10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2015

Commission File Number 001-32924

Green Plains Inc.

(Exact name of registrant as specified in its charter)

Iowa	84-1652107
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
450 Regency Parkway, Suite 400, Omaha, NE 68114	(402) 884-8700
(Address of principal executive offices, including zip code)	(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes   ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒      Accelerated filer ☐      Non-accelerated filer ☐     Smaller reporting company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

☐ Yes   ☒ No

The number of shares of common stock, par value $0.001 per share, outstanding as of April 28, 2015 was 37,949,368 shares.

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets	2
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	38
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	39
Signatures		41

1

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	March 31,		December 31,
	2015		2014
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	405,899	$	425,510
Restricted cash		14,647		29,742
Accounts receivable, net of allowances of $1,255 and $1,231, respectively		101,692		138,073
Inventories		269,127		254,967
Prepaid expenses and other		10,853		18,776
Deferred income taxes		1,759		7,495
Derivative financial instruments		36,261		36,347
Total current assets		840,238		910,910
Property and equipment, net of accumulated depreciation of
$289,954 and $274,543, respectively		819,734		825,210
Goodwill		40,877		40,877
Other assets		49,806		51,560
Total assets	$	1,750,655	$	1,828,557
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	99,141	$	170,199
Accrued and other liabilities		31,592		61,118
Income taxes payable		-		2,907
Unearned revenue		3,683		3,965
Short-term notes payable and other borrowings		239,350		209,886
Current maturities of long-term debt		62,220		63,465
Total current liabilities		435,986		511,540
Long-term debt		398,623		399,440
Deferred income taxes		117,955		115,235
Other liabilities		4,922		4,893
Total liabilities		957,486		1,031,108
Stockholders' equity
Common stock, $0.001 par value; 75,000,000 shares authorized;
45,148,068 and 44,808,982 shares issued, and 37,948,068
and 37,608,982 shares outstanding, respectively		45		45
Additional paid-in capital		570,257		569,431
Retained earnings		292,751		299,101
Accumulated other comprehensive loss		(4,076)		(5,320)
Treasury stock, 7,200,000 shares		(65,808)		(65,808)
Total stockholders' equity		793,169		797,449
Total liabilities and stockholders' equity	$	1,750,655	$	1,828,557

See accompanying notes to the consolidated financial statements.

2

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

	Three Months Ended March 31,
	2015		2014
Revenues	$	738,388	$	733,889
Cost of goods sold		712,833		633,140
Gross profit		25,555		100,749
Selling, general and administrative expenses		21,451		22,406
Operating income		4,104		78,343
Other income (expense)
Interest income		220		113
Interest expense		(9,158)		(9,759)
Other, net		(931)		1,031
Total other income (expense)		(9,869)		(8,615)
Income (loss) before income taxes		(5,765)		69,728
Income tax expense (benefit)		(2,447)		26,525
Net income (loss)	$	(3,318)	$	43,203
Earnings (loss) per share:
Basic	$	(0.09)	$	1.30
Diluted	$	(0.09)	$	1.04
Weighted average shares outstanding:
Basic		37,803		33,153
Diluted		37,803		43,251
Cash dividend declared per share	$	0.08	$	0.04

See accompanying notes to the consolidated financial statements.

3

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)

	Three Months Ended March 31,
	2015		2014
Net income (loss)	$	(3,318)	$	43,203
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on derivatives arising during period,
net of tax (expense) benefit of $(5,708) and $86,015, respectively		9,755		(137,287)
Reclassification of realized (gains) losses on derivatives, net
of tax expense (benefit) of $4,980 and $(32,577), respectively		(8,511)		51,996
Total other comprehensive income (loss), net of tax		1,244		(85,291)
Comprehensive loss	$	(2,074)	$	(42,088)

See accompanying notes to the consolidated financial statements.

4

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

	Three Months Ended March 31,
	2015		2014
Cash flows from operating activities:
Net income (loss)	$	(3,318)	$	43,203
Adjustments to reconcile net income (loss) to net cash
provided (used) by operating activities:
Depreciation and amortization		15,381		14,627
Amortization of debt issuance costs and debt discount		1,962		2,005
Deferred income taxes		8,800		23,791
Stock-based compensation		(1,345)		2,139
Undistributed equity in (income) loss of affiliates		933		(1,031)
Other		24		-
Changes in operating assets and liabilities before
effects of business combinations:
Accounts receivable		36,357		(3,764)
Inventories		(14,160)		(21,422)
Derivative financial instruments		2,062		(127,314)
Prepaid expenses and other assets		7,982		2,305
Accounts payable and accrued liabilities		(99,152)		2,804
Income taxes payable		(1,388)		2
Unearned revenues		(282)		11,625
Other		366		814
Net cash used by operating activities		(45,778)		(50,216)
Cash flows from investing activities:
Purchases of property and equipment		(14,332)		(14,777)
Investments in unconsolidated subsidiaries		(334)		12
Net cash used by investing activities		(14,666)		(14,765)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt		39,800		127,842
Payments of principal on long-term debt		(41,043)		(88,848)
Proceeds from short-term borrowings		775,744		802,174
Payments on short-term borrowings		(746,280)		(845,244)
Payments of cash dividends		(3,032)		(1,396)
Change in restricted cash		15,095		4,101
Payments of loan fees		(57)		(37)
Proceeds from exercises of stock options		606		1,396
Net cash provided (used) by financing activities		40,833		(12)
Net change in cash and cash equivalents		(19,611)		(64,993)
Cash and cash equivalents, beginning of period		425,510		272,027
Cash and cash equivalents, end of period	$	405,899	$	207,034
Continued on the following page

5

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Continued from the previous page
	Three Months Ended March 31,
	2015		2014
Supplemental disclosures of cash flow:
Cash paid for income taxes	$	3,558	$	547
Cash paid for interest	$	5,914	$	7,990
Common stock issued for conversion of 5.75% Notes	$	-	$	89,950

See accompanying notes to the consolidated financial statements.

6

GREEN PLAINS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.  BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

References to the Company

References to “Green Plains” or the “Company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.

Consolidated Financial Statements

The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2014.

The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The Company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

Description of Business

Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminals, collectively referred to as marketing and distribution. The Company also is a partner in a joint venture to commercialize advanced technologies for the growing and harvesting of algal biomass.

Revenue Recognition

The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured.

7

For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s fuel terminal operations, which include ethanol transload services, are recognized when these services are completed.

The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss).

Sales of agricultural commodities, including cattle, are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered.

Cost of Goods Sold

Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold.

The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain and cattle inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sale contracts. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment, are recognized in earnings as a component of cost of goods sold.

Derivative Financial Instruments

To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol, cattle and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating

8

monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments.

The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchase or normal sale exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sale criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness segments are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value.

At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative.

Recent Accounting Pronouncements

The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers, which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 would be permitted. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures.

Effective January 1, 2016, the Company will adopt the amended guidance in ASCTopic 835-30,Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance.

2.  FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company’s brokerage accounts.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels.

Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments.

