Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | 6-May-14 | 6-May-14 | |
Class A common stock | Class B common stock | ||
Entity Registrant Name | 'Genie Energy Ltd. | ' | ' |
Entity Central Index Key | '0001528356 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,574,326 | 19,771,779 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,351 | $73,885 |
Restricted cash-short-term | 10,994 | 14,429 |
Certificates of deposit | 1,732 | 4,343 |
Trade accounts receivable, net of allowance for doubtful accounts of $930 at March 31, 2014 and December 31, 2013 | 76,372 | 42,926 |
Inventory | 651 | 3,344 |
Prepaid expenses | 4,436 | 3,408 |
Deferred income tax assets, net | 840 | 840 |
Other current assets | 3,446 | 2,917 |
Total current assets | 144,822 | 146,092 |
Property and equipment, net | 645 | 561 |
Goodwill | 7,230 | 7,349 |
Restricted cash-long-term | 1,112 | 1,127 |
Other assets | 3,656 | 3,714 |
Total assets | 157,465 | 158,843 |
Current liabilities: | ' | ' |
Trade accounts payable | 30,878 | 25,302 |
Accrued expenses | 11,641 | 9,856 |
Advances from customers | 244 | 1,103 |
Income taxes payable | ' | 2,075 |
Due to IDT Corporation | 232 | 541 |
Other current liabilities | 1,582 | 1,457 |
Total current liabilities | 44,577 | 40,334 |
Other liabilities | 2,279 | 2,169 |
Total liabilities | 46,856 | 42,503 |
Commitments and contingencies | ' | ' |
Genie Energy Ltd. stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; authorized shares-10,000: Series 2012-A, designated shares-8,750; at liquidation preference, consisting of 1,917 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 16,303 | 16,303 |
Additional paid-in capital | 84,543 | 82,791 |
Treasury stock, at cost, consisting of 59 shares of Class B common stock at March 31, 2014 and December 31, 2013 | -473 | -473 |
Accumulated other comprehensive income | 713 | 745 |
Retained earnings | 14,462 | 21,552 |
Total Genie Energy Ltd. stockholders' equity | 115,762 | 121,132 |
Noncontrolling interests: | ' | ' |
Noncontrolling interests | -4,153 | -3,792 |
Receivable for issuance of equity | -1,000 | -1,000 |
Total noncontrolling interests | -5,153 | -4,792 |
Total equity | 110,609 | 116,340 |
Total liabilities and equity | 157,465 | 158,843 |
Class A common stock | ' | ' |
Genie Energy Ltd. stockholders' equity: | ' | ' |
Common stock, value | 16 | 16 |
Class B common stock | ' | ' |
Genie Energy Ltd. stockholders' equity: | ' | ' |
Common stock, value | $198 | $198 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $930 | $930 |
Preferred stock, par value (In dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 1,917 | 1,917 |
Preferred stock, shares outstanding | 1,917 | 1,917 |
Series 2012-A Preferred Stock | ' | ' |
Designated shares | 8,750 | 8,750 |
Class A common stock | ' | ' |
Common stock, par value (In dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 1,574 | 1,574 |
Common stock, shares outstanding | 1,574 | 1,574 |
Class B common stock | ' | ' |
Common stock, par value (In dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 19,824 | 19,755 |
Common stock, shares outstanding | 19,765 | 19,696 |
Treasury stock, shares | 59 | 59 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues: | ' | ' | ||
Electricity | $96,034 | $54,624 | ||
Natural gas | 34,314 | 30,707 | ||
Revenues | 130,348 | 85,331 | ||
Direct cost of revenues | 120,452 | 66,312 | ||
Gross profit | 9,896 | 19,019 | ||
Operating expenses and losses: | ' | ' | ||
Selling, general and administrative (i) | 14,289 | [1] | 12,769 | [1] |
Research and development | 2,100 | 2,488 | ||
Equity in the net loss of AMSO, LLC | ' | 1,129 | ||
(Loss) income from operations | -6,493 | 2,633 | ||
Interest income | 93 | 166 | ||
Financing fees | -945 | -1,006 | ||
Other income (expense), net | 17 | -168 | ||
(Loss) income before income taxes | -7,328 | 1,625 | ||
Benefit from (provision for) income taxes | 181 | -1,722 | ||
Net loss | -7,147 | -97 | ||
Net loss (income) attributable to noncontrolling interests | 363 | -1,413 | ||
Net loss attributable to Genie Energy Ltd. | -6,784 | -1,510 | ||
Dividends on preferred stock | -306 | -306 | ||
Net loss attributable to Genie Energy Ltd. common stockholders. | ($7,090) | ($1,816) | ||
Basic and diluted loss per share attributable to Genie Energy Ltd. common stockholders | ($0.33) | ($0.09) | ||
Weighted-average number of shares used in calculation of basic and diluted loss per share | 21,170 | 19,541 | ||
[1] | Stock-based compensation included in selling, general and administrative expense |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statements of Operations [Abstract] | ' | ' |
Stock-based compensation | $1,839 | $956 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statements Of Comprehensive (Loss) Income [Abstract] | ' | ' |
Net loss | ($7,147) | ($97) |
Other comprehensive (loss) income: | ' | ' |
Change in unrealized loss on available-for-sale securities, net of tax | ' | -34 |
Foreign currency translation adjustments | -30 | 122 |
Other comprehensive (loss) income | -30 | 88 |
Comprehensive loss | -7,177 | -9 |
Comprehensive loss (income) attributable to noncontrolling interests | 361 | -1,413 |
Comprehensive loss attributable to Genie Energy Ltd. | ($6,816) | ($1,422) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net loss | ($7,147) | ($97) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 29 | 25 |
Stock-based compensation | 1,839 | 956 |
Loss on disposal of property | ' | 38 |
Equity in the net loss of AMSO, LLC | ' | 1,129 |
Change in assets and liabilities: | ' | ' |
Restricted cash | 3,450 | -6 |
Trade accounts receivable | -33,446 | -6,488 |
Inventory | 2,693 | 2,375 |
Prepaid expenses | -1,028 | 1,749 |
Other current assets and other assets | -471 | 124 |
Trade accounts payable, accrued expenses and other current liabilities | 7,620 | -9 |
Advances from customers | -859 | -1,315 |
Due to IDT Corporation | -309 | -154 |
Income taxes payable | -2,089 | 838 |
Net cash used in operating activities | -29,718 | -835 |
Investing activities | ' | ' |
Capital expenditures | -114 | -11 |
Capital contributions to AMSO, LLC | ' | -762 |
Proceeds from maturities of certificates of deposit | 2,600 | ' |
Proceeds from maturities of marketable securities | ' | 4,000 |
Net cash provided by investing activities | 2,486 | 3,227 |
Financing activities | ' | ' |
Dividends paid | -306 | -211 |
Proceeds from exercise of stock options | 23 | 50 |
Repurchases of Class B common stock from employees | ' | -126 |
Net cash used in financing activities | -283 | -287 |
Effect of exchange rate changes on cash and cash equivalents | -19 | 134 |
Net (decrease) increase in cash and cash equivalents | -27,534 | 2,239 |
Cash and cash equivalents at beginning of period | 73,885 | 69,409 |
Cash and cash equivalents at end of period | $46,351 | $71,648 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
Note 1—Basis of Presentation | ||
The accompanying unaudited consolidated financial statements of Genie Energy Ltd. and its subsidiaries (the “Company” or “Genie”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the U.S. Securities and Exchange Commission (the “SEC”). | ||
Genie owns 99.3% of its subsidiary, Genie Energy International Corporation (“GEIC”), which owns 100% of IDT Energy and 92% of Genie Oil and Gas, Inc. (“GOGAS”). IDT Energy has outstanding deferred stock units granted to directors and employees that represent an interest of 2.3% of the equity of IDT Energy. Genie’s principal businesses consist of the following: | ||
· | IDT Energy, a retail energy provider (“REP”) supplying electricity and natural gas to residential and small business customers in the Northeastern United States; and | |
· | Genie Oil and Gas, which is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shales and other fuel resources, which consists of (1) American Shale Oil Corporation (“AMSO”), which holds and manages a 46.6% interest in American Shale Oil, L.L.C. (“AMSO, LLC”), the Company’s oil shale project in Colorado, (2) an 88.6% interest in Israel Energy Initiatives, Ltd. (“IEI”), the Company’s oil shale project in Israel, (3) an 88.6% interest in Afek Oil and Gas, Ltd. (“Afek”), the Company’s conventional oil and gas exploration project in the southern portion of the Golan Heights, and (4) an 89.9% interest in Genie Mongolia, the Company’s oil shale exploration project in Central Mongolia. | |
