Guarantor Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2015 |
Guarantor Subsidiaries [Abstract] | |
Consolidating Balance Sheet | |
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CONSOLIDATING BALANCE SHEET |
(unaudited) |
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(Thousands of dollars) | 31-Mar-15 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 286,430 | | $ | — | | $ | 1,241 | | $ | — | | $ | 287,671 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2015 | | | — | | | 163,239 | | | — | | | 2,018 | | | — | | | 165,257 |
Inventories, at lower of cost or market | | | — | | | 166,720 | | | — | | | 18,252 | | | — | | | 184,972 |
Prepaid expenses and other current assets | | | — | | | 8,137 | | | — | | | 2,483 | | | — | | | 10,620 |
Total current assets | | | — | | | 624,526 | | | — | | | 23,994 | | | — | | | 648,520 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $746,804 in 2015 | | | — | | | 1,258,179 | | | — | | | 5,561 | | | — | | | 1,263,740 |
Investments in subsidiaries | | | 1,603,209 | | | 176,677 | | | — | | | — | | | -1,779,886 | | | — |
Other assets | | | — | | | 10,476 | | | — | | | 531 | | | — | | | 11,007 |
Deferred tax assets | | | — | | | — | | | — | | | 19,322 | | | -19,322 | | | — |
Total assets | | $ | 1,603,209 | | $ | 2,069,858 | | $ | — | | $ | 49,408 | | $ | -1,799,208 | | $ | 1,923,267 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | 77 | | $ | — | | $ | — | | $ | — | | $ | 77 |
Inter-company accounts payable | | | 90,783 | | | 46,129 | | | -52,078 | | | -84,834 | | | — | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 409,202 | | | — | | | 2,701 | | | — | | | 411,903 |
Income taxes payable | | | — | | | -1,070 | | | 16 | | | 6,966 | | | — | | | 5,912 |
Deferred income taxes | | | — | | | 10,568 | | | — | | | -42 | | | — | | | 10,526 |
Total current liabilities | | | 90,783 | | | 464,906 | | | -52,062 | | | -75,209 | | | — | | | 428,418 |
Long-term debt, including capitalized lease obligations | | | — | | | 488,811 | | | — | | | — | | | — | | | 488,811 |
Deferred income taxes | | | — | | | 132,810 | | | — | | | — | | | -19,322 | | | 113,488 |
Asset retirement obligations | | | — | | | 22,702 | | | — | | | — | | | — | | | 22,702 |
Deferred credits and other liabilities | | | — | | | 28,650 | | | — | | | — | | | — | | | 28,650 |
Total liabilities | | | 90,783 | | | 1,137,879 | | | -52,062 | | | -75,209 | | | -19,322 | | | 1,082,069 |
Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | | | — | | | — | | | — | | | — | | | — | | | — |
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at March 31, 2015) | | | 468 | | | 1 | | | 60 | | | — | | | -61 | | | 468 |
Treasury Stock (1,504,630 shares held at March 31, 2015) | | | -85,015 | | | — | | | — | | | — | | | — | | | -85,015 |
Additional paid in capital (APIC) | | | 1,222,602 | | | 557,607 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 551,374 |
Retained earnings | | | 374,371 | | | 374,371 | | | -2 | | | 88,940 | | | -463,309 | | | 374,371 |
Total stockholders' equity | | | 1,512,426 | | | 931,979 | | | 52,062 | | | 124,617 | | | -1,779,886 | | | 841,198 |
Total liabilities and stockholders' equity | | $ | 1,603,209 | | $ | 2,069,858 | | $ | — | | $ | 49,408 | | $ | -1,799,208 | | $ | 1,923,267 |
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CONSOLIDATING BALANCE SHEET |
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(Thousands of dollars) | 31-Dec-14 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 327,163 | | $ | — | | $ | 942 | | $ | — | | $ | 328,105 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2014 | | | — | | | 138,466 | | | — | | | 1,625 | | | — | | | 140,091 |
Inventories, at lower of cost or market | | | — | | | 157,046 | | | — | | | 25,868 | | | — | | | 182,914 |
Prepaid expenses and other current assets | | | — | | | 11,710 | | | — | | | 3,062 | | | — | | | 14,772 |
Total current assets | | | — | | | 634,385 | | | — | | | 31,497 | | | — | | | 665,882 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $730,202 in 2014 | | | — | | | 1,248,081 | | | — | | | 5,043 | | | — | | | 1,253,124 |