9

There have been no changes in valuation techniques and inputs used in measuring fair value. The following tables set forth the Company’s assets and liabilities by level (in thousands):

	Fair Value Measurements at March 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	405,899	$	-	$	-	$	405,899
Restricted cash		14,647		-		-		14,647
Margin deposits		28,631		-		(28,631)		-
Inventories carried at market		-		22,330		-		22,330
Unrealized gains on derivatives		7,577		15,235		13,449		36,261
Total assets measured at fair value	$	456,754	$	37,565	$	(15,182)	$	479,137
Liabilities:
Unrealized losses on derivatives	$	11,354	$	12,436	$	(15,182)	$	8,608
Total liabilities measured at fair value	$	11,354	$	12,436	$	(15,182)	$	8,608

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	425,510	$	-	$	-	$	425,510
Restricted cash		29,742		-		-		29,742
Margin deposits		24,488		-		(24,488)		-
Inventories carried at market		-		36,411		-		36,411
Unrealized gains on derivatives		11,877		18,111		6,359		36,347
Other assets		118		3		-		121
Total assets measured at fair value	$	491,735	$	54,525	$	(18,129)	$	528,131
Liabilities:
Unrealized losses on derivatives	$	18,129	$	28,082	$	(18,129)	$	28,082
Total liabilities measured at fair value	$	18,129	$	28,082	$	(18,129)	$	28,082

The Company believes the fair value of its debt approximated $702.7 million compared to a book value of $700.2 million at March 31, 2015 and the fair value of its debt approximated $676.5 million compared to a book value of $672.8 million at December 31, 2014. The Company estimates the fair value of its outstanding debt using Level 2 inputs. The Company believes the fair values of its accounts receivable and accounts payable approximated book value, which were $101.7 million and $99.1 million, respectively, at March 31, 2015  and $138.1 million and $170.2 million, respectively, at December 31, 2014.  

Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets or liabilities being valued.

10

3.  SEGMENT INFORMATION

Company management reviews financial and operating performance in the following four separate operating segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminals, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities.

During the normal course of business, the Company enters into transactions between segments. Examples of these intersegment transactions include, but are not limited to, the ethanol production segment selling ethanol to the marketing and distribution segment and the agribusiness segment selling grain to the ethanol production segment. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. However, revenues and corresponding costs are eliminated in consolidation and do not impact the Company’s consolidated results.

The following tables set forth certain financial data for the Company’s operating segments (in thousands):

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol production:
Revenues from external customers (1)	$	64,094	$	(27,431)
Intersegment revenues		352,859		565,803
Total segment revenues		416,953		538,372
Corn oil production:
Revenues from external customers (1)		(13)		7
Intersegment revenues		16,809		16,384
Total segment revenues		16,796		16,391
Agribusiness:
Revenues from external customers (1)		58,334		18,241
Intersegment revenues		262,783		304,238
Total segment revenues		321,117		322,479
Marketing and distribution:
Revenues from external customers (1)		615,973		743,072
Intersegment revenues		39,375		33,465
Total segment revenues		655,348		776,537
Revenues including intersegment activity		1,410,214		1,653,779
Intersegment eliminations		(671,826)		(919,890)
Revenues as reported	$	738,388	$	733,889

(1) Revenues from external customers include realized gains and losses from derivative financial instruments.

11

	Three Months Ended March 31,
	2015		2014
Gross profit (loss):
Ethanol production	$	(6,820)	$	71,688
Corn oil production		10,385		7,815
Agribusiness		5,212		2,976
Marketing and distribution		12,154		40,716
Intersegment eliminations		4,624		(22,446)
	$	25,555	$	100,749
Operating income (loss):
Ethanol production	$	(13,143)	$	66,226
Corn oil production		10,211		7,708
Agribusiness		3,210		935
Marketing and distribution		5,608		32,494
Intersegment eliminations		4,684		(22,386)
Corporate activities		(6,466)		(6,634)
	$	4,104	$	78,343

The following table sets forth revenues by product line (in thousands):

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol	$	444,301	$	530,039
Distillers grains		109,388		136,992
Corn oil		19,081		17,132
Grain		99,086		29,201
Cattle		45,191		-
Other		21,341		20,525
	$	738,388	$	733,889

The following table sets forth total assets by operating segment (in thousands):

	March 31,		December 31,
	2015		2014
Total assets:
Ethanol production	$	898,762	$	983,289
Corn oil production		32,975		31,405
Agribusiness		283,301		234,626
Marketing and distribution		234,055		305,675
Corporate assets		312,984		290,123
Intersegment eliminations		(11,422)		(16,561)
	$	1,750,655	$	1,828,557

12

4.  INVENTORIES

Inventories are carried at the lower of cost or market, except grain held for sale and fair value hedged inventories, which are valued at market value. The components of inventories are as follows (in thousands):

	March 31,		December 31,
	2015		2014
Finished goods	$	53,137	$	34,639
Grain held for sale		17,431		23,027
Raw materials		67,459		78,095
Work-in-process		110,257		100,221
Supplies and parts		20,843		18,985
	$	269,127	$	254,967

5.  GOODWILL

The Company did not have any changes in the carrying amount of goodwill, which was $40.9 million during the three months ended March 31, 2015. Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable to the marketing and distribution segment.

6.  DERIVATIVE FINANCIAL INSTRUMENTS

At March 31, 2015, the Company’s consolidated balance sheet reflects unrealized losses, net of tax, of $4.1 million in accumulated other comprehensive income. The Company expects that all of the unrealized losses at March 31, 2015 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change.

Fair Values of Derivative Instruments

The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands):

	Asset Derivatives'						Liability Derivatives'
	Fair Value						Fair Value
	March 31,			December 31,			March 31,		December 31,
	2015			2014			2015		2014
Derivative financial instruments (1)	$	7,630	(2)	$	11,859	(3)	$	-	$	-
Other assets		-			3			-		-
Accrued and other liabilities		-			-			8,608		28,082
Total	$	7,630		$	11,862		$	8,608	$	28,082

(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.6 million and $24.5 million at March 31, 2015 and December 31, 2014, respectively.

(2) Balance at March 31, 2015  includes $3.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

(3)Balance at December 31, 2014 includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

Refer to Note 2 - Fair Value Disclosures, which also contains fair value information related to derivative financial instruments.

13

Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income

The following tables provide information about gains or losses recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the consolidated financial statements in which such gains and losses are reflected (in thousands):

Gains (Losses) on Derivative Instruments Not	Three Months Ended March 31,
Designated in a Hedging Relationship	2015		2014
Revenues	$	(4,484)	$	18,250
Cost of goods sold		(5,190)		(1,163)
Net increase (decrease) recognized in earnings before tax	$	(9,674)	$	17,087

Gains (Losses) Due to Ineffectiveness	Three Months Ended March 31,
of Cash Flow Hedges	2015		2014
Revenues	$	(31)	$	(346)
Cost of goods sold		(471)		860
Net increase (decrease) recognized in earnings before tax	$	(502)	$	514

Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss)	Three Months Ended March 31,
into Net Income	2015		2014
Revenues	$	11,849	$	(88,146)
Cost of goods sold		1,642		3,573
Net increase (decrease) recognized in earnings before tax	$	13,491	$	(84,573)

Effective Portion of Cash Flow Hedges Recognized in	Three Months Ended March 31,
Other Comprehensive Income (Loss)	2015		2014
Commodity Contracts	$	15,463	$	(223,302)

Gains (Losses) from Fair Value	Three Months Ended March 31,
Hedges of Inventory	2015		2014
Cost of goods sold (effect of change in inventory value)	$	(1,368)	$	3,146
Cost of goods sold (effect of fair value hedge)		3,083		(2,778)
Ineffectiveness recognized in earnings before tax	$	1,715	$	368

There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the three months ended March 31, 2015 and 2014.  

14

The following table summarizes volumes of open commodity derivative positions as of March 31, 2015 (in thousands):

March 31, 2015
	Exchange Traded		Non-Exchange Traded
Derivative Instruments	Net Long & (Short) (1)		Long (2)	(Short) (2)	Unit of Measure	Commodity
Futures	(5,205)				Bushels	Corn, Soybeans and Wheat
Futures	15,475	(3)			Bushels	Corn
Futures	(8,200)	(4)			Bushels	Corn
Futures	89,292				Gallons	Ethanol
Futures	(31,374)	(3)			Gallons	Ethanol
Futures	(2,253)				mmBTU	Natural Gas
Futures	(1,773)	(4)			mmBTU	Natural Gas
Futures	2,000				Pounds	Cattle
Futures	(9,600)	(3)			Pounds	Cattle
Futures	(68)				Pounds	Soybean Oil
Options	11,903				Bushels	Corn, Soybeans and Wheat
Options	4,039				Gallons	Ethanol
Options	(37)				Barrels	Crude Oil
Options	(58)				mmBTU	Natural Gas
Options	(4,130)				Pounds	Cattle
Forwards			23,333	(7,547)	Bushels	Corn and Soybeans
Forwards			2,217	(160,208)	Gallons	Ethanol
Forwards			109	(458)	Tons	Distillers Grains
Forwards			3,552	(44,692)	Pounds	Corn Oil
Forwards			16,113	(7,494)	mmBTU	Natural Gas

(1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

(3) Futures used for cash flow hedges.

(4) Futures used for fair value hedges.

Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations.  Included in revenues are net gains of $5.4millionandnet lossesof $1.1millionfor the three months ended March 31, 2015 and 2014, respectively, on energy trading contracts.

15

7.  DEBT

The principal balances of the components of long-term debt are as follows (in thousands):

	March 31,		December 31,
	2015		2014
Green Plains Fairmont and Green Plains Wood River:
$62.5 million term loan	$	38,750	$	40,000
Green Plains Holdings II:
$46.8 million term loans		27,760		29,510
$20.0 million revolving term loan		9,000		6,000
Green Plains Obion:
$37.4 million revolving term loan		27,400		27,400
Economic development grant		1,133		1,156
Green Plains Processing:
$225.0 million term loan		213,213		213,775
Green Plains Superior:
$15.6 million revolving term loan		14,425		15,025
Corporate:
$120.0 million convertible notes		101,947		100,845
Other		27,215		29,194
Total long-term debt		460,843		462,905
Less: current portion of long-term debt		(62,220)		(63,465)
Long-term debt	$	398,623	$	399,440

Short-term notes payable and other borrowings at March 31, 2015 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of$87.9 million,  $93.0 million and $58.4 million, respectively. Short-term notes payable and other borrowings at December 31, 2014 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $77.0 million, $37.0 million and $95.9 million, respectively.

Ethanol Production Segment

Term Loans

Scheduled principal payments are as follows:

•	Green Plains Fairmont and Green Plains
	Wood River	$1.3 million per quarter
•	Green Plains Holdings II	$1.8 million per quarter
•	Green Plains Processing	$0.6 million per quarter

Final maturity dates (at the latest) are as follows:

•	Green Plains Fairmont and Green Plains
	Wood River	November 27, 2015
•	Green Plains Holdings II	July 1, 2019
•	Green Plains Processing	June 30, 2020

Revolving Term Loans – The revolving term loans are generally available for advances throughout the life of the commitment. Allowable advances under the Green Plains Superior loan agreement are reduced by $0.6 million each quarter commencing on October 20, 2014. Allowable advances under the Green Plains Obion loan agreement are reduced by $0.8 million each quarter commencing on August 20, 2014. Interest-only payments are due each month on all revolving term loans until their final respective maturity dates.

16

Final maturity dates (at the latest) are as follows:

•	Green Plains Holdings II	July 1, 2019
•	Green Plains Obion	May 20, 2020
•	Green Plains Superior	October 20, 2019

Allowable dividends and other non-overhead distributions from each respective subsidiary are subject to certain additional restrictions including compliance with all loan covenants, terms and conditions, as follows:

•	Green Plains Fairmont and	Up to amounts equal to permitted tax distributions, as defined in the
	Green Plains Wood River	loan agreement
•	Green Plains Holdings II	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $20.0 million
•	Green Plains Obion	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $15.0 million
•	Green Plains Processing	Amounts may be distributed after quarterly free cash flow payment is made,
		subject to certain limitations, as defined in the loan agreement
•	Green Plains Superior	Up to 40% of net profit before tax, and unlimited after free cash flow payment
		is made

Effective February 1, 2015, the Green Plains Fairmont and Green Plains Wood River $62.5 million term loan was amended to modify various financial covenants. The descriptions and covenants above reflect the most recent amendment.

Agribusiness Segment

Green Plains Grain has a $125.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to the maximum commitment based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible cash, eligible receivables and eligible inventories, less certain miscellaneous adjustments. Advances are subject to interest charges at a rate per annum equal to the LIBOR rate plus the applicable margin or the base rate plus the applicable margin. The revolving credit facility matures on August 26, 2016. The revolving credit facility includes total revolving credit commitments of $125.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $75.0 million of new lender commitments upon agent approval. The facility also allows for additional seasonal borrowings up to $50.0 million. The total commitments outstanding under the facility cannot exceed $250.0 million. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable and other assets owned by subsidiaries within the agribusiness segment. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $18.0 million, maintenance of net worth of $26.3 million, maintenance of a fixed charge coverage ratio of 1.25 to 1.00, maintenance of an annual leverage ratio of 6.00 to 1.00 and capital expenditure limitation of $15.0 million annually. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions of up to 40% of net profit before tax, subject to certain conditions.

Green Plains Cattle has a $100.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing for the cattle feedlot operations.The lenders will make loans up to the maximum commitment based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible receivables, eligible inventories and eligible other current assets, less certain miscellaneous adjustments. Advances are subject to interest charges at a variable rate per annum equal to the LIBOR rate for the outstanding period plus 3.00%, 2.50%, or 2.00%, depending upon availability.  The revolving credit facility matures on October 31, 2017. The revolving credit facility includes total revolving credit commitments of $100.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $50.0 million of new lender commitments upon agent approval. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $15.0 million, maintenance of net worth of $20.0 million plus 50% of prior year net income, maintenance of an annual leverage ratio of 3.50 to 1.00 and capital expenditure limitation of $3.0 million annually. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle.

17

Marketing and Distribution Segment

Green Plains Trade has a $150.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to $150.0 million based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible receivables and eligible inventories, less certain miscellaneous adjustments. The outstanding balance, if any, is subject to interest charges at the lender’s floating base rate plus the applicable margin or LIBOR plus the applicable margin. The revolving credit facility matures on November 26, 2019.  In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions with respect to tax obligations, subject to certain conditions, whereby distributions may be made in an amount up to 50% of net income if (a) undrawn availability under this facility, on a pro forma basis, is greater than $10.0 million for the preceding 30 days and (b) as of the date of the distribution, the borrower would be in compliance with the fixed charge coverage ratio on a pro forma basis. The loan agreement includes affirmative covenants and negative covenants including maintenance of a fixed charge coverage ratio of 1.15 to 1.00 and capital expenditure limitation of $1.0 million annually. At March 31, 2015, Green Plains Trade had $7.8 million presented as restricted cash on the consolidated balance sheets, the use of which was restricted for repayment towards the outstanding loan balance.

Corporate Activities

In September 2013, the Company issued $120.0 million of 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. The 3.25% Notes represent senior, unsecured obligations of the Company, with interest payable on April 1 and October 1 of each year. At the time the Company issued the 3.25% Notes, it was only permitted to settle conversions with shares of its common stock. The Company received shareholder approval at its 2014 annual meeting, held in the second quarter, to allow for flexible settlement which gives it the option to settle conversions in cash, shares of common stock, or any combination thereof. The Company intends to satisfy conversion of the 3.25% Notes with cash for the principal amount of the debt and cash or shares of common stock for any related conversion premium. The 3.25% Notes contain liability and equity components which were bifurcated and accounted for separately. The liability component of the 3.25% Notes, as of the issuance date, was calculated by estimating the fair value of a similar liability issued at an 8.21% effective interest rate, which was determined by considering the rate of return investors would require for comparable debt of the Company without conversion rights. The amount of the equity component was calculated by deducting the fair value of the liability component from the principal amount of the 3.25% Notes, resulting in the initial recognition of $24.5 million as debt discount costs recorded in additional paid-in capital. The carrying amount of the 3.25% Notes will be accreted to the principal amount over the remaining term to maturity, and the Company will record a corresponding amount of noncash interest expense. Additionally, the Company incurred debt issuance costs of $5.1 million related to the 3.25% Notes and allocated $4.0 million of debt issuance costs to the liability component of the 3.25% Notes. These costs will be amortized to noncash interest expense over the five-year term of the 3.25% Notes. Prior to April 1, 2018, the 3.25% Notes will not be convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment upon the occurrence of certain events, including the payment of a quarterly cash dividend that exceeds $0.04 per share. As a result, the conversion rate was recently adjusted to 48.1383 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approximately $20.77 per share. In addition, the Company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the Company calling the 3.25% Notes for redemption.

The Company may redeem for cash all, but not less than all, of the 3.25% Notes at any time on or after October 1, 2016 if the sale price of the Company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the 3.25% Notes, plus any accrued and unpaid interest. In addition, upon the occurrence of a fundamental change, such as a change in control, holders of the 3.25% Notes will have the right, at their option, to require the Company to repurchase their 3.25% Notes in cash at a price equal to 100% of the principal amount of the 3.25% Notes to be repurchased, plus accrued and unpaid interest. Default with respect to any loan in excess of $10.0 million constitutes an event of default under the 3.25% Notes, which could result in the 3.25% Notes being declared due and payable.

Covenant Compliance

The Company, including all of its subsidiaries, was in compliance with its debt covenants as of March 31, 2015.

18

Capitalized Interest

The Company had $175 thousandin capitalized interest during the three months ended March 31, 2015.

Restricted Net Assets

At March 31, 2015, there were approximately $633.4million of net assets at the Company’s subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

8.  STOCK-BASED COMPENSATION

The Company has an equity incentive plan which reserves a total of 3.5 million shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. Substantially all of the Company’s existing share-based compensation awards have been determined to be equity awards.

The following table summarizesexercisable stock option activity for the three months ended March 31, 2015:

	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014	339,750	$	10.82	3.1	$	4,763
Granted	-		-	-		-
Exercised	(31,000)		19.88	-		265
Forfeited	-		-	-		-
Expired	-		-	-		-
Outstanding at March 31, 2015	308,750	$	9.91	3.1	$	5,674
Exercisable at March 31, 2015 (1)	308,750	$	9.91	3.1	$	5,674

(1) Includes in-the-money options totaling 308,750 shares at a weighted-average exercise price of $9.91.

The Company’s option awards allow employees to exercise options through cash payment to the Company for the shares of common stock or through a simultaneous broker-assisted cashless exercise of a share option through which the employee authorizes the exercise of an option and the immediate sale of the option shares in the open market. The Company uses newly-issued shares of common stock to satisfy its share-based payment obligations.

The following table summarizes non-vested stock award and deferred stock unit activity for the three months ended March 31, 2015:

	Non-Vested Shares and Deferred Stock Units	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2014	678,504	$	16.18
Granted	426,219		26.50
Forfeited	-		-
Vested	(310,916)		13.73
Non-Vested at March 31, 2015	793,807	$	22.68	2.5

19

Compensation costs expensed for share-based payment plans described above during thethree months ended March 31, 2015and 2014 were approximately $1.7 million and $3.3 million, respectively. At March 31, 2015, there were $16.1 million of unrecognized compensation costs from share-based compensation arrangements, which are related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.5 years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approximate 37.4% of these expense amounts.

9.  EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income on an if-converted basis for the first quarter of 2014, with respect to the 3.25% Notes and the 5.75% Convertible Senior Notes due 2015, or the 5.75% Notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% Notes were retired during the first quarter of 2014. During the second quarter of 2014, the Company received shareholder approval to allow for flexible settlement in cash, shares of common stock, or a combination of cash and shares of common stock for the conversion of the 3.25% Notes. The Company intends to settle conversions in cash for the principal amount and cash or shares of the Company’s common stock for any related conversion premium. Accordingly, beginning in the second quarter of 2014, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculations of basic and diluted EPS are as follows (in thousands):

	Three Months Ended March 31,
	2015		2014
Basic EPS:
Net income (loss)	$	(3,318)	$	43,203
Weighted average shares outstanding - basic		37,803		33,153
EPS - basic	$	(0.09)	$	1.30
Diluted EPS:
Net income (loss)	$	(3,318)	$	43,203
Interest and amortization on convertible debt, net of tax effect:
5.75% Notes		-		576
3.25% Notes		-		1,379
Net income (loss) - diluted	$	(3,318)	$	45,158
Weighted average shares outstanding - basic		37,803		33,153
Effect of dilutive convertible debt:
5.75% Notes		-		4,081
3.25% Notes		-		5,756
Effect of dilutive stock-based compensation awards		-		261
Weighted average shares outstanding - diluted		37,803		43,251
EPS  - diluted	$	(0.09)	$	1.04

For the three months ended March 31, 2015, 1.1 million shares related to stock-based compensation awards and 3.25% Notes were excluded from the computation of diluted EPS as the inclusion of these shares would have been antidilutive. Also excluded from the computations of diluted EPS for the three months ended March 31, 2015 were stock-based compensation awards totaling 0.3million shares,  because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the Company’s common stock during the respective periods.

20

10.  STOCKHOLDERS’ EQUITY

Components of stockholders’ equity are as follows (in thousands):

								Accumulated
				Additional				Other					Total
	Common Stock			Paid-in		Retained		Comprehensive		Treasury Stock			Stockholders'
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		Equity
Balance, December 31, 2014	44,809	$	45	$	569,431	$	299,101	$	(5,320)	7,200	$	(65,808)	$	797,449
Net loss	-		-		-		(3,318)		-	-		-		(3,318)
Cash dividends declared	-		-		-		(3,032)		-	-		-		(3,032)
Other comprehensive income,
before reclassification	-		-		-		-		9,755	-		-		9,755
Amounts reclassified from accum.
other comprehensive income	-		-		-		-		(8,511)	-		-		(8,511)
Other comprehensive income,
net of tax	-		-		-		-		1,244	-		-		1,244
Stock-based compensation	308		-		220		-		-	-		-		220
Stock options exercised	31		-		606		-		-	-		-		606
Balance, March 31, 2015	45,148	$	45	$	570,257	$	292,751	$	(4,076)	7,200	$	(65,808)	$	793,169

Amounts reclassified from accumulated other comprehensive income for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,				Statements of Operations
	2015		2014		Classification
Gains (losses) on cash flow hedges:
Ethanol commodity derivatives	$	11,849	$	(88,146)	Revenues
Corn commodity derivatives		1,642		3,573	Cost of goods sold
Total		13,491		(84,573)	Income (loss) before income taxes
Income tax expense (benefit)		4,980		(32,577)	Income tax expense (benefit)
Amounts reclassified from
accumulated other comprehensive
income (loss)	$	8,511	$	(51,996)

11.  INCOME TAXES

The Company records income tax expense or benefit during interim periods based on its best estimate of the annual effective tax rate. Certain items are given discrete period treatment and, as a result, the tax effects of such items are reported in full in the relevant interim period.