Seasonality and Weather | ||
The weather and the seasons, among other things, affect IDT Energy’s revenues. Weather conditions can have a significant impact on the demand for natural gas and electricity used for heating and cooling. Typically, colder winters and hotter summers increase demand for natural gas and electricity, respectively. Milder winters and/or summers have the opposite effect. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 49% and 47% of IDT Energy’s natural gas revenues were generated in the first quarter of 2013 and 2012, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas, approximately 31% and 34% of IDT Energy’s electricity revenues were generated in the third quarter of 2013 and 2012, respectively. As a result, the Company’s revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. | ||
Unusually cold weather in the three months ended March 31, 2014 that affected the overall demand for electricity and natural gas for heat caused a significant increase in IDT Energy’s revenues and direct cost of revenues in the three months ended March 31, 2014 compared to the same period in 2013. The cold weather caused the cost of electricity and natural gas to increase, which IDT Energy only partially reflected in its rates charged to customers due to competitive and regulatory pressures. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 2—Fair Value Measurements | |||||||||||||||||
The following table presents the balance of assets and liabilities at March 31, 2014 measured at fair value on a recurring basis: | |||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative contracts | $ | 430 | $ | 1,013 | $ | — | $ | 1,443 | |||||||||
Liabilities: | |||||||||||||||||
Derivative contracts | $ | — | $ | 518 | $ | — | $ | 518 | |||||||||
The following table presents the balance of assets and liabilities at December 31, 2013 measured at fair value on a recurring basis: | |||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative contracts | $ | 390 | $ | 1,230 | $ | 62 | $ | 1,682 | |||||||||
Liabilities: | |||||||||||||||||
Derivative contracts | $ | 13 | $ | 372 | $ | — | $ | 385 | |||||||||
(1) – quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||
(3) – no observable pricing inputs in the market | |||||||||||||||||
The Company’s derivative contracts consist of natural gas and electricity futures contracts, put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period. The Company’s derivatives were classified as Level 1, Level 2 or Level 3. The Level 1 derivatives were valued using quoted prices in active markets for identical contracts. The Level 2 derivatives were valued using observable inputs based on quoted market prices in active markets for similar contracts. The fair value of the Level 3 derivatives was based on the value of the underlying contracts, estimated in conjunction with the counterparty and could not be corroborated by the market. | |||||||||||||||||
The Company’s subsidiary, GOGAS, issued a stock option in June 2011 that is exercisable until April 9, 2015 at an exercise price of $5.0 million. At March 31, 2014 and December 31, 2013, the fair value of the GOGAS stock option was nil. | |||||||||||||||||
The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. There were no assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2013. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance, December 31, 2013 | $ | 62 | |||||||||||||||
Total losses (realized or unrealized) included in earnings in “Direct cost of revenues” | (62 | ) | |||||||||||||||
Balance, March 31, 2014 | $ | — | |||||||||||||||
The amount of total gains or losses for the period included in earnings in “Direct cost of revenues” attributable to the change in unrealized gains or losses relating to assets held at the end of the period | $ | — | |||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. | |||||||||||||||||
Restricted cash—short-term, certificates of deposit, prepaid expenses, other current assets, advances from customers, due to IDT Corporation and other current liabilities. At March 31, 2014 and December 31, 2013, the carrying amounts of these assets and liabilities approximated fair value because of the short period to maturity. The fair value estimate for restricted cash—short-term was classified as Level 1 and certificates of deposit, prepaid expenses, other current assets, advances from customers, due to IDT Corporation and other current liabilities were classified as Level 2 of the fair value hierarchy. | |||||||||||||||||
Restricted cash—long-term. At March 31, 2014 and December 31, 2013, the carrying amount of restricted cash—long-term approximated fair value. The fair value was estimated based on the anticipated cash flows once the restrictions are removed, which was classified as Level 3 of the fair value hierarchy. | |||||||||||||||||
Other assets and other liabilities. At March 31, 2014 and December 31, 2013, other assets included an aggregate of $1.4 million in notes receivable. The carrying amounts of the notes receivable and other liabilities approximated fair value. The fair value of the notes receivable and other liabilities were estimated based on the Company’s assumptions, and were classified as Level 3 of the fair value hierarchy. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||
Derivative Instruments | ' | ||||||||||
Note 3—Derivative Instruments | |||||||||||
The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with ASC 815. Natural gas and electricity future contracts, put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these contracts, options or swaps, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At March 31, 2014, IDT Energy’s contracts, swaps and options were traded on the New York Mercantile Exchange. At December 31, 2013, IDT Energy’s contracts, swaps and options were traded on the New York Mercantile Exchange or were over-the-counter bilateral agreements with BP Energy Company. | |||||||||||
The summarized volume of IDT Energy’s outstanding contracts and options as of March 31, 2014 was as follows (MWh – Megawatt hour and Dth – Decatherm): | |||||||||||
Commodity | Settlement Dates | Volume | |||||||||
Electricity | Apr-14 | 8,800 MWh | |||||||||
Electricity | Jul-14 | 105,600 MWh | |||||||||
Electricity | Aug-14 | 100,800 MWh | |||||||||
Electricity | Sep-14 | 16,800 MWh | |||||||||
Electricity | Oct-14 | 36,800 MWh | |||||||||
Electricity | Nov-14 | 30,400 MWh | |||||||||
Electricity | Dec-14 | 35,200 MWh | |||||||||
Natural gas | Jul-14 | 1,550,000 Dth | |||||||||
Natural gas | Aug-14 | 600,000 Dth | |||||||||
Natural gas | Sep-14 | 400,000 Dth | |||||||||
Natural gas | Jan-15 | 155,000 Dth | |||||||||
Natural gas | Jul-15 | 232,500 Dth | |||||||||
The fair value of outstanding derivative instruments recorded as assets in the accompanying consolidated balance sheets were as follows: | |||||||||||
Asset Derivatives | Balance Sheet Location | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Derivatives not designated or not qualifying as hedging instruments: | |||||||||||
Energy contracts and options | Other current assets | $ | 1,443 | $ | 1,682 | ||||||
The fair value of outstanding derivative instruments recorded as liabilities in the accompanying consolidated balance sheets were as follows: | |||||||||||
Liability Derivatives | Balance Sheet Location | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Derivatives not designated or not qualifying as hedging instruments: | |||||||||||
Energy contracts and options | Other current liabilities | $ | 518 | $ | 385 | ||||||
The effects of derivative instruments on the consolidated statements of operations were as follows: | |||||||||||
Amount of Gain (Loss) Recognized on Derivatives | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
Derivatives not designated or not qualifying as hedging instruments | Location of Gain (Loss) Recognized on Derivatives | 2014 | 2013 | ||||||||
(in thousands) | |||||||||||
Energy contracts and options | Direct cost of revenues | $ | (35 | ) | $ | (43 | ) | ||||
