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Quarterly Financial Results (unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | Summarized quarterly results for the two years ended December 31, 2016 and December 31, 2015, respectively, are as follows:
|  | For the Quarter Ended
(in thousands, except per share data) |  | December 31, 2016 |  | September 30, 2016 |  | June 30, 2016 |  | March 31, 2016
Revenues |  | $ | 3,604 |  |  | $ | 15,710 |  |  | $ | 8,951 |  |  | $ | 22,357 |
Cost of revenues, exclusive of operating expenses shown below |  | 3,478 |  |  | 13,259 |  |  | 5,769 |  |  | 17,311 |
Other operating expenses |  | 5,388 |  |  | 5,364 |  |  | 7,794 |  |  | 8,357 |
Operating loss |  | (5,262 | ) |  | (2,913 | ) |  | (4,612 | ) |  | (3,311 | )
Earnings from equity method investments |  | 15,518 |  |  | 10,735 |  |  | 13,754 |  |  | 5,577 |
Royalties, related party |  | 2,203 |  |  | 2,064 |  |  | 669 |  |  | 1,189 |
Other income (expenses), net |  | 1,698 |  | (1) | 309 |  |  | (1,852 | ) |  | 974 |
Income before income tax expense |  | 14,157 |  |  | 10,195 |  |  | 7,959 |  |  | 4,429 |
Income tax (benefit) expense |  | (61,673 | ) | (2) | 583 |  |  | 99 |  |  | 53 |
Net income |  | $ | 75,830 |  |  | $ | 9,612 |  |  | $ | 7,860 |  |  | $ | 4,376 |
Earnings per common share – basic |  | $ | 3.45 |  |  | $ | 0.44 |  |  | $ | 0.36 |  |  | $ | 0.20 |
Earnings per common share – diluted |  | $ | 3.39 |  |  | $ | 0.43 |  |  | $ | 0.35 |  |  | $ | 0.20 |
Weighted-average number of common shares outstanding |  |  |  |  |  |  |  |
Basic |  | 21,693 |  |  | 21,740 |  |  | 21,875 |  |  | 21,849 |
Diluted |  | 22,061 |  |  | 22,098 |  |  | 22,187 |  |  | 22,177 |
(1) During the fourth quarter of 2016, the Company revised its estimate for future Royalty Award payments based on an updated forecast provided to the Company from Carbon Solutions. Based primarily on the updated forecast, the Company recorded a $4.0 million reduction to its Royalty Award accrual. (2) During the fourth quarter of 2016, the Company released $61.4 million of the valuation allowance related to the deferred tax assets that resulted in an income tax benefit of $61.7 million. See further discussion in Note 16.
|  | For the Quarter Ended
(in thousands, except per share data) |  | December 31, 2015 |  | September 30, 2015 |  | June 30, 2015 |  | March 31, 2015
Revenues |  | $ | 13,202 |  |  | $ | 12,885 |  |  | $ | 14,895 |  |  | $ | 21,757 |
Cost of revenues, exclusive of operating expenses shown below |  | 7,224 |  |  | 10,610 |  |  | 14,003 |  |  | 15,715 |
Other operating expenses |  | 13,113 |  |  | 12,264 |  |  | 18,670 |  |  | 12,940 |
Operating loss |  | (7,135 | ) |  | (9,989 | ) |  | (17,778 | ) |  | (6,898 | )
Earnings (loss) from equity method investments |  | 3,788 |  |  | (41 | ) |  | 4,860 |  |  | 314 |
Royalties, related party |  | 2,876 |  |  | 3,273 |  |  | 2,299 |  |  | 2,194 |
Other expenses, net |  | (2,568 | ) |  | (1,853 | ) |  | (1,765 | ) |  | (1,698 | )
Loss before income tax expense |  | (3,039 | ) |  | (8,610 | ) |  | (12,384 | ) |  | (6,088 | )
Income tax (benefit) expense |  | (131 | ) |  | 44 |  |  | 63 |  |  | 44 |
Net loss |  | $ | (2,908 | ) |  | $ | (8,654 | ) |  | $ | (12,447 | ) |  | $ | (6,132 | )
Loss per common share – basic |  | $ | (0.13 | ) |  | $ | (0.40 | ) |  | $ | (0.57 | ) |  | $ | (0.28 | )
Loss per common share – diluted |  | $ | (0.13 | ) |  | $ | (0.40 | ) |  | $ | (0.57 | ) |  | $ | (0.28 | )
Weighted-average number of common shares outstanding |  |  |  |  |  |  |  |
Basic |  | 21,676 |  |  | 21,687 |  |  | 21,715 |  |  | 21,696 |
Diluted |  | 21,676 |  |  | 21,687 |  |  | 21,715 |  |  | 21,696 |

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1280-108306 + Details
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