Stock-Based Compensation - (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 26, 2011 |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Common Stock | ' | ' | ' | 4,160,000 |
Stock-based compensation cost relating to the stock options and restricted stock units | $5,416 | $13,119 | $5,934 | ' |
Unrecognized compensation expense | $7,655 | ' | ' | ' |
Expected period of unrecognized compensation expense | '3 years 8 months 13 days | ' | ' | ' |
Stock Appreciation Rights, grant expiry date | '10 years | ' | ' | ' |
Restricted stock units | ' | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Conversion of common stock upon vesting | 1 | ' | ' | ' |
Service period for RSU awards | '3 years | ' | ' | ' |
Initial public offering effective date | 24-Jan-12 | ' | ' | ' |
Amount of Awards, Exercised/Restricted stock units vested | 192,190 | 1,294,519 | 50,000 | ' |
Restricted stock units | Board of Directors | ' | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Service period for RSU awards | '1 year | ' | ' | ' |
Restricted stock units | Certain executive management | ' | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Service period for RSU awards | '4 years | ' | ' | ' |
Stock appreciation rights | ' | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Percentage of SAR's vesting annually | 25.00% | ' | ' | ' |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Related Party Transactions - Consolidated Statements of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Related Party Transactions | ' | ' | ' |
Revenues - Biodiesel sales | $0 | $6 | $5,161 |
Cost of goods sold - Biodiesel | 49,358 | 54,364 | 263,562 |
Selling, general, and administrative expenses | 37 | 158 | 1,505 |
Interest expense | 30 | 32 | 761 |
West Central | ' | ' | ' |
Summary of Related Party Transactions | ' | ' | ' |
Revenues - Biodiesel sales | 0 | 6 | 11 |
Cost of goods sold - Biodiesel | 49,358 | 50,415 | 48,510 |
Selling, general, and administrative expenses | 37 | 45 | 102 |
Interest expense | 30 | 23 | 96 |
Bunge | ' | ' | ' |
Summary of Related Party Transactions | ' | ' | ' |
Revenues - Biodiesel sales | 0 | 0 | 2,124 |
Cost of goods sold - Biodiesel | 0 | 3,949 | 203,092 |
Selling, general, and administrative expenses | 0 | 113 | 1,403 |
Interest expense | 0 | 9 | 308 |
ED & F Man | ' | ' | ' |
Summary of Related Party Transactions | ' | ' | ' |
Revenues - Biodiesel sales | 0 | 0 | 3,026 |
Cost of goods sold - Biodiesel | 0 | 0 | 11,960 |
USRG | ' | ' | ' |
Summary of Related Party Transactions | ' | ' | ' |
Interest expense | $0 | $0 | $357 |
Related_Party_Transactions_Sum1
Related Party Transactions - Summary of Related Party Balances - Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Related Party Balances | ' | ' |
Accounts receivable | $426 | $771 |
Other assets | 35 | 692 |
Accounts payable | 552 | 2,950 |
West Central | ' | ' |
Summary of Related Party Balances | ' | ' |
Accounts receivable | 426 | 771 |
Other assets | 35 | 692 |
Accounts payable | $552 | $2,950 |
Related_Party_Transactions_Det
Related Party Transactions - (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
West Central | ' |
Related Party Transaction (Textual) [Abstract] | ' |
Annual land lease cost | $1 |
The proportionate share of the costs associated with the provision of services | 15.00% |
Notice period of services agreement | '6 months |
USRG Holdco IX, LLC | ' |
Related Party Transaction (Textual) [Abstract] | ' |
Loan with USRG for purchasing feedstocks and chemicals | $10,000,000 |
Servicing Contracts | West Central | ' |
Related Party Transaction (Textual) [Abstract] | ' |
Related party transaction initial term | '1 year |
Lease Agreements | ' |
Related Party Transaction (Textual) [Abstract] | ' |
Agreement initial term | '20 years |
Additional renewal period | '30 years |
Operating_Leases_Details
Operating Leases - (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future minimum lease payments under operating leases | ' |
2014 | $11,948 |