Investment_in_American_Shale_O
Investment in American Shale Oil, LLC | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Investment In American Shale Oil, LLC [Abstract] | ' | |||||||||
Investment in American Shale Oil, LLC | ' | |||||||||
Note 4—Investment in American Shale Oil, LLC | ||||||||||
The Company accounts for its ownership interest in AMSO, LLC using the equity method since the Company has the ability to exercise significant influence over its operating and financial matters, although it does not control AMSO, LLC. AMSO, LLC is a variable interest entity, however, the Company has determined that it is not the primary beneficiary, as the Company does not have the power to direct the activities of AMSO, LLC that most significantly impact AMSO, LLC’s economic performance. | ||||||||||
AMSO is responsible for funding 20% of the initial $50 million of AMSO, LLC’s expenditures, 35% of the next $50 million in approved expenditures and 40% of the costs of the one-time payment for conversion of AMSO, LLC’s research, development and demonstration lease to a commercial lease, in the event AMSO, LLC’s application for conversion is approved, with the remaining amounts of such expenditures to be funded by Total S.A. (“Total”). All other expenditures are to be borne in proportion to equity ownership. The percentages for expenditures are subject to adjustment in connection with certain changes in the equity ownership of AMSO LLC. As of March 31, 2014, the cumulative contributions of AMSO and Total to AMSO, LLC were $71.7 million. AMSO’s allocated share of the net loss of AMSO, LLC is included in “Equity in the net loss of AMSO, LLC” in the accompanying consolidated statements of operations. | ||||||||||
AMSO has the right to decide at each capital call whether or not to fund AMSO, LLC, and will make a determination at that time. AMSO did not fund the capital calls for the first and second quarters of 2014. Total funded AMSO’s share in an aggregate amount of $1.7 million. Because of AMSO’s decisions not to fund its share, AMSO’s ownership interest in AMSO, LLC was reduced to 46.6% and Total’s ownership interest increased to 53.4%. In addition, AMSO’s share of future funding of AMSO, LLC up to a cumulative $100 million was reduced to 32.6% and Total’s share increased to 67.4%. AMSO’s share of AMSO, LLC’s approved budget for the year ending December 31, 2014 is $3.2 million. AMSO is evaluating its options with respect to funding AMSO, LLC during the remainder of 2014, and funding of less than its full share would result in further dilution of its interest in AMSO, LLC. | ||||||||||
The agreements with Total provide for varying consequences for AMSO’s failure to fund its share at different stages of the project, including dilution of AMSO’s interest in AMSO, LLC or paying interest to Total for expenditures they fund on behalf of AMSO. Either Total or AMSO may terminate its obligations to make capital contributions and withdraw as a member of AMSO, LLC. Even if AMSO were to withdraw its interest in AMSO, LLC, it will remain liable for its share of expenditures for safety and environmental reclamation related to events occurring prior to its withdrawal. | ||||||||||
The following table summarizes the change in the balance of the Company’s investment in AMSO, LLC: | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Balance, beginning of period | $ | (252 | ) | $ | 242 | |||||
Capital contributions | — | 762 | ||||||||
Equity in the net loss of AMSO, LLC | — | (1,129 | ) | |||||||
Balance, end of period | $ | (252 | ) | $ | (125 | ) | ||||
At March 31, 2014 and at December 31, 2013, the liability for equity loss in AMSO, LLC was included in “Accrued expenses” in the consolidated balance sheet. | ||||||||||
Because of AMSO’s decisions not to fund its share of AMSO, LLC’s expenditures, AMSO, LLC allocates its net loss beginning January 2014 as follows: the first $5.0 million of losses are allocated to Total, then it allocates any remaining losses proportionately such that AMSO and Total’s capital accounts as a percentage of AMSO, LLC’s total capital equals their ownership interests. | ||||||||||
At March 31, 2014, the Company’s maximum exposure to additional loss because of its required investment in AMSO, LLC was $1.1 million, based on AMSO, LLC’s budget for the remainder of 2014. The Company’s maximum exposure to additional loss could increase based on the situations described above. The maximum exposure at March 31, 2014 was determined as follows: | ||||||||||
(in thousands) | ||||||||||
AMSO’s committed investment in AMSO, LLC based on the budget for the remainder of 2014 | $ | 1,386 | ||||||||
Less: cumulative capital contributions to AMSO, LLC | — | |||||||||
Less: liability for equity loss in AMSO, LLC at March 31, 2014 | (252 | ) | ||||||||
Maximum exposure to additional loss | $ | 1,134 | ||||||||
Summarized unaudited statements of operations of AMSO, LLC are as follows: | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Operating expenses: | ||||||||||
General and administrative | $ | 123 | $ | 91 | ||||||
Research and development | 1,512 | 3,136 | ||||||||
Total operating expenses | 1,635 | 3,227 | ||||||||
Loss from operations and net loss | $ | (1,635 | ) | $ | (3,227 | ) | ||||
Equity
Equity | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity and Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Equity | ' | ||||||||||||
Note 5—Equity | |||||||||||||
Changes in the components of equity were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
31-Mar-14 | |||||||||||||
Attributable to Genie | Noncontrolling Interests | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, December 31, 2013 | $ | 121,132 | $ | (4,792 | ) | $ | 116,340 | ||||||
Accrued dividends on preferred stock | (306 | ) | — | (306 | ) | ||||||||
Exercise of stock options | 23 | — | 23 | ||||||||||
Stock-based compensation | 1,729 | — | 1,729 | ||||||||||
Comprehensive loss: | |||||||||||||
Net loss | (6,784 | ) | (363 | ) | (7,147 | ) | |||||||
Foreign currency translation adjustments | (32 | ) | 2 | (30 | ) | ||||||||
Comprehensive loss | (6,816 | ) | (361 | ) | (7,177 | ) | |||||||
Balance, March 31, 2014 | $ | 115,762 | $ | (5,153 | ) | $ | 110,609 | ||||||
Dividend Payments | |||||||||||||
On February 15, 2014, the Company paid a quarterly Base Dividend of $0.1594 per share on its Series 2012-A Preferred Stock (“Preferred Stock”) for the fourth quarter of 2013. In April 2014, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the first quarter of 2014. The dividend will be paid on or about May 15, 2014 to stockholders of record as of the close of business on May 7, 2014. The aggregate dividends declared in the three months ended March 31, 2014 and 2013 were $0.3 million and $0.5 million, respectively, and the aggregate dividends paid in the three months ended March 31, 2014 and 2013 were $0.3 million and $0.2 million, respectively. | |||||||||||||
Exchange Offer | |||||||||||||
On May 8, 2014, the Company announced that it would offer to exchange up to 5.0 million shares of its outstanding Class B common stock for shares of its Preferred Stock. The Company will offer to issue one newly issued share of its Preferred Stock for each share of its Class B common stock tendered. The Preferred Stock is currently redeemable, in whole or in part, at the option of the Company following October 11, 2016 at 101% of the liquidation preference of $8.50 (the “Liquidation Preference”) plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2017. In conjunction with the closing of the exchange offer, the Company will extend the periods related to redemption of the Preferred Stock from October 11, 2016 to October 11, 2017, and from October 11, 2017 to October 11, 2018. The exchange offer will commence when the definitive materials (including an Offer to Exchange and Letter of Transmittal) are filed with the SEC and made available to the Company’s stockholders. | |||||||||||||
Stock Repurchase Program | |||||||||||||