Investments in subsidiaries | | | 1,580,277 | | | 177,263 | | | — | | | — | | | -1,757,540 | | | — |
Other assets | | | — | | | 10,543 | | | — | | | 515 | | | — | | | 11,058 |
Deferred tax assets | | | — | | | — | | | — | | | 19,273 | | | -19,273 | | | — |
Total assets | | $ | 1,580,277 | | $ | 2,070,272 | | $ | — | | $ | 56,328 | | $ | -1,776,813 | | $ | 1,930,064 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Inter-company accounts payable | | | 51,348 | | | 82,528 | | | -52,077 | | | -81,799 | | | — | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 381,271 | | | — | | | 5,728 | | | — | | | 386,999 |
Income taxes payable | | | — | | | 18,348 | | | 14 | | | 7,238 | | | — | | | 25,600 |
Deferred income taxes | | | — | | | 522 | | | — | | | -41 | | | — | | | 481 |
Total current liabilities | | | 51,348 | | | 482,669 | | | -52,063 | | | -68,874 | | | — | | | 413,080 |
Long-term debt, including capitalized lease obligations | | | — | | | 488,250 | | | — | | | — | | | — | | | 488,250 |
Deferred income taxes | | | — | | | 137,882 | | | — | | | — | | | -19,273 | | | 118,609 |
Asset retirement obligations | | | — | | | 22,245 | | | — | | | — | | | — | | | 22,245 |
Deferred credits and other liabilities | | | — | | | 29,175 | | | — | | | — | | | — | | | 29,175 |
Total liabilities | | | 51,348 | | | 1,160,221 | | | -52,063 | | | -68,874 | | | -19,273 | | | 1,071,359 |
Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | | | — | | | — | | | — | | | — | | | — | | | — |
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2014) | | | 468 | | | 1 | | | 60 | | | — | | | -61 | | | 468 |
Treasury Stock (1,056,689 shares held at December 31, 2014) | | | -51,073 | | | — | | | — | | | — | | | — | | | -51,073 |
Additional paid in capital (APIC) | | | 1,228,095 | | | 558,611 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 557,871 |
Retained earnings | | | 351,439 | | | 351,439 | | | -1 | | | 89,525 | | | -440,963 | | | 351,439 |
Total stockholders' equity | | | 1,528,929 | | | 910,051 | | | 52,063 | | | 125,202 | | | -1,757,540 | | | 858,705 |
Total liabilities and stockholders' equity | | $ | 1,580,277 | | $ | 2,070,272 | | $ | — | | $ | 56,328 | | $ | -1,776,813 | | $ | 1,930,064 |
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Consolidating Income Statement | |
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CONSOLIDATING INCOME STATEMENT |
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(unaudited) |
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(Thousands of dollars) | Three Months Ended March 31, 2015 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 2,390,481 | | $ | — | | $ | — | | $ | -32,402 | | $ | 2,358,079 |
Merchandise sales | | | — | | | 524,137 | | | — | | | — | | | — | | | 524,137 |
Ethanol sales and other | | | — | | | 38,548 | | | — | | | 41,751 | | | — | | | 80,299 |
Total revenues | | $ | — | | $ | 2,953,166 | | $ | — | | $ | 41,751 | | $ | -32,402 | | $ | 2,962,515 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 2,293,488 | | | — | | | — | | | -32,402 | | | 2,261,086 |
Merchandise cost of goods sold | | | — | | | 450,553 | | | — | | | — | | | — | | | 450,553 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 34,580 | | | — | | | 34,580 |
Station and other operating expenses | | | — | | | 114,535 | | | — | | | 7,640 | | | — | | | 122,175 |
Depreciation and amortization | | | — | | | 21,103 | | | — | | | 75 | | | — | | | 21,178 |
Selling, general and administrative | | | — | | | 31,092 | | | 1 | | | 363 | | | — | | | 31,456 |
Accretion of asset retirement obligations | | | — | | | 378 | | | — | | | — | | | — | | | 378 |
Total costs and operating expenses | | | — | | | 2,911,149 | | | 1 | | | 42,658 | | | -32,402 | | | 2,921,406 |
Income (loss) from operations | | $ | — | | $ | 42,017 | | $ | -1 | | $ | -907 | | $ | — | | $ | 41,109 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 1,873 | | | — | | | — | | | — | | | 1,873 |
Interest expense | | | — | | | -8,329 | | | — | | | — | | | — | | | -8,329 |
