Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | |
Capital Stock [Member] | Class B Capital Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'MONARCH CEMENT CO | ' | ' |
Entity Central Index Key | '0000067517 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,596,718 | 1,383,529 |
Trading Symbol | 'mcem | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $3,341,534 | $1,440,959 |
Receivables, less allowances of $1,125,000 in 2013 and $636,000 in 2012 for doubtful accounts | 17,679,824 | 17,235,220 |
Inventories, priced at cost which is not in excess of market- | ' | ' |
Finished cement | 3,015,431 | 5,385,586 |
Work in process | 2,006,587 | 3,040,112 |
Building products | 4,433,174 | 4,324,133 |
Fuel, gypsum, paper sacks and other | 7,495,147 | 6,760,554 |
Operating and maintenance supplies | 13,261,676 | 13,244,419 |
Total inventories | 30,212,015 | 32,754,804 |
Refundable federal and state income taxes | 0 | 1,441,206 |
Deferred income taxes | 750,000 | 750,000 |
Prepaid expenses | 1,050,633 | 658,369 |
Assets held for sale, net | 4,632,726 | 0 |
Total current assets | 57,666,732 | 54,280,558 |
Property, Plant and Equipment, at cost, less accumulated depreciation and depletion of $186,308,480 in 2013 and $193,109,379 in 2012 | 81,415,534 | 83,179,004 |
Deferred Income Taxes | 15,298,458 | 14,964,458 |
Investments, carried at fair value | 22,475,500 | 24,761,746 |
Investments, carried at cost | 2,618,904 | 2,618,904 |
Other Assets | 1,345,226 | 1,483,475 |
Total Assets | 180,820,354 | 181,288,145 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 8,550,311 | 11,186,677 |
Current portion of term loan | 1,428,571 | 1,237,816 |
Current portion of other long-term debt | 175,000 | 175,000 |
Accrued liabilities | 6,907,924 | 7,141,353 |
Total current liabilities | 17,061,806 | 19,740,846 |
Long-Term Debt | 12,642,027 | 9,683,965 |
Accrued Postretirement Benefits | 37,217,647 | 36,262,992 |
Accrued Pension Expense | 12,456,494 | 13,241,529 |
STOCKHOLDERS' EQUITY: | ' | ' |
Capital stock | 6,429,995 | 6,490,117 |
Additional paid-in-capital | 2,485,125 | 2,485,125 |
Retained earnings | 96,553,328 | 97,214,376 |
Accumulated other comprehensive loss | -7,546,691 | -7,374,773 |
Total stockholders' equity | 101,442,380 | 102,358,813 |
Liabilities and Equity, Total | 180,820,354 | 181,288,145 |
Class B Capital Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Capital stock | $3,520,623 | $3,543,968 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Allowance for receivables | $1,125,000 | $636,000 |
Accumulated depreciation and depletion | $186,308,480 | $193,109,379 |
Capital stock, par value | $2.50 | $2.50 |
Capital stock, shares authorized | 10,000,000 | 10,000,000 |
Capital stock, shares issued | 2,571,998 | 2,596,047 |
Capital stock, shares outstanding | 2,571,998 | 2,596,047 |
Class B Capital Stock [Member] | ' | ' |
Capital stock, par value | $2.50 | $2.50 |
Capital stock, shares authorized | 10,000,000 | 10,000,000 |
Capital stock, shares issued | 1,408,249 | 1,417,587 |
Capital stock, shares outstanding | 1,408,249 | 1,417,587 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income And Retained Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Income And Retained Earnings [Abstract] | ' | ' | ' | ' |
NET SALES | $40,947,350 | $36,987,210 | $101,691,856 | $100,114,805 |
COST OF SALES | 34,997,608 | 30,734,889 | 88,847,365 | 84,084,713 |
Gross profit from operations | 5,949,742 | 6,252,321 | 12,844,491 | 16,030,092 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,900,586 | 3,715,906 | 11,448,710 | 11,002,205 |
Income from operations | 2,049,156 | 2,536,415 | 1,395,781 | 5,027,887 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest income | 49,458 | 27,708 | 109,855 | 82,720 |
Interest expense | -91,524 | -121,962 | -230,220 | -359,659 |
Gain on sale of equity investments | 0 | 3,605,597 | 3,881,872 | 4,173,141 |
Dividend income | 87,786 | 19,014 | 1,579,408 | 44,801 |
Other, net | 27,887 | 80,139 | 14,698 | 128,369 |
Other Income (Expense), Total | 73,607 | 3,610,496 | 5,355,613 | 4,069,372 |
Income from continuing operations before income taxes | 2,122,763 | 6,146,911 | 6,751,394 | 9,097,259 |
PROVISION FOR INCOME TAXES | 613,000 | 1,715,000 | 1,890,000 | 2,538,000 |
Income from continuing operations | 1,509,763 | 4,431,911 | 4,861,394 | 6,559,259 |
Discontinued operations: | ' | ' | ' | ' |
Income (loss) from operations of Tulsa Dynaspan, Inc. (including gain on disposal of $2,628,000, $0, $2,625,000, and $0, respectively) | 617,625 | -3,011,537 | -4,094,474 | -4,439,363 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 155,000 | -840,000 | -1,145,000 | -1,238,000 |
Income (loss) on discontinued operations | 462,625 | -2,171,537 | -2,949,474 | -3,201,363 |
NET INCOME | 1,972,388 | 2,260,374 | 1,911,920 | 3,357,896 |
RETAINED EARNINGS, beginning of period | 95,887,901 | 97,925,589 | 97,214,376 | 97,751,202 |
Less cash dividends | 919,544 | 923,136 | 1,842,680 | 1,846,271 |
Less purchase and retirement of capital stock | 387,417 | 0 | 730,288 | 0 |
RETAINED EARNINGS, end of period | $96,553,328 | $99,262,827 | $96,553,328 | $99,262,827 |
Basic earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $0.37 | $1.11 | $1.21 | $1.64 |
From discontinued operations | $0.12 | ($0.54) | ($0.73) | ($0.80) |
Net earnings per share | $0.49 | $0.57 | $0.48 | $0.84 |
Cash dividends per share | $0.23 | $0.23 | $0.46 | $0.46 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Income And Retained Earnings (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Income And Retained Earnings [Abstract] | ' | ' | ' | ' |
Gain on disposal of discontinued operation | $2,628,000 | $0 | $2,625,000 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME | $1,972,388 | $2,260,374 | $1,911,920 | $3,357,896 |
OTHER COMPREHENSIVE INCOME (LOSS), net of deferred tax | ' | ' | ' | ' |
UNREALIZED APPRECIATION (DEPRECIATION) ON AVAILABLE-FOR-SALE SECURITIES (Net of deferred tax expense (benefit) of $12,000, $1,836,000, $824,000, and $3,776,000, respectively) | 18,000 | 2,759,597 | 1,237,872 | 5,667,141 |
RECLASSIFICATION ADJUSTMENT FOR SALE OF SECURITIES INCLUDED IN NET INCOME (Net of deferred tax expense (benefit) of $0, $1,440,000, $1,552,000, and $1,668,000, respectively) | 0 | -2,165,597 | -2,329,872 | -2,505,141 |
PENSION AND POSTRETIREMENT, PRIOR SERVICE COST (Net of deferred tax expense (benefit) of $(5,000), $(8,000), $(15,000), and $(17,000), respectively) | -7,244 | -11,881 | -21,732 | -26,113 |
RECLASSIFICATION ADJUSTMENT FOR PENSION AND POSTRETIREMENT NET (GAIN) LOSS (Net of deferred tax expense (benefit) of $(199,000), $(201,000), $(598,000), and $(604,000), respectively) | 299,784 | 300,032 | 898,350 | 905,229 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), net of deferred tax | 325,028 | 905,913 | -171,918 | 4,093,342 |
COMPREHENSIVE INCOME | $2,297,416 | $3,166,287 | $1,740,002 | $7,451,238 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Deferred tax expense (benefit) for unrealized appreciation (depreciation) on available for sale securities | $12,000 | $1,836,000 | $824,000 | $3,776,000 |
