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Note 15 - Income Tax Benefit (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2023				2022				2021
Income before taxes - U.S.		$	37,383			$	13,738			$	15,930
Income tax provision (benefit):
Federal
Current			-				290				142
Deferred			-				(1,998	)			(10,417	)
State and other
Current			1				60				(13	)
Deferred			-				175				(37	)
Total		$	1			$	(1,473	)		$	(10,325	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2023				2022				2021
Amount computed using the statutory rate of 21% for 2023, 2022, and 2021			21.0	%			21.0	%			21.0	%
Agri-biodiesel production credit			(3.2	)			(8.6	)			(7.4	)
Federal BTC benefit			(32.3	)			(76.2	)			(75.2	)
State BTC benefit			(4.4	)			(7.0	)			(8.9	)
Credit for increasing research activities			(0.5	)			(1.0	)			(0.7	)
Dividends received deduction			(0.1	)			(1.6	)			(1.6	)
State income taxes, net			2.3				5.1				3.5
State rate change and other deferred adjustments			(1.0	)			3.6				5.0
Valuation allowance for deferred tax assets			18.2				53.8				-
CARES Act			-				-				-
Other			-				0.2				(0.5	)
Income tax benefit			0.0	%			(10.7	)%			(64.8	)%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2023				2022
Deferred tax assets
Compensation		$	43			$	391
Inventory reserves			618				601
Self-insurance			65				70
Asset retirement obligation			316				323
Deferred revenue			3,693				4,081
Federal net operating loss carryforwards			15,240				9,360
State net operating loss carryforwards			2,765				1,884
Accrued expenses			742				2,648
Stock based compensation			24				24
Federal credit carryforwards			6,915				5,216
State credit carryforwards			676				687
Research & development costs			1,451				749
Derivative instruments			-				29
Capital loss carryforwards			1,898				1,241
Trading securities			-				656
Other			89				96
Subtotal deferred tax assets			34,535				28,056
Valuation Allowance			(14,216	)			(7,392	)
Total deferred tax assets			20,319				20,664
Deferred tax liabilities
Derivative instruments			(403	)			-
LIFO inventory			(3,957	)			(2,740	)
Depreciation			(14,978	)			(17,046	)
Prepaid expenses			(981	)			(878	)
Total deferred tax liabilities			(20,319	)			(20,664	)
Net deferred tax liabilities		$	-			$	-

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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