2015 | 9,401 |
2016 | 8,856 |
2017 | 8,339 |
2018 | 8,001 |
Thereafter | 30,243 |
Total minimum payments | $76,788 |
Operating_Leases_Details_Textu
Operating Leases - (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Total rent expense under operating leases | $12,549 | $11,114 | $7,299 |
Details_Textual
- (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments (Textual) [Abstract] | ' | ' |
Open commodity contracts | 1,076 | ' |
Variable interest rate on the Term Loan fixed under derivative agreement | 0.92% | ' |
Net position | $221 | ' |
Interest rate swap | ' | ' |
Derivative Instruments (Textual) [Abstract] | ' | ' |
Interest rate swap agreement, outstanding notional amount | 3,295 | ' |
Fair value of the interest rate swap agreements | 19 | 46 |
Commodity Contract | ' | ' |
Derivative Instruments (Textual) [Abstract] | ' | ' |
Collateral associated with commodity-based derivatives | $13,896 | ' |
Derivative_Instruments_Balance
Derivative Instruments - Balance Sheet Location (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative fair value net | ' | ' |
Derivative asset, Fair Value | $325,000 | $448,000 |
Derivative liability, Fair value | 565,000 | 910,000 |
Interest rate swap | ' | ' |
Derivative fair value net | ' | ' |
Derivative asset, Fair Value | 0 | 0 |
Interest rate swap | Other liabilities | ' | ' |
Derivative fair value net | ' | ' |
Derivative liability, Fair value | 19,000 | 46,000 |
Commodity futures | Prepaid expenses and other assets | ' | ' |
Derivative fair value net | ' | ' |
Derivative asset, Fair Value | 62,000 | ' |
Derivative liability, Fair value | 0 | ' |
Commodity swaps | Prepaid expenses and other assets | ' | ' |
Derivative fair value net | ' | ' |
Derivative asset, Fair Value | 75,000 | 305,000 |
Derivative liability, Fair value | 491,000 | 476,000 |
Commodity options | Prepaid expenses and other assets | ' | ' |
Derivative fair value net | ' | ' |
Derivative asset, Fair Value | 188,000 | 143,000 |
Derivative liability, Fair value | $55,000 | $388,000 |
Derivative_Instruments_Gain_Lo
Derivative Instruments - Gain (Loss) Recognized in Income on Derivatives (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($5,630) | $7,348 | $11,537 |
Embedded derivative | Change in fair value of preferred stock conversion feature embedded derivatives | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | 0 | 11,975 | 7,939 |
Interest rate swap | Other income (loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | 26 | -5 | 571 |
Commodity futures | Cost of goods sold - Biodiesel | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | 258 | -4 | -97 |
Commodity swaps | Cost of goods sold - Biodiesel | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | -5,775 | -4,254 | 2,557 |
Commodity options | Cost of goods sold - Biodiesel | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($139) | ($364) | $567 |
Derivative_Instruments_Derivat
Derivative Instruments - Derivatives Subject to an Enforceable Master Netting Arrangement (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Asset Derivatives, Gross amounts recognized | $14,221 | $8,501 |
Asset Derivatives, Gross amounts offset in the Statement of Financial Position | -325 | -448 |
Asset Derivatives, Net amounts offset in the Statement of Financial Position | 13,896 | 8,053 |
Asset Derivatives, Gross amounts not offset in the Statement of Financial Position | -13,896 | -8,053 |
Asset Derivatives, Net amount | 0 | 0 |
Liability Derivatives, Gross amounts recognized | 565 | 910 |
Liability Derivatives, Gross amounts offset in the Statement of Financial Position | -325 | -448 |
Liability Derivatives, Net amounts presented in the Statement of Financial Position | 240 | 462 |
Liability Derivatives, Gross amounts not offset in the Statement of Financial Position | 0 | 0 |
Liability Derivatives, Net amount | $240 | $462 |
Fair_Value_Measurement_Details
Fair Value Measurement - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | $240 | $462 |
Interest rate swap | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 19 | 46 |
Commodity futures | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | -62 | ' |
Commodity swaps | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 416 | 171 |
Commodity options | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | -133 | 245 |
Level 1 | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | ' | ' |
Level 1 | Interest rate swap | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | 0 |
Level 1 | Commodity futures | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | ' |
Level 1 | Commodity swaps | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | 0 |
Level 1 | Commodity options | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | 0 |
Level 2 | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 240 | 462 |
Level 2 | Interest rate swap | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 19 | 46 |
Level 2 | Commodity futures | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | -62 | ' |
Level 2 | Commodity swaps | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 416 | 171 |
Level 2 | Commodity options | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | -133 | 245 |
Level 3 | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | ' | ' |
Level 3 | Interest rate swap | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | 0 |
Level 3 | Commodity futures | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | ' |
Level 3 | Commodity swaps | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | 0 | 0 |
Level 3 | Commodity options | ' | ' |
Assets (liabilities) measured at fair value | ' | ' |
Assets (liabilities), fair value | $0 | $0 |
Fair_Value_Measurement_Details1
Fair Value Measurement - (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Preferred stock embedded derivatives | ' | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' | ' |
Beginning balance | ' | ($53,822) | ($61,761) |
Total unrealized gains (losses) | 0 | 11,975 | 7,939 |
Purchase accounting consolidation | ' | ' | 0 |
Purchases | 0 | 0 | ' |
Issuance | 0 | 0 | ' |
Settlements | 0 | 41,847 | ' |
Ending balance | ' | ' | -53,822 |
Seneca Holdco Liability | ' | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' | ' |
Beginning balance | ' | -11,903 | -10,406 |
Total unrealized gains (losses) | 0 | 349 | -2,097 |
Purchase accounting consolidation | ' | ' | 600 |
Purchases | 0 | 0 | ' |
Issuance | 0 | 0 | ' |
Settlements | 0 | 11,554 | ' |
Ending balance | ' | ' | ($11,903) |
Fair_Value_Measurement_Details2
Fair Value Measurement - (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Asset (Liability) Carrying Amount | ' | ' |
Estimated fair values of the Company's financial instruments | ' | ' |
Notes payable and lines of credit | ($45,166) | ($37,044) |
Estimated Fair Value | ' | ' |
Estimated fair values of the Company's financial instruments | ' | ' |
Notes payable and lines of credit | ($45,094) | ($37,000) |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Options to purchase common stock | Options to purchase common stock | Options to purchase common stock | Warrants to purchase common stock | Warrants to purchase common stock | Warrants to purchase common stock | Restricted stock units | Restricted stock units | Restricted stock units | Stock appreciation rights | Stock appreciation rights | Stock appreciation rights | Series A Preferred Stock | Series A Preferred Stock | Redeemable Preferred Stock | Redeemable Preferred Stock | Redeemable Preferred Stock | Series B Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.88 | $0.88 | ' | ' | ' | $1.13 |
Anti-dilutive securities | 1,117,952 | 2,074,347 | 7,055,394 | 87,026 | 87,026 | 87,207 | 0 | 35,987 | 355,886 | 0 | 754,359 | 1,230,092 | 1,030,926 | 1,196,975 | 0 | ' | ' | 0 | 0 | 5,382,209 | ' |
Net_Income_Per_Share_EPS_Recon
Net Income Per Share - EPS Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | $165,254 | $43,482 | $42,753 |
