XML 115 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
Stockholders Equity Abstract  
Stockholders' Equity Note Disclosure [Text Block]

13.  STOCKHOLDERS’ EQUITY

 

Treasury Stock

 

The Company holds 7.2 million shares of its common stock at a cost of $65.8 million. Shares of repurchased common stock are recorded at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When shares are reissued, the Company will use the weighted average cost method for determining the cost basis. The difference between the cost of the shares and the issuance price will be added or deducted from additional paid-in capital.

 

Share Repurchase Program

 

In August 2014, the Company announced a share repurchase program of up to $100 million of its common stock. Under the share repurchase program, the Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions will be determined by its management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice.  No shares have been repurchased pursuant to this repurchase program.

 

Dividends

 

In August 2013, the Company’s Board of Directors approved the initiation of a quarterly cash dividend. The Company has paid a quarterly cash dividend since this initial authorization and anticipates declaring cash dividends in future quarters on a regular basis; however, future declarations of dividends are subject to Board approval and may be adjusted as the Company’s cash position, business needs or market conditions change.

 

Accumulated Other Comprehensive Income

 

Changes in accumulated other comprehensive income relate primarily to gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Statements of Operations

 

2014

 

2013

 

2012

 

Classification

Gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

Ethanol commodity derivatives

$
(257,730)

 

$
(96,736)

 

$
(17,318)

 

Revenues

Corn commodity derivatives

 
(43,853)

 

 
(25,852)

 

 
56,848 

 

Cost of goods sold

Total

 
(301,583)

 

 
(122,588)

 

 
39,530 

 

Income (loss) before income taxes

Income tax benefit

 
(139,754)

 

 
(46,941)

 

 
15,032 

 

Income tax expense (benefit)

Amounts reclassified from accumulated

 

 

 

 

 

 

 

 

 

 

other comprehensive income (loss)

$
(161,829)

 

$
(75,647)

 

$
24,498