Gain on sale of assets | | | — | | | 4 | | | — | | | — | | | — | | | 4 |
Other nonoperating income | | | — | | | 5,364 | | | — | | | — | | | — | | | 5,364 |
Total other income (expense) | | $ | — | | $ | -1,088 | | $ | — | | $ | — | | $ | — | | $ | -1,088 |
Income (loss) from continuing operations before income taxes | | | — | | | 40,929 | | | -1 | | | -907 | | | — | | | 40,021 |
Income tax expense (benefit) | | | — | | | 17,411 | | | — | | | -322 | | | — | | | 17,089 |
Income (loss) from continuing operations | | | — | | | 23,518 | | | -1 | | | -585 | | | — | | | 22,932 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | — | | | — | | | — |
Equity earnings (deficit) in affiliates, net of tax | | | 22,932 | | | -586 | | | — | | | — | | | -22,346 | | | — |
Net Income (Loss) | | $ | 22,932 | | $ | 22,932 | | $ | -1 | | $ | -585 | | $ | -22,346 | | $ | 22,932 |
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CONSOLIDATING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Three Months Ended March 31, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 3,634,271 | | $ | — | | $ | — | | $ | -39,924 | | $ | 3,594,347 |
Merchandise sales | | | — | | | 502,722 | | | — | | | — | | | — | | | 502,722 |
Ethanol sales and other | | | — | | | 18,476 | | | — | | | 48,789 | | | — | | | 67,265 |
Total revenues | | $ | — | | $ | 4,155,469 | | $ | — | | $ | 48,789 | | $ | -39,924 | | $ | 4,164,334 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 3,540,270 | | | — | | | — | | | -39,924 | | | 3,500,346 |
Merchandise cost of goods sold | | | — | | | 432,462 | | | — | | | — | | | — | | | 432,462 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 37,770 | | | — | | | 37,770 |
Station and other operating expenses | | | — | | | 113,815 | | | — | | | 8,662 | | | — | | | 122,477 |
Depreciation and amortization | | | — | | | 19,634 | | | — | | | 27 | | | — | | | 19,661 |
Selling, general and administrative | | | — | | | 27,625 | | | 1 | | | 445 | | | — | | | 28,071 |
Accretion of asset retirement obligations | | | — | | | 297 | | | — | | | — | | | — | | | 297 |
Total costs and operating expenses | | | — | | | 4,134,103 | | | 1 | | | 46,904 | | | -39,924 | | | 4,141,084 |
Income (loss) from operations | | $ | — | | $ | 21,366 | | $ | -1 | | $ | 1,885 | | $ | — | | $ | 23,250 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 15 | | | — | | | — | | | — | | | 15 |
Interest expense | | | — | | | -9,095 | | | — | | | — | | | — | | | -9,095 |
Gain on sale of assets | | | — | | | 170 | | | — | | | — | | | — | | | 170 |
Other nonoperating income | | | — | | | 112 | | | — | | | — | | | — | | | 112 |
Total other income (expense) | | $ | — | | $ | -8,798 | | $ | — | | $ | — | | $ | — | | $ | -8,798 |
Income (loss) from continuing operations before income taxes | | | — | | | 12,568 | | | -1 | | | 1,885 | | | — | | | 14,452 |
Income tax expense | | | — | | | 4,932 | | | — | | | 668 | | | — | | | 5,600 |
Income (loss) from continuing operations | | | — | | | 7,636 | | | -1 | | | 1,217 | | | — | | | 8,852 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 781 | | | — | | | 781 |
Equity earnings (deficit) in affiliates, net of tax | | | — | | | — | | | — | | | — | | | — | | | — |
Net Income (Loss) | | $ | — | | $ | 7,636 | | $ | -1 | | $ | 1,998 | | $ | — | | $ | 9,633 |
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Consolidating Statement Of Cash Flow | CONSOLIDATING STATEMENT OF CASH FLOW |
(unaudited) |
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(Thousands of dollars) | Three Months Ended March 31, 2015 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income (loss) | | $ | 22,932 | | $ | 22,932 | | $ | -1 | | $ | -585 | | $ | -22,346 | | $ | 22,932 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | — | | | — | | | — |
Depreciation and amortization | | | — | | | 21,103 | | | — | | | 75 | | | — | | | 21,178 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 347 | | | — | | | 347 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -5,073 | | | — | | | -48 | | | — | | | -5,121 |
Accretion on discounted liabilities | | | — | | | 378 | | | — | | | — | | | — | | | 378 |
Pretax gains from sale of assets | | | — | | | -4 | | | — | | | — | | | — | | | -4 |
Net decrease (increase) in noncash operating working capital | | | — | | | -12,313 | | | — | | | 4,502 | | | — | | | -7,811 |
Equity in earnings (deficit) | | | -22,932 | | | 586 | | | — | | | — | | | 22,346 | | | — |
Other operating activities - net | | | — | | | 2,519 | | | — | | | — | | | — | | | 2,519 |
Net cash provided by (required by) continuing operations | | | — | | | 30,128 | | | -1 | | | 4,291 | | | — | | | 34,418 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | — | | | — | | | — |
Net cash provided by (required by) operating activities | | | — | | | 30,128 | | | -1 | | | 4,291 | | | — | | | 34,418 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -31,622 | | | — | | | -593 | | | — | | | -32,215 |
Proceeds from sale of assets | | | — | | | 82 | | | — | | | — | | | — | | | 82 |
Expenditures for major repairs | | | — | | | — | | | — | | | -362 | | | — | | | -362 |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | — | | | — | | | — |
Net cash required by investing activities | | | — | | | -31,540 | | | — | | | -955 | | | — | | | -32,495 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | -39,435 | | | — | | | — | | | — | | | — | | | -39,435 |
Repayments of long-term debt | | | — | | | -15 | | | — | | | — | | | — | | | -15 |
Debt issuance costs | | | — | | | — | | | — | | | — | | | — | | | — |
Amounts related to share-based compensation activities | | | — | | | -2,907 | | | — | | | — | | | — | | | -2,907 |
Net distributions to parent | | | 39,435 | | | -36,399 | | | 1 | | | -3,037 | | | — | | | — |
Net cash provided by (required by) financing activities | | | — | | | -39,321 | | | 1 | | | -3,037 | | | — | | | -42,357 |
Net increase (decrease) in cash and cash equivalents | | | — | | | -40,733 | | | — | | | 299 | | | — | | | -40,434 |
Cash and cash equivalents at January 1 | | | — | | | 327,163 | | | — | | | 942 | | | — | | | 328,105 |
Cash and cash equivalents at March 31 | | $ | — | | $ | 286,430 | | $ | — | | $ | 1,241 | | $ | — | | $ | 287,671 |
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CONSOLIDATING STATEMENT OF CASH FLOW |
(unaudited) |
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(Thousands of dollars) | Three Months Ended March 31, 2014 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income (loss) | | $ | — | | $ | 7,636 | | $ | -1 | | $ | 1,998 | | $ | — | | $ | 9,633 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | -781 | | | — | | | -781 |
Depreciation and amortization | | | — | | | 19,634 | | | — | | | 27 | | | — | | | 19,661 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 169 | | | — | | | 169 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -5,573 | | | — | | | 1,017 | | | — | | | -4,556 |
Accretion on discounted liabilities | | | — | | | 297 | | | — | | | — | | | — | | | 297 |
Pretax gains from sale of assets | | | — | | | -170 | | | — | | | — | | | — | | | -170 |
Net decrease in noncash operating working capital | | | — | | | 80,464 | | | — | | | 4,288 | | | — | | | 84,752 |
Equity in earnings | | | — | | | — | | | — | | | — | | | — | | | — |
Other operating activities - net | | | — | | | 3,698 | | | — | | | — | | | — | | | 3,698 |
Net cash provided by (required by) continuing operations | | | — | | | 105,986 | | | -1 | | | 6,718 | | | — | | | 112,703 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 134 | | | | | | 134 |
Net cash provided by (required by) operating activities | | | — | | | 105,986 | | | -1 | | | 6,852 | | | — | | | 112,837 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -23,501 | | | — | | | -238 | | | — | | | -23,739 |
Proceeds from sale of assets | | | — | | | 279 | | | — | | | — | | | — | | | 279 |
Expenditures for major repairs | | | — | | | — | | | — | | | -728 | | | — | | | -728 |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | 1,097 | | | — | | | 1,097 |