Less: effects of recapitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -39,107 | 0 |
Plus: change in undistributed dividends allocated to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -823 | -12,723 |
Plus: distributed dividends to Preferred Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 2,055 | 3,156 | 0 |
Accretion of preferred stock to redemption value | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,808 | 25,343 |
Plus: (gain) loss due to change in fair value of Series A Preferred Stock conversion feature embedded derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -11,975 | ' |
Plus: effect of participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 19,057 | 12,097 | ' |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 186,366 | 10,284 | ' |
Less: effect of participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -21,108 | -1,108 | ' |
Net income attributable to the Company's common stockholders - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($165,258) | ($9,176) | ' |
Weighted-average shares outstanding - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 33,045,164 | 28,381,676 | 13,607,840 |
Adjustment to reflect conversion of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,958,790 | ' |
Adjustment to reflect stock appreciation right conversions | ' | ' | ' | ' | ' | ' | ' | ' | 7,065 | 0 | ' |
Adjustment to reflect warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | 650 | 0 | ' |
Weighted-average shares outstanding - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 33,052,879 | 34,340,466 | 13,607,840 |
Net income per share attributable to common stockholders - diluted | $0.80 | $2.31 | $0.62 | $1.25 | ($0.03) | ($0.24) | $0.39 | $0.06 | $5 | $0.27 | $3.14 |
Reportable_Segments_Details
Reportable Segments - (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment for the results of operations | ' | ' | ' | |||
Net sales: | $1,498,138 | $1,015,034 | $824,031 | |||
Income before income taxes and income from equity investments: | 191,301 | 23,713 | 91,409 | |||
Depreciation and amortization expense, net: | 9,242 | 7,921 | 9,475 | |||
Cash paid for purchases of property, plant and equipment: | 39,053 | 12,654 | 4,806 | |||
Goodwill: | 84,864 | 84,864 | 84,864 | |||
Assets: | 740,855 | 495,784 | 484,447 | |||
Biodiesel | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Goodwill: | 68,784 | 68,784 | 68,784 | |||
Services | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Goodwill: | 16,080 | 16,080 | 16,080 | |||
Operating Segments | Biodiesel | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Net sales: | 1,498,011 | 1,014,797 | 823,809 | |||
Income before income taxes and income from equity investments: | 239,462 | 58,349 | 127,187 | |||
Depreciation and amortization expense, net: | 8,199 | 7,111 | 8,833 | |||
Cash paid for purchases of property, plant and equipment: | 36,770 | 11,409 | 3,823 | |||
Goodwill: | 68,784 | 68,784 | 68,784 | |||
Assets: | 444,945 | 357,305 | 341,863 | |||
Operating Segments | Services | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Net sales: | 63,980 | 38,031 | 13,027 | |||
Income before income taxes and income from equity investments: | -29 | -26 | 24 | |||
Depreciation and amortization expense, net: | 120 | 38 | 4 | |||
Cash paid for purchases of property, plant and equipment: | 504 | 396 | 53 | |||
Goodwill: | 16,080 | 16,080 | 16,080 | |||
Assets: | 20,542 | 20,033 | 20,474 | |||
Intersegment revenues | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Net sales: | -63,853 | -37,794 | -12,805 | |||
Corporate and other | ' | ' | ' | |||
Segment for the results of operations | ' | ' | ' | |||
Income before income taxes and income from equity investments: | -48,132 | [1] | -34,610 | [1] | -35,802 | [1] |
Depreciation and amortization expense, net: | 923 | [1] | 772 | [1] | 638 | [1] |
Cash paid for purchases of property, plant and equipment: | 1,779 | [1] | 849 | [1] | 930 | [1] |
Assets: | $275,368 | [2] | $118,446 | [2] | $122,110 | [2] |