Deferred tax expense (benefit) for reclassification adjustment for available for sale securities included in net income (loss) | 0 | 1,440,000 | 1,552,000 | 1,668,000 |
Deferred tax expense (benefit) for pension and postretirement prior service cost | -5,000 | -8,000 | -15,000 | -17,000 |
Deferred tax expense (benefit) for reclassification adjustment for pension and postretirement net (gain) loss | ($199,000) | ($201,000) | ($598,000) | ($604,000) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES: | ' | ' |
Net income | $1,911,920 | $3,357,896 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 8,821,833 | 8,906,107 |
Deferred income taxes | -219,000 | -54,000 |
Gain on disposal of assets | -2,770,792 | -52,225 |
Realized gain on sale of equity investments | -3,881,872 | -4,173,141 |
Postretirement benefits and pension expense | 1,702,702 | 1,459,601 |
Change in assets and liabilities: | ' | ' |
Receivables, net | -444,604 | -5,461,573 |
Inventories | 2,542,789 | -1,953,958 |
Refundable income taxes | 1,441,206 | 336,394 |
Prepaid expenses | -392,264 | -67,258 |
Other assets | 2,622 | 46,376 |
Accounts payable and accrued liabilities | -1,896,287 | 2,922,848 |
Net cash provided by operating activities | 6,818,253 | 5,267,067 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -12,769,695 | -4,592,850 |
Proceeds from disposals of property, plant and equipment | 3,934,653 | 65,709 |
Payment for purchases of available-for-sale equity investments | -914,340 | 0 |
Proceeds from disposals of available-for-sale equity investments | 5,262,458 | 6,799,194 |
Net cash provided by (used for) investing activities | -4,486,924 | 2,272,053 |
FINANCING ACTIVITIES: | ' | ' |
Increase (decrease) in revolving loan, net | -110,137 | 874,486 |
Proceeds from bank loans | 4,472,950 | 0 |
Payments on bank loans | -1,071,429 | -2,178,255 |
Net increase in restricted cash | 0 | -2,570,505 |
Payments on other long-term debt | -142,567 | -146,478 |
Cash dividends paid | -2,765,816 | -3,692,543 |
Purchases of capital stock | -813,755 | 0 |
Net cash used for financing activities | -430,754 | -7,713,295 |
Net increase (decrease) in cash and cash equivalents | 1,900,575 | -174,175 |
Cash and Cash Equivalents, beginning of year | 1,440,959 | 1,123,870 |
Cash and Cash Equivalents, end of period | 3,341,534 | 949,695 |
Supplemental disclosures: | ' | ' |
Interest paid, net of amount capitalized | 230,535 | 359,659 |
Income tax refund | 1,424,378 | 1,017,606 |
Capital equipment additions included in accounts payable | $106,754 | $89,126 |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Nature Of Operations And Summary Of Significant Accounting Policies | ' |
NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Monarch Cement Company (Monarch) is principally engaged in the manufacture and sale of portland cement. The marketing area for Monarch's products consists primarily of the State of Kansas, the State of Iowa, southeast Nebraska, western Missouri, northwest Arkansas and northern Oklahoma. Sales are made primarily to contractors, ready-mixed concrete plants, concrete products plants, building materials dealers and governmental agencies. Subsidiaries of Monarch (which together with Monarch are referred to herein as the "Company") sell ready-mixed concrete, concrete products and sundry building materials within Monarch's marketing area. | |
For a summary of accounting policies, the reader should refer to Note 1 of the consolidated financial statements included in our Company's most recent annual report on Form 10-K. | |
Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income. | |
Recently Adopted Accounting Standards | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The guidance became effective for the Company beginning January 1, 2013 and did not have a material impact on our disclosures or our consolidated financial statements. | |
New Accounting Standards Issued But Not Yet Adopted | |
There are currently no accounting standards that have been issued and not yet adopted by the Company that are expected to have a significant impact on the Company's financial position, results of operations and cash flows upon adoption. | |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
NOTE 2: DISCONTINUED OPERATIONS | |
In May 2013, the Company announced its decision to close the construction contract division of Tulsa Dynaspan, Inc. (TDI) in the Ready-Mixed Concrete Business segment and put the property, plant and equipment of the division up for sale. The decision to close the division, which produces precast/hollowcore products, was driven primarily as a result of incurring significant operating losses in each of the last three years. | |
On July 12, 2013, the Company signed a definitive agreement to sell the property, plant and equipment of TDI's ready-mixed concrete division known as Arrow Concrete Company (Arrow) and subsequently ceased operations of the division at the end of the same business day. Arrow’s assets have been completely transferred. Upon TDI's construction contract division closure, which is expected to be completed by the end of the fourth quarter 2013, the subsidiary will cease all operations. TDI's sales, reported in discontinued operations, for the nine months ended September 30, 2013 and September 30, 2012, were $7.5 million and $11.3 million, respectively. Sales for the three months ended September 30, 2013 were $0. Ready-mixed concrete sales of the Arrow division for the period were offset by construction contract sales revisions. Sales for the three months ended September 30, 2012 were $5.3 million. TDI's pretax loss, reported in discontinued operations, for the nine months ended September 30, 2013 and September 30, 2012, were $4.1 million and $4.4 million, respectively. Pretax income for the three months ended September 30, 2013 was $0.6 and pretax loss for the three months ended September 30, 2012 was $3.0 million. Prior period financial statements reflect the operations of TDI as a discontinued operation. | |
The assets of TDI that the Company intends to sell are presented separately under the caption “Assets held for sale, net” in the accompanying Condensed Consolidated Balance Sheet at September 30, 2013. The assets consist solely of property, plant and equipment. During the nine months ended September 30, 2013, $3.8 million of the $3.9 million in proceeds from the disposals of property, plant and equipment were from the disposal of assets held for sale related to the discontinued operations of TDI. The remaining assets held for sale were tested for recoverability as of the balance sheet date and their fair value less cost to sell exceeded their carrying amount at the balance sheet date; accordingly no impairment loss was recognized. Costs incurred related to the closure and associated exit or disposal activities are not expected to be material. | |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Receivables | ' |
NOTE 3: RECEIVABLES | |
