Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | FUTUREFUEL CORP. | |
Entity Central Index Key | 1,337,298 | |
Trading Symbol | ff | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 43,749,970 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 94,686 | $ 199,272 |
Accounts receivable, inclusive of the blenders' tax credit of $0 and $5,495 and net of allowances for bad debt of $0 and $0, at March 31, 2017 and December 31, 2016, respectively | 19,848 | 24,359 |
Accounts receivable – related parties | 2,636 | 385 |
Inventory | 51,875 | 52,093 |
Income tax receivable | 17,102 | 20,508 |
Prepaid expenses | 1,543 | 1,694 |
Prepaid expenses – related parties | 23 | 12 |
Marketable securities | 116,835 | 106,146 |
Deferred financing costs | 144 | 144 |
Other current assets | 677 | 669 |
Total current assets | 305,369 | 405,282 |
Property, plant and equipment, net | 116,047 | 118,152 |
Intangible assets | 1,408 | 1,408 |
Deferred financing costs | 289 | 325 |
Other assets | 3,884 | 3,876 |
Total noncurrent assets | 121,628 | 123,761 |
Total Assets | 426,997 | 529,043 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 17,381 | 22,799 |
Accounts payable – related parties | 1,625 | 1,254 |
Deferred revenue – short-term | 6,063 | 5,530 |
Contingent liability – short-term | 1,151 | 1,151 |
Dividends payable | 7,875 | 110,688 |
Accrued expenses and other current liabilities | 3,870 | 2,485 |
Accrued expenses and other current liabilities – related parties | 142 | |
Total current liabilities | 37,965 | 144,049 |
Deferred revenue – long-term | 15,808 | 16,792 |
Other noncurrent liabilities | 3,349 | 3,325 |
Noncurrent deferred income tax liability | 31,314 | 32,064 |
Total noncurrent liabilities | 50,471 | 52,181 |
Total liabilities | 88,436 | 196,230 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,749,970 and 43,749,970, issued and outstanding as of March 31, 2017 and December 31, 2016, respectively | 4 | 4 |
Accumulated other comprehensive income | 5,415 | 3,540 |
Additional paid in capital | 281,564 | 281,087 |
Retained earnings | 51,578 | 48,182 |
Total stockholders’ equity | 338,561 | 332,813 |
Total Liabilities and Stockholders’ Equity | $ 426,997 | $ 529,043 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Blenders' tax credit | $ 0 | $ 5,495 |
Allowance for bad debt | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,749,970 | 43,749,970 |
Common stock, shares outstanding (in shares) | 43,749,970 | 43,749,970 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 53,648 | $ 43,204 |
Revenues – related parties | 463 | 3,431 |
Cost of goods sold | 44,154 | 33,158 |
Cost of goods sold – related parties | 2,898 | 1,521 |
Distribution | 889 | 797 |
Distribution – related parties | 40 | 106 |
Gross profit | 6,130 | 11,053 |
Selling, general, and administrative expenses | ||
Compensation expense | 1,264 | 1,166 |
Other expense | 580 | 623 |
Related party expense | 56 | 48 |
Research and development expenses | 755 | 687 |
Total expenses | 2,655 | 2,524 |
Income from operations | 3,475 | 8,529 |
Interest and dividend income | 1,723 | 1,345 |
Interest expense | (43) | (43) |
Loss on marketable securities | (131) | (1,018) |
Other expense | (31) | (116) |
Total other income/(expense) | 1,518 | 168 |
Income before income taxes | 4,993 | 8,697 |
Provision/(benefit) for income taxes | 1,597 | (1,872) |
Net income | $ 3,396 | $ 10,569 |
Earnings per common share | ||
Earnings per common share, basic (in dollars per share) | $ 0.08 | $ 0.24 |
Earnings per common share, diluted (in dollars per share) | $ 0.08 | $ 0.24 |
Weighted average shares outstanding | ||
Weighted average shares outstanding, basic (in shares) | 43,616,636 | 43,475,630 |
Weighted average shares outstanding, diluted (in shares) | 43,622,843 | 43,486,548 |
Comprehensive Income | ||
Net income | $ 3,396 | $ 10,569 |
Other comprehensive income from unrealized net gain on available-for-sale securities | 2,886 | 678 |
Income tax effect | (1,011) | (238) |
Total unrealized gain, net of tax | 1,875 | 440 |
Comprehensive income | $ 5,271 | $ 11,009 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows provided by operating activities | ||
Net income | $ 3,396 | $ 10,569 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,896 | 2,622 |
Amortization of deferred financing costs | 36 | 36 |
Benefit for deferred income taxes | (1,761) | (3,822) |
Change in fair value of derivative instruments | 1,202 | 3,398 |
Other than temporary impairment of marketable securities | 177 | 1,240 |
Gain on the sale of investments | (46) | (222) |
Stock based compensation | 477 | 477 |
Losses on disposals of fixed assets | 31 | 115 |
Noncash interest expense | 6 | 7 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,511 | (8,153) |
Accounts receivable – related parties | (2,251) | (2,293) |
Inventory | 218 | (4,950) |
Income tax receivable | 3,406 | 1,228 |
Prepaid expenses | 151 | 106 |
Prepaid expenses - related party | (11) | |
Accrued interest on marketable securities | 13 | (30) |
Other assets | (8) | (127) |
Accounts payable | (5,418) | (3,217) |
Accounts payable - related parties | 371 | 49 |
Accrued expenses and other current liabilities | 1,385 | 1,436 |
Accrued expenses and other current liabilities - related parties | (142) | |
Deferred revenue | (451) | 2,720 |
Other noncurrent liabilities | 94 | 8 |
Net cash provided by operating activities | 8,282 | 1,197 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | (1,223) | (1,349) |
Purchase of marketable securities | (15,818) | (11,000) |
Proceeds from the sale of marketable securities | 7,884 | 9,124 |
Capital expenditures | (898) | (897) |
Net cash used in investing activities | (10,055) | (4,122) |
Cash flows from financing activities | ||
Minimum tax withholding on stock options exercised and awards vested | (53) | |
Excess tax benefits associated with stock options and awards | (136) | |
Payment of dividends | (102,813) | (2,623) |
Net cash used in financing activities | (102,813) | (2,812) |
Net change in cash and cash equivalents | (104,586) | (5,737) |
Cash and cash equivalents at beginning of period | 199,272 | 154,049 |
Cash and cash equivalents at end of period | 94,686 | 148,312 |
Cash paid for interest | ||
Cash paid for income taxes | $ 1 | $ 906 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 six ’s operations are reported in two The chemicals segment manufactures a diversified portfolio of chemical products that are sold to third The biofuels business segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the company ’s biodiesel and, from time to time, with no biodiesel added. Finally, FutureFuel Chemical is a shipper of refined petroleum products on common carrier pipelines and buys and sells petroleum products to maintain an active shipper status on these pipelines. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel ’s 2016 2016 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 |
Note 2 - Inventory
Note 2 - Inventory | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2 ) INVENTORY The carrying values of inventory were as follows as of: March 31, 2017 December 31, 2016 At average cost (approximates current cost) Finished goods $ 29,183 $ 27,971 Work in process 1,928 1,913 Raw materials and supplies 25,559 25,127 56,670 55,011 LIFO reserve (4,795 ) (2,918 ) Total inventory $ 51,875 $ 52,093 FutureFuel recorded a lower of co st or market ("LCM") adjustment of $955 three March 31, 2017. three March 31, 2016, $3,544. |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 3 ) DERIVATIVE INSTRUMENTS FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel ’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. FutureFuel ’s derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815 20 25, Derivatives and Hedging The fair value of FutureFuel ’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statement of operations as a component of cost of goods sold, and amounted to a gain of $1,279 $1,039 three March 31, 2017 2016, The volumes and carrying values of FutureFuel ’s derivative instruments were as follows at: Asset/ (Liability) March 31, 2017 December 31, 2016 Quantity (contracts) Long/(Short) Fair Value Quantity (contracts) Long/(Short) Fair Value Regulated options, included in other current assets (200 ) $ (1,462 ) - $ - Regulated fixed price future commitments, included in other current assets 23 $ 2 (135 ) $ (258 ) The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $1,982 $758 March 31, 2017 December 31, 2016, |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 4 ) MARKETABLE SECURITIES At March 31, 2017 December 31, 2016, FutureFuel ’s marketable securities were comprised of the following at March 31, 2017 December 31, 2016: March 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 44,914 $ 6,051 $ (367 ) $ 50,598 Preferred stock 55,927 2,764 (29 ) 58,662 Trust preferred securities 3,147 46 - 3,193 Exchange traded debt instruments 4,154 228 - 4,382 Total $ 108,142 $ 9,089 $ (396 ) $ 116,835 December 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 32,667 $ 5,549 $ (304 ) $ 37,912 Preferred stock 57,105 1,196 (698 ) 57,603 Trust preferred securities 3,147 - (9 ) 3,138 Exchange traded debt instruments 7,420 99 (26 ) 7,493 Total $ 100,339 $ 6,844 $ (1,037 ) $ 106,146 The aggregate fair value of instruments with unrealized losses totaled $1 5,511 $31,126 March 31, 2017 December 31, 2016, March 31, 2017 December 31, 2016, 12 |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 5 ) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: March 31, 2017 December 31, 2016 Accrued employee liabilities $ 2,015 $ 864 Accrued property, franchise, motor fuel and other taxes 1,605 1,428 Other 250 335 Total $ 3,870 $ 2,627 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 ) BORROWINGS On April 16, 2015, ’s other subsidiaries, as guarantors, entered into a $150,000 May 25, 2016, $15,000. five $165,000, $30,000 $15,000 The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of March 31, 2017. There were no borrowings under this credit agreement at March 31, 2017 December 31, 2016. |
Note 7 - Provision (Benefit) fo
Note 7 - Provision (Benefit) for Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 ) PROVISION/(BENEFIT) FOR INCOME TAXES The following table summarizes the provision/(benefit) for income taxes. Three months ended March 31,: 2017 2016 Provision/(benefit) for income taxes $ 1,597 $ (1,872 ) Effective tax rate 32.0 % (21.5 % ) The effective tax rate for the three March 31, 2017, three March 31, 2017, December 31, 2016 for 2017. The effective tax rate for the three March 31, 2016, three March 31, 2016, reflects the positive effect of the reinstatement of the certain tax credits and incentives for 2016. Unrecognized tax benefits totaled $2,056 March 31, 2017 December 31, 2016. FutureFuel records interest and penalties, net, as a component of income tax expense. At March 31, 2017 December 31, 2016, $211 $193, |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 ) EARNINGS PER SHARE We compute earnings per share using the two ASC Topic No. 260, Earnings per Share two two March 31, 2017 2016. Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three March 31, 2017 2016 Basic and diluted earnings per common share were computed as follows: For the three months ended March 31,: 2017 2016 Numerator: Net income $ 3,396 $ 10,569 Less: distributed earnings allocated to non-vested stock - (15 ) Less: undistributed earnings allocated to non-vested restricted stock (10 ) (44 ) Numerator for basic earnings per share $ 3,386 $ 10,510 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 10 44 Less: undistributed earnings reallocated to non-vested restricted stock (10 ) (44 ) Numerator for diluted earnings per share $ 3,386 $ 10,510 Denominator: Weighted average shares outstanding – basic 43,616,636 43,475,630 Effect of dilutive securities: Stock options and other awards 6,207 10,918 Weighted average shares outstanding – diluted 43,622,843 43,486,548 Basic earnings per share $ 0.08 $ 0.24 Diluted earnings per share $ 0.08 $ 0.24 Certain options to purchase FutureFuel ’s common stock were not included in the computation of diluted earnings per share for the three March 31, 2017 2016 30,000 90,000 three March 31, 2017 2016, |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 ) SEGMENT INFORMATION FutureFuel has two – chemicals and biofuels. Chemicals FutureFuel ’s chemicals segment manufactures diversified chemical products that are sold externally to third two Biofuels FutureFuel ’s biofuels business segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and the purchase and sale of other petroleum products on common carrier pipelines. Summary of long-lived assets and revenues by geographic area All of FutureFuel ’s long-lived assets are located in the United States. Most of FutureFuel ’s sales are transacted with title passing at the time of shipment from the Batesville Plant, although some sales are transacted with title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. FutureFuel is rarely the exporter of record, never the importer of record into foreign countries, and is not always aware of the exact quantities of its products that are moved into foreign markets by its customers. FutureFuel does track the addresses of its customers for invoicing purposes and uses this address to determine whether a particular sale is within or outside the United States. FutureFuel’s