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Note 7 - Provision for income taxes | 6 Months Ended
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Jun. 30, 2013
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | 7) Provision for income taxes The following table summarizes the provision for income taxes.
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Provision for income taxes |  | $ | 10,498 |  |  | $ | 4,217 |  |  | $ | 16,604 |  |  | $ | 9,083 |
Effective tax rate |  |  | 36.6 | % |  |  | 33.2 | % |  |  | 34.0 | % |  |  | 36.8 | %
The effective tax rate for the three and six months ended June 30, 2013 reflects FutureFuel’s expected tax rate on reported operating earnings before income tax and the full anticipated impact of the retroactive reinstatement of the 2012 agri-biodiesel production tax credit, which was recognized in the first quarter of 2013 as a discrete item. As a result of this treatment, FutureFuel’s effective tax rate for the six months ended June 30, 2013 is lower than it otherwise would be and is not expected to continue at this rate for the remainder of 2013. The effective tax rate for the three months ended June 30, 2012 reflected FutureFuel’s expected tax rate on reported operating earnings before income tax and included the impact of the change of the valuation allowance associated with certain deferred tax assets. FutureFuel had determined that it did not believe that it had a more likely than not probability of realizing a portion of its deferred tax assets at March 31, 2012. As such, it recorded a valuation allowance of $384 at that date. This valuation allowance was removed in the three months ended June 30, 2012 when FutureFuel determined it had a more likely than not probability of realizing the benefit on the associated deferred tax asset. Unrecognized tax benefits totaled $0 and $0 at June 30, 2013 and December 31, 2012, respectively. FutureFuel records interest and penalties net as a component of income tax expense. At June 30, 2013 and December 31, 2012, respectively, FutureFuel recorded $0 and $0 in accruals for interest and tax penalties. FutureFuel and its subsidiaries file tax returns in the U.S. federal jurisdiction and with various state jurisdictions. FutureFuel is subject to U.S., state, and local examinations by tax authorities from 2009 forward. FutureFuel Chemical is subject to the effects of tax examinations that may impact the carry-over basis of its assets and liabilities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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