Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.6.0.2
Stockholders' Equity
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity Note
Stockholders' Equity
(a)
Common stock (share value in dollars)
Our authorized common stock consists of 150,000,000 shares of common stock, $0.01 par value. Issued and outstanding shares of common stock were 71,578,093 and 70,960,461 as of December 31, 2016 and 2015, respectively.
Amended Shareholder Agreement. In 2012, we signed agreements with the remaining non-controlling interest shareholders of Alon Assets, whereby the participants would exchange shares of Alon Assets for shares of our common stock. During 2016 and 2015, 465,389 and 557,589 shares of our common stock were issued in exchange for 2,487.92 and 3,006.20 shares of Alon Assets, respectively. At December 31, 2016, 232,695 shares of our common stock are available to be exchanged for all of the outstanding shares held by the non-controlling interest shareholder of Alon Assets.
We recognized compensation expense associated with the difference in value between the participants’ ownership of Alon Assets compared to our common stock of $1,173, $2,274 and $2,432 for the years ended December 31, 2016, 2015 and 2014, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.
For the years ended December 31, 2016, 2015 and 2014, activity in the number of common stock outstanding was as follows:
 
Common
Stock
 
(in thousands)
Balance as of December 31, 2013
68,641

Shares issued in connection with stock plans
304

Shares issued for payment of preferred stock dividends
3

Shares issued in connection with amended shareholder agreement
659

Balance as of December 31, 2014
69,607

Shares issued in connection with stock plans
693

Shares issued for payment of preferred stock dividends
1

Shares issued in connection with preferred share conversions
101

Shares issued in connection with amended shareholder agreement
558

Balance as of December 31, 2015
70,960

Shares issued in connection with stock plans
153

Shares issued in connection with amended shareholder agreement
465

Balance as of December 31, 2016
71,578


(b)
Preferred stock (share value in dollars)
Our authorized preferred stock consists of 15,000,000 shares of convertible preferred stock, $0.01 par value. As of December 31, 2013, we had 68,180 remaining shares of 8.5% convertible preferred stock issued and outstanding. There were no conversions of preferred stock during the year ended December 31, 2014. The remaining 68,180 shares of our preferred stock were converted to 101,150 shares of our common stock during the year ended December 31, 2015. As of December 31, 2016 and 2015, we had no shares of convertible preferred stock issued and outstanding.
(c)
Dividends
Common Stock Dividends. During the year ended December 31, 2016, we paid cash dividends on common stock totaling $0.60 per share.
During the year ended December 31, 2015, we paid cash dividends on common stock totaling $0.55 per share, which reflects an increase to our regular quarterly cash dividend from $0.10 per share to $0.15 per share during the second quarter.
During the year ended December 31, 2014, we paid cash dividends on common stock totaling $0.53 per share, which included a special non-recurring dividend of $0.21 per share and an increase to our regular quarterly cash dividend from $0.06 per share to $0.10 per share during the third quarter.
Additionally, the non-controlling interest shareholders of Alon Assets received aggregate cash dividends of $401, $415 and $1,134 during the years ended December 31, 2016, 2015, and 2014, respectively.
Preferred Stock Dividends. During the year ended December 31, 2015, we issued 771 shares of our common stock in aggregate for payment of the 8.5% preferred stock dividend. No preferred stock dividends were paid during the year ended December 31, 2016 as no shares were outstanding during the period.
(d)
Accumulated Other Comprehensive Loss
The following table displays the change in accumulated other comprehensive loss, net of tax:
 
Unrealized Gain (Loss) on Cash Flow Hedges
 
Postretirement Benefit Plans
 
Total
Balance at December 31, 2015
$
(1,357
)
 
$
(27,451
)
 
$
(28,808
)
Other comprehensive income (loss) before reclassifications
(348
)
 
571

 
223

Amounts reclassified from accumulated other comprehensive income (loss)
476

 
1,998

 
2,474

Net current-period other comprehensive income
128

 
2,569

 
2,697

Balance at December 31, 2016
$
(1,229
)
 
$
(24,882
)
 
$
(26,111
)