Note 6 - Property and Equipment

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note

6.

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset which varies from

10

to

30

years for land improvements;

5

to

50

years in the case of buildings and improvements; and from

3

to

10

years for machinery and equipment, vehicles and office furniture and equipment.

Major additions and improvements are charged to the property and equipment accounts while replacements, maintenance and repairs, which do

not

improve or extend the life of the respective asset, are expensed as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation is eliminated from the accounts in the year of disposal. Gains or losses resulting from disposals of property and equipment are credited or charged to operations. Interest costs are capitalized on significant construction projects.

Property and equipment at

March 31, 2019

and

December 31, 2018

consists of the following (in thousands):

	March 31,			December 31,
	2019			2018
Land and land improvements	$	14,231		$	14,231
Buildings and improvements		36,691			36,185
Machinery and equipment		4,562			4,508
Office furniture and fixtures		6,534			6,458
Vehicles		455			455
Construction in progress		3,183			2,569
		65,656			64,406
Less accumulated depreciation and amortization		(22,345	)		(21,872	)
Property and equipment, net	$	43,311		$	42,534

At

March 31, 2019,

the Company did

not

have any significant fixed contractual commitments for construction projects.