On March 11, 2013, the Board of Directors of the Company approved a stock repurchase program for the repurchase of up to an aggregate of 7 million shares of the Company’s Class B common stock. At March 31, 2014, no repurchases had been made and 7 million shares remained available for repurchase under the stock repurchase program. | |||||||||||||
Variable Interest Entity | |||||||||||||
In 2011, an employee of IDT Corporation (“IDT”) until his employment was terminated effective December 30, 2011, incorporated Citizens Choice Energy, LLC (“CCE”), which is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. Tari Corporation (“Tari”) is the sole owner of CCE. In addition, DAD Sales, LLC (“DAD”), which is 100% owned by Tari, used its network of door-to-door sales agents to obtain customers for CCE. In December 2012, DAD ceased to acquire customers for CCE. The Company provided CCE, DAD and Tari with substantially all of the cash required to fund their operations. The Company determined that at the present time it has the power to direct the activities of CCE, DAD and Tari that most significantly impact their economic performance and it has the obligation to absorb losses of CCE, DAD and Tari that could potentially be significant to CCE, DAD and Tari on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, DAD and Tari, and as a result, the Company consolidates CCE, DAD and Tari within its IDT Energy segment. The Company does not own any interest in CCE, DAD or Tari and thus the net income or loss incurred by CCE, DAD and Tari was attributed to noncontrolling interests in the accompanying consolidated statements of operations. | |||||||||||||
Net (loss) income of CCE, DAD and Tari and aggregate net funding (provided by) repaid to the Company to CCE, DAD and Tari in order to finance their operations were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Net (loss) income: | |||||||||||||
CCE | $ | (20 | ) | $ | 1,591 | ||||||||
DAD | $ | (7 | ) | $ | (25 | ) | |||||||
Tari | $ | (13 | ) | $ | 9 | ||||||||
Aggregate funding (provided by) repaid to the Company, net | $ | (197 | ) | $ | 1,558 | ||||||||
Summarized combined balance sheets of CCE, DAD and Tari are as follows: | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 457 | $ | 434 | |||||||||
Restricted cash | 49 | 537 | |||||||||||
Trade accounts receivable | 3,432 | 2,459 | |||||||||||
Prepaid expenses | — | 364 | |||||||||||
Other current assets | 200 | 353 | |||||||||||
Other assets | 449 | 449 | |||||||||||
Total assets | $ | 4,587 | $ | 4,596 | |||||||||
Liabilities and noncontrolling interests | |||||||||||||
Current liabilities | $ | 2,772 | $ | 2,937 | |||||||||
Due to IDT Energy | 1,161 | 964 | |||||||||||
Noncontrolling interests | 654 | 695 | |||||||||||
Total liabilities and noncontrolling interests | $ | 4,587 | $ | 4,596 | |||||||||
The assets of CCE, DAD and Tari may only be used to settle obligations of CCE, DAD and Tari, and may not be used for other consolidated entities. The liabilities of CCE, DAD and Tari are non-recourse to the general credit of the Company’s other consolidated entities. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loss Per Share [Abstract] | ' | ||||||||
Loss Per Share | ' | ||||||||
Note 6—Loss Per Share | |||||||||
Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. | |||||||||
The following shares were excluded from the diluted loss per share computation because their inclusion would have been anti-dilutive: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Stock options | 3,440 | 449 | |||||||
Non-vested restricted Class B common stock | 156 | 1,793 | |||||||
Shares excluded from the calculation of diluted earnings per share | 3,596 | 2,242 | |||||||
The diluted loss per share equals basic loss per share in the three months ended March 31, 2014 and 2013 because the Company had a net loss and the impact of the assumed exercise of stock options and vesting of restricted stock would have been anti-dilutive. | |||||||||
An entity affiliated with Lord (Jacob) Rothschild has a one time option through November 12, 2017 to exchange its GOGAS shares for shares of the Company with equal fair value as determined by the parties. The number of shares issuable in such an exchange is not currently determinable. If this option is exercised, the shares issued by the Company may dilute the earnings per share in future periods. | |||||||||
An employee of the Company, pursuant to the terms of his employment agreement, has the option to exchange his equity interests in IEI, Afek, Genie Mongolia and any equity interest that he may acquire in other entities that the Company may create, for shares of the Company. Employees and directors of the Company that were previously granted restricted stock of IEI, Afek and Genie Mongolia have the right to exchange the restricted stock, upon vesting of such shares, into shares of the Company’s Class B common stock. In addition, IDT Energy has the right to exchange the deferred stock units it previously granted to employees and directors of the Company, upon vesting of such units, into shares of the Company’s Class B common stock or to redeem the units for cash. These exchanges, if elected, would be based on the relative fair value of the shares exchanged. The number of shares of the Company’s stock issuable in an exchange is not currently determinable. If shares of the Company’s stock are issued upon such exchange, the Company’s earnings per share may be diluted in future periods. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transaction [Abstract] | ' | ||||||||
Related Party Transaction | ' | ||||||||
Note 7—Related Party Transactions | |||||||||
The Company was formerly a subsidiary of IDT. On October 28, 2011, the Company was spun-off by IDT (the “Spin-Off”). The Company entered into various agreements with IDT prior to the Spin-Off including a Transition Services Agreement, which provides for certain services to be performed by the Company and IDT. | |||||||||
Following the Spin-off, IDT charges the Company for services it provides pursuant to the Transition Services Agreement. The charges for these services are included in “Selling, general and administrative” expense in the consolidated statements of operations. | |||||||||
Pursuant to the Transition Services Agreement, the Company provides specified administrative services to certain of IDT’s foreign subsidiaries. The Company’s charges for these services reduce the Company’s “Selling, general and administrative” expenses. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Amount IDT charged the Company | $ | 779 | $ | 745 | |||||
Amount the Company charged IDT | $ | 139 | $ | 58 |
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Business Segment Information [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
Note 8—Business Segment Information | |||||||||||||||||
The Company owns 99.3% of its subsidiary, GEIC, which owns 100% of IDT Energy and 92% of GOGAS. IDT Energy has outstanding deferred stock units granted to directors and employees that represent an interest of 2.3% of the equity of IDT Energy. The Company has two reportable business segments: IDT Energy, an REP supplying electricity and natural gas to residential and small business customers in the Northeastern United States, and Genie Oil and Gas, which is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shales and other fuel resources. The Genie Oil and Gas segment consists of (1) a 46.6% interest in AMSO, LLC, the Company’s oil shale project in Colorado, (2) an 88.6% interest in IEI, the Company’s oil shale project in Israel, (3) an 88.6% interest in Afek, the Company’s conventional oil and gas exploration project in the southern portion of the Golan Heights, and (4) an 89.9% interest in Genie Mongolia, the Company’s oil shale exploration project in Central Mongolia. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any direct cost of revenues. | |||||||||||||||||
The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. | |||||||||||||||||
The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments. | |||||||||||||||||
Operating results for the business segments of the Company were as follows: | |||||||||||||||||
(in thousands) | IDT | Genie Oil and Gas | Corporate | Total | |||||||||||||
Energy | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Revenues | $ | 130,348 | $ | — | $ | — | $ | 130,348 | |||||||||
