Patriot Transportation Holding (PATI) 10-Q 13 Feb 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Dec. 31, 2016shares
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	1,616,741
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	3,289,353
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 4,677	$ 6,005
Accounts receivable, net of allowance for doubtful accounts of $161 and $153, respectively	6,825	7,043
Federal and state taxes receivable	134	261
Inventory of parts and supplies	853	811
Prepaid tires on equipment	1,969	2,052
Prepaid taxes and licenses	463	681
Prepaid insurance	662	820
Prepaid expenses, other	31	64
Total current assets	15,614	17,737
Property and equipment, at cost	102,765	102,783
Less accumulated depreciation	60,231	59,080
Net property and equipment	42,534	43,703
Goodwill	3,431	3,431
Intangible assets, net	1,152	1,214
Other assets, net	213	214
Total assets	62,944	66,299
Current liabilities:
Accounts payable	1,887	4,896
Accrued payroll and benefits	3,608	4,608
Accrued insurance	376	700
Accrued liabilities, other	188	369
Total current liabilities	6,059	10,573
Long-term debt	0	0
Deferred income taxes	10,631	10,479
Accrued insurance	180	184
Other liabilities	1,098	1,117
Total liabilities	17,968	22,353
Commitments and contingencies (Note 8)
Shareholders' Equity/Net investment:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are disignated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding	0	0
Common stock, $.10 par value; (25,000,000 shares authorized; 3,289,353 and 3,289,353 shares issued and outstanding, respectively)	329	329
Capital in excess of par value	36,037	35,919
Retained earnings	8,436	7,524
Accumulated other comprehensive income, net	174	174
Total shareholders' equity	44,976	43,946
Total liabilties and shareholders' equity	$ 62,944	$ 66,299

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 161	$ 153
Preferred stock, par value	$ .01	$ .01
Preferred stock, shares authorized	5,000,000	5,000,000
Series A Junior Participating Preferred Stock	250,000	250,000
Preferred stock, shares issued	0	0
Common stock, par value	$ .10	$ .10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,289,353	3,289,353

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Transportation revenues	$ 27,259	$ 28,009
Fuel surcharges	1,499	1,362
Total revenues	28,758	29,371
Cost of operations:
Compensation and benefits	12,084	12,572
Fuel expenses	3,904	3,825
Repairs & tires	1,638	1,809
Other operating	1,034	1,090
Insurance and losses	2,705	3,018
Depreciation expense	2,462	2,148
Rents, tags & utilities	863	949
Sales, general & administrative	2,311	2,399
Corporate expenses	617	958
(Gain) loss on equipment sales	(108)	4
Total cost of operations	27,510	28,772
Total operating profit	1,248	599
BP claim Settlement	0	1,687
Interest income and other	2	3
Interest expense	(32)	(35)
Income before income taxes	1,218	2,254
Provision for income taxes	306	879
Net income	912	1,375
Comprehensive Income	$ 912	$ 1,375
Earnings per common share:
Net income - basic	$ 0.28	$ 0.42
Net income - diluted	$ 0.28	$ 0.42
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,290	3,273
-diluted earnings per common share	3,294	3,277

Consolidated and Combined Stat5

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 912	$ 1,375
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,651	2,403
Deferred income taxes	152	661
Gain on asset dispositions	(117)	(36)
Stock-based compensation	118	136
Net changes in operating assets and liabilities:
Accounts receivable	218	890
BP claim settlement receivable	0	(1,687)
Inventory of parts and supplies	(42)	7
Prepaid expenses	492	573
Other assets	2	4
Accounts payable and accrued liabilities	(4,514)	(4,165)
Income taxes payable and receivable	127	(63)
Long-term insurance liabilities and other long-term liabilities	(23)	(14)
Net cash (used in) provided by operating activities	(24)	84
Cash flows from investing activities:
Purchase of property and equipment	(1,525)	(449)
Proceeds from the sale of property, plant and equipment	221	66
Net cash used in investing activities	(1,304)	(383)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts	0	(449)
Proceeds from borrowing on revolving credit facility	0	13,366
Payments on revolving credit facility	0	(12,888)
Excess tax benefits from exercise of stock options	0	270
Net cash provided by financing activities	0	299
Net decrease in cash and cash equivalents	(1,328)	0
Cash and cash equivalents at beginning of period	6,005	0
Cash and cash equivalents at end of the period	$ 4,677	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Company’s Business Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2017. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2016.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in the first quarter of fiscal 2017 we recorded a $169,000 reduction of income tax expense from windfall gains on stock option exercises.

