Genie Energy (GNE) 10-Q/A 16 Nov 17 2017 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Entity Registrant Name	Genie Energy Ltd.
Entity Central Index Key	1,528,356
Trading Symbol	GNE
Amendment Flag	true
Amendment Description	Genie Energy Ltd. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) in order to correct its revenues, cost of revenues, income from operations, net income and earnings per share, and revise the Company’s disclosure in Item 4 of Part I, Controls and Procedures.
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Class A Common Stock
Entity Common Stock, Shares Outstanding		1,574,326
Class B Common Stock
Entity Common Stock, Shares Outstanding		23,101,681

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 35,971	$ 35,192
Restricted cash - short-term	10,449	10,813
Trade accounts receivable, net of allowance for doubtful accounts of $169 and $171 at March 31, 2017 and December 31, 2016, respectively	35,202	36,858
Inventory	6,922	5,989
Prepaid expenses	3,988	4,026
Other current assets	6,539	4,932
Total current assets	99,071	97,810
Property and equipment, net	1,723	1,617
Capitalized exploration costs - unproved oil and gas property	1,145
Goodwill	8,728	8,728
Other intangibles, net	3,956	4,277
Restricted cash - long-term	1,475	1,047
Deferred income tax assets, net	1,781	1,781
Other assets	6,514	6,553
Total assets	124,393	121,813
Current liabilities:
Revolving line of credit	1,160	711
Trade accounts payable	14,330	17,274
Accrued expenses	15,993	16,301
Advances from customers	371	781
Income taxes payable	3,299	2,426
Due to IDT Corporation	78	141
Energy hedging contracts	2,546	1,727
Other current liabilities	3,064	1,784
Total current liabilities	40,841	41,145
Other liabilities	805	803
Total liabilities	41,646	41,948
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 2,322 shares issued and outstanding at March 31, 2017 and December 31, 2016	19,743	19,743
Additional paid-in capital	128,410	128,243
Treasury stock, at cost, consisting of 205 shares and 201 shares of Class B common stock at March 31, 2017 and December 31, 2016, respectively	(1,622)	(1,599)
Accumulated other comprehensive income	2,165	1,465
Accumulated deficit	(49,205)	(51,567)
Total Genie Energy Ltd. stockholders' equity	99,740	96,534
Noncontrolling interests:
Noncontrolling interests	(15,326)	(15,002)
Receivable for issuance of equity	(1,667)	(1,667)
Total noncontrolling interests	(16,993)	(16,669)
Total equity	82,747	79,865
Total liabilities and equity	124,393	121,813
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	$ 233	$ 233

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts, trade accounts receivable (in dollars)	$ 169	$ 171
Series 2012-A Preferred Stock
Designated shares	8,750	8,750
Preferred stock, par value (In dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	2,322	2,322
Preferred stock, shares outstanding	2,322	2,322
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	23,291	23,274
Common stock, shares outstanding	23,086	23,073
Treasury stock, shares	205	201

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues:
Electricity		$ 52,966	$ 45,126
Natural gas		17,940	13,366
Other		499	387
Total revenues		71,405	58,879
Cost of revenues		46,556	34,832
Gross profit		24,849	24,047
Operating expenses and losses:
Selling, general and administrative	[1]	18,802	16,008
Research and development			127
Exploration		851	1,691
Equity in the net loss of AMSO, LLC			222
Income from operations		5,196	5,999
Interest income		86	82
Other expense, net		(287)	(135)
Income before income taxes		4,995	5,946
Provision for income taxes		(856)	(1,096)
Net income		4,139	4,850
Net loss attributable to noncontrolling interests		443	819
Net income attributable to Genie Energy Ltd.		4,582	5,669
Dividends on preferred stock		(370)	(370)
Net income attributable to Genie Energy Ltd. common stockholders		$ 4,212	$ 5,299
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic		$ 0.18	$ 0.23
Diluted		$ 0.18	$ 0.22
Weighted-average number of shares used in calculation of earnings per share:
Basic		23,450	22,791
Diluted		23,761	23,684
Dividends declared per common share		$ 0.075	$ 0.06
[1]	Stock-based compensation included in selling, general and administrative expense

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statements of Operations [Abstract]
Stock-based compensation included in selling, general and administrative expense	$ 1,238	$ 1,210

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statements of Comprehensive Income [Abstract]
Net income	$ 4,139	$ 4,850
Other comprehensive income:
Foreign currency translation adjustments	442	1,257
Comprehensive income	4,581	6,107
Comprehensive loss attributable to noncontrolling interests	701	822
Comprehensive income attributable to Genie Energy Ltd.	$ 5,282	$ 6,929

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 4,139	$ 4,850
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	470	97
Provision for doubtful accounts receivable	25	(3)
Stock-based compensation	1,238	1,210
Equity in the net loss of AMSO, LLC		222
Change in assets and liabilities:
Restricted cash	47	(294)
Trade accounts receivable	1,631	(592)
Inventory	(933)	4,640
Prepaid expenses	47	3,037
Other current assets and other assets	(1,855)	(1,055)
Trade accounts payable, accrued expenses and other current liabilities	(1,571)	(2,998)
Advances from customers	(410)	(442)
Due to IDT Corporation	(62)	(253)
Income taxes payable	874	701
Net cash provided by operating activities	3,640	9,120
Investing activities
Capital expenditures	(222)	(84)
Investments in capitalized exploration costs-unproved oil and gas property	(1,127)	(8,031)
Deposit for investment	(94)
Repayment of notes receivable	446
Capital contributions to AMSO, LLC		(63)
Net cash used in investing activities	(997)	(8,178)
Financing activities
Dividends paid	(2,220)	(1,849)
Purchase of equity of subsidiary	(278)
Proceeds from revolving line of credit	10,450
Repayment of revolving line of credit	(10,001)
Repurchases of Class B common stock from employees	(23)	(29)
Payment for acquisitions		(104)
Net cash used in financing activities	(2,072)	(1,982)
Effect of exchange rate changes on cash and cash equivalents	208	153
Net increase (decrease) in cash and cash equivalents	779	(887)
Cash and cash equivalents at beginning of period	35,192	38,786
Cash and cash equivalents at end of period	$ 35,971	$ 37,899

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The balance sheet at December 31, 2016 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, 2016, as filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company owns 99.3% of its subsidiary, Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”) and 92% of Genie Oil and Gas, Inc. (“GOGAS”). The Company’s principal businesses consist of the following: Genie Retail Energy operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”) and Town Square Energy, and energy brokerage and marketing services. Its REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern United States; and Genie Oil and Gas is an oil and gas exploration company that consists of an 86.0% interest in Afek Oil and Gas, Ltd. (“Afek”), which operates an exploration project in the Golan Heights in Northern Israel, and certain inactive projects. GRE has outstanding deferred stock units granted to officers and employees that represent an interest of 2.5% of the equity of GRE. Seasonality and Weather The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. 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 43% and 64% of GRE’s natural gas revenues for the relevant years were generated in the first quarter of 2016 and 2015, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 31% and 29% of GRE’s electricity revenues for the relevant years were generated in the third quarter of 2016 and 2015, respectively. GRE’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.