Loss from operations | (909 | ) | (2,437 | ) | (3,147 | ) | (6,493 | ) | |||||||||
Research and development | — | 2,100 | — | 2,100 | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Revenues | $ | 85,331 | $ | — | $ | — | $ | 85,331 | |||||||||
Income (loss) from operations | 8,856 | (3,920 | ) | (2,303 | ) | 2,633 | |||||||||||
Research and development | — | 2,488 | — | 2,488 | |||||||||||||
Equity in the net loss of AMSO, LLC | — | 1,129 | — | 1,129 | |||||||||||||
Total assets for the business segments of the Company were as follows: | |||||||||||||||||
(in thousands) | IDT | Genie Oil and Gas | Corporate | Total | |||||||||||||
Energy | |||||||||||||||||
Total assets: | |||||||||||||||||
31-Mar-14 | $ | 100,028 | $ | 35,920 | $ | 21,517 | $ | 157,465 | |||||||||
31-Dec-13 | $ | 76,691 | $ | 42,193 | $ | 39,959 | $ | 158,843 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 9—Commitments and Contingencies | |
Purchase and Other Commitments | |
The Company had purchase commitments of $2.5 million as of March 31, 2014. | |
Renewable Energy Credits | |
IDT Energy must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At March 31, 2014, IDT Energy had commitments to purchase renewable energy credits of $9.9 million. | |
Tax Audits | |
The Company is subject to audits in various jurisdictions for various taxes. At March 31, 2014, the Company accrued $0.3 million for the estimated loss from these audits for which it is probable that a liability has been incurred. The Company’s reasonably possible liability related to these audits, above the amount that has been accrued, ranges from nil to $0.1 million. Amounts asserted by taxing authorities or the amount ultimately assessed against the Company could be greater than the accrued amount. Accordingly, additional provisions may be recorded in the future as revised estimates are made or underlying matters are settled or resolved. Imposition of assessments as a result of tax audits could have an adverse effect on the Company’s results of operations, cash flows and financial condition. | |
Letters of Credit | |
As of March 31, 2014, the Company had letters of credit outstanding totaling $7.6 million primarily for the benefit of regional transmission organizations that coordinate the movement of wholesale electricity and for certain utility companies. The letters of credit outstanding as of March 31, 2014 expire in the year ending March 31, 2015. | |
Performance Bonds | |
IDT Energy has performance bonds issued through a third party for the benefit of various states in order to comply with the states’ financial requirements for retail energy providers. At March 31, 2014, IDT Energy had aggregate performance bonds of $3.8 million outstanding. | |
Other Contingencies | |
Since 2009, IDT Energy has been a party to a Preferred Supplier Agreement with BP Energy Company (“BP”), pursuant to which BP is IDT Energy’s preferred provider of electricity and natural gas. The agreement’s termination date is June 30, 2015. Under the arrangement, IDT Energy purchases electricity and natural gas at market rate plus a fee. IDT Energy’s obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of IDT Energy’s customer receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. IDT Energy’s ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At March 31, 2014, the Company was in compliance with such covenants. As of March 31, 2014, restricted cash—short-term of $0.9 million and trade accounts receivable of $73.3 million were pledged to BP as collateral for the payment of IDT Energy’s trade accounts payable to BP of $26.3 million as of March 31, 2014. |
Revolving_Line_of_Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2014 | |
Revolving Line of Credit [Abstract] | ' |
Revolving Line of Credit | ' |
Note 10—Revolving Line of Credit | |
As of April 23, 2012, the Company and IDT Energy entered into a Loan Agreement with JPMorgan Chase Bank for a revolving line of credit for up to a maximum principal amount of $25.0 million. On April 30, 2014, the Loan Agreement was modified to extend the maturity date from April 30, 2014 to April 30, 2015. The proceeds from the line of credit may be used to provide working capital and for the issuance of letters of credit. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to the greater of (a) $10.0 million or (b) the sum of the amount of letters of credit outstanding plus the outstanding principal under the revolving note. The Company is not permitted to withdraw funds or exercise any authority over the required balance in the collateral account. The principal outstanding will bear interest at the lesser of (a) the LIBOR rate multiplied by the statutory reserve rate established by the Board of Governors of the Federal Reserve System plus 1.0% per annum, or (b) the maximum rate per annum permitted by whichever of applicable federal or Texas laws permit the higher interest rate. Interest is payable at least every three months and all outstanding principal and any accrued and unpaid interest is due on the maturity date. The Company pays a quarterly unused commitment fee of 0.08% per annum on the difference between $25.0 million and the average daily outstanding principal balance of the note. In addition, as of April 23, 2012, GEIC issued a Corporate Guaranty to JPMorgan Chase Bank whereby GEIC unconditionally guarantees the full payment of all indebtedness of the Company and IDT Energy under the Loan Agreement. At March 31, 2014 and December 31, 2013, there were no amounts borrowed under the line of credit, and cash collateral of $10.0 million was included in “Restricted cash—short-term” in the consolidated balance sheet. In addition, at March 31, 2014 and December 31, 2013, letters of credit of $7.6 million and $5.7 million, respectively, were outstanding. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Balance of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table presents the balance of assets and liabilities at March 31, 2014 measured at fair value on a recurring basis: | |||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative contracts | $ | 430 | $ | 1,013 | $ | — | $ | 1,443 | |||||||||
Liabilities: | |||||||||||||||||
Derivative contracts | $ | — | $ | 518 | $ | — | $ | 518 | |||||||||
The following table presents the balance of assets and liabilities at December 31, 2013 measured at fair value on a recurring basis: | |||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative contracts | $ | 390 | $ | 1,230 | $ | 62 | $ | 1,682 | |||||||||
Liabilities: | |||||||||||||||||
Derivative contracts | $ | 13 | $ | 372 | $ | — | $ | 385 | |||||||||
(1) – quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||
(3) – no observable pricing inputs in the market | |||||||||||||||||
Summary of the change in the balance of the Company's asset measured at fair value on a recurring basis using significant unobservable inputs | ' | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance, December 31, 2013 | $ | 62 | |||||||||||||||
Total losses (realized or unrealized) included in earnings in “Direct cost of revenues” | (62 | ) | |||||||||||||||
Balance, March 31, 2014 | $ | — | |||||||||||||||
The amount of total gains or losses for the period included in earnings in “Direct cost of revenues” attributable to the change in unrealized gains or losses relating to assets held at the end of the period | $ | — |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||
Summarized volume of IDT Energy's outstanding future contracts | ' | ||||||||||
Commodity | Settlement Dates | Volume | |||||||||
Electricity | Apr-14 | 8,800 MWh | |||||||||
Electricity | Jul-14 | 105,600 MWh | |||||||||
Electricity | Aug-14 | 100,800 MWh | |||||||||
Electricity | Sep-14 | 16,800 MWh | |||||||||
Electricity | Oct-14 | 36,800 MWh | |||||||||
Electricity | Nov-14 | 30,400 MWh | |||||||||
Electricity | Dec-14 | 35,200 MWh | |||||||||
Natural gas | Jul-14 | 1,550,000 Dth | |||||||||
Natural gas | Aug-14 | 600,000 Dth | |||||||||
Natural gas | Sep-14 | 400,000 Dth | |||||||||
Natural gas | Jan-15 | 155,000 Dth | |||||||||
Natural gas | Jul-15 | 232,500 Dth | |||||||||