[1] | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. | |||||
[2] | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. |
Supplemental_Quarterly_Informa2
Supplemental Quarterly Information (Unaudited) - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant items for the results of operations on a quarterly basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $390,591 | $458,444 | $384,735 | $264,368 | $231,948 | $322,912 | $271,927 | $188,247 | $1,498,138 | $1,015,034 | $824,031 |
Gross profit | 44,708 | 57,849 | 50,181 | 86,695 | 7,549 | 2,791 | 30,949 | 17,034 | 239,433 | 58,323 | 127,211 |
Selling, general, and administrative expenses | 12,567 | 12,686 | 11,226 | 9,644 | 8,544 | 9,902 | 11,014 | 12,962 | 46,123 | 42,422 | 34,479 |
Income from operations | 32,141 | 45,163 | 38,955 | 77,051 | -995 | -7,111 | 19,935 | 4,072 | 193,310 | 15,901 | 92,732 |
Other income (expense), net | -528 | -511 | -511 | -459 | -1,371 | -1,094 | -1,031 | 11,308 | -2,009 | 7,812 | -1,323 |
Net income | $30,130 | $86,703 | $23,130 | $46,403 | ($151) | ($6,040) | $14,433 | $14,017 | $186,366 | $22,259 | $88,869 |
Net income per share attributable to common stockholders - basic | $0.81 | $2.32 | $0.63 | $1.25 | ($0.03) | ($0.24) | $0.39 | $1.60 | $5 | $1.53 | $3.14 |
Net income per share attributable to common stockholders - diluted | $0.80 | $2.31 | $0.62 | $1.25 | ($0.03) | ($0.24) | $0.39 | $0.06 | $5 | $0.27 | $3.14 |
Subsequent_Events_Details
Subsequent Events - (Details) (USD $) | 1 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 17, 2013 | Dec. 17, 2013 | Dec. 07, 2013 | Jan. 22, 2014 | Jan. 22, 2014 |
Syntroleum Corporation | Syntroleum Corporation | Syntroleum Corporation | LS9, Inc | LS9, Inc | |
Dynamic Fuels, LLC | Downward Adjustment | Subsequent Event | Held In Escrow | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Interest acquired | ' | 50.00% | ' | ' | ' |
Shares issued in business combination | 3,796,000 | ' | ' | 2,230,559 | 541,288 |
Earnout Payments | ' | ' | ' | $21,500 | ' |
Cash received | ' | ' | 3,200 | 15,275 | ' |
Share price | ' | ' | $12.91 | ' | ' |
Issuable stock, benchmark for contingently issuable shares | ' | ' | $49,000 | ' | ' |
Period held in escrow | ' | ' | ' | ' | '18 months |
Schedule_I_Financial_Informati1
Schedule I - Financial Information of Parent Company - Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $153,227 | $66,785 | $33,575 | $4,259 |
Deferred income taxes | -3,687 | 2,512 | ' | ' |
Prepaid expenses and other assets | 25,568 | 15,812 | ' | ' |
Total current assets | 347,520 | 149,083 | ' | ' |
Property, plant and equipment, net | 286,044 | 242,885 | ' | ' |
Intangible assets, net | 4,867 | 4,609 | ' | ' |
Other assets | 5,029 | 5,351 | ' | ' |
TOTAL ASSETS | 740,855 | 495,784 | 484,447 | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 48,727 | 28,131 | ' | ' |
Accrued expenses | 12,305 | 6,475 | ' | ' |
Deferred income taxes | 5,084 | 624 | ' | ' |
Total current liabilities | 98,237 | 39,844 | ' | ' |
Deferred income taxes | 31,299 | 24,297 | ' | ' |
Total liabilities | 142,822 | 87,977 | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | ' |
Company stockholders’ equity: | ' | ' | ' | ' |
Common stock ($.0001 par value; 300,000,000 shares authorized; 36,506,221 and 30,559,935 shares outstanding, respectively) | 4 | 3 | ' | ' |
Common stock—additional paid-in-capital | 359,671 | 273,989 | ' | ' |
Warrants—additional paid-in-capital | 147 | 147 | ' | ' |
Retained earnings | 238,134 | 53,823 | ' | ' |
Treasury stock (530,898 and 462,985 shares outstanding, respectively) | -3,886 | -3,198 | ' | ' |
Total stockholders' equity | 594,070 | 324,764 | 120,576 | 35,116 |
TOTAL LIABILITIES AND EQUITY | 740,855 | 495,784 | ' | ' |
Series B Preferred Stock | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
SERIES B PREFERRED STOCK ($.0001 par value; 3,000,000 shares authorized; 143,313 and 2,995,106 shares outstanding, respectively; redemption amount $3,583 and $74,878, respectively) | 3,963 | 83,043 | ' | ' |
Parent Company | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,581 | 11,287 | 0 | 1,457 |
Notes receivable | 0 | 8,618 | ' | ' |
Deferred income taxes | 7,018 | 0 | ' | ' |
Prepaid expenses and other assets | 2,668 | 5,518 | ' | ' |
Total current assets | 11,267 | 25,423 | ' | ' |
Property, plant and equipment, net | 3,823 | 2,193 | ' | ' |
Intangible assets, net | 4,749 | 4,476 | ' | ' |
Investment in subsidiaries | 614,330 | 403,549 | ' | ' |
Intercompany receivables | 1,177 | 721 | ' | ' |
Long term note receivables | 0 | 14,093 | ' | ' |
Other assets | 122 | 11 | ' | ' |
TOTAL ASSETS | 635,468 | 450,466 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 2,083 | 3,799 | ' | ' |
Accrued expenses | 2,728 | 1,392 | ' | ' |
Deferred income taxes | 0 | 529 | ' | ' |
Total current liabilities | 4,811 | 5,720 | ' | ' |
Deferred income taxes | 32,624 | 36,939 | ' | ' |
Total liabilities | 37,435 | 42,659 | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | ' |
Company stockholders’ equity: | ' | ' | ' | ' |
Common stock ($.0001 par value; 300,000,000 shares authorized; 36,506,221 and 30,559,935 shares outstanding, respectively) | 4 | 3 | ' | ' |
Common stock—additional paid-in-capital | 359,671 | 273,989 | ' | ' |
Warrants—additional paid-in-capital | 147 | 147 | ' | ' |
Retained earnings | 238,134 | 53,823 | ' | ' |
Treasury stock (530,898 and 462,985 shares outstanding, respectively) | -3,886 | -3,198 | ' | ' |
Total stockholders' equity | 594,070 | 324,764 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 635,468 | 450,466 | ' | ' |
Parent Company | Series B Preferred Stock | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
SERIES B PREFERRED STOCK ($.0001 par value; 3,000,000 shares authorized; 143,313 and 2,995,106 shares outstanding, respectively; redemption amount $3,583 and $74,878, respectively) | $3,963 | $83,043 | ' | ' |
Schedule_I_Financial_Informati2
Schedule I - Financial Information of Parent Company - Condensed Balance Sheets (Parenthetical) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2012 | Jul. 12, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2012 | Jan. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Parent Company | Parent Company | Parent Company | Parent Company | ||||
Series B Preferred Stock | Series B Preferred Stock | |||||||||||
Preferred stock, par value | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | $0.00 | $0.00 |
Preferred stock, shares authorized | ' | ' | ' | ' | 3,000,000 | 3,000,000 | ' | 3,000,000 | ' | ' | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | ' | ' | ' | ' | 143,313 | 2,995,106,000 | ' | ' | ' | ' | 143,313 | 2,995,106 |
Preferred stock redemption amount | ' | ' | ' | ' | $3,583 | $74,878 | $74,987 | ' | ' | ' | $3,583 | $74,878 |
Common stock, par value | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 450,000,000 | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' |
Common Stock, shares outstanding | 36,506,221 | 30,559,935 | ' | ' | ' | ' | ' | ' | 36,506,221 | 30,559,935 | ' | ' |
Common stock, shares issued | ' | ' | ' | 673,544 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares outstanding | 530,898 | 462,985 | ' | ' | ' | ' | ' | ' | 530,898 | 462,985 | ' | ' |
Schedule_I_Financial_Informati3
Schedule I - Financial Information of Parent Company - Condensed Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from services provided to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | $127 | $237 | $222 |
Total income | 32,141 | 45,163 | 38,955 | 77,051 | -995 | -7,111 | 19,935 | 4,072 | 193,310 | 15,901 | 92,732 |
Change in fair value of preferred stock conversion feature embedded derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,975 | 7,939 |
Change in fair value of Seneca Holdco liability | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 349 | -2,097 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 388 | 167 | 930 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,397 | -4,679 | -8,095 |
