|3 Months Ended|
Mar. 31, 2017
|Stockholders' Equity Note [Abstract]|
Equity (share values in dollars)
Changes to equity during the three months ended March 31, 2017 are presented below:
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.
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.
The following table displays the change in accumulated other comprehensive loss, net of tax:
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef