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Note 5 - Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
5. Derivative Financial Instruments
 
From time to time, the Company historically entered into various fixed rate commodity swap contracts in an effort to manage its exposure to price volatility of diesel fuel. Refer to Note 9 of the Notes to Consolidated Financial Statements in the 2014 Form 10-K for further information about our derivative financial instruments.
At September 30, 2015, accumulated other comprehensive income consisted of unrecognized losses of zero, down from $101,000 at December 31, 2014, which represented the unrealized change in fair value of the effective portion of the Company’s commodity contracts, designated as cash flow hedges, as of the balance sheet date. For the nine months ended September 30, 2015 and 2014, the Company recognized a pre-tax net realized cash settlement loss on commodity contracts of $107,000 and gain of $15,000, respectively.
Due to the recent decline in oil and fuel prices, the Company has not entered into any new derivative instruments and we retired our hedging program when the last swap contract was settled in August 2015.
Fair Value
The Company’s swaps were historically valued based on a discounted future cash flow model. The primary input for the model was the forecasted prices for ULSD. The Company’s model was validated by the counterparty’s fair value statements. The swaps were designated as Level 2 within the valuation hierarchy. Refer to Note 1 for a description of the inputs used to value the information shown above.
At September 30, 2015 and December 31, 2014, the Company did not have any derivative assets or liabilities measured at fair value on a recurring basis that meet the definition of Level 1 or Level 3 fair value inputs.