Schedule of Change in Accounting Principal |
The effects of the retrospective application of the equity method of accounting to 2011 are as follows:
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Consolidated Balance Sheet |
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Deferred income tax liability – long term |
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Total Arabian American Development Company stockholders' equity |
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Total liabilities and equity |
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Consolidated Statement of Income |
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) |
Gain from additional equity issued by AMAK |
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Income before income tax expense |
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Net income attributable to Arabian American Development Company |
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Net income per common share |
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Consolidated Statement of Stockholders' Equity |
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Consolidated Statement of Cash Flows |
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Net income attributable to Arabian American Development Company |
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Gain from additional equity issued by AMAK |
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) |
The effects of the retrospective application of the equity method of accounting to 2010 are as follows:
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Consolidated Balance Sheet |
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Total Arabian American Development Company stockholders' equity |
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Total liabilities and equity |
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Consolidated Statement of Income |
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Income before income tax expense |
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Net income attributable to Arabian American Development Company |
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Net income per common share |
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Consolidated Statement of Stockholders' Equity |
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Consolidated Statement of Cash Flows |
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Net income attributable to Arabian American Development Company |
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AMAK's activities through December 31, 2009, were limited to the construction of facilities to begin the commercial development of the interests. As a result, AMAK did not have significant income or loss through December 31, 2009, and the change to the equity method of accounting had no effect on the January 1, 2010, beginning balance of retained earnings.
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