Our Company groups its operations into two lines of business - Cement Business and Ready-Mixed Concrete Business. The "Cement Business" refers to our manufacture and sale of cement and "Ready-Mixed Concrete Business" refers to our ready-mixed concrete, concrete products, and sundry building materials business. Our Ready-Mixed Concrete Business previously included the concrete construction division of TDI (expected to be closed by the end of the fourth quarter 2013) which involves short-term and long-term contracts. Short-term contracts for specific projects are generally of three to six months in duration. Long-term contracts relate to specific projects with terms in excess of one year from the contract date. Revenues for these contracts are recognized under the percentage of completion method of accounting using cost-to-cost measures. Revenues from contracts using the cost-to-cost measures of completion are recognized based on the ratio of contract costs incurred to date to total estimated contract costs. Full provision is made for any anticipated losses. The majority of the long-term contracts will allow only scheduled billings and contain retainage provisions under which 5% to 10% of the contract invoicing may be withheld by the customer pending project completion. As of September 30, 2013, the amount of billed retainage which is included in accounts receivable was approximately $183,000, all of which is expected to be collected within one year. The amount of billed retainage which was included in accounts receivable at December 31, 2012 was approximately $170,000. The amount of unbilled revenue in accounts receivable was approximately $0 and $1,231,000 at September 30, 2013 and December 31, 2012, respectively. Unbilled revenue contained approximately $0 and $526,000 of not-currently-billable retainage at September 30, 2013 and December 31, 2012, respectively, which is expected to be collected within one year. | |
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended |
Sep. 30, 2013 | |
Property, Plant And Equipment [Abstract] | ' |
Property, Plant And Equipment | ' |
NOTE 4: PROPERTY, PLANT AND EQUIPMENT | |
As of September 30, 2013, the amount of accounts payable related to property, plant and equipment was approximately $107,000 compared to December 31, 2012 which was approximately $157,000. | |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2013 | |
Inventories [Abstract] | ' |
Inventories | ' |
NOTE 5: INVENTORIES | |
During the three months and the nine months ended September 30, 2013, we incurred a $0.8 million temporary last-in, first-out (LIFO) liquidation gain due to reductions in finished cement and work in process inventory which we expect to be restored by the end of the year. The temporary LIFO liquidation gain has been deferred as a component of accrued liabilities. We did not incur a temporary LIFO liquidation gain during the three months or the nine months ended September 30, 2012. | |
Lines_Of_Business
Lines Of Business | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Lines Of Business [Abstract] | ' | ||||||||||||
Lines Of Business | ' | ||||||||||||
NOTE 6: LINES OF BUSINESS | |||||||||||||
Corporate assets for 2013 and 2012 include cash and cash equivalents, deferred income taxes, investments and other assets. Corporate assets for 2012 also included refundable income taxes. The operations of TDI, a subsidiary in the Ready-Mixed Concrete Business segment, have been presented as a discontinued operation in the financial statements and not included in segment results for the current period. Prior period segment results reflect exclusion of TDI from corresponding items of segment information. Following is a summary of the Company’s business segment results for the periods indicated: | |||||||||||||
Ready- | |||||||||||||
Mixed | Adjustments | ||||||||||||
Cement | Concrete | and | |||||||||||
Business | Business | Eliminations | Consolidated | ||||||||||
For the Three Months Ended 9/30/13 | |||||||||||||
Sales to unaffiliated customers | $ | 17,471,221 | $ | 23,476,129 | $ | 0 | $ | 40,947,350 | |||||
Intersegment sales | 5,180,969 | 0 | -5,180,969 | 0 | |||||||||
Total net sales | $ | 22,652,190 | $ | 23,476,129 | $ | -5,180,969 | $ | 40,947,350 | |||||
Income from operations | $ | 1,475,875 | $ | 573,281 | $ | 2,049,156 | |||||||
Other income, net | 73,607 | ||||||||||||
Income before income taxes | $ | 2,122,763 | |||||||||||
Capital Expenditures | $ | 1,719,098 | $ | 776,392 | $ | 2,495,490 | |||||||
For the Three Months Ended 9/30/12 | |||||||||||||
Sales to unaffiliated customers | $ | 16,076,718 | $ | 20,910,492 | $ | 0 | $ | 36,987,210 | |||||
Intersegment sales | 5,171,929 | 4,563 | -5,176,492 | 0 | |||||||||
Total net sales | $ | 21,248,647 | $ | 20,915,055 | $ | -5,176,492 | $ | 36,987,210 | |||||
Income (loss) from operations | $ | 3,111,254 | $ | -574,839 | $ | 2,536,415 | |||||||
Other income, net | 3,610,496 | ||||||||||||
Income before income taxes | $ | 6,146,911 | |||||||||||
Capital Expenditures | $ | 1,029,625 | $ | 147,585 | $ | 1,177,210 | |||||||
For the Nine Months Ended 9/30/13 | |||||||||||||
Sales to unaffiliated customers | $ | 42,057,188 | $ | 59,634,668 | $ | 0 | $ | 101,691,856 | |||||
Intersegment sales | 14,338,270 | 0 | -14,338,270 | 0 | |||||||||
Total net sales | $ | 56,395,458 | $ | 59,634,668 | $ | -14,338,270 | $ | 101,691,856 | |||||
Income (loss) from operations | $ | 1,898,932 | $ | -503,151 | $ | 1,395,781 | |||||||
Other income, net | 5,355,613 | ||||||||||||
Income before income taxes | $ | 6,751,394 | |||||||||||
Capital Expenditures | $ | 7,966,594 | $ | 4,628,186 | $ | 12,594,780 | |||||||
For the Nine Months Ended 9/30/12 | |||||||||||||
Sales to unaffiliated customers | $ | 39,088,091 | $ | 61,026,714 | $ | 0 | $ | 100,114,805 | |||||
Intersegment sales | 14,341,367 | 4,563 | -14,345,930 | 0 | |||||||||
Total net sales | $ | 53,429,458 | $ | 61,031,277 | $ | -14,345,930 | $ | 100,114,805 | |||||
Income (loss) from operations | $ | 5,397,900 | $ | -370,013 | $ | 5,027,887 | |||||||
Other income, net | 4,069,372 | ||||||||||||
Income before income taxes | $ | 9,097,259 | |||||||||||
Capital Expenditures | $ | 2,719,271 | $ | 1,102,639 | $ | 3,821,910 | |||||||
Balance at 9/30/13 | |||||||||||||
Identifiable Assets | $ | 91,116,564 | $ | 43,874,168 | $ | 134,990,732 | |||||||
Corporate Assets | 45,829,622 | ||||||||||||
$ | 180,820,354 | ||||||||||||
Balance at 12/31/12 | |||||||||||||
Identifiable Assets | $ | 88,491,938 | $ | 45,335,459 | $ | 133,827,397 | |||||||
Corporate Assets | 47,460,748 | ||||||||||||
$ | 181,288,145 | ||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||
Investments | ' | ||||||||||||||||||
NOTE 7: INVESTMENTS | |||||||||||||||||||
Realized gains (losses) on equity investments are computed using the specific identification method. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||||||||
Level 1 - quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||
Level 2 - observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||
Level 3 - unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||||
