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Subsequent Events (Unaudited) | 12 Months Ended
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Dec. 31, 2011
Subsequent Event (Unaudited) [Abstract] |
Subsequent Event (Unaudited) | 20. Subsequent Events (Unaudited) Dividends Declared on Preferred Stock — In January 2012, our board of directors declared dividends $300,000 on our Series B Preferred and our Series D Preferred, payable on March 31, 2012. The Series B Preferred and Series D Preferred are non-redeemable preferred stocks issued in 1986 and 2001, respectively, of which all outstanding shares are owned by the Golsen Group. Planned Improvement Project — From January 3, 2012 through February 3, 2012, a planned improvement project was performed at the Pryor Facility to increase anhydrous ammonia production levels. As a result, the facility was not in production during this time. The permitted production level of ammonia at the facility is 700 tons per day (“TPD”), but due to production limitations caused by restrictions in the flow of process gas through heat exchangers and other mechanical restrictions, the ammonia plant was unable to sustain production above 500 TPD during 2011. The current production rate is approximately 600 TPD. Landmark Transaction — Effective February 7, 2012, the transaction relating to the Second Purchase Agreement to purchase the Texas Real Estate, as discussed in Note 19 — Related Party Transactions, was consummated on terms substantially as originally agreed, including Landmark to use its reasonable efforts to use, where technically feasible, geothermal heating and air conditioning units manufactured by one of the LSB’s subsidiaries on other Landmark properties in the development where the Texas Real Estate is located.
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 177,493 |  |  | $ | 235,619 |  |  | $ | 176,780 |  |  | $ | 215,364 |
Gross profit (1) |  | $ | 53,854 |  |  | $ | 72,086 |  |  | $ | 34,257 |  |  | $ | 62,821 |
Income from continuing operations (1) (2) |  | $ | 20,960 |  |  | $ | 28,698 |  |  | $ | 6,324 |  |  | $ | 28,002 |
Net loss from discontinued operations |  |  | (57 | ) |  |  | (53 | ) |  |  | (18 | ) |  |  | (14 | )
Net income |  | $ | 20,903 |  |  | $ | 28,645 |  |  | $ | 6,306 |  |  | $ | 27,988 |
Net income applicable to common stock |  | $ | 20,598 |  |  | $ | 28,645 |  |  | $ | 6,306 |  |  | $ | 27,988 |
Income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .97 |  |  | $ | 1.29 |  |  | $ | .28 |  |  | $ | 1.26 |
Loss from discontinued operations, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | .97 |  |  | $ | 1.29 |  |  | $ | .28 |  |  | $ | 1.26 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .90 |  |  | $ | 1.22 |  |  | $ | .27 |  |  | $ | 1.19 |
Loss from discontinued operations, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | .90 |  |  | $ | 1.22 |  |  | $ | .27 |  |  | $ | 1.19 |
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 130,410 |  |  | $ | 168,392 |  |  | $ | 138,948 |  |  | $ | 172,155 |
Gross profit (1) |  | $ | 28,266 |  |  | $ | 35,148 |  |  | $ | 29,439 |  |  | $ | 45,772 |
Income from continuing operations (1) (2) |  | $ | 1,723 |  |  | $ | 6,047 |  |  | $ | 3,877 |  |  | $ | 18,068 |
Net loss from discontinued operations |  |  | (5 | ) |  |  | (38 | ) |  |  | (79 | ) |  |  | (19 | )
Net income |  | $ | 1,718 |  |  | $ | 6,009 |  |  | $ | 3,798 |  |  | $ | 18,049 |
Net income applicable to common stock |  | $ | 1,413 |  |  | $ | 6,009 |  |  | $ | 3,798 |  |  | $ | 18,049 |
Income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .07 |  |  | $ | .28 |  |  | $ | .18 |  |  | $ | .85 |
Loss from discontinued operations, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | .07 |  |  | $ | .28 |  |  | $ | .18 |  |  | $ | .85 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .07 |  |  | $ | .27 |  |  | $ | .17 |  |  | $ | .79 |
Loss from discontinued operations, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | .07 |  |  | $ | .27 |  |  | $ | .17 |  |  | $ | .79 |
(1) The following items increased (decreased) gross profit and income from continuing operations:
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands) |
Turnaround costs (A): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | $ | (166 | ) |  | $ | (1,543 | ) |  | $ | (6,332 | ) |  | $ | (1,033 | )
2010 |  | $ | (1,432 | ) |  | $ | (1,264 | ) |  | $ | (3,950 | ) |  | $ | (1,821 | )
Business interruption insurance recovery: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | $ | — |  |  | $ | 8,605 |  |  | $ | — |  |  | $ | — |
(2) The following items increased (decreased) income from continuing operations:
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands) |
Operating income (loss) associated with the Pryor Facility: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 (B) |  | $ | 11,257 |  |  | $ | 23,043 |  |  | $ | 682 |  |  | $ | 17,008 |
2010 (B) |  | $ | (6,037 | ) |  | $ | (1,993 | ) |  | $ | (3,128 | ) |  | $ | 11,432 |
Provisions for income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | $ | (11,657 | ) |  | $ | (17,492 | ) |  | $ | (4,433 | ) |  | $ | (12,626 | )
2010 (C) |  | $ | (912 | ) |  | $ | (4,979 | ) |  | $ | (2,930 | ) |  | $ | (10,966 | )
(A) Turnaround costs do not include the costs relating to lost absorption or reduced margins due to the associated plants being shut down. (B) Includes business interruption insurance recovery of $8,605,000 recognized during the three months ended June 30, 2011 and property insurance recoveries of $2,769,000 and $2,955,000 recognized during the three months ended September 30, 2010 and December 30, 2010, respectively. (C) During June 2010, we determined that certain nondeductible expenses had not been properly identified relating to the 2007-2009 provisions for income taxes. As a result, we recorded an additional income tax provision of approximately $800,000 for the three months ended June 30, 2010. For the three months ended June 30, 2010 and the year ended December 31, 2010, the effect of this adjustment decreased basic net income per share by $.04 and diluted net income per share by $.03. Management of the Company evaluated the impact of this accounting error and concluded the effect of this adjustment was immaterial to our 2007-2010 consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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