Income before income taxes and income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 191,301 | 23,713 | 91,409 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -4,935 | -1,454 | -2,982 |
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 442 |
Net income | 30,130 | 86,703 | 23,130 | 46,403 | -151 | -6,040 | 14,433 | 14,017 | 186,366 | 22,259 | 88,869 |
EFFECTS OF RECAPITALIZATION | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 39,107 | 0 |
LESS—ACCRETION OF SERIES A PREFERRED STOCK TO REDEMPTION VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,808 | -25,343 |
LESS—CHANGES IN UNDISTRIBUTED DIVIDENDS ALLOCATED TO PREFERRED STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -823 | -12,723 |
LESS—DISTRIBUTED DIVIDENDS TO PREFERRED STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | -2,055 | -3,156 | 0 |
LESS—EFFECT OF PARTICIPATING PREFERRED STOCK | ' | ' | ' | ' | ' | ' | ' | ' | -16,272 | -8,952 | -4,186 |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | ' | ' | ' | ' | ' | ' | ' | ' | -2,785 | -3,145 | -3,864 |
Net income attributable to the company's common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 165,254 | 43,482 | 42,753 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 178,100 | 20,071 | 98,432 |
Income from services provided to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 4,760 | 5,138 | 500 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 182,860 | 25,209 | 98,932 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -17,404 | -25,473 | -13,019 |
Change in fair value of preferred stock conversion feature embedded derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,975 | 7,939 |
Change in fair value of Seneca Holdco liability | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 349 | -2,097 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 109 | 35 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -199 | -14 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,504 | 414 | 134 |
Income before income taxes and income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 166,997 | 12,384 | 91,910 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 19,369 | 9,804 | -2,982 |
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 71 | -59 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 186,366 | 22,259 | 88,869 |
EFFECTS OF RECAPITALIZATION | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 39,107 | 0 |
LESS—ACCRETION OF SERIES A PREFERRED STOCK TO REDEMPTION VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,808 | -25,343 |
LESS—CHANGES IN UNDISTRIBUTED DIVIDENDS ALLOCATED TO PREFERRED STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -823 | -12,723 |
LESS—DISTRIBUTED DIVIDENDS TO PREFERRED STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | -2,055 | -3,156 | 0 |
LESS—EFFECT OF PARTICIPATING PREFERRED STOCK | ' | ' | ' | ' | ' | ' | ' | ' | -16,272 | -8,952 | -4,186 |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | ' | ' | ' | ' | ' | ' | ' | ' | -2,785 | -3,145 | -3,864 |
Net income attributable to the company's common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $165,254 | $43,482 | $42,753 |
Schedule_I_Financial_Informati4
Schedule I - Financial Information of Parent Company - Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $186,366 | $22,259 | $88,869 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation expense | 9,705 | 8,024 | 7,184 |
Amortization expense | -463 | -103 | 2,291 |
Provision for doubtful accounts | 309 | 563 | 1,389 |
Stock compensation expense | -5,416 | -13,119 | -5,934 |
(Income) from equity method investees | 0 | 0 | -442 |
Deferred tax benefit | -67,057 | 7,291 | 26,358 |
Change in fair value of preferred stock conversion feature embedded derivatives | 0 | -11,975 | -7,939 |
Change in fair value of Seneca Holdco liability | 0 | -249 | 1,497 |
Expense settled with stock issuance | 0 | 1,898 | 0 |
Premium paid for Seneca Landlord investment | 0 | -7,063 | 0 |