Related Party Agreements

Related Party Agreements	3 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Agreements	(3) Related Party Agreements. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $377,000 and $386,000 for the three months ended December 31, 2016 and 2015, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as a reduction to corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP. Patriot provides information technology services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John Baker, brother of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass paid $16,000 and $123,000 to the Company for the three months ended December 31, 2016 and 2015 respectively for such information technology services and office space. The services to Bluegrass ceased on December 31, 2016.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt. On January 30, 2015, the Company entered into a $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding. As of December 31, 2016, we had no debt outstanding on this revolver, $2,386,000 outstanding under letters of credit and $22,614,000 available for additional borrowings. The Company closed on a loan on May 13, 2015 from Branch Banking and Trust Company (BB&T) for up to $25 million under a two (2) year revolving facility to be secured by a portion of the Company’s equipment. This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization. As of December 31, 2016, the Company had not taken any draws against this facility. These credit agreements contain certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of December 31, 2016.

Earnings per share

Earnings per share	3 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per share	(5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts): Three Months ended December 31, 2016 2015 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,290 3,273 Common shares issuable under share based payment plans which are potentially dilutive 4 4 Common shares used for diluted earnings per common share 3,294 3,277 Net income $ 912 1,375 Earnings per common share: -basic $ 0.28 0.42 -diluted $ 0.28 0.42 For the three months ended December 31, 2016, 90,554 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2015, 64,047 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans. Participation in FRP Plans The Company's directors, officers and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit for the Transition Services Agreement allocation to FRP. Patriot Incentive Stock Plan In January, 2015 the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The number of common shares available for future issuance was 101,580 at December 31, 2016. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. In December 2016, the Company approved and issued a retirement incentive to an officer in the form of stock appreciation rights. The Company granted 80,000 stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get cash award at age 65 based upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than $500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment of age 65. The Company recorded the following stock compensation expense for options in its consolidated statements of income (in thousands): Three Months ended December 31, 2016 2015 Stock option grants $ 118 136 Annual director stock award — — $ 118 136 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at December 31, 2016 151,591 $ 22.18 7.0 $ 1,271 Exercisable at December 31, 2016 95,901 $ 21.83 5.8 $ 758 Vested during three months ended December 31, 2016 27,852 $ 210 The aggregate intrinsic value of exercisable Company options was $143,000 and the aggregate intrinsic value of all outstanding in-the-money options was $168,000 based on the Company’s market closing price of $21.93 on December 30, 2016 less exercise prices. The realized tax benefit from Patriot option exercises during the first three months of fiscal 2017 was $321,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2016 was $801,000, which is expected to be recognized over a weighted-average period of 3.4 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements As of December 31, 2016 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At December 31, 2016 and September 30, 2016, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items. We believe the fair value of the allocated outstanding debt obligations approximate their carrying value as the related debt agreements reflect present market terms and as certain debt obligations contain certain interest rates that reset periodically based on current market indices.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers Deposits : The Company places its cash and cash equivalents with Wells Fargo Bank, N.A. At times, such amounts may exceed FDIC limits.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	3 Months Ended
	Dec. 31, 2016
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(10) Unusual or Infrequent Items Impacting Quarterly Results. On October 20, 2015, the Company received notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement. On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on January 6, 2016 net of all contingency fees.

Subsequent Event

Subsequent Event	3 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	(11) Subsequent Event. On January 18, 2017 the Company entered into a purchase and sale agreement to sell 25 acres of land located in South Tampa, FL for $10,000,000. The land has historically been used as our operating terminal. Should this sale transaction close, we plan to secure a new terminal facility. The agreement is subject to numerous contingencies and the Company would not expect the transaction to close for at least 14 months from the effective date.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per common share (dollars and shares in thousands, except per share amounts)	Three Months ended December 31, 2016 2015 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,290 3,273 Common shares issuable under share based payment plans which are potentially dilutive 4 4 Common shares used for diluted earnings per common share 3,294 3,277 Net income $ 912 1,375 Earnings per common share: -basic $ 0.28 0.42 -diluted $ 0.28 0.42

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands)	Three Months ended December 31, 2016 2015 Stock option grants $ 118 136 Annual director stock award — — $ 118 136
Summary of Stock Options (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at December 31, 2016 151,591 $ 22.18 7.0 $ 1,271 Exercisable at December 31, 2016 95,901 $ 21.83 5.8 $ 758 Vested during three months ended December 31, 2016 27,852 $ 210

