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Quarterly Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | Summarized unaudited quarterly financial data for 2021 and 2020 are as follows.
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands, Except Per Share Amounts) |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 98,116 |  |  | $ | 140,696 |  |  | $ | 127,199 |  |  | $ | 190,228 |
Gross profit (1) |  | $ | 8,060 |  |  | $ | 35,008 |  |  | $ | 17,447 |  |  | $ | 78,464 |
Net income (loss) (1) (2) |  | $ | (13,279 | ) |  | $ | 23,670 |  |  | $ | (8,928 | ) |  | $ | 42,082 |
Net income (loss) attributable to common stockholders (A) |  | $ | (23,376 | ) |  | $ | 12,646 |  |  | $ | (251,504 | ) |  | $ | 42,009 |
Basic income (loss) per common share |  | $ | (0.63 | ) |  | $ | 0.34 |  |  | $ | (6.39 | ) |  | $ | 0.49 |
Diluted income (loss) per common share |  | $ | (0.63 | ) |  | $ | 0.32 |  |  | $ | (6.39 | ) |  | $ | 0.47 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 83,411 |  |  | $ | 105,033 |  |  | $ | 73,969 |  |  | $ | 88,903 |
Gross profit (loss) (1) |  | $ | 2,551 |  |  | $ | 19,021 |  |  | $ | (1,059 | ) |  | $ | (3,465 | )
Net loss (1) (2) |  | $ | (19,452 | ) |  | $ | (365 | ) |  | $ | (20,402 | ) |  | $ | (21,692 | )
Net loss attributable to common stockholders |  | $ | (28,338 | ) |  | $ | (9,634 | ) |  | $ | (29,874 | ) |  | $ | (31,573 | )
Basic and diluted loss per common share |  | $ | (0.77 | ) |  | $ | (0.26 | ) |  | $ | (0.81 | ) |  | $ | (0.86 | )
(A) See Notes 2 and 3 concerning a deemed dividend associated with the Exchange Transaction, which was consummated during the third quarter of 2021. LSB Industries, Inc. Supplementary Financial Data Quarterly Financial Data (Unaudited)
(1) | The following income (expense) items impacted gross profit (loss) and net income (loss):
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands) |
Turnaround expense: (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | (140 | ) |  | $ | (707 | ) |  | $ | (7,976 | ) |  | $ | (1,130 | )
2020 |  | $ | — |  |  | $ | (11 | ) |  | $ | (34 | ) |  | $ | (31 | )
Gain (loss) on natural gas forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | 2,706 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2020 |  | $ | (714 | ) |  | $ | 31 |  |  | $ | 513 |  |  | $ | (1,443 | )
Compensation expense due to CoC event |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | — |  |  | $ | — |  |  | $ | (1,221 | ) |  | $ | — |
Recovery from settlements with certain vendors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  | $ | — |  |  | $ | 5,664 |  |  | $ | — |  |  | $ | — |
(2) | The following income (expense) items impacted net income (loss):
Legal fees associated with Leidos matter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | (886 | ) |  | $ | (441 | ) |  | $ | (271 | ) |  | $ | (296 | )
2020 |  | $ | (3,287 | ) |  | $ | (955 | ) |  | $ | (901 | ) |  | $ | (572 | )
Compensation expense due to CoC event |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | — |  |  | $ | — |  |  | $ | (3,786 | ) |  | $ | — |
Gain (loss) on extinguishments of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | (20,259 | )
Interest expense associated with Global judgment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | (78 | ) |  | $ | (79 | ) |  | $ | (80 | ) |  | $ | (80 | )
2020 |  | $ | (1,327 | ) |  | $ | (79 | ) |  | $ | (80 | ) |  | $ | (80 | )
Gain (loss) associated with embedded derivative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | (436 | ) |  | $ | (716 | ) |  | $ | (1,106 | ) |  | $ | — |
2020 |  | $ | 637 |  |  | $ | 120 |  |  | $ | (141 | ) |  | $ | (561 | )
Benefit (provision) for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | (42 | ) |  | $ | 248 |  |  | $ | (19 | ) |  | $ | 4,369 |
2020 |  | $ | 339 |  |  | $ | 1,299 |  |  | $ | 1,370 |  |  | $ | 1,741 |
(A) | Turnaround expenses do not include the impact on operating results relating to lost absorption or reduced margins due to the associated plants being shut down.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124502072&loc=d3e1280-108306 + Details
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