| Schedule of Change in Accounting Principal |
The effects of the retrospective application of the equity method of accounting to 2011 are as follows:
| |
|
December 31, 2011 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Balance Sheet |
|
|
|
|
|
|
Investment in AMAK |
|
$ |
30,884 |
|
|
$ |
38,105 |
|
Total assets |
|
|
110,612 |
|
|
|
117,833 |
|
Deferred income tax liability – long term |
|
|
7,016 |
|
|
|
9,394 |
|
Total liabilities |
|
|
44,374 |
|
|
|
46,751 |
|
Retained earnings |
|
|
20,187 |
|
|
|
25,030 |
|
Total Arabian American Development Company stockholders' equity |
|
|
65,949 |
|
|
|
70,793 |
|
Total equity |
|
|
66,238 |
|
|
|
71,082 |
|
Total liabilities and equity |
|
|
110,612 |
|
|
|
117,833 |
|
| |
|
December 31, 2011 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Income |
|
|
|
|
|
|
Equity in loss of AMAK |
|
$ |
- |
|
|
$ |
1,018 |
|
Gain from additional equity issued by AMAK |
|
|
- |
|
|
|
8,850 |
|
Income before income tax expense |
|
|
12,557 |
|
|
|
20,389 |
|
Income tax expense |
|
|
4,127 |
|
|
|
6,505 |
|
Net income |
|
|
8,430 |
|
|
|
13,884 |
|
Net income attributable to Arabian American Development Company |
|
|
8,430 |
|
|
|
13,884 |
|
Net income per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.58 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.57 |
|
| |
|
December 31, 2011 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Stockholders' Equity |
|
|
|
|
|
|
Comprehensive income |
|
$ |
8,419 |
|
|
$ |
13,872 |
|
| |
|
December 31, 2011 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net income attributable to Arabian American Development Company |
|
$ |
8,430 |
|
|
$ |
13,884 |
|
Deferred income taxes |
|
|
860 |
|
|
|
3,238 |
|
Equity in loss of AMAK |
|
|
- |
|
|
|
1,018 |
|
Gain from additional equity issued by AMAK |
|
|
- |
|
|
|
(8,850 |
) |
The effects of the retrospective application of the equity method of accounting to 2010 are as follows:
| |
|
December 31, 2010 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Balance Sheet |
|
|
|
|
|
|
Investment in AMAK |
|
$ |
30,884 |
|
|
$ |
30,273 |
|
Total assets |
|
|
92,528 |
|
|
|
91,917 |
|
Retained earnings |
|
|
11,756 |
|
|
|
11,145 |
|
Total Arabian American Development Company stockholders' equity |
|
|
56,551 |
|
|
|
55,940 |
|
Total equity |
|
|
56,840 |
|
|
|
56,230 |
|
Total liabilities and equity |
|
|
92,528 |
|
|
|
91,917 |
|
| |
|
December 31, 2010 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Income |
|
|
|
|
|
|
Equity in loss of AMAK |
|
$ |
263 |
|
|
$ |
874 |
|
Income before income tax expense |
|
|
4,388 |
|
|
|
3,778 |
|
Net income |
|
|
2,686 |
|
|
|
2,075 |
|
Net income attributable to Arabian American Development Company |
|
|
2,686 |
|
|
|
2,075 |
|
Net income per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.09 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.09 |
|
| |
|
December 31, 2010 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Stockholders' Equity |
|
|
|
|
|
|
Comprehensive income |
|
$ |
2,790 |
|
|
$ |
2,180 |
|
| |
|
December 31, 2010 |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net income attributable to Arabian American Development Company |
|
$ |
2,686 |
|
|
$ |
2,075 |
|
Equity in loss of AMAK |
|
|
263 |
|
|
|
874 |
|
|