Restatement of Unaudited Consol

Restatement of Unaudited Consolidated Financial Statements and Additional Disclosure	3 Months Ended
	Mar. 31, 2017
Restatement of Unaudited Consolidated Financial Statements / Revised Unaudited Consolidated Financial Statements [Abstract]
Restatement of Unaudited Consolidated Financial Statements	Note 2—Restatement of Unaudited Consolidated Financial Statements and Additional Disclosure The unaudited consolidated statement of operations for the three months ended March 31, 2017 has been restated to properly reflect the Company’s revenues, cost of revenues, income from operations, net income and earnings per share for that three-month period. Certain amounts recorded in the second quarter of 2017 should properly have been recorded in the first quarter. The unaudited consolidated balance sheet at March 31, 2107, the unaudited consolidated statement of comprehensive income for the three months ended March 31, 2017, the unaudited consolidated statement of cash flows for the three months ended March 31, 2017, and the notes to consolidated financial statements, were restated to make the associated changes required by the adjustments to the unaudited consolidated statement of operations. The error related to the estimation of weather impact on the Company’s estimated unbilled revenue. This estimation process is performed in an effort to allocate billings to a calendar period using historical consumption data of the customer base of the retail energy providers operated by the Company and applying a weather factor to estimated unbilled amounts. The weather adjustment was erroneous, causing understated amounts of estimated unbilled commodity consumption, resulting in under estimates of revenues and cost of revenues to be included in the three months ended March 31, 2017. The errors impacted revenue by $2.0 million, gross profit and income (loss) from operations by $1.2 million, and net income by $1.1 million. The nature of the estimation processes is reversing, as actual billings representing the unbilled estimates manifest in the following period, in this case, in April 2017. The reversal of this estimate resulted in commodity consumption and the associated revenues and cost of revenues to be overstated in the three months ended June 30, 2017. The cumulative operating results for the six months ended June 30, 2017 were unaffected. The Company’s GRE segment was the only segment affected by the misstatement. The impact of the restatement on the Company’s consolidated financial statements was as follows: Three Months Ended March 31, 2017 Previously Reported Error Correction Restated (in thousands, except per share data) Consolidated Statement of Operations: Electricity revenues $ 52,474 $ 492 $ 52,966 Natural gas revenues $ 16,467 $ 1,473 $ 17,940 Cost of revenues $ 45,819 $ 737 $ 46,556 Gross profit $ 23,621 $ 1,228 $ 24,849 Provision for income taxes $ 733 $ 123 $ 856 Net income $ 3,034 $ 1,105 $ 4,139 Net income attributable to Genie Energy, Ltd $ 3,477 $ 1,105 $ 4,582 Comprehensive income $ 3,476 $ 1,105 $ 4,581 Comprehensive income attributable to Genie Energy, Ltd $ 4,177 $ 1,105 $ 5,282 Earnings per share attributable to Genie Energy, Ltd. common stockholders: Basic $ 0.13 $ 0.05 $ 0.18 Diluted $ 0.13 $ 0.05 $ 0.18 Previously Reported Error Correction Restated (in thousands) Consolidated Balance Sheet: Trade accounts receivable, net $ 33,385 $ 1,817 $ 35,202 Prepaid expenses $ 4,577 $ (589 ) $ 3,988 Total assets $ 123,165 $ 1,228 $ 124,393 Income taxes payable $ 3,176 $ 123 $ 3,299 Total liabilities $ 41,523 $ 123 $ 41,646 Accumulated deficit $ (50,310 ) $ 1,105 $ (49,205 ) Total liabilities and equity $ 123,165 $ 1,228 $ 124,393 In addition, the Company is revising Note 11 to include additional disclosure about the pending class action lawsuits in Pennsylvania, New York and New Jersey.

Revised Unaudited Consolidated

Revised Unaudited Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2017
Restatement of Unaudited Consolidated Financial Statements / Revised Unaudited Consolidated Financial Statements [Abstract]
Revised Unaudited Consolidated Financial Statements	Note 3—Revised Unaudited Consolidated Financial Statements In the consolidated statement of operations for the three months ended March 31, 2016, Pennsylvania gross receipt tax was previously recorded as a reduction to electricity revenue instead of as cost of revenues. Electricity revenues and cost of revenues were adjusted to correct the classification by reflecting additional revenue and cost of revenues in the consolidated statement of operations in the amount of $0.7 million. GRE prepays various electricity costs that are subsequently charged to cost of revenues when the related electricity revenue is recognized. The Company concluded that certain of these amounts included in “Prepaid expenses” in its consolidated balance sheet at March 31, 2016 should have been charged to cost of revenues in the first quarter of 2016. The Company revised its consolidated financial statements by reducing prepaid expenses and increasing electricity cost of revenues by $0.8 million in the three months ended March 31, 2016. The impact of these adjustments on the Company’s consolidated financial statements was as follows: Three Months Ended March 31, 2016 Previously Reported Prepaid Expense Error Correction Gross Receipts Tax Correction Revised (in thousands, except per share data) Electricity revenues $ 44,385 $ — $ 741 $ 45,126 Cost of revenues $ 33,274 $ 817 $ 741 $ 34,832 Gross profit $ 24,864 $ (817 ) $ — $ 24,047 Net income $ 5,667 $ (817 ) $ — $ 4,850 Net income attributable to Genie Energy, Ltd $ 6,486 $ (817 ) $ — $ 5,669 Comprehensive income $ 6,924 $ (817 ) $ — $ 6,107 Comprehensive income attributable to Genie Energy, Ltd $ 7,746 $ (817 ) $ — $ 6,929 Earnings per share attributable to Genie Energy, Ltd. common stockholders: Basic $ 0.27 $ (0.04 ) $ — $ 0.23 Diluted $ 0.26 $ (0.04 ) $ — $ 0.22

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4—Fair Value Measurements The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) March 31, 2017 Assets: Derivative contracts $ 389 $ 4,453 $ — $ 4,842 Liabilities: Derivative contracts $ 161 $ 2,385 $ — $ 2,546 December 31, 2016 Assets: Derivative contracts $ 256 $ 2,395 $ — $ 2,651 Liabilities: Derivative contracts $ 60 $ 1,667 $ — $ 1,727 (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 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. 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 and long-term, prepaid expenses, other current assets, revolving line of credit, advances from customers, due to IDT Corporation and other current liabilities. Other assets and other liabilities.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments [Abstract]
Derivative Instruments	Note 5—Derivative Instruments The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with Accounting Standards Codification 815—Derivatives and Hedging. Natural gas and electricity 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 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, 2017 and December 31, 2016, GRE’s swaps and options were traded on the New York Mercantile Exchange. The summarized volume of GRE’s outstanding contracts and options at March 31, 2017 was as follows (MWh – Megawatt hour and Dth – Decatherm): Commodity Settlement Dates Volume Electricity April 2017 16,000 MWh Electricity June 2017 153,120 MWh Electricity July 2017 334,000 MWh Electricity August 2017 420,900 MWh Electricity September 2017 75,200 MWh Electricity October 2017 241,120 MWh Electricity November 2017 213,360 MWh Electricity December 2017 283,200 MWh Electricity January 2018 362,560 MWh Electricity February 2018 329,600 MWh Electricity March 2018 179,520 MWh Electricity April 2018 67,200 MWh Electricity May 2018 70,400 MWh Electricity June 2018 67,200 MWh Electricity July 2018 67,200 MWh Electricity August 2018 73,600 MWh Electricity September 2018 60,800 MWh Electricity October 2018 147,200 MWh Electricity November 2018 134,400 MWh Electricity December 2018 128,000 MWh Natural gas October 2017 200,000 Dth Natural gas November 2017 1,100,000 Dth Natural gas December 2017 700,000 Dth Natural gas February 2018 888,400 Dth Natural gas March 2018 600,000 Dth The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: Asset Derivatives Balance Sheet Location March 31, December 31, (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current assets $ 4,842 $ 2,651 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Energy hedging contracts $ 2,546 $ 1,727 The effects of derivative instruments on the consolidated statements of operations were as follows: Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Derivatives not designated or not qualifying as hedging instruments Location of Gain (Loss) Recognized on Derivatives 2017 2016 (in thousands) Energy contracts and options Cost of revenues $ (1,248 ) $ 361

Afek Oil and Gas Exploration Ac

Afek Oil and Gas Exploration Activities	3 Months Ended
	Mar. 31, 2017
Afek Oil and Gas Exploration Activities [Abstract]
Afek Oil and Gas Exploration Activities	Note 6—Afek Oil and Gas Exploration Activities The Company accounts for Afek’s oil and gas activities under the successful efforts method of accounting. Under this method, the costs of drilling exploratory wells and exploratory-type stratigraphic test wells are capitalized, pending determination of whether the well has found proved reserves. Other exploration costs are charged to expense as incurred. Unproved properties are assessed for impairment, and if considered impaired, are charged to expense when such impairment is deemed to have occurred. In April 2013, the Government of Israel finalized the award to Afek of an exclusive three-year petroleum exploration license covering 396.5 square kilometers in the southern portion of the Golan Heights in Northern Israel. The license has been extended to April 2018. Israel’s Northern District Planning and Building Committee granted Afek a one-year permit that commenced in February 2015, which has been subsequently extended to April 18, 2018, to conduct an up to ten-well oil and gas exploration program. This permit as extended is expected to cover the remainder of Afek’s ongoing exploration program in the area covered by its exploration license. In February 2015, Afek began drilling its first exploratory well. To date, Afek has completed drilling five wells in the Southern region of its license area. In light of the analysis received on the first five wells and market conditions at the time, in the third quarter of 2016, Afek determined that it did not have a clear path to demonstrate probable or possible reserves in the Southern region of its license area over the next 12 to 18 months. Since there was substantial doubt regarding the economic viability of these wells, in the third quarter of 2016, Afek wrote off the $41.0 million of capitalized exploration costs incurred in the Southern region. Afek has turned its operational focus to the Northern region of its license area. Afek views the Northern and Southern regions separately when evaluating its unproved properties. In 2017, Afek commenced drilling its sixth exploratory well at one of the Northern sites in its license area. Afek expects to complete the well during the third quarter of 2017. At March 31, 2017 and December 31, 2016, the Company had capitalized exploration costs of $1.1 million and nil, respectively. In the three months ended March 31, 2017 and 2016, the Company recognized exploration expense of $0.9 million and $1.7 million, respectively. Afek assesses the economic and operational viability of its project on an ongoing basis. The assessment requires significant estimates and assumptions by management. Should Afek’s estimates or assumptions regarding the recoverability of its capitalized exploration costs prove to be incorrect, Afek may be required to record impairments of such costs in future periods and such impairments could be material.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	Note 7—Equity Changes in the components of equity were as follows: Three Months Ended Attributable to Genie Noncontrolling Interests Total (in thousands) Balance, December 31, 2016 $ 96,534 $ (16,669 ) $ 79,865 Dividends on preferred stock (370 ) — (370 ) Dividends on common stock ($0.075 per share) (1,850 ) — (1,850 ) Restricted Class B common stock purchased from employees (23 ) — (23 ) Purchase of equity of subsidiary (655 ) 377 (278 ) Stock-based compensation 822 — 822 Comprehensive income: Net income (restated see Note 2) 4,582 (443 ) 4,139 Foreign currency translation adjustments 700 (258 ) 442 Comprehensive income (restated see Note 2) 5,282 (701 ) 4,581 Balance, March 31, 2017 (restated see Note 2) $ 99,740 $ (16,993 ) $ 82,747 Dividend Payments On February 15, 2017, 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 2016. The aggregate dividends paid on the Company’s Preferred Stock in the three months ended March 31, 2017 and 2016 was $0.4 million. On March 29, 2017, 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 2017. The dividend will be paid on or about May 15, 2017 to stockholders of record as of the close of business on May 4, 2017. On March 24, 2017, the Company paid a quarterly dividend of $0.075 per share on its Class A common stock and Class B common stock in the aggregate amount of $1.9 million. On February 12, 2016, the Company paid a quarterly dividend of $0.06 per share on its Class A common stock and Class B common stock in the aggregate amount of $1.5 million. On May 2, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.075 per share on its Class A common stock and Class B common stock for the first quarter of 2017. The dividend will be paid on or about May 19, 2017 to stockholders of record as of the close of business on May 15, 2017. 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 7.0 million shares of the Company’s Class B common stock. There were no repurchases under this program in the three months ended March 31, 2017 and 2016. At March 31, 2017, 6.9 million shares remained available for repurchase under the stock repurchase program. Purchase of Equity of Subsidiary In March 2017, GOGAS purchased from an employee of Afek a 1% fully vested interest in Afek for $0.3 million in cash. Variable Interest Entities Citizens Choice Energy, LLC (“CCE”), is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations. The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015. The option expires on October 22, 2023. Net loss related to CCE and aggregate net funding repaid to (provided by) the Company in order to finance CCE’s operations were as follows: Three Months Ended 2017 2016 (in thousands) Net loss $ (197 ) $ (571 ) Aggregate funding repaid to (provided by) the Company, net $ 71 $ (371 ) Summarized combined balance sheet amounts related to CCE was as follows: March 31, December 31, (in thousands) Assets Cash and cash equivalents $ 168 $ 150 Restricted cash 14 17 Trade accounts receivable 1,047 1,008 Prepaid expenses 377 450 Other current assets 8 26 Other assets 440 439 Total assets $ 2,054 $ 2,090 Liabilities and noncontrolling interests Current liabilities $ 939 $ 707 Due to IDT Energy 1,227 1,298 Noncontrolling interests (112 ) 85 Total liabilities and noncontrolling interests $ 2,054 $ 2,090 The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 8—Earnings Per Share Basic earnings per share is computed by dividing net income or loss 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 weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Three Months Ended 2017 2016 (in thousands) Basic weighted-average number of shares 23,450 22,791 Effect of dilutive securities: Stock options 6 41 Non-vested restricted Class B common stock 305 852 Diluted weighted-average number of shares 23,761 23,684 The following shares were excluded from the diluted earnings per share computation: March 31, 2017 2016 (in thousands) Stock options 408 — Non-vested restricted Class B common stock — — Shares excluded from the calculation of diluted earnings per share 408 — In the three months ended March 31, 2017, stock options with an exercise price that was greater than the average market price of the Company’s stock during the period were excluded from the diluted loss per share computation. An entity affiliated with Lord (Jacob) Rothschild has a one-time option, subject to certain conditions and exercisable between November 2017 and February 2018, 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. In addition, employees and directors of the Company that were previously granted restricted stock of 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. GRE has the right, at its option, to satisfy its obligations to issue common stock of GRE upon the vesting of the deferred stock units it granted in July 2015 to officers and employees of the Company in shares of the Company’s Class B common stock or cash. These exchanges and issuances, if elected, would be based on the relative fair value of the shares exchanged or to be issued. 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, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions The Company was formerly a subsidiary of IDT Corporation (“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 an agreement for certain services to be performed by the Company and IDT. Following the Spin-Off, the charges for services provided by IDT are included in “Selling, general and administrative” expense in the consolidated statements of operations. Also, the Company provides specified administrative services to certain of IDT’s foreign subsidiaries. The charges for these services reduce the Company’s “Selling, general and administrative” expense. Three Months Ended 2017 2016 (in thousands) Amount IDT charged the Company $ 377 $ 434 Amount the Company charged IDT $ 109 $ 120

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2017
Business Segment Information [Abstract]
Business Segment Information	Note 10—Business Segment Information The Company owns 99.3% of its subsidiary, GEIC, which owns 100% of GRE and 92% of GOGAS. The Company has three reportable business segments: GRE, Afek and GOGAS. GRE operates REPs, including IDT Energy, Residents Energy and Town Square Energy, and energy brokerage and marketing services. Its REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern United States. GRE has outstanding deferred stock units granted to officers and employees that represent an interest of 2.5% of the equity of GRE. The Afek segment is comprised of the Company’s 86.0% interest in Afek, which operates an oil and gas exploration project in the Golan Heights in Northern Israel. The GOGAS segment is comprised of inactive oil shale projects including AMSO, LLC, Genie Mongolia, and IEI. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expense and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any 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) GRE Afek GOGAS Corporate Total Three Months Ended March 31, 2017 Revenues (restated see Note 2) $ 71,405 $ — $ — $ — $ 71,405 Income (loss) from operations (restated see Note 2) 8,974 (1,286 ) (97 ) (2,395 ) 5,196 Exploration — 851 — — 851 Three Months Ended March 31, 2016 Revenues (revised see Note 3) $ 58,879 $ — $ — $ — $ 58,879 Income (loss) from operations 10,698 (1,827 ) (469 ) (2,403 ) 5,999 Exploration — 1,691 — — 1,691 Equity in the net loss of AMSO, LLC — — 222 — 222 Total assets for the business segments of the Company were as follows: (in thousands) GRE Afek GOGAS Corporate Total Total assets: March 31, 2017 (restated see Note 2) $ 89,382 $ 8,179 $ 10,487 $ 16,345 $ 124,393 December 31, 2016 87,539 6,685 $ 12,224 15,365 121,813