Cash and cash equivalents have carrying values that approximate fair value using Level 1 prices. Receivables, accounts payable, and short and long-term debt have carrying values that approximate fair values using Level 2 inputs. Equity securities for which the Company has no immediate plan to sell but that may be sold in the future are classified as available for sale. If the fair value of the equity security is readily determinable, it is carried at fair value and unrealized gains and losses are recorded, net of related income tax effects, in stockholders' equity. Realized gains and losses, based on the specifically identified cost of the security, are included in net income (loss). The Company's valuation techniques used to measure the fair value of its marketable equity securities were derived from quoted prices in active markets for identical assets (Level 1 prices). Equity securities whose fair value is not readily determinable are carried at cost unless the Company is aware of significant adverse effects which have impaired the investments. Investments that are recorded at cost are evaluated quarterly for events that may adversely impact their carrying value. | |||||||||||||||||||
The aggregate amount of equity securities carried at cost, for which the Company has not elected the fair value option, was $2.6 million as of September 30, 2013. The remaining $22.5 million in equity security investments are stated at fair value. As of December 31, 2012, the aggregate amount of equity securities carried at cost was $2.6 million and the remaining $24.8 million in equity security investments were stated at fair value. The following table presents the fair value of the Company's available-for-sale equity securities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Significant | ||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||
September 30, 2013: | Assets | Inputs | Inputs | ||||||||||||||||
Assets: | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 12,042,075 | $ | 12,042,075 | $ | 0 | $ | 0 | |||||||||||
General building materials industry | 5,724,487 | 5,724,487 | 0 | 0 | |||||||||||||||
Oil and gas refining and marketing industry | 3,925,188 | 3,925,188 | 0 | 0 | |||||||||||||||
Residential construction industry | 783,750 | 783,750 | 0 | 0 | |||||||||||||||
Total assets measured at fair value | $ | 22,475,500 | $ | 22,475,500 | $ | 0 | $ | 0 | |||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Significant | ||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||
December 31, 2012: | Assets | Inputs | Inputs | ||||||||||||||||
Assets: | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 12,477,760 | $ | 12,477,760 | $ | 0 | $ | 0 | |||||||||||
General building materials industry | 5,751,005 | 5,751,005 | 0 | 0 | |||||||||||||||
Oil and gas refining and marketing industry | 6,532,981 | 6,532,981 | 0 | 0 | |||||||||||||||
Total assets measured at fair value | $ | 24,761,746 | $ | 24,761,746 | $ | 0 | $ | 0 | |||||||||||
There were no transfers between levels and there were no significant changes in the valuation techniques during the period ended September 30, 2013. No reconciliation (roll forward) of the beginning and ending balances for Level 3 is presented since the Company does not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at either of the dates reported in the table above. The Company has no liabilities at either date requiring remeasurement to fair value on a recurring basis in the balance sheet. The Company has no additional assets or liabilities at either date requiring remeasurement to fair value on a non-recurring basis in the balance sheet. | |||||||||||||||||||
The following table shows the unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual trade lots of securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Available-for-sale equity securities | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||
30-Sep-13 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
Residential construction industry | $ | 572,550 | $ | 140,603 | $ | 0 | $ | 0 | $ | 572,550 | $ | 140,603 | |||||||
Total | $ | 572,550 | $ | 140,603 | $ | 0 | $ | 0 | $ | 572,550 | $ | 140,603 | |||||||
December 31, 2012 | |||||||||||||||||||
Cement industry | $ | 0 | $ | 0 | $ | 15,379 | $ | 2,737 | $ | 15,379 | $ | 2,737 | |||||||
Total | $ | 0 | $ | 0 | $ | 15,379 | $ | 2,737 | $ | 15,379 | $ | 2,737 | |||||||
Impairment Analysis | |||||||||||||||||||
The Company owns stock in two privately-owned companies accounted for by the cost method; one in the brick industry and the other in the ethanol production industry. These investments were evaluated at September 30, 2013 and December 31, 2012 for impairment. The evaluations of the ethanol production industry investment for each period's impairment analysis were based on the specific identification of shares held and quoted prices in markets that are not active (Level 2 inputs) and no impairments were identified. Since there is not an active market for the brick industry investment, the Company relied on a discounted future net cash flow valuation (Level 3 inputs) of the issuer for each period's impairment analysis to determine if the average cost of shares were impaired and no impairment was identified. As a result of those evaluations, the Company does not consider these cost-method investments to be impaired at September 30, 2013 or December 31, 2012. | |||||||||||||||||||
September 30, 2013 - - The Company's investments in available-for-sale equity securities carried at fair value were evaluated for impairment by comparing the specifically identified cost of each investment to market price. As a result of these evaluations, the Company did not identify any other-than-temporary impairments in investments which would have resulted in a recognized loss in earnings of equity investments. The Company did identify some specific investments in available-for-sale equity securities that were not other-than-temporarily impaired resulting in the recognition of unrealized losses (see table above). These unrealized losses relate to investments in the common stock of one company in the residential construction industry. When the Company evaluated impairment by comparing the specifically identified cost of the investment to market price as of October 21, 2013, the residential construction industry securities’ price per share decreased slightly from September 30, 2013 levels which increased temporary impairments 3.0%. The Company evaluated the near-term prospects in relation to the severity of the impairments and the duration of the impairments. Based on that evaluation, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||