revenues attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows: Three months ended March 31,: 2017 2016 United States $ 53,415 $ 46,006 All Foreign Countries 696 629 Total $ 54,111 $ 46,635 Revenues from a single foreign country during the three March 31, 2017 2016 1% 9 Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) (Unaudited) Summary of business by segment Three months ended March 31,: 2017 2016 Revenue Custom chemicals $ 21,952 $ 20,292 Performance chemicals 4,405 4,776 Chemicals revenue 26,357 25,068 Biofuels revenue 27,754 21,567 Total Revenue $ 54,111 $ 46,635 Segment gross profit/(loss) Chemicals $ 7,009 $ 8,572 Biofuels (879 ) 2,481 Total gross profit 6,130 11,053 Corporate expenses (2,655 ) (2,524 ) Income before interest and taxes 3,475 8,529 Interest and dividend income 1,723 1,345 Interest and other expense (205 ) (1,177 ) (Provision)/benefit for income taxes (1,597 ) 1,872 Net income $ 3,396 $ 10,569 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10 ) FAIR VALUE MEASUREMENTS Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel ’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 3 The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at March 31, 2017 December 31, 2016. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2017 Level 1 Level 2 Level 3 Derivative instruments $ (1,460 ) $ (1,460 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 116,835 $ 116,835 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2016 Level 1 Level 2 Level 3 Derivative instruments $ (258 ) $ (258 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 106,146 $ 106,146 $ - $ - |
Note 11 - Reclassifications Fro
Note 11 - Reclassifications From Accumulated and Other Comprehensive Income: | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11 ) RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME: The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three March 31, 2017 2016. Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the three months ended March 31, 2017 and 2016 (net of tax) 2017 2016 Balance at January 1 $ 3,540 $ 2,055 Other comprehensive income/(loss) before reclassifications 1,790 (221 ) Amounts reclassified from accumulated other comprehensive income 85 661 Net current-period o ther comprehensive income 1,875 440 Balance at March 31 $ 5,415 $ 2,495 The following tables summarize amounts reclassified from accumulated other comprehensive income in the three March 31, 2017 2016: Reclassifications from Accumulated Other Comprehensive Income For the three months ended : March 31, 2017 March 31, 2016 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (131) $ (1,018) L oss on marketable securities Total before tax (131) (1,018) Tax benefit 46 357 Total reclassifications $ (85) $ (661) |
Note 12 - Legal Matters
Note 12 - Legal Matters | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 12 ) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties. |
Note 14 - Intangible Asset
Note 14 - Intangible Asset | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 14 ) INTANGIBLE ASSET In April 2015, $1,408. $1,408 March 31, 2017 December 31, 2016. 350 30 35 18 35 20. |
Note 15 - Recently Issued Accou
Note 15 - Recently Issued Accounting Statements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 15 ) RECENTLY ISSUED ACCOUNTING STATEMENTS The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the FASB: Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In February 2016, 2016 02, The new guidance supersedes the lease guidance under FASB ASC Topic 840, 842, Annual periods beginning after December 15, 2018. The Company is currently evaluating its population of leases, and is continuing to assess all potential impacts of the standard, but currently believes the most significant impact relates to its accounting for logistics equipment. The Company anticipates recognition of additional assets and corresponding liabilities related to leases upon adoption. The Company plans to adopt the standard effective January 1, 2019. In May 2014, 2014 09, 2014 09. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five 1) 2) 3) 4) 5) Annual periods beginning after December 15, 2017. Earlier adoption was permitted, but not before December 15, 2016. The Company is in the process of evaluating the impact of this guidance. This new guidance, will likely result in a change in the nature and extent of the related footnote disclosures. The Company plans to adopt the new guidance when effective and presently anticipates adopting on a modified retrospective basis to each prior reporting period presented with the election of applicable practical expedients. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel ’s 2016 2016 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 |