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies Legal Proceedings On March 13, 2014, named plaintiff, Anthony Ferrare, commenced a putative class-action lawsuit against IDT Energy, Inc. in the Court of Common Pleas of Philadelphia County, Pennsylvania. The complaint was served on IDT Energy on July 16, 2014. The named plaintiff filed the suit on behalf of himself and other former and current electric customers of IDT Energy in Pennsylvania with variable rate plans, whom he contends were injured as a result of IDT Energy’s allegedly unlawful sales and marketing practices. On August 7, 2014, IDT Energy removed the case to the United States District Court for the Eastern District of Pennsylvania. On October 20, 2014, IDT Energy moved to stay or, alternatively, dismiss the complaint, as amended, by the named plaintiff. On November 10, 2014, the named plaintiff opposed IDT Energy’s motion to dismiss and IDT Energy filed a reply memorandum of law in further support of its motion to dismiss. On June 10, 2015, the Court granted IDT Energy’s motion to stay and denied its motion to dismiss without prejudice. The parties participated in mediation, and entered into a Memorandum of Understanding (“MOU”) with respect to a proposed settlement of the above-referenced putative class action (as well as the other putative class actions referred to in this section). There are a number of material issues not addressed by the MOU that must be resolved before a settlement can be finalized. The parties notified the Court of that development and are working towards finalizing the settlement, which will need to be approved by the Court. The Company believes that the claims in this lawsuit are without merit. On July 2, 2014, named plaintiff, Louis McLaughlin, filed a putative class-action lawsuit against IDT Energy, Inc. in the United States District Court for the Eastern District of New York, contending that he and other class members were injured as a result of IDT Energy’s allegedly unlawful sales and marketing practices. The named plaintiff filed the suit on behalf of himself and two subclasses: all IDT Energy customers who were charged a variable rate for their energy from July 2, 2008, and all IDT Energy customers who participated in IDT Energy’s rebate program from July 2, 2008. On January 22, 2016, the named plaintiff filed an amended complaint on behalf of himself and all IDT Energy customers in New York State against IDT Energy, Inc., Genie Retail Energy, Genie Energy International Corporation, and Genie Energy Ltd. (collectively, “IDT Energy”). On February 22, 2016, IDT Energy moved to dismiss the amended complaint, and the named plaintiff opposed that motion. The parties participated in mediation, and entered into a MOU with respect to a proposed settlement of the above-referenced putative class action (as well as the other putative class actions referred to in this section). There are a number of material issues not addressed by the MOU that must be resolved before a settlement can be finalized. The parties notified the Court of that development and are working towards finalizing the settlement, which will need to be approved by the Court. The Company believes that the claims in this lawsuit are without merit. On July 15, 2014, named plaintiff, Kimberly Aks, commenced a putative class-action lawsuit against IDT Energy, Inc. in New Jersey Superior Court, Essex County, contending that she and other class members were injured as a result of IDT Energy’s alleged unlawful sales and marketing practices. The named plaintiff filed the suit on behalf of herself and all other New Jersey residents who were IDT Energy customers at any time between July 11, 2008 and the present. The parties were engaged in discovery prior to the mediation described below. On April 20, 2016, the named plaintiff filed an amended complaint on behalf of herself and all IDT Energy customers in New Jersey against IDT Energy, Inc., Genie Retail Energy, Genie Energy International Corporation and Genie Energy Ltd. On June 27, 2016, defendants Genie Retail Energy, Genie Energy International Corporation and Genie Energy Ltd. filed a motion to dismiss the amended complaint. On August 26, 2016, the named plaintiff opposed that motion and IDT Energy filed a reply memorandum of law in further support of its motion to dismiss. The Court granted the motion to dismiss, but the parties agreed to set aside that decision to give the plaintiff an opportunity to submit opposition papers that had not been considered by the Court in rendering its decision. The parties participated in mediation, and entered into a MOU with respect to a proposed settlement of the above-referenced putative class action (as well as the other putative class actions referred to in this section). There are a number of material issues not addressed by the MOU that must be resolved before a settlement can be finalized. The parties notified the Court of that development and are working towards finalizing the settlement, which will need to be approved by the Court. The Company believes that the claims in this lawsuit are without merit. Regarding the class action lawsuits discussed above, there are a number of material issues not addressed by the MOU related to the class action lawsuits that must be resolved before a settlement can be finalized, and thus the Company is not able to assess if it will accept the final terms of the MOU. The Company believes that the claims in these class action lawsuits are without merit. However, based on the tentative terms of the MOU, the Company believes it is reasonably possible that it could incur losses of between $0 to $4 million. On June 20, 2014, the Pennsylvania Attorney General’s Office (“AG”) and the Acting Consumer Advocate (“OCA”) filed a Joint Complaint against IDT Energy, Inc. with the Pennsylvania Public Utility Commission (“PUC”). In the Joint Complaint, the AG and the OCA alleged, among other things, various violations of Pennsylvania’s Unfair Trade Practices and Consumer Protection Law, the Telemarketing Registration Act and the PUC’s regulations. IDT Energy reached an agreement in principle on a settlement with the AG and the OCA to terminate the litigation with no admission of liability or finding of wrongdoing by IDT Energy. On August 4, 2015, IDT Energy, the AG, and the OCA filed a Joint Petition to the Pennsylvania PUC seeking approval of the settlement terms. Under the settlement, IDT Energy will issue additional refunds to its Pennsylvania customers who had variable rates for electricity supply in January, February and March of 2014. IDT Energy will also implement certain modifications to its sales, marketing and customer service processes, along with additional compliance and reporting requirements. The settlement was approved by the Pennsylvania PUC on July 8, 2016. In July 2016, IDT Energy paid the agreed-upon $2.4 million for additional customer refunds to a refund administrator, and that administrator is currently in the process of issuing the additional refunds to customers. From time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds to those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions. In addition to the above, the Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. New York Public Service Commission Orders On February 23, 2016, the New York Public Service Commission (“PSC”) issued an order that sought to impose significant new restrictions on REPs operating in New York, including those owned by GRE. The restrictions described in the PSC’s order, which were to become effective March 4, 2016, would require that all REPs’ electricity and natural gas offerings to residential and small business customers include an annual guarantee of savings compared to the price charged by the relevant incumbent utility or, for electricity offerings, provide at least 30% of the supply from renewable sources. Customers not enrolled in a compliant program would be relinquished back to the local utility at the end of their contract period or, for variable price customers operating on month to month agreements, at the end of the current monthly billing cycle. On March 4, 2016, a group of parties from the REP industry sought and won a temporary restraining order to stay implementation of the most restrictive portions of the PSC’s order pending a court hearing on those parties’ motion for a preliminary injunction. On July 25, 2016, the New York State Supreme Court, County of Albany, entered a decision and order granting the Petitioners’ petition, vacated provisions 1 through 3 of the Order, and remitted the matter to the PSC for further proceedings consistent with the Court’s order. On December 2, 2016, the PSC noticed an evidentiary hearing scheduled to take place in 2017 to assess the retail energy market in New York. That process is underway and is expected to last several months. The Company is evaluating the potential impact of any new order from the PSC that would follow from the evidentiary process, while preparing to operate in compliance with any new requirements that may be imposed. Depending on the final language of any new order, as well as the Company’s ability to modify its relationships with its New York customers, an order could have a substantial impact upon the operations of GRE-owned REPs in New York. On July 14, 2016, and on September 19, 2016, the PSC issued orders restricting REPs, including those owned by GRE, from serving customers enrolled in New York’s utility low-income assistance programs. Representatives of the REP industry challenged the ruling in New York State Supreme Court, Albany County, and, on September 27, 2016, the court issued an order temporarily restraining the PSC from implementing the July and September orders. On December 16, 2016, the PSC issued a prohibition on REP service to customers enrolled in New York’s utility low-income assistance programs. As part of a stipulated schedule upon request of the REP industry, the PSC agreed to extend the deadlines for compliance with that order until May 26, 2017. That order is under review in New York State Supreme Court, Albany County. Purchase Commitments The Company had purchase commitments of $35.1 million at March 31, 2017, of which $31.0 million was for future purchases of electricity. The purchase commitments outstanding at March 31, 2017 are expected to be paid as follows: $27.8 million in the twelve months ending March 31, 2018, $5.9 million in the twelve months ending March 31, 2019, and $1.4 million in the twelve months ending March 31, 2020. Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of 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, 2017, GRE had commitments to purchase renewable energy credits of $40.0 million. Tax Audits The Company is subject to audits in various jurisdictions for various taxes. In April 2017, the Company was notified that the Afek Oil & Gas Ltd. tax return for 2014 was going to be audited by the U.S. Internal Revenue Service. The audit is expected to commence in May 2017. Amounts asserted by taxing authorities or the amount ultimately assessed against the Company could be greater than accrued amounts. 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 At March 31, 2017, the Company had letters of credit outstanding totaling $6.2 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 at March 31, 2017 expire as follows: $4.7 million in the twelve months ending March 31, 2018 and $1.5 million in the twelve months ending March 31, 2019. Performance Bonds GRE has performance bonds issued through a third party for the benefit of various states in order to comply with the states’ financial requirements for REPs. At March 31, 2017, GRE had aggregate performance bonds of $10.0 million outstanding. BP Energy Company Preferred Supplier Agreement As of November 19, 2015, IDT Energy and certain of its affiliates entered into an Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”). The agreement’s termination date is November 30, 2019, except either party may terminate the agreement on November 30, 2018 by giving the other party notice by May 31, 2018. Under the agreement, 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’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. In addition, IDT Energy must pay an advance payment of $2.5 million to BP each month that BP will apply to the next invoiced amount due to 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, 2017, the Company was in compliance with such covenants. At March 31, 2017, restricted cash—short-term of $0.3 million and trade accounts receivable of $27.8 million were pledged to BP as collateral for the payment of IDT Energy’s trade accounts payable to BP of $8.6 million at March 31, 2017.