Income tax benefit for the three months ended March 31, 2015 was $2.4 million and income tax expense for the three months ended March 31, 2014 was  $26.5 million. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately42.4% and38.0%for thethree months ended March 31, 2015and 2014, respectively.The increase in the effective tax rate was due to comparable permanent deductions on lower amounts of income before taxes for the 2015 period compared to the 2014 period.

The amount of unrecognized tax benefits for uncertain tax positions was $0.3 million as ofMarch 31, 2015and December 31, 2014.  Recognition of these benefits would have a favorable impact on the Company’s effective tax rate.

The 2015 annual effective tax rate can be affected as a result of variances among the estimates and amounts of full-year sources of taxable income (both among the various states and activity types), the realization of tax credits, adjustments that may arise from the resolution of tax matters under review, variances in the release of valuation allowances and the Company’s assessment of its liability for uncertain tax positions.

21

12. COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Company incurred lease expenses of $8.3 million and $6.6 million during thethree months ended March 31, 2015and 2014, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2015 and in future fiscal years are as follows (in thousands):

Year Ending December 31,	Amount
2015	$	23,003
2016		27,026
2017		16,960
2018		13,880
2019		10,033
Thereafter		8,928
Total	$	99,830

Commodities

As of March 31, 2015 the Company had contracted for future purchases of grain, corn oil, natural gas, ethanol,  distillers grainsand cattle valued at approximately $282.8 million.

Legal

The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

13. RELATED PARTY TRANSACTIONS

Commercial Contracts

Three subsidiaries of the Company have executed separate financing agreements for equipment with AXIS Capital Inc. Gordon F. Glade, President and Chief Executive Officer of AXIS Capital, is a member of the Company’s Board of Directors. In March 2014, a subsidiary of the Company entered into $1.4 million of new equipment financing agreements with AXIS Capital with monthly payments beginning in April 2014. Totals of $1.2 million were included in debt at March 31, 2015 and December 31, 2014, under these financing arrangements. Payments, including principal and interest, totaled $69 thousand and $37 thousand during thethree months ended March 31, 2015and 2014, respectively. The weighted average interest rate for all financing agreements with AXIS Capital was 6.8%.

Aircraft Lease

Effective January 1, 2015, the Company entered into two agreements with an entity controlled by Wayne B. Hoovestol for the lease of two aircrafts. Mr. Hoovestol is Chairman of the Company’s Board of Directors. In total, the Company agreed to pay $9,766 per month for combined use of up to 125 hours per year of the aircrafts. Any flight time in excess of 125 hours per year will incur additional hourly-based charges. These agreements replaced prior agreements with entities controlled by Mr. Hoovestol for the lease of two aircrafts for $15,834 per month for use of up to 125 hours per year, with any flight time in excess of 125 hours resulting in additional hourly-based charges. During thethree months ended March 31, 2015and 2014, payments related to these leases totaled $57 thousand and $30 thousand,  respectively. The Company had approximately $6 thousand and $2thousand in outstanding payables related to these agreements at March 31, 2015 and December 31, 2014.  

22

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements included herewith and notes to the consolidated financial statements thereto and our annual report on Form 10-K for the year ended December 31, 2014 including the consolidated financial statements, accompanying notes and the risk factors contained therein.

Cautionary Information Regarding Forward-Looking Statements

This report contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Forward-looking statements generally do not relate strictly to historical or current facts, but rather to plans and objectives for future operations based upon management’s reasonable estimates of future results or trends, and include statements preceded by, followed by, or that include words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “outlook,” “plans,” “predicts,” “may,” “could,” “should,” “will,” and words and phrases of similar impact, and include, but are not limited to, statements regarding future operating or financial performance, business strategy, business environment, key trends, and benefits of actual or planned acquisitions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that our expectations regarding future events are based on reasonable assumptions, any or all forward-looking statements in this report may turn out to be incorrect. They may be based on inaccurate assumptions or may not account for known or unknown risks and uncertainties. Consequently, no forward-looking statement is guaranteed, and actual future results may vary materially from the results expressed or implied in our forward-looking statements. The cautionary statements in this report expressly qualify all of our forward-looking statements. In addition, we are not obligated, and do not intend, to update any of our forward-looking statements at any time unless an update is required by applicable securities laws. Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A – Risk Factors of our annual report on Form 10-K for the year ended December 31, 2014 and in Item 1A of Part II of this quarterly report on Form 10-Q for the quarter ended March 31, 2015. Specifically, we may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks related to closing and achieving anticipated results from acquisitions, risks associated with merchant trading, risks associated with the operations of a cattle-feeding business, risks associated with the joint venture to commercialize algae production and the growth potential of the algal biomass industry, and other risk factors detailed in our reports filed with the U.S. Securities and Exchange Commission, or SEC.  Also in relation to our proposed underwritten initial public offering, or IPO, of common units representing limited partner interests in our newly-formed subsidiary, Green Plains Partners LP, or Partnership, additional risks are: changes in timing and structure of the proposed IPO of the Partnership; unanticipated developments that may delay or negatively impact the proposed IPO; regulatory approvals and compliance with contractual obligations; impact of the proposed IPO of the Partnership on our relationships with our employees, customers and vendors and our credit rating and cost of funds; changes in market conditions; and future opportunities that our board of directors may determine present greater potential value to stockholders than the proposed IPO. No assurance can be given as to the consummation of the proposed IPO, the value of the common units of the Partnership, the price at which they made trade or whether a liquid market may develop for such units.

In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements contained in this report or in any document incorporated by reference might not occur. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report or the date of the document incorporated by reference in this report. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

We are a Fortune 1000, vertically-integrated producer, marketer and distributor of ethanol focused on generating stable operating margins through our diversified business segments and our risk management strategy. We believe that owning and operating strategically-located assets throughout the ethanol value chain enables us to mitigate changes in commodity prices and differentiates us from companies focused only on ethanol production. We have operations throughout the ethanol value

23

chain, beginning upstream with our grain handling and storage operations, continuing through our ethanol, distillers grains and corn oil production operations, and ending downstream with our marketing, terminal and distribution services.

Our management reviews our operations in four separate operating segments:

· Ethanol Production.  We are North America’s fourth largest ethanol producer. We operate twelve ethanol plants in Indiana, Iowa, Michigan, Minnesota, Nebraska and Tennessee. We have the capacity to consume approximately 360 million bushels of corn per year and produce over one billion gallons of ethanol and approximately 2.9 million tons of distillers grains annually.

· Corn Oil Production.  We operate corn oil extraction systems at our ethanol plants, with the capacity to produce approximately 250 million pounds annually. The corn oil systems are designed to extract non-edible corn oil, a value-added product, from the whole stillage immediately prior to production of distillers grains. Industrial uses for corn oil include feedstock for biodiesel, livestock feed additives, rubber substitutes, rust preventatives, inks, textiles, soaps and insecticides.

· Agribusiness.  Within our bulk grain business, we have grain storage capacity of approximately 42.2 million bushels. Our cattle feedlot operation has the capacity to support approximately 70,000 head of cattle. We believe our agribusiness operations provide synergies with our ethanol production segment as it supplies a portion of the feedstock and utilizes a portion of the distillers grains output of our ethanol plants.