December 31, 2012 - - The Company's investments in marketable equity securities carried at fair value were evaluated every quarter for impairment by comparing the specifically identified cost of each investment to market price. As a result of these evaluations, the Company did not identify any other-than-temporary impairments in investments which would have resulted in a recognized loss in earnings of equity investments. The Company did identify some specific investments in available-for-sale equity securities that were not other-than-temporarily impaired resulting in the recognition of unrealized losses (see table above). These unrealized losses relate to investments in the common stock of one company in the cement industry. When the Company evaluated the impairment by comparing the specifically identified cost of each investment to market price as of January 25, 2013, the cement industry securities slightly recovered their temporary impairments. The Company evaluated the near-term prospects in relation to the severity of the impairments and the duration of the impairments. Based on that evaluation, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2012. | |||||||||||||||||||
Investment Results - - The investment results for September 30, 2013 and December 31, 2012 are as follows for available-for-sale equity securities carried at fair value: | |||||||||||||||||||
Amortized | Gross Unrealized Holding | Fair | |||||||||||||||||
30-Sep-13 | Cost | Gains | Losses | Value | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 9,100,000 | $ | 0 | $ | 12,040,000 | |||||||||||
General building materials industry | 3,600,000 | 2,120,000 | 0 | 5,720,000 | |||||||||||||||
Oil and gas refining and marketing industry | 340,000 | 3,590,000 | 0 | 3,930,000 | |||||||||||||||
Residential construction industry | 910,000 | 0 | 130,000 | 780,000 | |||||||||||||||
Total available-for-sale equity securities | $ | 7,790,000 | $ | 14,810,000 | $ | 130,000 | $ | 22,470,000 | |||||||||||
Total gross unrealized gains, net of losses | $ | 14,680,000 | |||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 5,872,000 | ||||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 8,808,000 | |||||||||||||||||
Amortized | Gross Unrealized Holding | Fair | |||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 4,190,000 | $ | 8,290,000 | $ | 0 | $ | 12,480,000 | |||||||||||
General building materials industry | 3,600,000 | 2,150,000 | 0 | 5,750,000 | |||||||||||||||
Oil and gas refining and marketing industry | 470,000 | 6,060,000 | 0 | 6,530,000 | |||||||||||||||
Total available-for-sale equity securities | $ | 8,260,000 | $ | 16,500,000 | $ | 0 | $ | 24,760,000 | |||||||||||
Total gross unrealized gains | $ | 16,500,000 | |||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 6,600,000 | ||||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 9,900,000 | |||||||||||||||||
Investment-related cash flow information for September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Proceeds from sale of equity securities | $ | 5,262,458 | $ | 6,799,194 | |||||||||||||||
Realized gain on equity securities | $ | 3,881,872 | $ | 4,173,141 | |||||||||||||||
Payment for purchases of equity securities | $ | 914,340 | $ | 0 | |||||||||||||||
Pension_And_Other_Postretireme
Pension And Other Postretirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Pension And Other Postretirement Benefits | ' | |||||||||||||||
NOTE 8: PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 652,586 | $ | 599,157 | $ | 585,169 | $ | 525,497 | ||||||||
Interest cost | 1,453,067 | 1,482,084 | 1,206,175 | 1,303,031 | ||||||||||||
Less: Expected return on plan assets | 1,762,088 | 1,560,578 | 0 | 0 | ||||||||||||
Amortization of prior service cost | 74,796 | 81,557 | -38,064 | -38,444 | ||||||||||||
Recognized net actuarial loss | 1,000,226 | 925,766 | 0 | 0 | ||||||||||||
Unrecognized net loss | 0 | 0 | 496,124 | 583,463 | ||||||||||||
Net periodic expense | $ | 1,418,587 | $ | 1,527,986 | $ | 2,249,404 | $ | 2,373,547 | ||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 217,528 | $ | 199,719 | $ | 195,056 | $ | 173,433 | ||||||||
Interest cost | 484,355 | 494,028 | 402,058 | 430,047 | ||||||||||||
Less: Expected return on plan assets | 587,362 | 520,193 | 0 | 0 | ||||||||||||
Amortization of prior service cost | 24,932 | 27,186 | -12,688 | -12,688 | ||||||||||||
Recognized net actuarial loss | 333,409 | 308,589 | 0 | 0 | ||||||||||||
Unrecognized net loss | 0 | 0 | 165,375 | 192,563 | ||||||||||||
Net periodic expense | $ | 472,862 | $ | 509,329 | $ | 749,801 | $ | 783,355 | ||||||||
As previously disclosed in our financial statements for the year ended December 31, 2012, Monarch expects to contribute approximately $2,470,000 to the pension fund in 2013. As of September 30, 2013, we have contributed approximately $1,129,000 to the fund and anticipate contributing approximately an additional $1,341,000 in this plan in 2013 for a total of $2,470,000. | ||||||||||||||||
The other benefits consist of postretirement benefits that are self-insured by Monarch and are paid out of Monarch's general assets. As previously disclosed in our financial statements for the year ended December 31, 2012, Monarch expects expenditures of approximately $1,630,000 for this plan in 2013. As of September 30, 2013, we have contributed approximately $837,000 and anticipate contributing an additional $793,000 to this plan in 2013 for a total of $1,630,000. | ||||||||||||||||
Reclassifications_Out_Of_Accum
Reclassifications Out Of Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclassifications Out Of Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Reclassifications Out Of Accumulated Other Comprehensive Loss | ' | ||||||||
NOTE 9: RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||
The following table presents the reclassifications out of accumulated other comprehensive loss for the periods indicated and the affected line item in the statements where net income is presented: | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
Reclassification for | Sept. 30, 2013 | Sept. 30, 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||
Net periodic pension and postretirement costs in: | |||||||||
Cost of Sales | $ (305,605) | $ (309,371) | $ (916,813) | $ (921,935) | |||||
Selling, General & Administrative Expenses | -205,423 | -211,542 | -616,269 | -630,407 | |||||
Unrealized net gains on available-for-sale securities in: | |||||||||
Gain on sale of equity investments | 0 | 3,605,597 | 3,881,872 | 4,173,141 | |||||
Less: Income tax expense (benefit) | -204,000 | 1,231,000 | 939,000 | 1,047,000 | |||||
Reclassifications, net of tax | $ (307,028) | $ 1,853,684 | $ 1,409,790 | $ 1,573,799 | |||||
Other_Nonoperating_Income_Or_E
Other Nonoperating Income Or Expense | 9 Months Ended |
Sep. 30, 2013 | |
Other Nonoperating Income Or Expense [Abstract] | ' |
Other Nonoperating Income Or Expense | ' |
NOTE 10: OTHER NONOPERATING INCOME OR EXPENSE | |
Other, net contains miscellaneous nonoperating income (expense) items other than interest income, interest expense, gains on equity investments and dividend income. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
NOTE 11: EARNINGS PER SHARE | |
Basic earnings per share of capital stock has been calculated based on the weighted average shares outstanding during each of the reporting periods. The weighted average number of shares outstanding was 3,990,484 and 4,004,149 in the third quarter and first nine months of 2013, respectively. The weighted average number of shares outstanding was 4,013,634 in the third quarter and first nine months of 2012. The Company has no capital stock equivalents and therefore, does not report diluted earnings per share. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE 12: INCOME TAXES | |