Schedule of fair value of outstanding derivative instruments recorded as assets and liabilities | ' | ||||||||||
Asset Derivatives | Balance Sheet Location | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Derivatives not designated or not qualifying as hedging instruments: | |||||||||||
Energy contracts and options | Other current assets | $ | 1,443 | $ | 1,682 | ||||||
Liability Derivatives | Balance Sheet Location | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Derivatives not designated or not qualifying as hedging instruments: | |||||||||||
Energy contracts and options | Other current liabilities | $ | 518 | $ | 385 | ||||||
Effects of derivative instruments on the consolidated statements of operations | ' | ||||||||||
Amount of Gain (Loss) Recognized on Derivatives | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
Derivatives not designated or not qualifying as hedging instruments | Location of Gain (Loss) Recognized on Derivatives | 2014 | 2013 | ||||||||
(in thousands) | |||||||||||
Energy contracts and options | Direct cost of revenues | $ | (35 | ) | $ | (43 | ) |
Investment_in_American_Shale_O1
Investment in American Shale Oil, LLC (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Investment In American Shale Oil, LLC [Abstract] | ' | |||||||||
Summary in the change in balance of the Company's investment in AMSO, LLC | ' | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Balance, beginning of period | $ | (252 | ) | $ | 242 | |||||
Capital contributions | — | 762 | ||||||||
Equity in the net loss of AMSO, LLC | — | (1,129 | ) | |||||||
Balance, end of period | $ | (252 | ) | $ | (125 | ) | ||||
Maximum exposure to additional loss | ' | |||||||||
(in thousands) | ||||||||||
AMSO’s committed investment in AMSO, LLC based on the budget for the remainder of 2014 | $ | 1,386 | ||||||||
Less: cumulative capital contributions to AMSO, LLC | — | |||||||||
Less: liability for equity loss in AMSO, LLC at March 31, 2014 | (252 | ) | ||||||||
Maximum exposure to additional loss | $ | 1,134 | ||||||||
Summarized unaudited statements of operations AMSO, LLC | ' | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Operating expenses: | ||||||||||
General and administrative | $ | 123 | $ | 91 | ||||||
Research and development | 1,512 | 3,136 | ||||||||
Total operating expenses | 1,635 | 3,227 | ||||||||
Loss from operations and net loss | $ | (1,635 | ) | $ | (3,227 | ) | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity and Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Summary of changes in the components of equity | ' | ||||||||||||
Three Months Ended | |||||||||||||
31-Mar-14 | |||||||||||||
Attributable to Genie | Noncontrolling Interests | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, December 31, 2013 | $ | 121,132 | $ | (4,792 | ) | $ | 116,340 | ||||||
Accrued dividends on preferred stock | (306 | ) | — | (306 | ) | ||||||||
Exercise of stock options | 23 | — | 23 | ||||||||||
Stock-based compensation | 1,729 | — | 1,729 | ||||||||||
Comprehensive loss: | |||||||||||||
Net loss | (6,784 | ) | (363 | ) | (7,147 | ) | |||||||
Foreign currency translation adjustments | (32 | ) | 2 | (30 | ) | ||||||||
Comprehensive loss | (6,816 | ) | (361 | ) | (7,177 | ) | |||||||
Balance, March 31, 2014 | $ | 115,762 | $ | (5,153 | ) | $ | 110,609 | ||||||
Summary of Net income (loss) and aggregate net funding repaid to (provided by) the Company to variable interest entity | ' | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Net (loss) income: | |||||||||||||
CCE | $ | (20 | ) | $ | 1,591 | ||||||||
DAD | $ | (7 | ) | $ | (25 | ) | |||||||
Tari | $ | (13 | ) | $ | 9 | ||||||||
Aggregate funding (provided by) repaid to the Company, net | $ | (197 | ) | $ | 1,558 | ||||||||
Summarized combined balance sheets of CCE, DAD and Tari | ' | ||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 457 | $ | 434 | |||||||||
Restricted cash | 49 | 537 | |||||||||||
Trade accounts receivable | 3,432 | 2,459 | |||||||||||
Prepaid expenses | — | 364 | |||||||||||
Other current assets | 200 | 353 | |||||||||||
Other assets | 449 | 449 | |||||||||||
Total assets | $ | 4,587 | $ | 4,596 | |||||||||
Liabilities and noncontrolling interests | |||||||||||||
Current liabilities | $ | 2,772 | $ | 2,937 | |||||||||
Due to IDT Energy | 1,161 | 964 | |||||||||||
Noncontrolling interests | 654 | 695 | |||||||||||
Total liabilities and noncontrolling interests | $ | 4,587 | $ | 4,596 | |||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loss Per Share [Abstract] | ' | ||||||||
Schedule of antidilutive shares excluded from computation of earnings per share | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Stock options | 3,440 | 449 | |||||||
Non-vested restricted Class B common stock | 156 | 1,793 | |||||||
Shares excluded from the calculation of diluted earnings per share | 3,596 | 2,242 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transaction [Abstract] | ' | ||||||||
Summary of related party transactions | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Amount IDT charged the Company | $ | 779 | $ | 745 | |||||
Amount the Company charged IDT | $ | 139 | $ | 58 |
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Business Segment Information [Abstract] | ' | ||||||||||||||||
Operating results for the business segments | ' | ||||||||||||||||
(in thousands) | IDT | Genie Oil and Gas | Corporate | Total | |||||||||||||
Energy | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Revenues | $ | 130,348 | $ | — | $ | — | $ | 130,348 | |||||||||
Loss from operations | (909 | ) | (2,437 | ) | (3,147 | ) | (6,493 | ) | |||||||||
Research and development | — | 2,100 | — | 2,100 | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Revenues | $ | 85,331 | $ | — | $ | — | $ | 85,331 | |||||||||
Income (loss) from operations | 8,856 | (3,920 | ) | (2,303 | ) | 2,633 | |||||||||||
Research and development | — | 2,488 | — | 2,488 | |||||||||||||
Equity in the net loss of AMSO, LLC | — | 1,129 | — | 1,129 | |||||||||||||
Summary of business segment aggregate assets | ' | ||||||||||||||||
(in thousands) | IDT | Genie Oil and Gas | Corporate | Total | |||||||||||||
Energy | |||||||||||||||||
Total assets: | |||||||||||||||||
31-Mar-14 | $ | 100,028 | $ | 35,920 | $ | 21,517 | $ | 157,465 | |||||||||
31-Dec-13 | $ | 76,691 | $ | 42,193 | $ | 39,959 | $ | 158,843 |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | ||||||||||
Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
IDT Energy [Member] | Genie Oil and Gas [Member] | Genie Energy International Corporation [Member] | American Shale Oil L.L.C [Member] | Israel Energy Initiatives [Member] | Afek Oil and Gas Ltd. [Member] | Genie Mangolia [Member] | |||||
Basis Of Presentation Textual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's investment, ownership percentage in subsidiary | ' | ' | ' | ' | 100.00% | 92.00% | 99.30% | 46.60% | 88.60% | 88.60% | 89.90% |
Deferred stock units granted to directors and employees represent obligation percentage of equity | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' | ' | ' |
Percentage of gas revenue generated in given period | ' | 49.00% | ' | 47.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of electricity revenue generated in given period | 31.00% | ' | 34.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Assets: | ' | ' | ||
Derivative contracts | $1,443,000 | $1,682,000 | ||
Liabilities: | ' | ' | ||
Derivative contracts | 518,000 | 385,000 | ||
Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative contracts | 430,000 | [1] | 390,000 | [1] |
Liabilities: | ' | ' | ||
Derivative contracts | ' | [1] | 13,000 | [1] |
Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative contracts | 1,013,000 | [2] | 1,230,000 | [2] |
Liabilities: | ' | ' | ||
Derivative contracts | 518,000 | [2] | 372,000 | [2] |
Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative contracts | ' | [3] | 62 | [3] |
Liabilities: | ' | ' | ||
Derivative contracts | ' | [3] | ' | [3] |
[1] | (1) quoted prices in active markets for identical assets or liabilities | |||
[2] | observable inputs other than quoted prices in active markets for identical assets and liabilities | |||
[3] | no observable pricing inputs in the market |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Summary of the change in the balance of the Company's asset measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' |
Balance, December 31, 2013 | $62 |
Total losses (realized or unrealized) included in earnings in "Direct cost of revenues" | -62 |
Balance, March 31, 2014 | ' |
The amount of total gains or losses for the period included in earnings in "Direct cost of revenues" attributable to the change in unrealized gains or losses relating to assets held at the end of the period | ' |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2011 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements (Textual) | ' | ' | ' |
Financial instrument included in other assets | ' | $1.40 | $1.40 |
GOGAS [Member] | ' | ' | ' |
Fair Value Measurements (Textual) | ' | ' | ' |
Stock option issued, exercise price | 5 | ' | ' |
Fair value of the GOGAS stock option | ' | ' | ' |
Investment options, expiration date | 9-Apr-15 | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Electricity [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'April 2014 |
Volume | '8,800 MWh |
Electricity 1 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'July 2014 |
Volume | '105,600 MWh |
Electricity 2 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'August 2014 |
Volume | '100,800 MWh |
Electricity 3 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'September 2014 |
Volume | '16,800 MWh |
Electricity 4 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'October 2014 |
Volume | '36,800 MWh |
Electricity 5 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'November 2014 |
Volume | '30,400 MWh |
Electricity 6 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Electricity |
Settlement Dates | 'December 2014 |
Volume | '35,200 MWh |
Natural Gas [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Natural gas |
Settlement Dates | 'July 2014 |
Volume | '1,550,000 Dth |
Natural Gas Reserves 1 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Natural gas |
Settlement Dates | 'August 2014 |
Volume | '600,000 Dth |
Natural Gas Reserves 2 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Natural gas |
Settlement Dates | 'September 2014 |
Volume | '400,000 Dth |
Natural Gas Reserves 3 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Natural gas |
Settlement Dates | 'January 2015 |
Volume | '155,000 Dth |
Natural Gas Reserves 4 [Member] | ' |
Summarized volume of IDT Energy's outstanding future contracts | ' |
Commodity | 'Natural gas |
Settlement Dates | 'July 2015 |
Volume | '232,500 Dth |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (Energy contracts and options [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other current assets [Member] | ' | ' |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | ' | ' |
Asset Derivatives, not designated or not qualifying as hedging instruments | $1,443 | $1,682 |
Other current liabilities [Member] | ' | ' |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | ' | ' |
Liability Derivatives, not designated or not qualifying as hedging instruments | $518 | $385 |
Derivative_Instruments_Details2
Derivative Instruments (Details 2) (Energy contracts and options [Member], Direct cost of revenues [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Energy contracts and options [Member] | Direct cost of revenues [Member] | ' | ' |
Effects of derivative instruments on the consolidated statements of operations | ' | ' |
Amount of Gain (Loss) Recognized on Derivatives | ($35) | ($43) |
Investment_in_American_Shale_O2
Investment in American Shale Oil, LLC (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary in the change in balance of the Company's investment in AMSO, LLC | ' | ' |
Balance, beginning of period | ($252) | $242 |
Capital contributions | ' | 762 |
Equity in the net loss of AMSO, LLC | ' | -1,129 |
Balance, end of period | ($252) | ($125) |
Investment_in_American_Shale_O3
Investment in American Shale Oil, LLC (Details 1) (AMSO, LLC [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
AMSO, LLC [Member] | ' |
Maximum exposure to additional loss | ' |
AMSO's committed investment in AMSO, LLC based on the 2014 budget | $1,386 |
Less: cumulative capital contributions to AMSO, LLC | ' |
Less: liability for equity loss in AMSO, LLC at March 31, 2014 | -252 |
Maximum exposure to additional loss | $1,134 |
Investment_in_American_Shale_O4
Investment in American Shale Oil, LLC (Details 2) (AMSO, LLC [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
AMSO, LLC [Member] | ' | ' |
Operating expenses: | ' | ' |
General and administrative | $123 | $91 |
Research and development | 1,512 | 3,136 |
Total operating expenses | 1,635 | 3,227 |
Loss from operations and net loss | ($1,635) | ($3,227) |
Investment_in_American_Shale_O5
Investment in American Shale Oil, LLC (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
AMSO, LLC [Member] | ' |
Investment in American Shale Oil, LLC (Textual) | ' |
Percentage of initial expenditure funded by holding company | 20.00% |
Initial expenditures | $50,000,000 |
Percentage of funding provided by holding company for next increased expenditures | 35.00% |
Amount of expenditures to be funded 35% by holding company | 50,000,000 |
Percentage of funding to AMSO, LLC's for converting research, development and demonstration lease to a commercial lease | 40.00% |
Capital contributions to AMSO, LLC | 71,700,000 |
Amount of budget funded by holding company | 3,200,000 |
Maximum exposure to additional loss | 1,134,000 |
Amount of expenditures not allocated to holding company after dilution | 5,000,000 |
Reduction in ownership interest | 46.60% |
Reduction in fund to affiliate | 32.60% |
Expenditures to be funded by holding company not funded | $1,700,000 |
TOTAL S.A. [Member] | ' |
Investment in American Shale Oil, LLC (Textual) | ' |
Reduction in ownership interest | 53.40% |
Reduction in fund to affiliate | 67.40% |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of changes in the components of equity | ' | ' |
Balance, December 31, 2013 | $116,340 | ' |
Accrued dividends on preferred stock | -306 | ' |
Exercise of stock options | 23 | ' |
Stock-based compensation | 1,839 | 956 |
Comprehensive loss: | ' | ' |
Net (loss) income | -7,147 | -97 |
Foreign currency translation adjustments | -30 | 122 |
Comprehensive (loss) income | -7,177 | -9 |
Balance, March 31, 2014 | 110,609 | ' |
Attributable to Genie [Member] | ' | ' |
Summary of changes in the components of equity | ' | ' |
Balance, December 31, 2013 | 121,132 | ' |
Accrued dividends on preferred stock | -306 | ' |
Exercise of stock options | 23 | ' |
Stock-based compensation | 1,729 | ' |
Comprehensive loss: | ' | ' |
Net (loss) income | -6,784 | ' |
Foreign currency translation adjustments | -32 | ' |
Comprehensive (loss) income | -6,816 | ' |
Balance, March 31, 2014 | 115,762 | ' |
Noncontrolling Interests [Member] | ' | ' |
Summary of changes in the components of equity | ' | ' |
Balance, December 31, 2013 | -4,792 | ' |
Accrued dividends on preferred stock | ' | ' |
Exercise of stock options | ' | ' |
Stock-based compensation | ' | ' |
Comprehensive loss: | ' | ' |
Net (loss) income | -363 | ' |
Foreign currency translation adjustments | 2 | ' |
Comprehensive (loss) income | -361 | ' |
Balance, March 31, 2014 | ($5,153) | ' |
Equity_Details_1
Equity (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net (loss) income: | ' | ' |
Aggregate funding (provided by) repaid to the Company, net | ($197) | $1,558 |
CCE [Member] | ' | ' |
Net (loss) income: | ' | ' |
Net income (loss) | -20 | 1,591 |
DAD [Member] | ' | ' |
Net (loss) income: | ' | ' |
Net income (loss) | -7 | -25 |
Tari [Member] | ' | ' |
Net (loss) income: | ' | ' |
Net income (loss) | ($13) | $9 |
Equity_Details_2
Equity (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | $4,587 | $4,596 |
Total liabilities and noncontrolling interests | 4,587 | 4,596 |
Cash and cash equivalents [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | 457 | 434 |
Restricted cash [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | 49 | 537 |
Trade accounts receivable [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | 3,432 | 2,459 |