Changes in asset and liabilities, net of effects from mergers and acquisitions: | ' | ' | ' |
Accounts receivable | -64,460 | 32,014 | -35,421 |
Prepaid expenses and other assets | -9,984 | -394 | -11,951 |
Accounts payable | 22,386 | -4,002 | 14,153 |
Accrued expenses | 4,801 | -2,614 | 6,321 |
Net cash flows provided from (used in) operating activities | 139,645 | 44,619 | 51,194 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Cash paid for purchase of property, plant and equipment | -39,053 | -12,654 | -4,806 |
Cash paid for acquisitions | -10,933 | -1,791 | 0 |
Net cash flows used in investing activities | -54,389 | -14,546 | -2,120 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Cash paid on note payable from subsidiaries | -10,999 | -44,509 | -20,695 |
Cash received upon exercise of warrants | 0 | 0 | 48 |
Cash received from initial public offering | 0 | 63,747 | 0 |
Cash paid for issuance of common stock and preferred stock | -25 | -1,699 | -2,153 |
Cash paid for treasury stock | -282 | -3,074 | 0 |
Cash paid for preferred stock dividends | -1,291 | -3,155 | 0 |
Net cash flows provided from (used in) financing activities | 1,186 | 3,137 | -19,758 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 86,442 | 33,210 | 29,316 |
CASH AND CASH EQUIVALENTS, Beginning of period | 66,785 | 33,575 | 4,259 |
CASH AND CASH EQUIVALENTS, End of period | 153,227 | 66,785 | 33,575 |
Parent Company | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | 186,366 | 22,259 | 88,869 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Equity in earnings of continuing operations | -178,100 | -20,071 | -98,432 |
Depreciation expense | 255 | 157 | 410 |
Amortization expense | 314 | 240 | 189 |
Provision for doubtful accounts | 0 | 12 | 0 |
Stock compensation expense | 5,416 | 13,119 | 5,934 |
(Income) from equity method investees | 0 | -71 | 59 |
Deferred tax benefit | -12,239 | -7,794 | -4,967 |
Change in fair value of preferred stock conversion feature embedded derivatives | 0 | -11,975 | -7,939 |
Change in fair value of Seneca Holdco liability | 0 | -249 | 2,097 |
Expense settled with stock issuance | 0 | 1,898 | 0 |
Dividends received from subsidiary | 162,969 | 0 | 6,802 |
Premium paid for Seneca Landlord investment | 0 | -7,063 | 0 |
Changes in asset and liabilities, net of effects from mergers and acquisitions: | ' | ' | ' |
Accounts receivable | -514 | 675 | -564 |
Prepaid expenses and other assets | 2,849 | -4,978 | -204 |
Accounts payable | -1,246 | 2,254 | 674 |
Accrued expenses | 770 | -973 | 1,818 |
Net cash flows provided from (used in) operating activities | 166,840 | -12,560 | -5,254 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Change in investments in subsidiaries | -153,343 | -352 | -158 |
Cash paid for purchase of property, plant and equipment | -2,444 | -666 | -679 |
Cash paid for acquisitions | -10,933 | -1,647 | 0 |
Net cash flows used in investing activities | -166,720 | -2,665 | -837 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Cash paid on note receivable to subsidiaries | -35,982 | -22,711 | -1,482 |
Cash received on note receivable from subsidiaries | 27,754 | 0 | 4,671 |
Cash paid on note payable from subsidiaries | 0 | -3,846 | 0 |
Cash received on note payable from subsidiaries | 0 | 1,250 | 2,596 |
Repayment of investment in Seneca Landlord | 0 | -4,000 | 0 |
Cash received upon exercise of warrants | 0 | 0 | 48 |
Cash received from initial public offering | ' | 63,747 | ' |
Cash paid for issuance of common stock and preferred stock | -25 | -1,699 | -1,199 |
Cash paid for treasury stock | -282 | -3,074 | 0 |
Cash paid for preferred stock dividends | -1,291 | -3,155 | 0 |
Net cash flows provided from (used in) financing activities | -9,826 | 26,512 | 4,634 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -9,706 | 11,287 | -1,457 |
CASH AND CASH EQUIVALENTS, Beginning of period | 11,287 | 0 | 1,457 |
CASH AND CASH EQUIVALENTS, End of period | $1,581 | $11,287 | $0 |