The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal or state income tax examinations by tax authorities for years before 2010. The Company believes it is not subject to any significant tax risk. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor were any significant interest expenses recognized during the nine months ended September 30, 2013 or September 30, 2012. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Reclassification | ' |
Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income. | |
Lines_Of_Business_Tables
Lines Of Business (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Lines Of Business [Abstract] | ' | ||||||||||||
Summary Of Business Segment | ' | ||||||||||||
Ready- | |||||||||||||
Mixed | Adjustments | ||||||||||||
Cement | Concrete | and | |||||||||||
Business | Business | Eliminations | Consolidated | ||||||||||
For the Three Months Ended 9/30/13 | |||||||||||||
Sales to unaffiliated customers | $ | 17,471,221 | $ | 23,476,129 | $ | 0 | $ | 40,947,350 | |||||
Intersegment sales | 5,180,969 | 0 | -5,180,969 | 0 | |||||||||
Total net sales | $ | 22,652,190 | $ | 23,476,129 | $ | -5,180,969 | $ | 40,947,350 | |||||
Income from operations | $ | 1,475,875 | $ | 573,281 | $ | 2,049,156 | |||||||
Other income, net | 73,607 | ||||||||||||
Income before income taxes | $ | 2,122,763 | |||||||||||
Capital Expenditures | $ | 1,719,098 | $ | 776,392 | $ | 2,495,490 | |||||||
For the Three Months Ended 9/30/12 | |||||||||||||
Sales to unaffiliated customers | $ | 16,076,718 | $ | 20,910,492 | $ | 0 | $ | 36,987,210 | |||||
Intersegment sales | 5,171,929 | 4,563 | -5,176,492 | 0 | |||||||||
Total net sales | $ | 21,248,647 | $ | 20,915,055 | $ | -5,176,492 | $ | 36,987,210 | |||||
Income (loss) from operations | $ | 3,111,254 | $ | -574,839 | $ | 2,536,415 | |||||||
Other income, net | 3,610,496 | ||||||||||||
Income before income taxes | $ | 6,146,911 | |||||||||||
Capital Expenditures | $ | 1,029,625 | $ | 147,585 | $ | 1,177,210 | |||||||
For the Nine Months Ended 9/30/13 | |||||||||||||
Sales to unaffiliated customers | $ | 42,057,188 | $ | 59,634,668 | $ | 0 | $ | 101,691,856 | |||||
Intersegment sales | 14,338,270 | 0 | -14,338,270 | 0 | |||||||||
Total net sales | $ | 56,395,458 | $ | 59,634,668 | $ | -14,338,270 | $ | 101,691,856 | |||||
Income (loss) from operations | $ | 1,898,932 | $ | -503,151 | $ | 1,395,781 | |||||||
Other income, net | 5,355,613 | ||||||||||||
Income before income taxes | $ | 6,751,394 | |||||||||||
Capital Expenditures | $ | 7,966,594 | $ | 4,628,186 | $ | 12,594,780 | |||||||
For the Nine Months Ended 9/30/12 | |||||||||||||
Sales to unaffiliated customers | $ | 39,088,091 | $ | 61,026,714 | $ | 0 | $ | 100,114,805 | |||||
Intersegment sales | 14,341,367 | 4,563 | -14,345,930 | 0 | |||||||||
Total net sales | $ | 53,429,458 | $ | 61,031,277 | $ | -14,345,930 | $ | 100,114,805 | |||||
Income (loss) from operations | $ | 5,397,900 | $ | -370,013 | $ | 5,027,887 | |||||||
Other income, net | 4,069,372 | ||||||||||||
Income before income taxes | $ | 9,097,259 | |||||||||||
Capital Expenditures | $ | 2,719,271 | $ | 1,102,639 | $ | 3,821,910 | |||||||
Balance at 9/30/13 | |||||||||||||
Identifiable Assets | $ | 91,116,564 | $ | 43,874,168 | $ | 134,990,732 | |||||||
Corporate Assets | 45,829,622 | ||||||||||||
$ | 180,820,354 | ||||||||||||
Balance at 12/31/12 | |||||||||||||
Identifiable Assets | $ | 88,491,938 | $ | 45,335,459 | $ | 133,827,397 | |||||||
Corporate Assets | 47,460,748 | ||||||||||||
$ | 181,288,145 | ||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||
Fair Value Of The Available-For-Sale Equity Securities Recognized In The Balance Sheet On A Recurring Basis | ' | ||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Significant | ||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||
September 30, 2013: | Assets | Inputs | Inputs | ||||||||||||||||
Assets: | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 12,042,075 | $ | 12,042,075 | $ | 0 | $ | 0 | |||||||||||
General building materials industry | 5,724,487 | 5,724,487 | 0 | 0 | |||||||||||||||
Oil and gas refining and marketing industry | 3,925,188 | 3,925,188 | 0 | 0 | |||||||||||||||
Residential construction industry | 783,750 | 783,750 | 0 | 0 | |||||||||||||||
Total assets measured at fair value | $ | 22,475,500 | $ | 22,475,500 | $ | 0 | $ | 0 | |||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Significant | ||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||
December 31, 2012: | Assets | Inputs | Inputs | ||||||||||||||||
Assets: | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 12,477,760 | $ | 12,477,760 | $ | 0 | $ | 0 | |||||||||||
General building materials industry | 5,751,005 | 5,751,005 | 0 | 0 | |||||||||||||||
Oil and gas refining and marketing industry | 6,532,981 | 6,532,981 | 0 | 0 | |||||||||||||||
Total assets measured at fair value | $ | 24,761,746 | $ | 24,761,746 | $ | 0 | $ | 0 | |||||||||||
Schedule Of Unrealized Losses From Investments | ' | ||||||||||||||||||
Available-for-sale equity securities | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||
30-Sep-13 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
Residential construction industry | $ | 572,550 | $ | 140,603 | $ | 0 | $ | 0 | $ | 572,550 | $ | 140,603 | |||||||
Total | $ | 572,550 | $ | 140,603 | $ | 0 | $ | 0 | $ | 572,550 | $ | 140,603 | |||||||
December 31, 2012 | |||||||||||||||||||
Cement industry | $ | 0 | $ | 0 | $ | 15,379 | $ | 2,737 | $ | 15,379 | $ | 2,737 | |||||||
Total | $ | 0 | $ | 0 | $ | 15,379 | $ | 2,737 | $ | 15,379 | $ | 2,737 | |||||||
Schedule Of Available-For-Sale Securities Investments Results | ' | ||||||||||||||||||
Amortized | Gross Unrealized Holding | Fair | |||||||||||||||||
30-Sep-13 | Cost | Gains | Losses | Value | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 9,100,000 | $ | 0 | $ | 12,040,000 | |||||||||||
General building materials industry | 3,600,000 | 2,120,000 | 0 | 5,720,000 | |||||||||||||||
Oil and gas refining and marketing industry | 340,000 | 3,590,000 | 0 | 3,930,000 | |||||||||||||||
Residential construction industry | 910,000 | 0 | 130,000 | 780,000 | |||||||||||||||
Total available-for-sale equity securities | $ | 7,790,000 | $ | 14,810,000 | $ | 130,000 | $ | 22,470,000 | |||||||||||
Total gross unrealized gains, net of losses | $ | 14,680,000 | |||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 5,872,000 | ||||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 8,808,000 | |||||||||||||||||
Amortized | Gross Unrealized Holding | Fair | |||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||
Cement industry | $ | 4,190,000 | $ | 8,290,000 | $ | 0 | $ | 12,480,000 | |||||||||||
General building materials industry | 3,600,000 | 2,150,000 | 0 | 5,750,000 | |||||||||||||||
Oil and gas refining and marketing industry | 470,000 | 6,060,000 | 0 | 6,530,000 | |||||||||||||||
Total available-for-sale equity securities | $ | 8,260,000 | $ | 16,500,000 | $ | 0 | $ | 24,760,000 | |||||||||||
