Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Petrochemical and product sales $ 193,581 $ 227,937 $ 280,866
Processing fees 18,818 14,039 8,777
Total Revenues 212,399 241,976 289,643
Operating costs and expenses      
Cost of petrochemical, product sales, and Processing (including depreciation and amortization of $9,016, $8,335, and $5,116, respectively) 172,497 184,967 246,140
Gross Profit 39,902 57,009 43,503
General and Administrative Expenses      
General and administrative 20,434 20,243 17,461
Depreciation 761 725 560
Total General and Administrative Expenses 21,195 20,968 18,021
Operating income 18,707 36,041 25,482
Other income (expense)      
Interest expense (1,985) (2,217) (1,042)
Losses on cash flow hedge reclassified from OCI 0 0 (378)
Bargain purchase gain from acquisition 11,549 0 0
Equity in earnings (loss) of AMAK (Note 11) (1,479) (5,325) (1,072)
Gain from additional equity issuance by AMAK (Note 11) 3,168 0 0
Miscellaneous expense (28) (137) (272)
Total other income (expense) 11,225 (7,679) (2,764)
Income before income tax expense 29,932 28,362 22,718
Income tax expense 10,504 9,764 7,147
Net income 19,428 18,598 15,571
Net loss attributable to Noncontrolling Interest 0 0 0
Net income attributable to Trecora Resources $ 19,428 $ 18,598 $ 15,571
Net income per common share      
Basic earnings per share (in dollars per share) $ 0.80 [1] $ 0.76 [1] $ 0.64
Diluted earnings per share (in dollars per share) $ 0.78 [1] $ 0.74 [1] $ 0.63
Weighted average number of common shares outstanding      
Basic (in shares) 24,284 24,370 24,188
Diluted (in shares) 24,982 25,181 24,896
[1] Basic and diluted earnings per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.