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Revised Unaudited Consolidated Financial Statements
 3 Months Ended
Mar. 31, 2017
Restatement of Unaudited Consolidated Financial Statements / Revised Unaudited Consolidated Financial Statements [Abstract]  
Revised Unaudited Consolidated Financial Statements

Note 3—Revised Unaudited Consolidated Financial Statements

 

In the consolidated statement of operations for the three months ended March 31, 2016, Pennsylvania gross receipt tax was previously recorded as a reduction to electricity revenue instead of as cost of revenues. Electricity revenues and cost of revenues were adjusted to correct the classification by reflecting additional revenue and cost of revenues in the consolidated statement of operations in the amount of $0.7 million.

 

GRE prepays various electricity costs that are subsequently charged to cost of revenues when the related electricity revenue is recognized. The Company concluded that certain of these amounts included in “Prepaid expenses” in its consolidated balance sheet at March 31, 2016 should have been charged to cost of revenues in the first quarter of 2016. The Company revised its consolidated financial statements by reducing prepaid expenses and increasing electricity cost of revenues by $0.8 million in the three months ended March 31, 2016.

 

The impact of these adjustments on the Company’s consolidated financial statements was as follows:

 

  

Three Months Ended 
March 31, 2016

 
  Previously Reported  Prepaid Expense Error Correction  Gross Receipts Tax Correction  Revised 
  (in thousands, except per share data) 
    
Electricity revenues $44,385  $—  $741  $45,126 
Cost of revenues $33,274  $817  $741  $34,832 
Gross profit $24,864  $(817) $—  $24,047 
Net income $5,667  $(817) $—  $4,850 
Net income attributable to Genie Energy, Ltd $6,486  $(817) $—  $5,669 
Comprehensive income $6,924  $(817) $—  $6,107 
Comprehensive income attributable to Genie Energy, Ltd $7,746  $(817) $—  $6,929 
Earnings per share attributable to Genie Energy, Ltd. common stockholders:                
Basic $0.27  $(0.04) $—  $0.23 
Diluted $0.26  $(0.04) $—  $0.22