Note 3 - Inventories

3 Months Ended

Mar. 31, 2016

3.	Inventories:

Inventories consisted of the following:

	Inventory as of
(in thousands)	March 31, 2016		December 31, 2015
Unprocessed	$	151,019	$	163,942
Processed and finished		38,795		42,703
Totals	$	189,814	$	206,645

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2016 and December 31, 2015, approximately $40.8 million, or 21.5% of consolidated inventory, and $42.7 million, or 20.7% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.

During the three months ended March 31, 2016, the Company did not record an adjustment to LIFO inventory as the current projections anticipate comparative levels and pricing of inventory for the remainder of the year. During the three months ended March 31, 2015, the Company recorded $250 thousand of LIFO income.

If the FIFO method had been in use, inventories would have been $6.6 million lower than reported at March 31, 2016 and December 31, 2015.