Revolving Lines of Credit

Revolving Lines of Credit	3 Months Ended
	Mar. 31, 2017
Revolving Lines of Credit [Abstract]
Revolving Lines of Credit	Note 12—Revolving Lines of Credit On April 4, 2017, GRE, IDT Energy, and other GRE subsidiaries entered into a Credit Agreement with Vantage Commodities Financial Services II, LLC (“Vantage”) for a $20 million revolving loan facility. The borrowers consist of the Company’s subsidiaries that operate REP businesses, and those subsidiaries’ obligations are guaranteed by GRE. On April 4, 2017, the borrowers borrowed $4.3 million under this facility, which included $1.8 million that was previously outstanding under a credit facility between Retail Energy Holdings, LLC (“REH”), a subsidiary of the Company that operates as Town Square Energy, and Vantage. The REH Credit Agreement with Vantage was terminated in connection with the entry into this credit agreement. The borrowers have provided as collateral a security interest in their receivables, bank accounts, customer agreements, certain other material agreements and related commercial and intangible rights. Outstanding principal amount incurs interest at LIBOR plus 4.5% per annum. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date of April 3, 2020. The borrowers are required to comply with various affirmative and negative covenants, including maintaining a target tangible net worth during the term of the credit agreement. To date, the Company is in compliance with such covenants. REH had a Credit Agreement with Vantage for a revolving line of credit for up to a maximum principal amount of $7.5 million. The principal outstanding incurred interest at one-month LIBOR plus 5.25% per annum, payable monthly. The outstanding principal and any accrued and unpaid interest was due on the maturity date of October 31, 2017. At March 31, 2017 and December 31, 2016, $1.2 million and $0.7 million, respectively, was outstanding under the 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. 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 of May 31, 2017. 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, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, letters of credit of $6.1 million and $8.1 million, respectively, were outstanding.

Recently Issued Accounting Stan

Recently Issued Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2017
Recently Issued Accounting Standards Not Yet Adopted [Abstract]
Recently Issued Accounting Standards Not Yet Adopted	Note 13—Recently Issued Accounting Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company expects to adopt this standard on January 1, 2018. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is evaluating the impact that the standard will have on its consolidated financial statements, and has not yet selected a transition method. The Company cannot reasonably estimate the impact that the adoption of the standard will have on its consolidated financial statements. In January 2016, the FASB issued an Accounting Standards Update (“ASU”) to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. The Company will adopt the amendments in this ASU on January 1, 2018. The Company is evaluating the impact that the ASU will have on its consolidated financial statements. In February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company will adopt the new standard on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on January 1, 2020. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. The Company will adopt the amendments in this ASU on January 1, 2018. The adoption will impact the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows, as well as its net cash provided by operating activities. In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. The Company will adopt the amendments in this ASU on January 1, 2018. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In January 2017, the FASB issued an ASU that simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Early adoption of this standard is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company intends to adopt this standard for its goodwill impairment test to be performed in 2017.

Restatement of Unaudited Cons21

Restatement of Unaudited Consolidated Financial Statements and Additional Disclosure (Tables)	3 Months Ended
	Mar. 31, 2017
Restatement of Unaudited Consolidated Financial Statements / Revised Unaudited Consolidated Financial Statements [Abstract]
Schedule of impact of restatement on consolidated financial statements	Three Months Ended March 31, 2017 Previously Reported Error Correction Restated (in thousands, except per share data) Consolidated Statement of Operations: Electricity revenues $ 52,474 $ 492 $ 52,966 Natural gas revenues $ 16,467 $ 1,473 $ 17,940 Cost of revenues $ 45,819 $ 737 $ 46,556 Gross profit $ 23,621 $ 1,228 $ 24,849 Provision for income taxes $ 733 $ 123 $ 856 Net income $ 3,034 $ 1,105 $ 4,139 Net income attributable to Genie Energy, Ltd $ 3,477 $ 1,105 $ 4,582 Comprehensive income $ 3,476 $ 1,105 $ 4,581 Comprehensive income attributable to Genie Energy, Ltd $ 4,177 $ 1,105 $ 5,282 Earnings per share attributable to Genie Energy, Ltd. common stockholders: Basic $ 0.13 $ 0.05 $ 0.18 Diluted $ 0.13 $ 0.05 $ 0.18 Previously Reported Error Correction Restated (in thousands) Consolidated Balance Sheet: Trade accounts receivable, net $ 33,385 $ 1,817 $ 35,202 Prepaid expenses $ 4,577 $ (589 ) $ 3,988 Total assets $ 123,165 $ 1,228 $ 124,393 Income taxes payable $ 3,176 $ 123 $ 3,299 Total liabilities $ 41,523 $ 123 $ 41,646 Accumulated deficit $ (50,310 ) $ 1,105 $ (49,205 ) Total liabilities and equity $ 123,165 $ 1,228 $ 124,393

Revised Unaudited Consolidate22

Revised Unaudited Consolidated Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Restatement of Unaudited Consolidated Financial Statements / Revised Unaudited Consolidated Financial Statements [Abstract]
Schedule of adjustments on the Company's consolidated financial statements	Three Months Ended March 31, 2016 Previously Reported Prepaid Expense Error Correction Gross Receipts Tax Correction Revised (in thousands, except per share data) Electricity revenues $ 44,385 $ — $ 741 $ 45,126 Cost of revenues $ 33,274 $ 817 $ 741 $ 34,832 Gross profit $ 24,864 $ (817 ) $ — $ 24,047 Net income $ 5,667 $ (817 ) $ — $ 4,850 Net income attributable to Genie Energy, Ltd $ 6,486 $ (817 ) $ — $ 5,669 Comprehensive income $ 6,924 $ (817 ) $ — $ 6,107 Comprehensive income attributable to Genie Energy, Ltd $ 7,746 $ (817 ) $ — $ 6,929 Earnings per share attributable to Genie Energy, Ltd. common stockholders: Basic $ 0.27 $ (0.04 ) $ — $ 0.23 Diluted $ 0.26 $ (0.04 ) $ — $ 0.22

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Schedule of balance of assets and liabilities measured at fair value on a recurring basis	Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) March 31, 2017 Assets: Derivative contracts $ 389 $ 4,453 $ — $ 4,842 Liabilities: Derivative contracts $ 161 $ 2,385 $ — $ 2,546 December 31, 2016 Assets: Derivative contracts $ 256 $ 2,395 $ — $ 2,651 Liabilities: Derivative contracts $ 60 $ 1,667 $ — $ 1,727 (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

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments [Abstract]
Summarized volume of GRE's outstanding contracts and options	Commodity Settlement Dates Volume Electricity April 2017 16,000 MWh Electricity June 2017 153,120 MWh Electricity July 2017 334,000 MWh Electricity August 2017 420,900 MWh Electricity September 2017 75,200 MWh Electricity October 2017 241,120 MWh Electricity November 2017 213,360 MWh Electricity December 2017 283,200 MWh Electricity January 2018 362,560 MWh Electricity February 2018 329,600 MWh Electricity March 2018 179,520 MWh Electricity April 2018 67,200 MWh Electricity May 2018 70,400 MWh Electricity June 2018 67,200 MWh Electricity July 2018 67,200 MWh Electricity August 2018 73,600 MWh Electricity September 2018 60,800 MWh Electricity October 2018 147,200 MWh Electricity November 2018 134,400 MWh Electricity December 2018 128,000 MWh Natural gas October 2017 200,000 Dth Natural gas November 2017 1,100,000 Dth Natural gas December 2017 700,000 Dth Natural gas February 2018 888,400 Dth Natural gas March 2018 600,000 Dth
Schedule of fair value of outstanding derivative instruments recorded as assets and liability	Asset Derivatives Balance Sheet Location March 31, December 31, (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current assets $ 4,842 $ 2,651 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Energy hedging contracts $ 2,546 $ 1,727
Effects of derivative instruments on the consolidated statements of operations	Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Derivatives not designated or not qualifying as hedging instruments Location of Gain (Loss) Recognized on Derivatives 2017 2016 (in thousands) Energy contracts and options Cost of revenues $ (1,248 ) $ 361

