| Schedule of Change in Accounting Principal |
The effects of the retrospective application of the equity method of accounting to the three and nine months ended September 30, 2012, are as follows:
| |
|
Three months ended |
|
|
Nine months ended |
|
| |
|
September 30, 2012 |
|
|
September 30, 2012 |
|
| |
|
As Reported |
|
|
As Restated |
|
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Income |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of AMAK |
|
$ |
- |
|
|
$ |
(528 |
) |
|
$ |
- |
|
|
$ |
(1,043 |
) |
Income before income tax expense |
|
|
5,296 |
|
|
|
4,768 |
|
|
|
13,922 |
|
|
|
12,879 |
|
Net income |
|
|
3,532 |
|
|
|
3,004 |
|
|
|
9,514 |
|
|
|
8,471 |
|
Net income attributable to Arabian American Development Company |
|
|
3,532 |
|
|
|
3,004 |
|
|
|
9,514 |
|
|
|
8,471 |
|
Net income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.38 |
|
|
$ |
0.34 |
|
| |
|
Three months ended |
|
|
Nine months ended |
|
| |
|
September 30, 2012 |
|
|
September 30, 2012 |
|
| |
|
As Reported |
|
|
As Restated |
|
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,532 |
|
|
$ |
3,004 |
|
|
$ |
9,514 |
|
|
$ |
8,471 |
|
Comprehensive income |
|
|
3,561 |
|
|
|
3,033 |
|
|
|
9,617 |
|
|
|
8,574 |
|
| |
|
September 30, 2012 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net income attributable to Arabian American Development Company |
|
$ |
9,514 |
|
|
$ |
8,471 |
|
Equity in loss of AMAK |
|
|
- |
|
|
|
1,043 |
|
|