Note 2 - Inventory (Tables)
Note 2 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2017 December 31, 2016 At average cost (approximates current cost) Finished goods $ 29,183 $ 27,971 Work in process 1,928 1,913 Raw materials and supplies 25,559 25,127 56,670 55,011 LIFO reserve (4,795 ) (2,918 ) Total inventory $ 51,875 $ 52,093 |
Note 3 - Derivative Instrumen23
Note 3 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset/ (Liability) March 31, 2017 December 31, 2016 Quantity (contracts) Long/(Short) Fair Value Quantity (contracts) Long/(Short) Fair Value Regulated options, included in other current assets (200 ) $ (1,462 ) - $ - Regulated fixed price future commitments, included in other current assets 23 $ 2 (135 ) $ (258 ) |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 44,914 $ 6,051 $ (367 ) $ 50,598 Preferred stock 55,927 2,764 (29 ) 58,662 Trust preferred securities 3,147 46 - 3,193 Exchange traded debt instruments 4,154 228 - 4,382 Total $ 108,142 $ 9,089 $ (396 ) $ 116,835 December 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 32,667 $ 5,549 $ (304 ) $ 37,912 Preferred stock 57,105 1,196 (698 ) 57,603 Trust preferred securities 3,147 - (9 ) 3,138 Exchange traded debt instruments 7,420 99 (26 ) 7,493 Total $ 100,339 $ 6,844 $ (1,037 ) $ 106,146 |
Note 5 - Accrued Expenses and25
Note 5 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2017 December 31, 2016 Accrued employee liabilities $ 2,015 $ 864 Accrued property, franchise, motor fuel and other taxes 1,605 1,428 Other 250 335 Total $ 3,870 $ 2,627 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% |
Note 7 - Provision (Benefit) 27
Note 7 - Provision (Benefit) for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended March 31,: 2017 2016 Provision/(benefit) for income taxes $ 1,597 $ (1,872 ) Effective tax rate 32.0 % (21.5 % ) |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended March 31,: 2017 2016 Numerator: Net income $ 3,396 $ 10,569 Less: distributed earnings allocated to non-vested stock - (15 ) Less: undistributed earnings allocated to non-vested restricted stock (10 ) (44 ) Numerator for basic earnings per share $ 3,386 $ 10,510 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 10 44 Less: undistributed earnings reallocated to non-vested restricted stock (10 ) (44 ) Numerator for diluted earnings per share $ 3,386 $ 10,510 Denominator: Weighted average shares outstanding – basic 43,616,636 43,475,630 Effect of dilutive securities: Stock options and other awards 6,207 10,918 Weighted average shares outstanding – diluted 43,622,843 43,486,548 Basic earnings per share $ 0.08 $ 0.24 Diluted earnings per share $ 0.08 $ 0.24 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three months ended March 31,: 2017 2016 United States $ 53,415 $ 46,006 All Foreign Countries 696 629 Total $ 54,111 $ 46,635 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31,: 2017 2016 Revenue Custom chemicals $ 21,952 $ 20,292 Performance chemicals 4,405 4,776 Chemicals revenue 26,357 25,068 Biofuels revenue 27,754 21,567 Total Revenue $ 54,111 $ 46,635 Segment gross profit/(loss) Chemicals $ 7,009 $ 8,572 Biofuels (879 ) 2,481 Total gross profit 6,130 11,053 Corporate expenses (2,655 ) (2,524 ) Income before interest and taxes 3,475 8,529 Interest and dividend income 1,723 1,345 Interest and other expense (205 ) (1,177 ) (Provision)/benefit for income taxes (1,597 ) 1,872 Net income $ 3,396 $ 10,569 |
Note 10 - Fair Value Measurem30
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2017 Level 1 Level 2 Level 3 Derivative instruments $ (1,460 ) $ (1,460 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 116,835 $ 116,835 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2016 Level 1 Level 2 Level 3 Derivative instruments $ (258 ) $ (258 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 106,146 $ 106,146 $ - $ - |
Note 11 - Reclassifications F31
Note 11 - Reclassifications From Accumulated and Other Comprehensive Income: (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the three months ended March 31, 2017 and 2016 (net of tax) 2017 2016 Balance at January 1 $ 3,540 $ 2,055 Other comprehensive income/(loss) before reclassifications 1,790 (221 ) Amounts reclassified from accumulated other comprehensive income 85 661 Net current-period o ther comprehensive income 1,875 440 Balance at March 31 $ 5,415 $ 2,495 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from Accumulated Other Comprehensive Income For the three months ended : March 31, 2017 March 31, 2016 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (131) $ (1,018) L oss on marketable securities Total before tax (131) (1,018) Tax benefit 46 357 Total reclassifications $ (85) $ (661) |
Note 1 - Nature of Operations32
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2017a | |
Number of Operating Segments | 2 |
Batesville, Arkansas [Member] | |
Area of Land | 2,200 |
Note 2 - Inventory (Details Tex
Note 2 - Inventory (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Inventory Adjustments | $ 955 | $ 3,544 |
Note 2 - Inventory - Carrying V
Note 2 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finished goods | $ 29,183 | $ 27,971 |
Work in process | 1,928 | 1,913 |
Raw materials and supplies | 25,559 | 25,127 |
Inventory, gross | 56,670 | 55,011 |
LIFO reserve | (4,795) | (2,918) |
Total inventory | $ 51,875 | $ 52,093 |
Note 3 - Derivative Instrumen35
Note 3 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,279 | $ (1,039) | |
Restricted Cash and Cash Equivalents | $ 1,982 | $ 758 |
Note 3 - Derivative Instrumen36
Note 3 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Commodity Option [Member] | ||
Quantity (contracts) Short | (200) | |
Fair Value Liabilities | $ (1,462) | |
Quantity (contracts) Short | 200 | |
Future [Member] | ||
Quantity (contracts) Short | (23) | (135) |
Quantity (contracts) Short | 23 | 135 |
Fair Value Liabilities | $ 2 | $ (258) |
Note 4 - Marketable Securitie37
Note 4 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Fair Value Disclosure | $ 15,511 | $ 31,126 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Note 4 - Marketable Securitie38
Note 4 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Adjusted Cost | $ 108,142 | $ 100,339 |
Unrealized Gains | 9,089 | 6,844 |
Unrealized Losses | (396) | (1,037) |
Fair Value | 116,835 | 106,146 |
Equity Securities [Member] | ||
Adjusted Cost | 44,914 | 32,667 |
Unrealized Gains | 6,051 | 5,549 |
Unrealized Losses | (367) | (304) |
Fair Value | 50,598 | 37,912 |
Preferred Stock [Member] | ||
Adjusted Cost | 55,927 | 57,105 |
Unrealized Gains | 2,764 | 1,196 |
Unrealized Losses | (29) | (698) |
Fair Value | 58,662 | 57,603 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 3,147 | 3,147 |
Unrealized Gains | 46 | |
Unrealized Losses | (9) | |
Fair Value | 3,193 | 3,138 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 4,154 | 7,420 |
Unrealized Gains | 228 | 99 |
Unrealized Losses | (26) | |
Fair Value | $ 4,382 | $ 7,493 |
Note 5 - Accrued Expenses and39
Note 5 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued employee liabilities | $ 2,015 | $ 864 |
Accrued property, franchise, motor fuel and other taxes | 1,605 | 1,428 |
Other | 250 | 335 |
Total | $ 3,870 | $ 2,627 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | May 25, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | May 25, 2015 | Apr. 16, 2015 |
Long-term Line of Credit | $ 0 | $ 0 | |||
Regions Bank and PNC Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | $ 150,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 15,000 | ||||
Line of Credit Facility, Expiration Period | 5 years | ||||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000 | ||||
Line of Credit Facility Swingline Loans | $ 15,000 |
Note 6 - Borrowings - Leverage
Note 6 - Borrowings - Leverage Ratio (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Leverage Ratio1 [Member] | |
Commitment fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio 2 [Member] | |
Commitment fee | 0.20% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 3 [Member] | |
Commitment fee | 0.25% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 4 [Member] | |
Commitment fee | 0.30% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 5 [Member] | |
Commitment fee | 0.35% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.25% |
Minimum [Member] | Leverage Ratio1 [Member] | |
Consolidated leverage ratio | |
Minimum [Member] | Leverage Ratio 2 [Member] | |
Consolidated leverage ratio | 1 |
Minimum [Member] | Leverage Ratio 3 [Member] | |
Consolidated leverage ratio | 1.5 |
Minimum [Member] | Leverage Ratio 4 [Member] | |
Consolidated leverage ratio | 2 |
Minimum [Member] | Leverage Ratio 5 [Member] | |
Consolidated leverage ratio | |
Maximum [Member] | Leverage Ratio1 [Member] | |
Consolidated leverage ratio | |
Maximum [Member] | Leverage Ratio 2 [Member] | |
Consolidated leverage ratio | 1.5 |
Maximum [Member] | Leverage Ratio 3 [Member] | |
Consolidated leverage ratio | 2 |
Maximum [Member] | Leverage Ratio 4 [Member] | |
Consolidated leverage ratio | 2.5 |
Maximum [Member] | Leverage Ratio 5 [Member] | |
Consolidated leverage ratio |
Note 7 - Provision (Benefit) 42
Note 7 - Provision (Benefit) for Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Unrecognized Tax Benefits | $ 2,056 | $ 2,056 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 211 | $ 193 |
Note 7 - Provision (Benefit) 43
Note 7 - Provision (Benefit) for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Provision/(benefit) for income taxes | $ 1,597 | $ (1,872) |
Effective tax rate | 32.00% | (21.50%) |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,000 | 90,000 |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 3,396 | $ 10,569 |
Less: distributed earnings allocated to non-vested stock | (15) | |
Less: undistributed earnings allocated to non-vested restricted stock | (10) | (44) |
Numerator for basic earnings per share | 3,386 | 10,510 |
Effect of dilutive securities: | ||
Add: undistributed earnings allocated to non-vested restricted stock | 10 | 44 |
Less: undistributed earnings reallocated to non-vested restricted stock | (10) | (44) |
Numerator for diluted earnings per share | $ 3,386 | $ 10,510 |
Weighted average shares outstanding – basic (in shares) | 43,616,636 | 43,475,630 |
Stock options and other awards (in shares) | 6,207 | 10,918 |
Weighted average shares outstanding – diluted (in shares) | 43,622,843 | 43,486,548 |
Basic earnings per share (in dollars per share) | $ 0.08 | $ 0.24 |
Diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.24 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 54,111 | $ 46,635 |
UNITED STATES | ||
Revenues | 53,415 | 46,006 |
All Foreign Countries [Member] | ||
Revenues | $ 696 | $ 629 |
Note 9 - Segment Information 48
Note 9 - Segment Information - Summary of Business by Segment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 54,111,000 | $ 46,635,000 |
Segment gross profit/(loss) | ||
Gross profit | 6,130,000 | 11,053,000 |
Income before interest and taxes | 3,475,000 | 8,529,000 |
Interest and dividend income | 1,723 | 1,345 |
Interest and other expense | (205,000) | (1,177,000) |
(Provision)/benefit for income taxes | (1,597,000) | 1,872,000 |
Net income | 3,396,000 | 10,569,000 |
Operating Segments [Member] | Chemicals [Member] | ||
Revenues | 26,357,000 | 25,068,000 |
Segment gross profit/(loss) | ||
Gross profit | 7,009,000 | 8,572,000 |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||
Revenues | 21,952,000 | 20,292,000 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||
Revenues | 4,405,000 | 4,776,000 |
Operating Segments [Member] | Biofuels [Member] | ||
Revenues | 27,754,000 | 21,567,000 |
Segment gross profit/(loss) | ||
Gross profit | (879,000) | 2,481,000 |
Corporate, Non-Segment [Member] | ||
Segment gross profit/(loss) | ||
Corporate expenses | $ (2,655,000) | $ (2,524,000) |
Note 10 - Fair Value Measurem49
Note 10 - Fair Value Measurements - Assets and Liiabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative instruments | $ (1,460) | $ (258) |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 116,835 | 106,146 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (1,460) | (258) |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 116,835 | 106,146 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments |
Note 11 - Reclassifications f50
Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance | $ 3,540 | $ 2,055 |
Other comprehensive income/(loss) before reclassifications | 1,790 | (221) |
Amounts reclassified from accumulated other comprehensive income | 85 | 661 |
Net current-period other comprehensive income | 1,875 | 440 |
Ending balance | $ 5,415 | $ 2,495 |
Note 11 - Reclassifications f51
Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unrealized loss on available-for-sale securities | $ (131) | $ (1,018) |
Total before tax | (131) | (1,018) |
Tax benefit | 46 | 357 |
Total reclassifications | $ (85) | $ (661) |
Note 14 - Intangible Asset (Det
Note 14 - Intangible Asset (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 1,408 | $ 1,408 |