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,290	3,273
Common shares issuable under share based payment plans which are potentially dilutive	4	4
Common shares used for diluted earnings per common share	3,294	3,277
Net income	$ 912	$ 1,375
Earnings per common share:
Earnings per share-basic	$ 0.28	$ 0.42
Earnings per share-diluted	$ 0.28	$ 0.42

Stock-Based Compensation Plan20

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 118	$ 136
Annual director stock award	0	0
Stock based compensation	$ 118	$ 136

Stock-Based Compensation Plan21

Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)yr$ / sharesshares	Sep. 30, 2016USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	151,591	110,811
Options granted | shares	40,780
Options outstanding weighted average exercise price | $ / shares	$ 22.18	$ 22.52
Options outstanding weighted average exercise price - Granted | $ / shares	$ 21.25
Options outstanding weighted average remaining term | yr	7	6.2
Options outstanding weighted average grant date fair value | $	$ 1,271	$ 999
Options granted weighted average grant date fair value | $ / shares	$ 272
Options exercisable at December 31, 2016 | shares	95,901
Options exerciseable weighted average exercise price | $ / shares	$ 21.83
Options exerciseable weighted average remaining term | yr	5.8
Options exerciseable weighted average grant date fair value | $	$ 758
Options vested during three months ended December 31, 2016 | shares	27,852
Options vested weighted average grant date fair value | $	$ 210

Description of Business and B22

Description of Business and Basis of Presentation (Details Narrative)	Dec. 31, 2016
Revenue Producting Drivers	662
Fleet of Tractors	480
Fleet of Trailers	560
Terminal locations	21
Satellite locations	9
Petroleum Products
Percentage of Business	82.00%
Dry Bulk Commodities
Percentage of Business	18.00%

Recently Issued Accounting St23

Recently Issued Accounting Standards (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Recently Issued Accounting Standards Details Narrative
Contractual obligation for lease payments greater than 12 months		$ 1,721
Reduction of income tax expense from windfall gains on stock option exercises	$ 169

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
FRP
Charges/allocations	$ 377	$ 386
Bluegrass
Charges/allocations	$ 16	$ 123

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)yr	May 13, 2015USD ($)yr	Jan. 30, 2015USD ($)yr
Revolving Credit facility			$ 25,000
Borrowed under the revolver			$ 5,100
Credit Agreement term years | yr			5
Wells Fargo
Borrowed under the revolver	$ 0
Letters of credit issued	2,386
Amount availbe for additional borrowings	$ 22,614
Compliance with loan covenants	All
BBT
Revolving Credit facility		$ 25,000
Borrowed under the revolver	$ 0
Credit Agreement term years | yr	2	2
Compliance with loan covenants	All
Conversion description	This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization.

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Anti-dilutive shares	90,554	64,047

Stock-Based Compensation Plan27

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)yrshares	Dec. 30, 2016$ / shares	Dec. 21, 2016USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares available for future issuance | shares	101,580
Stock appreciation rights issued | shares			80,000
Minimum award for stock appreciation rights			$ 500
Stock appreciation rights vesting period | yr			9.1
Aggregate intrinsic value of exercisable options	$ 143
Aggregate intrinsic value of outstanding in-the-money options	168
Market close price | $ / shares		$ 21.93	$ 23.13
Realized tax benefit pertaining to FRP options	321
Total unrecognized compensation cost of options granted	$ 801
Weighted average period for compensation to be recognized | yr	3.4

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Dec. 31, 2016USD ($)
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	$ 0
Liabilities measured at fair value on a recurring basis	0
Assets measured at fair value on a non-recurring basis	0
Liabilities measured at fair value on a non-recurring basis	$ 0

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Top Ten Customers
Customer revenue concentration	61.20%
Accounts receivable concentration	$ 4,056	$ 3,998
Top Customer
Customer revenue concentration	22.40%

Unusual or Infrequent Items I30

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2016	Dec. 18, 2015	Oct. 20, 2015
Unusual or Infrequent Items, or Both [Abstract]
BP Claim Settlement		$ 2,048	$ 2,106
BP Claim payment	$ 1,687

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - Tampa terminal $ in Thousands	Jan. 18, 2017USD ($)aMonths
Acres in Tampa entered into purchase and sale agreement | a	25
Purchase and sale agreement | $	$ 10,000
Expected transaction close minimum number of months | Months	14