Prepaid expenses [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | ' | 364 |
Other current assets [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | 200 | 353 |
Other assets [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total assets | 499 | 449 |
Current Liability [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total liabilities and noncontrolling interests | 2,772 | 2,937 |
Due to IDT Energy [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total liabilities and noncontrolling interests | 1,161 | 964 |
Noncontrolling Interests [Member] | ' | ' |
Summarized combined balance sheets of CCE, DAD and Tari | ' | ' |
Total liabilities and noncontrolling interests | $654 | $695 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Feb. 15, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 | 8-May-14 | Mar. 31, 2014 | Mar. 11, 2013 |
DAD Sales LLC [Member] | Common Stock Class B [Member] | Common Stock Class B [Member] | Common Stock Class B [Member] | ||||
Subsequent Event [Member] | Stock Repurchase Program [Member] | Stock Repurchase Program [Member] | |||||
Equity (Textual) | ' | ' | ' | ' | ' | ' | ' |
Number of stock authorized to be repurchase | ' | ' | ' | ' | ' | ' | 7 |
Remaining number of shares available for repurchase | ' | ' | ' | ' | ' | 7 | ' |
Common stock exchange into of preferred stock | ' | ' | ' | ' | 5 | ' | ' |
Ownership interest | ' | ' | ' | 100.00% | ' | ' | ' |
Terms of offer to exchange class B common stock shares for preferred stock shares | ' | ' | ' | ' | 'The Company will offer to issue one newly issued share of its Preferred Stock for each share of its Class B common stock tendered. The Preferred Stock is currently redeemable, in whole or in part, at the option of the Company following October 11, 2016 at 101% of the liquidation preference of $8.50 (the "Liquidation Preference") plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2017. In conjunction with the closing of the exchange offer, the Company will extend the periods related to redemption of the Preferred Stock from October 11, 2016 to October 11, 2017, and from October 11, 2017 to October 11, 2018. | ' | ' |
Company paid a pro-rated Base Dividend on Series 2012-A Preferred Stock | $0.16 | ' | ' | ' | ' | ' | ' |
Company's Board of Directors declared a quarterly Base Dividend | ' | $0.16 | ' | ' | ' | ' | ' |
Dividends, Date to be Paid | ' | 15-May-14 | ' | ' | ' | ' | ' |
Dividends declared and paid on preferred stock | ' | $0.30 | $0.50 | ' | ' | ' | ' |
Dividends Preferred Stock Paid | ' | $0.30 | $0.20 | ' | ' | ' | ' |
Loss_Per_Share_Details
Loss Per Share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of antidilutive shares excluded from computation of earnings per share | ' | ' |
Shares excluded from the calculation of diluted earnings per share | 3,596 | 2,242 |
Stock options [Member] | ' | ' |
Schedule of antidilutive shares excluded from computation of earnings per share | ' | ' |
Shares excluded from the calculation of diluted earnings per share | 3,440 | 449 |
Non-vested restricted Class B common stock [Member] | ' | ' |
Schedule of antidilutive shares excluded from computation of earnings per share | ' | ' |
Shares excluded from the calculation of diluted earnings per share | 156 | 1,793 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of related party transactions | ' | ' |
Amount IDT charged the Company | $779 | $745 |
Amount the Company charged IDT | $139 | $58 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating results for the business segments | ' | ' |
Revenues | $130,348 | $85,331 |
Loss from operations | -6,493 | 2,633 |
Research and development | 2,100 | 2,488 |
Equity in the net loss of AMSO, LLC | ' | -1,129 |
IDT Energy [Member] | ' | ' |
Operating results for the business segments | ' | ' |
Revenues | 130,348 | 85,331 |
Loss from operations | -909 | 8,856 |
Research and development | ' | ' |
Equity in the net loss of AMSO, LLC | ' | ' |
Genie Oil and Gas [Member] | ' | ' |
Operating results for the business segments | ' | ' |
Revenues | ' | ' |
Loss from operations | -2,437 | -3,920 |
Research and development | 2,100 | 2,488 |
Equity in the net loss of AMSO, LLC | ' | -1,129 |
Corporate [Member] | ' | ' |
Operating results for the business segments | ' | ' |
Revenues | ' | ' |
Loss from operations | -3,147 | -2,303 |
Research and development | ' | ' |
Equity in the net loss of AMSO, LLC | ' | ' |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary total assets for the business segments | ' | ' |
Total assets | $157,465 | $158,843 |
IDT Energy [Member] | ' | ' |
Summary total assets for the business segments | ' | ' |
Total assets | 100,028 | 76,691 |
Genie Oil and Gas [Member] | ' | ' |
Summary total assets for the business segments | ' | ' |
Total assets | 35,920 | 42,193 |
Corporate [Member] | ' | ' |
Summary total assets for the business segments | ' | ' |
Total assets | $21,517 | $39,959 |
Business_Segment_Information_D2
Business Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Business Segment Information (Textual) | ' |
Number of Reportable Segments | 2 |
GEIC [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 99.30% |
IDT Energy [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 100.00% |
Deferred stock units, stock obligation to related parties | 2.30% |
GOGAS [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 92.00% |
AMSO, LLC [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 46.60% |
IEI [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 88.60% |
Afek [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 88.60% |
Genie Mangolia [Member] | ' |
Business Segment Information (Textual) | ' |
Company's investment, ownership percentage in subsidiary | 89.90% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Minimum [Member] | Maximum [Member] | JPMorgan [Member] | JPMorgan [Member] | BP [Member] | IDT Energy [Member] | |||
Commitments and Contingencies (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash pledged as collateral | ' | ' | ' | ' | ' | ' | $900,000 | ' |
Trade accounts receivable pledged as collateral | ' | ' | ' | ' | ' | ' | 73,300,000 | ' |
Trade accounts payable | 30,878,000 | 25,302,000 | ' | ' | ' | ' | 26,300,000 | ' |
Aggregate performance bonds outstanding | ' | ' | ' | ' | ' | ' | ' | 3,800,000 |
Line of credit facility, amount outstanding | ' | ' | ' | ' | 7,600,000 | 5,700,000 | ' | ' |
Purchase and other commitments | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Amount accrued for income tax audit | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase of renewable energy credit | ' | ' | ' | ' | ' | ' | ' | 9,900,000 |
Estimated potential exposure related to accrued tax | ' | ' | $0 | $100,000 | ' | ' | ' | ' |
Revolving_Line_of_Credit_Detai
Revolving Line of Credit (Details) (JPMorgan [Member], USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 23, 2012 |
JPMorgan [Member] | ' | ' | ' | ' |
Revolving Line of Credit (Textual) | ' | ' | ' | ' |
Maximum principal amount on revolving line of credit | ' | ' | ' | $25 |
Description of line of credit collateral | ' | 'Equal to the greater of (a) $10.0 million or (b) the sum of the amount of letters of credit outstanding plus the outstanding principal under the revolving note. | ' | ' |
Extended Maturity Date | 30-Apr-15 | ' | ' | ' |
Maximum amount of collateral under condition one | ' | 10 | ' | ' |
Interest rate description on principal outstanding | ' | 'Lesser of (a) the LIBOR rate multiplied by the statutory reserve rate established by the Board of Governors of the Federal Reserve System plus 1.0% per annum, or (b) the maximum rate per annum permitted by whichever of applicable federal or Texas laws permit the higher interest rate. | ' | ' |
Quoted margin rate on LIBOR, per annum | ' | 1.00% | ' | ' |
Quarterly unused commitment fee | ' | 0.08% | ' | ' |
Line of credit facility, frequency of payment and payment terms | ' | 'Interest is payable at least every three months and all outstanding principal and any accrued and unpaid interest is due on the maturity date | ' | ' |
Cash collateral for line of credit | ' | 10 | ' | ' |
Line of credit facility, amount utilized | ' | $7.60 | $5.70 | ' |