· Marketing and Distribution.  Our in-house marketing business is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at our ethanol plants. We also market and provide logistical services for ethanol and other commodities for a third-party producer. We purchase and sell ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participate in other merchant trading activities in various markets. Additionally, we operate eight fuel terminals with approximately 822 million gallons per year, or mmgy, of total throughput capacity in seven south central U.S. states.

We intend to continue to take a disciplined approach in evaluating new opportunities related to potential acquisition of additional ethanol plants by considering whether the plants meet our design, engineering, valuation and geographic criteria. We believe certain expansion projects could be implemented at our ethanol plants that have the potential to utilize the strategic location and capacity of these assets and cost effectively increase our annual production. In our marketing and distribution segment, our strategy is to build or acquire additional fuel terminal facilities, expand our marketing efforts by entering into new or renewed contracts with other ethanol producers and realize additional profit margins by optimizing our commodity logistics. In 2013, we began to implement a plan to realign our agribusiness operations by adding grain storage capacity located at or near our ethanol plants to take advantage of our current infrastructure and enhance our corn origination and trading capabilities. We intend to continue to add grain storage capacity with the goal of owning approximately 50 million bushels of total storage capacity by the end of 2015. We also intend to pursue opportunities to develop or acquire additional grain elevators, specifically those located near our ethanol plants. We believe that owning additional grain handling and storage operations in close proximity to our ethanol plants enables us to strengthen relationships with local corn producers, allowing us to source corn more effectively and at a lower average cost. We will also consider acquisitions of additional cattle feedlot operations. We have majority ownership in a joint venture that is focused on developing technology to grow and harvest algae, which consume carbon dioxide, in commercially viable quantities.

Proposed Initial Public Offering

On March 9, 2015, we announced that our newly-formed Partnership confidentially submitted a draft registration statement on Form S-1 with the SEC for a proposed underwritten IPO of common units representing limited partner interests in the Partnership. It is anticipated that the IPO will raise approximately $200-$250 million in gross proceeds; however, the date, number of common units to be sold and the price range for the proposed IPO have not yet been determined and are subject to a number of factors, including market conditions. We anticipate that the initial assets of the Partnership at the time of consummation of the proposed IPO will consist of our downstream ethanol transportation and storage assets located in 12 states throughout the Midwest and Southeast United States. At the date of this report, the registration statement has not been declared effective by the SEC. The completion of the offering by the Partnership is subject to numerous conditions, including market conditions, and we provide no assurance that it will be successfully completed. The securities expected to be offered under the registration statement may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. The information contained in this Form 10-Q with respect to such potential offering shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities.

24

Ethanol Industry Dynamics

U.S. Supply and Demand

Since 2001, according to the U.S. Energy Information Administration, or EIA, U.S. fuel ethanol consumption has increased at a rate of over 15% per year, from 1.7 billion gallons in 2001 to over 13.6 billion gallons in 2014. In addition to government regulations which mandate the use of ethanol in blending, ethanol acts as both an octane enhancer and fuel stock extender. According to Ethanol Producer Magazine, as of December 31, 2014, there were 213 ethanol plants within the United States, capable of producing 15.9 billion gallons a year. Further, the fuel ethanol production market is fairly fragmented with the top five producers, with us being the fourth largest, accounting for approximately 40% of overall production.

With ethanol comprising approximately 10% of the U.S. gasoline market and wholesale reformulated blendstock for oxygenate blending, or RBOB, gasoline being the primary feedstock of finished gasoline in the United States, there is an economic relationship between the two, particularly with respect to blending gasoline. Currently, blenders generally are able to charge the same amount for E10 (gasoline with 10% ethanol) as 100% gasoline,  thereby taking the difference between less-expensive ethanol and gasoline as a margin, and allowing ethanol to be an economic source for octane and renewable fuel requirements.

Global Supply and Demand

The United States is the world’s largest producer and consumer of fuel ethanol. According to the USDA Foreign Agriculture Service, collectively, the United States and Brazil account for over 80% of all fuel ethanol production and fuel ethanol consumption (based on latest publically-available data). Rather than producing ethanol using corn as its primary feedstock, Brazil’s ethanol production is sugarcane-based.

Led by the United States, global ethanol production has grown significantly over recent years, as approximately 30 countries either mandate or incentivize ethanol and bio-diesel blending for motor fuels. Annual reported global production has increased from approximately 5.0 billion gallons in 2001 to approximately 23.4 billion gallons in 2013, according to the EIA. We believe ethanol, as a proportion of total transportation fuels, will continue to experience increasing global demand due to a continuing focus on reducing reliance on petroleum-based transportation fuels.

In 2010, the United States became the world's leading supplier of ethanol, according to the EIA. In 2014, U.S. ethanol imports were approximately 75 million gallons and exports were approximately 850 million gallons. In 2013, the United States imported approximately 400 million gallons and exported approximately 600 million gallons of ethanol. U.S. ethanol exports were approximately 730 million gallons and imports were approximately 560 million gallons for 2012. At present, approximately 94% of the ethanol produced domestically is used and marketed to the United States, with the remaining being used and marketed worldwide, mainly in Canada. According to Credit Suisse Securities Research and Analysis, global demand for ethanol, excluding the United States, could grow at a rate of 2% to 3% annually, which equates to an additional need for 200 million to 300 million gallons of fuel grade ethanol.

According to the “Renewable Energy Top Markets for U.S. Exports 2014-2015” report by the U.S. Department of Commerce – International Trade Administration, as more countries mandate the blending of ethanol, new export opportunities for U.S. ethanol producers are emerging. Through 2015, however, Canada and Brazil will likely remain the two largest export destinations for U.S. ethanol. However, the industry is developing other markets such as Philippines, India, Mexico, South Korea and Peru. Additionally, Brazil, India and the Philippines are moving forward with higher blends of ethanol in their fuel – Brazil moved to 27% from 25%, India is moving to a 10% ethanol blend from E5 and is giving consideration to a 20% fuel blend, and the Philippines is evaluating steps to move to higher blends from their current E10 mandate.

Industry Factors Affecting our Results of Operations

Variability of Commodity Prices.Our operations and our industry are highly dependent on commodity prices, especially prices for corn, ethanol, distillers grains and natural gas. Because the market prices of these commodities are not always correlated, at times ethanol production may be unprofitable. As commodity price volatility poses a significant threat to our margin structure, we have developed a risk management strategy focused on locking in favorable operating margins when available. We continually monitor market prices of corn, natural gas and other input costs relative to the prices for ethanol and distillers grains at each of our production facilities. We create offsetting positions by using derivative instruments, fixed-price purchases and sales contracts, or a combination of strategies within strict limits. Our primary focus is not to manage

25

general price movements of individual commodities, for example to minimize the cost of corn consumed, but rather to lock in favorable profit margins whenever possible. By using a variety of risk management tools and hedging strategies, including our internally-developed real-time margin management system, we believe we are able to maintain a disciplined approach to price risks.

In 2014, U.S. ethanol production was 13.6 billion gallons compared with production of 13.3 billion gallons in 2013. For 2014, 14.4 billion gallons of conventional biofuels blending was mandated by the Renewable Fuel Standard, or RFS II. During 2012, sugarcane ethanol imported from Brazil, which totaled approximately 530 million gallons, was one of the most economical means for certain parties to comply with an RFS II requirement to blend, in the aggregate, 2.0 billion gallons of advanced biofuels in 2012. Effective March 16, 2015, the Brazilian government increased the required percentage of ethanol in vehicle fuel sold in Brazil to 27 percent (from 25 percent) which, along with more competitively priced ethanol produced from corn, has significantly reduced U.S. ethanol imports from Brazil. According to the U.S. Department of Commerce, in the first three months of 2015, U.S. had ethanol exports, net of imports of approximately 222.7 million gallons. Domestic inventory stocks were 863 million gallons at March 31, 2015.