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of changes in the components of equity	Three Months Ended Attributable to Genie Noncontrolling Interests Total (in thousands) Balance, December 31, 2016 $ 96,534 $ (16,669 ) $ 79,865 Dividends on preferred stock (370 ) — (370 ) Dividends on common stock ($0.075 per share) (1,850 ) — (1,850 ) Restricted Class B common stock purchased from employees (23 ) — (23 ) Purchase of equity of subsidiary (655 ) 377 (278 ) Stock-based compensation 822 — 822 Comprehensive income: Net income (restated see Note 2) 4,582 (443 ) 4,139 Foreign currency translation adjustments 700 (258 ) 442 Comprehensive income (restated see Note 2) 5,282 (701 ) 4,581 Balance, March 31, 2017 (restated see Note 2) $ 99,740 $ (16,993 ) $ 82,747
Schedule of net loss related to CCE and aggregate net funding	Three Months Ended 2017 2016 (in thousands) Net loss $ (197 ) $ (571 ) Aggregate funding repaid to (provided by) the Company, net $ 71 $ (371 )
Summarized combined balance sheet amounts related to CCE	March 31, December 31, (in thousands) Assets Cash and cash equivalents $ 168 $ 150 Restricted cash 14 17 Trade accounts receivable 1,047 1,008 Prepaid expenses 377 450 Other current assets 8 26 Other assets 440 439 Total assets $ 2,054 $ 2,090 Liabilities and noncontrolling interests Current liabilities $ 939 $ 707 Due to IDT Energy 1,227 1,298 Noncontrolling interests (112 ) 85 Total liabilities and noncontrolling interests $ 2,054 $ 2,090

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of weighted-average number of shares used in the calculation of basic and diluted earnings per share	Three Months Ended 2017 2016 (in thousands) Basic weighted-average number of shares 23,450 22,791 Effect of dilutive securities: Stock options 6 41 Non-vested restricted Class B common stock 305 852 Diluted weighted-average number of shares 23,761 23,684
Schedule of antidilutive shares excluded from computation of earnings per share	March 31, 2017 2016 (in thousands) Stock options 408 — Non-vested restricted Class B common stock — — Shares excluded from the calculation of diluted earnings per share 408 —

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Summary of related party transactions	Three Months Ended 2017 2016 (in thousands) Amount IDT charged the Company $ 377 $ 434 Amount the Company charged IDT $ 109 $ 120

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Business Segment Information [Abstract]
Summary of operating results for the business segments	(in thousands) GRE Afek GOGAS Corporate Total Three Months Ended March 31, 2017 Revenues (restated see Note 2) $ 71,405 $ — $ — $ — $ 71,405 Income (loss) from operations (restated see Note 2) 8,974 (1,286 ) (97 ) (2,395 ) 5,196 Exploration — 851 — — 851 Three Months Ended March 31, 2016 Revenues (revised see Note 3) $ 58,879 $ — $ — $ — $ 58,879 Income (loss) from operations 10,698 (1,827 ) (469 ) (2,403 ) 5,999 Exploration — 1,691 — — 1,691 Equity in the net loss of AMSO, LLC — — 222 — 222
Summary of total assets for the business segments	(in thousands) GRE Afek GOGAS Corporate Total Total assets: March 31, 2017 (restated see Note 2) $ 89,382 $ 8,179 $ 10,487 $ 16,345 $ 124,393 December 31, 2016 87,539 6,685 $ 12,224 15,365 121,813

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Basis of Presentation (Textual)
Percentage of gas revenue generated in given period			43.00%		64.00%
Percentage of electricity revenue generated in given period		31.00%		29.00%
Genie Energy International Corporation [Member]
Basis of Presentation (Textual)
Company's investment, ownership percentage in subsidiary	99.30%
Genie Retail Energy [Member]
Basis of Presentation (Textual)
Company's investment, ownership percentage in subsidiary	100.00%
Ownership interest of company	2.50%
Genie Oil and Gas, Inc [Member]
Basis of Presentation (Textual)
Company's investment, ownership percentage in subsidiary	92.00%
Afek [Member]
Basis of Presentation (Textual)
Company's investment, ownership percentage in subsidiary	86.00%

Restatement of Unaudited Cons30

Restatement of Unaudited Consolidated Financial Statements and Additional Disclosure (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Electricity revenues	$ 52,966	$ 45,126
Cost of revenues	46,556	34,832
Gross profit	24,849	24,047
Provision for income taxes	856	1,096
Net income	4,139	4,850
Net income attributable to Genie Energy, Ltd	4,582	5,669
Comprehensive income	4,581	6,107
Comprehensive income attributable to Genie Energy, Ltd	$ 5,282	$ 6,929
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.18	$ 0.23
Diluted	$ 0.18	$ 0.22
Consolidated Balance Sheet:
Trade accounts receivable, net	$ 35,202		$ 36,858
Prepaid expenses	3,988		4,026
Total assets	124,393		121,813
Income taxes payable	3,299		2,426
Total liabilities	41,646		41,948
Accumulated deficit	(49,205)		(51,567)
Total liabilities and equity	124,393		$ 121,813
Error Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Electricity revenues	492
Natural gas revenues	1,473
Cost of revenues	737
Gross profit	1,228
Provision for income taxes	123
Net income	1,105
Net income attributable to Genie Energy, Ltd	1,105
Comprehensive income	1,105
Comprehensive income attributable to Genie Energy, Ltd	$ 1,105
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.05
Diluted	$ 0.05
Consolidated Balance Sheet:
Trade accounts receivable, net	$ 1,817
Prepaid expenses	(589)
Total assets	1,228
Income taxes payable	123
Total liabilities	123
Accumulated deficit	1,105
Total liabilities and equity	1,228
Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Electricity revenues	52,474	$ 44,385
Natural gas revenues	16,467
Cost of revenues	45,819	33,274
Gross profit	23,621	24,864
Provision for income taxes	733
Net income	3,034	5,667
Net income attributable to Genie Energy, Ltd	3,477	6,486
Comprehensive income	3,476	6,924
Comprehensive income attributable to Genie Energy, Ltd	$ 4,177	$ 7,746
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.13	$ 0.27
Diluted	$ 0.13	$ 0.26
Consolidated Balance Sheet:
Trade accounts receivable, net	$ 33,385
Prepaid expenses	4,577
Total assets	123,165
Income taxes payable	3,176
Total liabilities	41,523
Accumulated deficit	(50,310)
Total liabilities and equity	123,165
Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Electricity revenues	52,966
Natural gas revenues	17,940
Cost of revenues	46,556
Gross profit	24,849
Provision for income taxes	856
Net income	4,139
Net income attributable to Genie Energy, Ltd	4,582
Comprehensive income	4,581
Comprehensive income attributable to Genie Energy, Ltd	$ 5,282
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.18
Diluted	$ 0.18
Consolidated Balance Sheet:
Trade accounts receivable, net	$ 35,202
Prepaid expenses	3,988
Total assets	124,393
Income taxes payable	3,299
Total liabilities	41,646
Accumulated deficit	(49,205)
Total liabilities and equity	$ 124,393

Restatement of Unaudited Cons31

Restatement of Unaudited Consolidated Financial Statements and Additional Disclosure (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Errors impacted revenue	$ 71,405	$ 58,879
Gross profit	24,849	24,047
Income (loss)	5,196	5,999
Net income	4,139	$ 4,850
Errors Impacted Revenue [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Errors impacted revenue	2,000
Gross profit	1,200
Income (loss)	1,200
Net income	$ 1,100

Revised Unaudited Consolidate32

Revised Unaudited Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Electricity revenues	$ 52,966	$ 45,126
Cost of revenues	46,556	34,832
Gross profit	24,849	24,047
Net income	4,139	4,850
Net income attributable to Genie Energy, Ltd	4,582	5,669
Comprehensive income	4,581	6,107
Comprehensive income attributable to Genie Energy, Ltd	$ 5,282	$ 6,929
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.18	$ 0.23
Diluted	$ 0.18	$ 0.22
Prepaid Expense Error Correction [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Electricity revenues
Cost of revenues		817
Gross profit		(817)
Net income		(817)
Net income attributable to Genie Energy, Ltd		(817)
Comprehensive income		(817)
Comprehensive income attributable to Genie Energy, Ltd		$ (817)
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic		$ (0.04)
Diluted		$ (0.04)
Gross Receipts Tax Correction [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Electricity revenues		$ 741
Cost of revenues		741
Gross profit
Net income
Net income attributable to Genie Energy, Ltd
Comprehensive income
Comprehensive income attributable to Genie Energy, Ltd
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic
Diluted
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Electricity revenues	$ 52,474	$ 44,385
Cost of revenues	45,819	33,274
Gross profit	23,621	24,864
Net income	3,034	5,667
Net income attributable to Genie Energy, Ltd	3,477	6,486
Comprehensive income	3,476	6,924
Comprehensive income attributable to Genie Energy, Ltd	$ 4,177	$ 7,746
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.13	$ 0.27
Diluted	$ 0.13	$ 0.26
Restated [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Electricity revenues	$ 52,966
Cost of revenues	46,556
Gross profit	24,849
Net income	4,139
Net income attributable to Genie Energy, Ltd	4,582
Comprehensive income	4,581
Comprehensive income attributable to Genie Energy, Ltd	$ 5,282
Earnings per share attributable to Genie Energy, Ltd. common stockholders:
Basic	$ 0.18
Diluted	$ 0.18

Revised Unaudited Consolidate33

Revised Unaudited Consolidated Financial Statements (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Gross Receipts Tax [Member]
Revised Unaudited Consolidated Financial Statements (Textual)
Cost of revenues	$ 0.7
Prepaid Expenses [Member]
Revised Unaudited Consolidated Financial Statements (Textual)
Cost of revenues	$ 0.8

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Assets:
Derivative contracts		$ 4,842	$ 2,651
Liabilities:
Derivative contracts		2,546	1,727
Level 1 ([Member]
Assets:
Derivative contracts	[1]	389	256
Liabilities:
Derivative contracts	[1]	161	60
Level 2 [Member]
Assets:
Derivative contracts	[2]	4,453	2,395
Liabilities:
Derivative contracts	[2]	2,385	1,667
Level 3 [Member]
Assets:
Derivative contracts	[3]
Liabilities:
Derivative contracts	[3]
[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 (Deta35

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements (Textual)
Financial instrument included in other assets	$ 0.6	$ 1.5

Derivative Instruments (Details

Derivative Instruments (Details)	3 Months Ended
	Mar. 31, 2017
Electricity [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	April 2,017
Volume	16,000 MWh
Electricity 1 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	June 2,017
Volume	153,120 MWh
Electricity 2 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	July 2,017
Volume	334,000 MWh
Electricity 3 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	August 2,017
Volume	420,900 MWh
Electricity 4 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	September 2,017
Volume	75,200 MWh
Electricity 5 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	October 2,017
Volume	241,120 MWh
Electricity 6 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	November 2,017
Volume	213,360 MWh
Electricity 7 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	December 2,017
Volume	283,200 MWh
Electricity 8 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	January 2,018
Volume	362,560 MWh
Electricity 9 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	February 2,018
Volume	329,600 MWh
Electricity Ten [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	March 2,018
Volume	179,520 MWh
Electricity 11 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	April 2,018
Volume	67,200 MWh
Electricity 12 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	May 2,018
Volume	70,400 MWh
Electricity 13 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	June 2,018
Volume	67,200 MWh
Electricity 14 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	July 2,018
Volume	67,200 MWh
Electricity 15 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	August 2,018
Volume	73,600 MWh
Electricity 16 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	September 2,018
Volume	60,800 MWh
Electricity 17 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	October 2,018
Volume	147,200 MWh
Electricity 18 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	November 2,018
Volume	134,400 MWh
Electricity 19 [Member]
Summarized volume of GRE's outstanding
Commodity	Electricity
Settlement Dates	December 2,018
Volume	128,000 MWh
Natural Gas [Member]
Summarized volume of GRE's outstanding
Commodity	Natural gas
Settlement Dates	October 2,017
Volume	200,000 Dth
Natural Gas 1 [Member]
Summarized volume of GRE's outstanding
Commodity	Natural gas
Settlement Dates	November 2,017
Volume	1,100,000 Dth
Natural Gas 2 [Member]
Summarized volume of GRE's outstanding
Commodity	Natural gas
Settlement Dates	December 2,017
Volume	700,000 Dth
Natural Gas 3 [Member]
Summarized volume of GRE's outstanding
Commodity	Natural gas
Settlement Dates	February 2,018
Volume	888,400 Dth
Natural Gas 4 [Member]
Summarized volume of GRE's outstanding
Commodity	Natural gas
Settlement Dates	March 2,018
Volume	600,000 Dth

Derivative Instruments (Detai37

Derivative Instruments (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of fair value of outstanding derivative instruments recorded as assets and liability
Liability Derivatives, not designated or not qualifying as hedging instruments	$ 2,546	$ 1,727
Energy contracts and options [Member] | 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	4,842	2,651
Energy contracts and options [Member] | Energy hedging contracts [Member]
Schedule of fair value of outstanding derivative instruments recorded as assets and liability
Liability Derivatives, not designated or not qualifying as hedging instruments	$ 2,546	$ 1,727

Derivative Instruments (Detai38

Derivative Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Energy contracts and options [Member] | Cost of revenues [Member]
Effects of derivative instruments on the consolidated statements of operations
Amount of Gain (Loss) Recognized on Derivatives	$ (1,248)	$ 361

Afek Oil and Gas Exploration 39

Afek Oil and Gas Exploration Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2016
Afek Oil and Gas Exploration Activities (Textual)
Capitalized costs unproved properties	$ 1,145
Write-off of capitalized exploration costs		$ 41,000
Exploration Expense	851		$ 1,691
Northern Sites [Member]
Afek Oil and Gas Exploration Activities (Textual)
Capitalized costs unproved properties	$ 1,100

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 79,865
Dividends on preferred stock	(370)
Dividends on common stock ($0.075 per share)	(1,850)
Restricted Class B common stock purchased from employees	(23)
Purchase of equity of subsidiary	(278)
Stock-based compensation	822
Comprehensive income:
Net income (restated see Note 2)	4,139	$ 4,850
Foreign currency translation adjustments	442	1,257
Comprehensive income (restated see Note 2)	4,581	$ 6,107
Ending Balance (restated see Note 2)	82,747
Attributable to Genie [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	96,534
Dividends on preferred stock	(370)
Dividends on common stock ($0.075 per share)	(1,850)
Restricted Class B common stock purchased from employees	(23)
Purchase of equity of subsidiary	(655)
Stock-based compensation	822
Comprehensive income:
Net income (restated see Note 2)	4,582
Foreign currency translation adjustments	700
Comprehensive income (restated see Note 2)	5,282
Ending Balance (restated see Note 2)	99,740
Noncontrolling Interests [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,669)
Dividends on preferred stock
Dividends on common stock ($0.075 per share)
Restricted Class B common stock purchased from employees
Purchase of equity of subsidiary	377
Stock-based compensation
Comprehensive income:
Net income (restated see Note 2)	(443)
Foreign currency translation adjustments	(258)
Comprehensive income (restated see Note 2)	(701)
Ending Balance (restated see Note 2)	$ (16,993)

Equity (Details 1)

Equity (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Net loss	$ (197)	$ (571)
Aggregate funding repaid to (provided by) the Company, net	$ 71	$ (371)

Equity (Details 2)

Equity (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summarized combined balance sheet amounts related to CCE
Total assets	$ 2,054	$ 2,090
Total liabilities and noncontrolling interests	2,054	2,090
Cash and cash equivalents [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	168	150
Restricted cash [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	14	17
Trade accounts receivable [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	1,047	1,008
Prepaid expenses [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	377	450
Other current assets [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	8	26
Other assets [Member]
Summarized combined balance sheet amounts related to CCE
Total assets	440	439
Current liabilities [Member]
Summarized combined balance sheet amounts related to CCE
Total liabilities and noncontrolling interests	939	707
Due to IDT Energy [Member]
Summarized combined balance sheet amounts related to CCE
Total liabilities and noncontrolling interests	1,227	1,298
Noncontrolling Interest [Member]
Summarized combined balance sheet amounts related to CCE
Total liabilities and noncontrolling interests	$ (112)	$ 85

Equity (Details Textual)

Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 24, 2017	Feb. 12, 2016	May 02, 2017	Mar. 29, 2017	Feb. 15, 2017	Oct. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 11, 2013
Class of Stock [Line Items]
Purchase of equity of subsidiary							$ (278)
Quarterly base dividend declared				$ 0.1594
Preferred stock dividend declared							$ 370
Remaining number of shares available for repurchase							6.9
CCE [Member]
Class of Stock [Line Items]
Variable interest entity, description							The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015.
Options expiration date						Oct. 22, 2023
Forgiveness of loan						$ 500
Afek [Member]
Class of Stock [Line Items]
Purchase of equity of subsidiary							$ 300
Subsidiary stock repurchased equity interest.							1.00%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate					$ 0.1594
Preferred stock dividend declared							$ 400	$ 400
Dividend declared, date to be paid				May 15, 2017
Dividend declared, record date				May 4, 2017
Common Stock [Member]
Class of Stock [Line Items]
Dividend paid	$ 1,900	$ 1,500
Common Class A [Member]
Class of Stock [Line Items]
Dividends declared per common share	$ 0.075	$ 0.06
Common Class A [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Dividend declared, date to be paid			May 19, 2017
Dividend declared, record date			May 15, 2017
Common Class A [Member] | Subsequent Event [Member] | Board of Directors Chairman [Member]
Class of Stock [Line Items]
Dividends declared per common share			$ 0.075
Common Class B [Member]
Class of Stock [Line Items]
Dividends declared per common share	$ 0.075	$ 0.06
Number of stock authorized to be repurchased									7
Common Class B [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Dividend declared, date to be paid			May 19, 2017
Dividend declared, record date			May 15, 2017
Common Class B [Member] | Subsequent Event [Member] | Board of Directors Chairman [Member]
Class of Stock [Line Items]
Dividends declared per common share			$ 0.075

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Basic weighted-average number of shares	23,450	22,791
Effect of dilutive securities:
Stock options	6	41
Non-vested restricted Class B common stock	305	852
Diluted weighted-average number of shares	23,761	23,684

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share	408
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share	408
Non-vested restricted Class B common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary of related party transactions
Amount IDT charged the Company	$ 377	$ 434
Amount the Company charged IDT	$ 109	$ 120

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating results for the business segments
Revenues (restated see Note 2)	$ 71,405	$ 58,879
Income (loss) from operations (restated see Note 2)	5,196	5,999
Exploration	851	1,691
Equity in the net loss of AMSO, LLC		222
GRE [Member]
Operating results for the business segments
Income (loss) from operations (restated see Note 2)	8,974	10,698
Exploration
Equity in the net loss of AMSO, LLC
Afek [Member]
Operating results for the business segments
Income (loss) from operations (restated see Note 2)	(1,286)	(1,827)
Exploration	851	1,691
Equity in the net loss of AMSO, LLC
GOGAS [Member]
Operating results for the business segments
Income (loss) from operations (restated see Note 2)	(97)	(469)
Exploration
Equity in the net loss of AMSO, LLC		222
Corporate [Member]
Operating results for the business segments
Income (loss) from operations (restated see Note 2)	(2,395)	(2,403)
Exploration
Equity in the net loss of AMSO, LLC

Business Segment Information 48

Business Segment Information (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary total assets for the business segments
Total assets	$ 124,393	$ 121,813
GRE [Member]
Summary total assets for the business segments
Total assets	89,382	87,539
Afek [Member]
Summary total assets for the business segments
Total assets	8,179	6,685
GOGAS [Member]
Summary total assets for the business segments
Total assets	10,487	12,224
Corporate [Member]
Summary total assets for the business segments
Total assets	$ 16,345	$ 15,365

Business Segment Information 49

Business Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2017Segment
Business Segment Information (Textual)
Number of reportable segments	3
GEIC [Member]
Business Segment Information (Textual)
Company's investment, ownership percentage in subsidiary	99.30%
GRE [Member]
Business Segment Information (Textual)
Company's investment, ownership percentage in subsidiary	100.00%
Ownership interest of company	2.50%
GOGAS [Member]
Business Segment Information (Textual)
Company's investment, ownership percentage in subsidiary	92.00%
Afek [Member]
Business Segment Information (Textual)
Company's investment, ownership percentage in subsidiary	86.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Commitments and Contingencies (Textual)
Additional refunds to customers	$ 2,400
Proposed regulatory matter potential requirements, Description		The PSC's order, which were to become effective March 4, 2016, would require that all REPs' electricity and natural gas offerings to residential and small business customers include an annual guarantee of savings compared to the price charged by the relevant incumbent utility or, for electricity offerings, provide at least 30% of the supply from renewable sources.
Purchase commitment description		The Company had purchase commitments of $35.1 million at March 31, 2017, of which $31.0 million was for future purchases of electricity. The purchase commitments outstanding at March 31, 2017 are expected to be paid as follows: $27.8 million in the twelve months ending March 31, 2018, $5.9 million in the twelve months ending March 31, 2019, and $1.4 million in the twelve months ending March 31, 2020.
Line of credit facility expiration, Description		The Company had letters of credit outstanding totaling $6.2 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 at March 31, 2017 expire as follows: $4.7 million in the twelve months ending March 31, 2018 and $1.5 million in the twelve months ending March 31, 2019.
Line of credit facility, amount outstanding		$ 6,200
Letters of credit expire in twelve months ending March 31, 2018		4,700
Letters of credit expire in twelve months ending March 31, 2019		1,500
Purchase and other commitments		35,100
Purchase commitment due in March 31, 2019		5,900
Purchase commitment due in March 31, 2018		27,800
Purchase commitment due in March 31, 2020		1,400
Electricity purchase commitments included in total		31,000
Advance payment to BP		3,988	$ 4,026
Genie Retail Energy [Member]
Commitments and Contingencies (Textual)
Purchase of renewable energy credit		40,000
Aggregate performance bond outstanding		10,000
BP [Member]
Commitments and Contingencies (Textual)
Payment of trade accounts payable to BP Energy		$ 8,600
Agreement termination, Description		The agreement's termination date is November 30, 2019, except either party may terminate the agreement on November 30, 2018 by giving the other party notice by May 31, 2018.
Advance payment to BP		$ 2,500
Class action settlement [Member] | Minimum [Member]
Commitments and Contingencies (Textual)
Legal regulatory matter		0
Class action settlement [Member] | Maximum [Member]
Commitments and Contingencies (Textual)
Legal regulatory matter		4,000
Trade Accounts Receivable [Member]
Commitments and Contingencies (Textual)
Assets pledged as collateral to BP Energy		27,800
Restricted Cash [Member]
Commitments and Contingencies (Textual)
Assets pledged as collateral to BP Energy		$ 300

Revolving Lines of Credit (Deta

Revolving Lines of Credit (Details) - USD ($) $ in Thousands	Apr. 04, 2017	Mar. 31, 2017	Dec. 31, 2016	Apr. 23, 2012
Revolving Lines of Credit (Textual)
Line of credit facility, amount outstanding		$ 6,200
Revolving line of credit, Current		$ 1,160	$ 711
JPMorgan [Member]
Revolving Lines of Credit (Textual)
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.
Maximum amount of collateral under condition one		$ 10,000
Interest rate on principal outstanding, description		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%
Maturity date		May 31, 2017
Quarterly unused commitment fee		0.08%
Line of credit facility, frequency of payment and payment terms		Interest is payable at least every three months
Cash collateral for line of credit		$ 10,000
Line of credit facility, amount outstanding		$ 6,100	8,100
Maximum principal amount on revolving line of credit				$ 25,000
Vantage Commodities Financial Services II, LLC [Member]
Revolving Lines of Credit (Textual)
Interest rate on principal outstanding, description		The principal outstanding incurred interest at one-month LIBOR plus 5.25% per annum, payable monthly.
Maturity date		Oct. 31, 2017
Maximum principal amount on revolving line of credit		$ 7,500
Revolving line of credit, Current		$ 1,200	$ 700
Vantage Commodities Financial Services II, LLC [Member] | Subsequent Event [Member]
Revolving Lines of Credit (Textual)
Interest rate on principal outstanding, description	Outstanding principal amount incurs interest at LIBOR plus 4.5% per annum.
Maturity date	Apr. 3, 2020
Maximum principal amount on revolving line of credit	$ 20,000
Line of credit facility, Description	GRE borrowed $4.3 million under this facility, which included $1.8 million that was previously outstanding under a credit facility between Retail Energy Holdings, LLC ("REH"), a subsidiary of the Company that operates as Town Square Energy, and Vantage.