|12 Months Ended|
Dec. 31, 2016
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Related Party Transactions
(a)Preferred Stock Conversions
During the years ended December 31, 2016 and 2014, there were no conversions of our convertible preferred stock. At December 31, 2016 and 2015, there were no shares of our convertible preferred stock outstanding. During the year ended December 31, 2015, the remaining 68,180 shares of 8.5% convertible preferred stock held by certain shareholders of Alon Israel were converted into 101,150 shares of our common stock.
We entered into a development agreement with BSRE Point Wells, LP (“BSRE”), an indirect subsidiary of our former parent company, Alon Israel Oil, Ltd., in conjunction with the sale of a parcel of land at Richmond Beach, Washington to BSRE. In order to enhance the value of the land with a view towards maximizing the proceeds from its sale, the agreement provides that Alon and BSRE intend to cooperate in the development and construction of a mixed-use residential and planned community real estate project on the land. As part of this agreement, we agreed to pay a quarterly development fee of $439 in exchange for the right to participate in the potential profits realized by BSRE from the development of the land. During each of the years ended December 31, 2016, 2015 and 2014, $1,755 was paid to BSRE.
(c)Delek US Holdings, Inc.
In May 2015, Delek US Holdings, Inc. (“Delek”) completed the purchase of approximately 48% of our outstanding common stock from Alon Israel Oil Company, Ltd. We have transactions with Delek that occur in the ordinary course of business. Including amounts prior to the transaction, we purchased refined products from Delek of $3,149, $15,281 and $5,486 for the years ended December 31, 2016, 2015 and 2014, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef