Restatement of Financial Statements [Text Block] |
3. RESTATEMENT OF FINANCIAL STATEMENTS
The accompanying unaudited consolidated financial statements as of and for the three months ended March 31, 2013, have been restated to properly reflect the Company's equity in the earnings of AMAK for that three month period. In the originally issued unaudited financial statements as of and for the three months ended March 31, 2013, the Company did not record its share of the earnings of AMAK as the result of the Company's plan to apply the equity method of accounting using AMAK's results of operations for the three month period preceding the period being reported by the Company (the "in arrears method") due to the time necessary to obtain financial information from AMAK. However, the Company subsequently determined that the use of the in arrears method would represent a change in the method of applying the equity method of accounting from its 2012 use of AMAK's operating results for the period corresponding to period being reported by the Company. Accordingly, the Company has restated its unaudited consolidated financial statements as of and for the three months ended March 31, 2013, to base its accounting for its investment in AMAK on AMAK's operating results for the same three month period.
The effects of the restatement are as follows:
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Consolidated Balance Sheets |
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Total Arabian American Development Company Stockholders' Equity |
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Total Liabilities and Equity |
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Consolidated Statements of Income |
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Equity in earnings (loss) of AMAK |
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Total other income (expense) |
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Income before income taxes |
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Net income attributable to Arabian American Development Company |
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Basic earnings per common share (dollars) |
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Diluted earnings per common share (dollars) |
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Consolidated Statements of Comprehensive Income |
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Consolidated Statement of Stockholders' Equity |
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Consolidated Statements of Cash Flows |
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Equity in (earnings) loss of AMAK |
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