As of March 31, 2015, the USDA has projected the U.S. corn crop to be 14.2 billion bushels with a projected yield per acre of 171.0 bushels on 83.1 million acres harvested. This corn production is anticipated to result in corn ending stocks of 1.8 billion bushels at August 31, 2015. We believe that U.S. ethanol production levels will continue to adjust to supply and demand factors for ethanol and corn.

There may be periods of time that, due to the variability of commodity prices and compressed margins, we reduce or cease ethanol production operations at certain of our ethanol plants. The reduced production rates will increase ethanol yields and optimize cash flow in lower margin environments. In 2014 we produced ethanol at approximately 95.6% of our total daily average capacity. During the three months ended March 31, 2015, we reduced production volumes at several of our ethanol plants, which resulted in total production of approximately 92.4% of our total daily average capacity in direct response to unfavorable ethanol operating margins.  

Legislation.  Federal and state governments have enacted numerous policies and incentives to encourage the usage of domestically-produced alternative fuels. RFS II has been, and we expect will continue to be, a driving factor in the growth of ethanol usage. Due to drought conditions in 2012 and claims that blending of ethanol into the motor fuel supply will be constrained by unwillingness of the market to accept greater than ten percent ethanol blends, legislation aimed at reducing or eliminating the renewable fuel use required by RFS II has been introduced into Congress.

To further drive the increased adoption of ethanol, Growth Energy, an ethanol industry trade association, and a number of ethanol producers requested a waiver from the EPA to increase the allowable amount of ethanol blended into gasoline from the current ten percent level, or E10, to a 15% level, or E15. Through a series of decisions beginning in October 2010, the EPA has granted a waiver for the use of E15 in model year 2001 and newer passenger vehicles, including cars, sport utility vehicles, and light pickup trucks. In June 2012, the EPA gave final approval for the sale and use of E15 ethanol blends. On June 24, 2013 the U.S. Supreme Court declined to hear an appeal from the American Petroleum Institute and other organizations challenging the EPA’s decision to permit the sale of E15. According to the EPA, as of March 5, 2015, there were 119 gas stations in 18 states offering E15 to consumers.

The Master Limited Partnership Parity Act was introduced on April 24, 2013 in the U.S. House of Representatives as H.R. 1696 to extend the publicly-traded partnership ownership structure to renewable energy projects, including ethanol production. The legislation would provide a more level financing system and tax burden for renewable energy and fossil energy projects. H.R. 1696 did not advance out of committee during the 113th Congress; currently, the co-sponsors have not re-introduced the bill.

On April 17, 2015, the U.S. Department of Transportation announced rail safety changes for transportation of ethanol and other liquids. Effective immediately, transportation of Class 3 flammable liquids, such as ethanol, will be subject to new safety advisories, notices and an emergency order issued by the Department of Transportation, Federal Railroad Administration and Pipeline and Hazardous Materials Safety Administration. The emergency order limits trains to a maximum authorized operating speed limit when passing through highly-populated areas and carrying large amounts of ethanol or other Class 3 flammable liquids.

Industry Fundamentals.The ethanol industry is supported by a number of market fundamentals that drive its long-term outlook and extend beyond the short-term margin environment. Following the EPA’s approval, the industry is working to broadly introduce E15 into the retail fuel market. The RFS II mandate increased to 14.4 billion gallons of corn-derived renewable fuel for 2014, 600 million gallons over the mandated volume in 2013, and continues to increase through 2015. The

26

EPA has not set mandated volumes for 2014 or 2015. RFS II, has been, and we expect will continue to be, a driving factor in the growth of ethanol usage in the United States.

The domestic gasoline market continues to evolve as refiners are producing more conventional blendstocks for oxygenate blending, or CBOB, a sub-grade (84 octane) gasoline, which requires ethanol or other octane sources to meet the minimum octane rating requirements for the U.S. gasoline market. The demand for ethanol is also affected by the overall demand for transportation fuel. Currently, according to the EIA, total U.S. gasoline demand is approximately 136.8 billion gallons annually. The ethanol blend rate in 2014 was approximately 9.9% of total gasoline demand, or 13.5 billion gallons. Demand for transportation fuel is affected by the number of miles traveled by businesses and consumers and the fuel economy of vehicles. Consumer acceptance of E15 and E85 (85% ethanol blended) fuels and flex-fuel vehicles is one factor that may be needed before ethanol can achieve any significant growth in U.S. market share. In addition, ethanol export markets, although affected by competition from other ethanol exporters, mainly from Brazil, are expected to remain active in 2015. Overall, the U.S. ethanol industry is producing at levels to meet current domestic and export demand and ethanol prices have remained at a discount to gasoline, providing blenders and refiners with an economic incentive to blend.

BioProcess Algae Joint Venture

Our BioProcess Algae joint venture is focused on developing technology to grow and harvest algae, which consume carbon dioxide, in commercially viable quantities. Through multiple stages of expansion, BioProcess Algae has constructed a five-acre algae farm next to our Shenandoah, Iowa ethanol plant and has been operating its Grower Harvesters™ bioreactors since 2011. The joint venture is currently focused on verification of growth rates, energy balances, capital requirements and operating expenses of the technology, which are considered to be some of the key steps to commercialization.

Critical Accounting Policies and Estimates

This disclosure is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires that we make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and other assumptions that we believe are proper and reasonable under the circumstances. We regularly evaluate the appropriateness of estimates and assumptions used in the preparation of our consolidated financial statements. Actual results could differ materially from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. See further discussion of our critical accounting policies and estimates, as well as significant accounting policies, in our annual report on Form 10-K for the year ended December 31, 2014.

Recent Accounting Pronouncements

The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers, which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 would be permitted. We have not yet selected a transition method nor have we determined the effect of the updated standard on our consolidated financial statements and related disclosures.

Effective January 1, 2016, the Company will adopt the amended guidance in ASC Topic 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our consolidated financial condition, results of operations or liquidity.

27

Components of Revenues and Expenses

Revenues.  In our ethanol production segment, our revenues are derived primarily from the sale of ethanol and distillers grains, which is a co-product of the ethanol production process. In our corn oil production segment, our revenues are derived from the sale of corn oil, which is extracted from the whole stillage process immediately prior to the production of distillers grains. In our agribusiness segment, the sale of grain and cattle are our primary source of revenue. In our marketing and distribution segment, the sale of ethanol, distillers grains and corn oil that we market for our ethanol plants, the sale of ethanol we market for a third-party ethanol plant and the sale of other commodities purchased in the open market represent our primary sources of revenue. Revenues also include net gains or losses from derivatives related to products sold.

Cost of Goods Sold.Cost of goods sold in our ethanol production and corn oil production segments includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of our ethanol plants. Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Our cost of goods sold in these segments is mainly affected by the cost of corn, natural gas, purchased distillers grains and transportation. Within our corn oil segment, we compensate the ethanol plants for the value of distillers grains displaced during the production process. In the ethanol production segment, corn is our most significant raw material cost. We purchase natural gas to power steam generation in our ethanol production process and to dry our distillers grains. Natural gas represents our second largest cost in this business segment. Cost of goods sold also includes net gains or losses from derivatives related to commodities purchased.

