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, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Petrochemical and product sales $ 227,334 $ 193,581 $ 227,937
Processing Fees 17,809 18,818 14,039
Total Revenues 245,143 212,399 241,976
Operating costs and expenses      
Cost of petrochemical, product sales, and processing (including depreciation and amortization of $10,089, $9,016, and $8,335, respectively) 203,582 172,497 184,967
Gross Profit 41,561 39,902 57,009
General and Administrative Expenses      
General and administrative 22,587 20,434 20,243
Depreciation 872 761 725
Total General and Administrative Expenses 23,459 21,195 20,968
Operating income 18,102 18,707 36,041
Other income (expense)      
Interest expense (2,931) (1,985) (2,217)
Bargain purchase gain from acquisition (Note 3) 0 11,549 0
Equity in losses of AMAK (Note 11) (4,261) (1,479) (5,325)
Gain from additional equity issuance by AMAK (Note 11) 0 3,168 0
Miscellaneous expense (60) (28) (137)
Total other income (expense) (7,252) 11,225 (7,679)
Income before income tax expense 10,850 29,932 28,362
Income tax benefit (expense) 7,159 (10,504) (9,764)
Net income 18,009 19,428 18,598
Net loss attributable to Noncontrolling Interest 0 0 0
Net income attributable to Trecora Resources $ 18,009 $ 19,428 $ 18,598
Net income per common share      
Basic earnings per share (in dollars per share) $ 0.74 [1] $ 0.80 [1] $ 0.76
Diluted earnings per share (in dollars per share) $ 0.72 [1] $ 0.78 [1] $ 0.74
Weighted average number of common shares outstanding      
Basic (in shares) 24,294 24,284 24,370
Diluted (in shares) 25,129 24,982 25,181
[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.