Total gross unrealized gains | $ | 16,500,000 | |||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 6,600,000 | ||||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 9,900,000 | |||||||||||||||||
Investment-related cash flow information | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Proceeds from sale of equity securities | $ | 5,262,458 | $ | 6,799,194 | |||||||||||||||
Realized gain on equity securities | $ | 3,881,872 | $ | 4,173,141 | |||||||||||||||
Payment for purchases of equity securities | $ | 914,340 | $ | 0 | |||||||||||||||
Pension_And_Other_Postretireme1
Pension And Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Net Periodic Pension And Postretirement Benefit Costs | ' | |||||||||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 652,586 | $ | 599,157 | $ | 585,169 | $ | 525,497 | ||||||||
Interest cost | 1,453,067 | 1,482,084 | 1,206,175 | 1,303,031 | ||||||||||||
Less: Expected return on plan assets | 1,762,088 | 1,560,578 | 0 | 0 | ||||||||||||
Amortization of prior service cost | 74,796 | 81,557 | -38,064 | -38,444 | ||||||||||||
Recognized net actuarial loss | 1,000,226 | 925,766 | 0 | 0 | ||||||||||||
Unrecognized net loss | 0 | 0 | 496,124 | 583,463 | ||||||||||||
Net periodic expense | $ | 1,418,587 | $ | 1,527,986 | $ | 2,249,404 | $ | 2,373,547 | ||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 217,528 | $ | 199,719 | $ | 195,056 | $ | 173,433 | ||||||||
Interest cost | 484,355 | 494,028 | 402,058 | 430,047 | ||||||||||||
Less: Expected return on plan assets | 587,362 | 520,193 | 0 | 0 | ||||||||||||
Amortization of prior service cost | 24,932 | 27,186 | -12,688 | -12,688 | ||||||||||||
Recognized net actuarial loss | 333,409 | 308,589 | 0 | 0 | ||||||||||||
Unrecognized net loss | 0 | 0 | 165,375 | 192,563 | ||||||||||||
Net periodic expense | $ | 472,862 | $ | 509,329 | $ | 749,801 | $ | 783,355 | ||||||||
Reclassifications_Out_Of_Accum1
Reclassifications Out Of Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclassifications Out Of Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ' | ||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
Reclassification for | Sept. 30, 2013 | Sept. 30, 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||
Net periodic pension and postretirement costs in: | |||||||||
Cost of Sales | $ (305,605) | $ (309,371) | $ (916,813) | $ (921,935) | |||||
Selling, General & Administrative Expenses | -205,423 | -211,542 | -616,269 | -630,407 | |||||
Unrealized net gains on available-for-sale securities in: | |||||||||
Gain on sale of equity investments | 0 | 3,605,597 | 3,881,872 | 4,173,141 | |||||
Less: Income tax expense (benefit) | -204,000 | 1,231,000 | 939,000 | 1,047,000 | |||||
Reclassifications, net of tax | $ (307,028) | $ 1,853,684 | $ 1,409,790 | $ 1,573,799 | |||||
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Sales reported in discontinued operations | $0 | $5,300,000 | $7,500,000 | $11,300,000 |
Pretax loss reported in discontinued operations | 617,625 | -3,011,537 | -4,094,474 | -4,439,363 |
Proceeds from disposals of property, plant and equipment | ' | ' | 3,934,653 | 65,709 |
Proceeds from disposals of assets held for sale related to the discontinued operations | $3,800,000 | ' | $3,800,000 | ' |
Receivables_Details
Receivables (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
item | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Lines of business | 2 | ' |
Unbilled revenue, not currently billable retainage amount | $0 | $526,000 |
Billed retainage expected to be collected within 1 year | 183,000 | 170,000 |
Minimum [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of retainage | 5.00% | ' |
Maximum [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of retainage | 10.00% | ' |
Unbilled Revenues [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unbilled revenue in accounts receivable | $0 | $1,231,000 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant And Equipment [Abstract] | ' | ' | ' |
Accounts payable related to property, plant and equipment | $106,754 | $89,126 | $157,000 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Inventories [Abstract] | ' | ' | ' | ' |
Temporary LIFO liquidation gain inventory | $0.80 | $0 | $0.80 | $0 |
Lines_Of_Business_Summary_Of_B
Lines Of Business (Summary Of Business Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | $40,947,350 | $36,987,210 | $101,691,856 | $100,114,805 | ' |
Intersegment sales | 0 | 0 | 0 | 0 | ' |
Total net sales | 40,947,350 | 36,987,210 | 101,691,856 | 100,114,805 | ' |
Income (loss) from operations | 2,049,156 | 2,536,415 | 1,395,781 | 5,027,887 | ' |
Other income, net | 73,607 | 3,610,496 | 5,355,613 | 4,069,372 | ' |
Income before income taxes | 2,122,763 | 6,146,911 | 6,751,394 | 9,097,259 | ' |
Capital Expenditures | 2,495,490 | 1,177,210 | 12,594,780 | 3,821,910 | ' |
Identifiable Assets | 134,990,732 | ' | 134,990,732 | ' | 133,827,397 |
Total Assets | 180,820,354 | ' | 180,820,354 | ' | 181,288,145 |
Cement Business [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 17,471,221 | 16,076,718 | 42,057,188 | 39,088,091 | ' |
Intersegment sales | 5,180,969 | 5,171,929 | 14,338,270 | 14,341,367 | ' |
Total net sales | 22,652,190 | 21,248,647 | 56,395,458 | 53,429,458 | ' |
Income (loss) from operations | 1,475,875 | 3,111,254 | 1,898,932 | 5,397,900 | ' |
Capital Expenditures | 1,719,098 | 1,029,625 | 7,966,594 | 2,719,271 | ' |
Identifiable Assets | 91,116,564 | ' | 91,116,564 | ' | 88,491,938 |
Ready-Mixed Concrete Business [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 23,476,129 | 20,910,492 | 59,634,668 | 61,026,714 | ' |
Intersegment sales | 0 | 4,563 | 0 | 4,563 | ' |
Total net sales | 23,476,129 | 20,915,055 | 59,634,668 | 61,031,277 | ' |
Income (loss) from operations | 573,281 | -574,839 | -503,151 | -370,013 | ' |
Capital Expenditures | 776,392 | 147,585 | 4,628,186 | 1,102,639 | ' |
Identifiable Assets | 43,874,168 | ' | 43,874,168 | ' | 45,335,459 |
Adjustments and Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 0 | 0 | 0 | 0 | ' |
Intersegment sales | -5,180,969 | -5,176,492 | -14,338,270 | -14,345,930 | ' |
Total net sales | -5,180,969 | -5,176,492 | -14,338,270 | -14,345,930 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Assets | $45,829,622 | ' | $45,829,622 | ' | $47,460,748 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 21, 2013 |
Subsequent Event [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Available-for-sale securities at fair value | $22,475,500 | $24,761,746 | ' |
Available-for-sale securities at cost | $2,618,904 | $2,618,904 | ' |
Decline of temporary impairment | ' | ' | 3.00% |
Investments_Fair_Value_Of_The_
Investments (Fair Value Of The Available-For-Sale Equity Securities Recognized In The Balance Sheet On A Recurring Basis)(Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $22,475,500 | $24,761,746 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 22,475,500 | 24,761,746 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Cement Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 12,042,075 | 12,477,760 |
Cement Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 12,042,075 | 12,477,760 |
Cement Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Cement Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
General Building Materials Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,724,487 | 5,751,005 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,724,487 | 5,751,005 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Oil And Gas Refining And Marketing Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,925,188 | 6,532,981 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,925,188 | 6,532,981 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Residential Construction Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 783,750 | ' |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 783,750 | ' |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | ' |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $0 | ' |
Investments_Schedule_Of_Unreal
Investments (Schedule Of Unrealized Losses From Investments)(Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $572,550 | $0 |
Less than 12 months, Unrealized Losses | 140,603 | 0 |
12 months or greater, Fair Value | 0 | 15,379 |
12 months or greater, Unrealized Losses | 0 | 2,737 |
Total, Fair Value | 572,550 | 15,379 |
Total, Unrealized Losses | 140,603 | 2,737 |
Cement Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 0 |
Less than 12 months, Unrealized Losses | ' | 0 |
12 months or greater, Fair Value | ' | 15,379 |
12 months or greater, Unrealized Losses | ' | 2,737 |
Total, Fair Value | ' | 15,379 |
Total, Unrealized Losses | ' | 2,737 |
Residential Construction Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 572,550 | ' |
Less than 12 months, Unrealized Losses | 140,603 | ' |
12 months or greater, Fair Value | 0 | ' |
12 months or greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 572,550 | ' |
Total, Unrealized Losses | $140,603 | ' |
Investments_Schedule_Of_Availa
Investments (Schedule Of Available-For-Sale Securities Investments Results)(Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amortized cost | $7,790,000 | $8,260,000 |
Available-for-sales securities, gross unrealized gains | 14,810,000 | 16,500,000 |
Available-for-sale securities, gross unrealized losses | 130,000 | 0 |
Avaialble-for-sale securities gross, Fair Value | 22,470,000 | 24,760,000 |
Total gross unrealized gains, net of losses | 14,680,000 | 16,500,000 |
Less: Deferred taxes on unrealized holdings gains | 5,872,000 | 6,600,000 |
Unrealized gains recorded in equity, net of deferred tax | 8,808,000 | 9,900,000 |
Cement Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amortized cost | 2,940,000 | 4,190,000 |
Available-for-sales securities, gross unrealized gains | 9,100,000 | 8,290,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Avaialble-for-sale securities gross, Fair Value | 12,040,000 | 12,480,000 |
General Building Materials Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amortized cost | 3,600,000 | 3,600,000 |
Available-for-sales securities, gross unrealized gains | 2,120,000 | 2,150,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Avaialble-for-sale securities gross, Fair Value | 5,720,000 | 5,750,000 |
Oil And Gas Refining And Marketing Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amortized cost | 340,000 | 470,000 |
Available-for-sales securities, gross unrealized gains | 3,590,000 | 6,060,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Avaialble-for-sale securities gross, Fair Value | 3,930,000 | 6,530,000 |
Residential Construction Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amortized cost | 910,000 | ' |
Available-for-sales securities, gross unrealized gains | 0 | ' |
Available-for-sale securities, gross unrealized losses | 130,000 | ' |
Avaialble-for-sale securities gross, Fair Value | $780,000 | ' |
Investments_InvestmentRelated_
Investments (Investment-Related Cash Flow Schedule)(Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Investments [Abstract] | ' | ' | ' |
Proceeds from sale of equity sales | $5,262,458 | ' | $6,799,194 |
Realized gain on equity securities | 3,881,872 | ' | 4,173,141 |
Payment for purchases of equity investments | $914,340 | $0 | $0 |
Pension_And_Other_Postretireme2
Pension And Other Postretirement Benefits (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected contribution by the employer | $1,341,000 | $2,470,000 |
Total contribution by the employer | 1,129,000 | ' |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected contribution by the employer | 793,000 | 1,630,000 |
Total contribution by the employer | $837,000 | ' |
Pension_And_Other_Postretireme3
Pension And Other Postretirement Benefits (Schedule Of Net Periodic Pension And Postretirement Benefit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $217,528 | $199,719 | $652,586 | $599,157 |
Interest cost | 484,355 | 494,028 | 1,453,067 | 1,482,084 |
Less: Expected return on plan assets | 587,362 | 520,193 | 1,762,088 | 1,560,578 |
Amortization of prior service cost | 24,932 | 27,186 | 74,796 | 81,557 |
Recognized net actuarial loss | 333,409 | 308,589 | 1,000,226 | 925,766 |
Unrecognized net loss | 0 | 0 | 0 | 0 |
Net periodic expense | 472,862 | 509,329 | 1,418,587 | 1,527,986 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 195,056 | 173,433 | 585,169 | 525,497 |
Interest cost | 402,058 | 430,047 | 1,206,175 | 1,303,031 |
Less: Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -12,688 | -12,688 | -38,064 | -38,444 |
Recognized net actuarial loss | 0 | 0 | 0 | 0 |
Unrecognized net loss | 165,375 | 192,563 | 496,124 | 583,463 |
Net periodic expense | $749,801 | $783,355 | $2,249,404 | $2,373,547 |
Reclassifications_Out_Of_Accum2
Reclassifications Out Of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales, reclassifications | $34,997,608 | $30,734,889 | $88,847,365 | $84,084,713 |
Selling, general and administrative expenses, reclassifications | 3,900,586 | 3,715,906 | 11,448,710 | 11,002,205 |
Gain on sale of equity investments, reclassifications | 0 | 3,605,597 | 3,881,872 | 4,173,141 |
Less: Income tax expense (benefit) | 613,000 | 1,715,000 | 1,890,000 | 2,538,000 |
Reclassifications, net of tax | 1,972,388 | 2,260,374 | 1,911,920 | 3,357,896 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Less: Income tax expense (benefit) | -204,000 | 1,231,000 | 939,000 | 1,047,000 |
Reclassifications, net of tax | -307,028 | 1,853,684 | 1,409,790 | 1,573,799 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Periodic Pension And Postretirement [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales, reclassifications | -305,605 | -309,371 | -916,813 | -921,935 |
Selling, general and administrative expenses, reclassifications | -205,423 | -211,542 | -616,269 | -630,407 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Net Gains On Available-For-Sale Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gain on sale of equity investments, reclassifications | $0 | $3,605,597 | $3,881,872 | $4,173,141 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding | 3,990,484 | 4,013,634 | 4,004,149 | 4,013,634 |