Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.7.0.1
Equity
3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Equity
Equity (share values in dollars)
Changes to equity during the three months ended March 31, 2017 are presented below:
 
 
Total Stockholders’ Equity
 
Non-controlling Interest
 
Total Equity
Balance at December 31, 2016
 
$
521,108

 
$
61,305

 
$
582,413

Other comprehensive income
 
183

 
3

 
186

Stock compensation
 
519

 
14

 
533

Distributions to non-controlling interest in the Partnership
 

 
(1,267
)
 
(1,267
)
Dividends
 
(10,727
)
 
(67
)
 
(10,794
)
Net income
 
7,327

 
2,947

 
10,274

Balance at March 31, 2017
 
$
518,410

 
$
62,935

 
$
581,345


(a)Common Stock
Merger Agreement between Alon and Delek. In January 2017, Alon and Delek US Holdings, Inc. (“Delek”) entered into a definitive agreement under which Delek will acquire all of the outstanding shares of Alon common stock which Delek does not already own in an all-stock transaction. Delek currently owns approximately 33.7 million shares of our common stock. Under terms of the agreement, the owners of our remaining outstanding shares that Delek does not currently own will receive a fixed exchange ratio of 0.5040 of Delek shares for each share of Alon. The transaction is expected to close within the next few months, subject to customary closing conditions, including regulatory approval and approval by Delek shareholders and Alon shareholders.
Amended Shareholder Agreement. In 2012, we signed agreements with the remaining non-controlling interest shareholders of Alon Assets, Inc. (“Alon Assets”) whereby the participants would exchange shares of Alon Assets for shares of our common stock. During the three months ended March 31, 2017, 116,347 shares of our common stock were issued in exchange for 621.98 shares of Alon Assets. At March 31, 2017, 116,352 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. In April 2017, the remaining outstanding shares of Alon Assets held by the non-controlling shareholder were exchanged for 116,352 shares of our common stock.
We recognized compensation expense associated with the difference in value between the participants' ownership of Alon Assets compared to our common stock of $374 and $397 for the three months ended March 31, 2017 and 2016, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.
(b)
Dividends
Common Stock Dividends. On March 17, 2017, we paid a regular quarterly cash dividend of $0.15 per share on common stock to stockholders of record at the close of business on March 9, 2017.
(c)
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, 2016
$
(1,229
)
 
$
(24,882
)
 
$
(26,111
)
Other comprehensive income before reclassifications
74

 

 
74

Amounts reclassified from accumulated other comprehensive loss
109

 

 
109

Net current-period other comprehensive income
183

 

 
183

Balance at March 31, 2017
$
(1,046
)
 
$
(24,882
)
 
$
(25,928
)