Net cash provided by (required by) investing activities | | | — | | | -23,222 | | | — | | | 131 | | | — | | | -23,091 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repayments of long-term debt | | | — | | | -15,000 | | | — | | | — | | | — | | | -15,000 |
Debt issuance costs | | | — | | | -63 | | | — | | | — | | | — | | | -63 |
Amounts related to share-based compensation activities | | | — | | | — | | | — | | | — | | | — | | | — |
Net distributions to parent | | | — | | | 6,187 | | | 1 | | | -6,188 | | | — | | | — |
Net cash provided by (required by) financing activities | | | — | | | -8,876 | | | 1 | | | -6,188 | | | — | | | -15,063 |
Net increase in cash and cash equivalents | | | — | | | 73,888 | | | — | | | 795 | | | — | | | 74,683 |
Cash and cash equivalents at January 1 | | | — | | | 294,741 | | | — | | | — | | | — | | | 294,741 |
Cash and cash equivalents at March 31 | | $ | — | | $ | 368,629 | | $ | — | | $ | 795 | | $ | — | | $ | 369,424 |
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Consolidating Statement Of Changes In Equity | CONSOLIDATING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
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(Thousands of dollars) | | Three Months Ended March 31, 2015 |
Statement of Stockholders' Equity | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2014 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of March 31, 2015 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2014 | | $ | -51,073 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | -51,073 |
Issuance of common stock | | | 5,493 | | | — | | | — | | | — | | | — | | | 5,493 |
Repurchase of common stock | | | -39,435 | | | — | | | — | | | — | | | — | | | -39,435 |
Balance as of March 31, 2015 | | $ | -85,015 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | -85,015 |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2014 | | $ | 1,228,095 | | $ | 558,611 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 557,871 |
Issuance of common stock | | | -5,493 | | | — | | | — | | | — | | | — | | | -5,493 |
Amounts related to share-based compensation | | | — | | | -2,907 | | | — | | | — | | | — | | | -2,907 |
Share-based compensation expense | | | — | | | 1,903 | | | — | | | — | | | — | | | 1,903 |
Balance as of March 31, 2015 | | $ | 1,222,602 | | $ | 557,607 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 551,374 |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2014 | | $ | 351,439 | | $ | 351,439 | | $ | -1 | | $ | 89,525 | | $ | -440,963 | | $ | 351,439 |
Net income | | | 22,932 | | | 22,932 | | | -1 | | | -585 | | | -22,346 | | | 22,932 |
Balance as of March 31, 2015 | | $ | 374,371 | | $ | 374,371 | | $ | -2 | | $ | 88,940 | | $ | -463,309 | | $ | 374,371 |
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CONSOLIDATING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Three Months Ended March 31, 2014 |
Statement of Stockholders' Equity | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | 467 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 467 |
Issuance of common stock | | | 1 | | | — | | | — | | | — | | | — | | | 1 |
Balance as of March 31, 2014 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repurchase of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of March 31, 2014 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | 1,228,370 | | $ | 548,758 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 548,293 |
Issuance of common stock | | | — | | | -312 | | | — | | | — | | | — | | | -312 |
Amounts related to share-based compensation | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | 2,522 | | | — | | | — | | | — | | | 2,522 |
Balance as of March 31, 2014 | | $ | 1,228,370 | | $ | 550,968 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 550,503 |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | 38,954 | | $ | — | | $ | 68,622 | | $ | — | | $ | 107,576 |
Net income | | | 107,576 | | | 76,259 | | | -1 | | | 1,998 | | | -176,199 | | | 9,633 |
Balance as of March 31, 2014 | | $ | 107,576 | | $ | 115,213 | | $ | -1 | | $ | 70,620 | | $ | -176,199 | | $ | 117,209 |
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