Grain acquisition costs represent the primary components of cost of goods sold in our agribusiness segment. Grain inventories held for sale, forward purchase contracts and forward sale contracts are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the market value of grain inventories, forward purchase and sale contracts, and exchange-traded futures and options contracts are recognized in earnings as a component of cost of goods sold. In the cattle-feeding operation, the costs of cattle acquired, feed and veterinary supplies, as well as direct labor and feedlot overhead costs, are accumulated as inventory and included as a component of cost of goods sold when the cattle are sold. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of our feedlot. Feedlot overhead costs primarily consist of feedlot utilities, depreciation, repairs and maintenance, and yard expenses.

In our marketing and distribution segment, purchases of ethanol, distillers grains and corn oil represent the largest components of cost of goods sold. Transportation expense represents an additional major component of our cost of goods sold in this segment. Transportation expense includes rail car leases, freight and shipping of our ethanol and co-products, as well as costs incurred in storing ethanol at destination terminals.

Selling, General and Administrative Expenses.Selling, general and administrative expenses are recognized at the operating segment level, as well as at the corporate level. These expenses consist of employee salaries, incentives and benefits; office expenses; director fees; and professional fees for accounting, legal, consulting, and investor relations activities. Personnel costs, which include employee salaries, incentives and benefits, are the largest single category of expenditures in selling, general and administrative expenses. We refer to selling, general and administrative expenses that are not allocable to a segment as corporate activities.

Other Income (Expense).Other income (expense) includes interest earned, interest expense, equity earnings in nonconsolidated subsidiaries and other non-operating items.

Results of Operations

Segment Results

Our operations are reported within the following four segments: (1) production of ethanol and related distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminal facilities, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities. When the Company’s management evaluates segment performance, they review the information provided below, as well as segment earnings before interest, income taxes, depreciation and amortization, or EBITDA.

28

During the normal course of business, our operating segments enter into transactions with one another. For example, our ethanol production and corn oil production segments sell ethanol, distillers grains and corn oil to our marketing and distribution segment and our agribusiness segment sells grain to our ethanol production segment. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. However, intersegment revenues and corresponding costs are eliminated in consolidation, and do not impact our consolidated results.

In June 2014, we acquired the assets of a cattle-feeding business consisting of approximately 2,600 acres of land, with capacity to support 70,000 head of cattle and 3.8 million bushels of grain storage capacity.

The tables below reflect selected operating segment financial information (in thousands):

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol production:
Revenues from external customers (1)	$	64,094	$	(27,431)
Intersegment revenues		352,859		565,803
Total segment revenues		416,953		538,372
Corn oil production:
Revenues from external customers (1)		(13)		7
Intersegment revenues		16,809		16,384
Total segment revenues		16,796		16,391
Agribusiness:
Revenues from external customers (1)		58,334		18,241
Intersegment revenues		262,783		304,238
Total segment revenues		321,117		322,479
Marketing and distribution:
Revenues from external customers (1)		615,973		743,072
Intersegment revenues		39,375		33,465
Total segment revenues		655,348		776,537
Revenues including intersegment activity		1,410,214		1,653,779
Intersegment eliminations		(671,826)		(919,890)
Revenues as reported	$	738,388	$	733,889

(1) Revenues from external customers include realized gains and losses from derivative financial instruments.

29

	Three Months Ended March 31,
	2015		2014
Gross profit (loss):
Ethanol production	$	(6,820)	$	71,688
Corn oil production		10,385		7,815
Agribusiness		5,212		2,976
Marketing and distribution		12,154		40,716
Intersegment eliminations		4,624		(22,446)
	$	25,555	$	100,749
Operating income (loss):
Ethanol production	$	(13,143)	$	66,226
Corn oil production		10,211		7,708
Agribusiness		3,210		935
Marketing and distribution		5,608		32,494
Intersegment eliminations		4,684		(22,386)
Corporate activities		(6,466)		(6,634)
	$	4,104	$	78,343

Three Months Ended March 31, 2015 Compared to the Three Months Ended March 31, 2014

Consolidated Results

Consolidated revenues increased by $4.5 million for the three months ended March 31, 2015 compared to the same period in 2014. Revenues from sales of ethanol and distillers grains decreased by $85.7 million and $27.6 million, respectively, while revenues from sales of other grains and cattle-feeding operations increased by $69.9 million and $45.2 million, respectively. Ethanol and distillers grains revenues were affected by a decrease in average realized prices, partially offset by an increase in volumes sold. Grain revenues were impacted by an increase in volumes, partially offset by lower average realized prices. Gross profit decreased by $75.2 million for the three months ended March 31, 2015 compared to the same period in 2014 primarily as a result of decreased margins for ethanol production. Operating income decreased by $74.2 million for the three months ended March 31, 2015 compared to the same period in 2014 as a result of the factors discussed above partially offset by a $1.0 million decrease in selling, general and administrative expenses. Interest expense decreased by $0.6 million for the three months ended March 31, 2015 compared to the same period in 2014 due to lower average debt balances outstanding. Income tax benefit was $2.4 million for the three months ended March 31, 2015 compared to income tax expense of $26.5 million for the same period in 2014.

The following discussion of segment results provides greater detail on period-to-period results.

Ethanol Production Segment

The table below presents key operating data within our ethanol production segment:

	Three Months Ended March 31,
	2015	2014
Ethanol sold
(thousands of gallons)	232,493	230,772
Distillers grains sold
(thousands of equivalent dried tons)	630	636
Corn consumed
(thousands of bushels)	82,047	82,058

Revenues in the ethanol production segment decreased by $121.4 million for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to lower average ethanol and distillers grains prices realized, partially offset by higher ethanol volumes produced and sold. The ethanol production segment produced 232.5 million gallons of

30

ethanol, which represents approximately 92.4% of daily average production capacity, during the three months ended March 31, 2015.

Cost of goods sold in the ethanol production segment decreased by $42.9 million for the three months ended March 31, 2015 compared to the same period in 2014. Corn costs decreased due to a 14% decrease in average cost per bushel and reduced corn consumption resulting from an improvement in ethanol yield during the three months ended March 31, 2015 compared to the same period in 2014. As a result of the factors identified above, gross profit and operating income for the ethanol production segment decreased by $78.5 million and $79.4 million, respectively, for the three months ended March 31, 2015 compared to the same period in 2014. Depreciation and amortization expense for the ethanol production segment was $13.4 million for the three months ended March 31, 2015 compared to $13.0 million during the same period in 2014.

Corn Oil Production Segment

Revenues in the corn oil production segment increased by $0.4 million for the three months ended March 31, 2015 compared to the same period in 2014. During the three months ended March 31, 2015, we sold 57.7 million pounds of corn oil compared to 50.6 million pounds in the same period of 2014. The average price realized for corn oil was approximately 10% lower for the first quarter of 2015 compared to the same period in 2014.

Gross profit and operating income in the corn oil production segment increased by $2.6 million and $2.5 million, respectively, for the three months ended March 31, 2015 compared to the same period in 2014. The increase was due to the increase in revenues and decrease in cost of goods sold of $2.2 million related to lower input and processing costs during the three months ended March 31, 2015 compared to the same period in 2014.

Agribusiness Segment

Revenues in the agribusiness segment decreased by $1.4 million, and gross profit and operating income increased by $2.2 million and $2.3 million, respectively, for the three months ended March 31, 2015 compared to the same period in 2014. We sold 70.4 million bushels of grain, including 68.5 million bushels to our ethanol production segment during the three months ended March 31, 2015 compared to sales of 70.8 million bushels of grain, including 68.7 million bushels to our ethanol production segment during the same period in 2014. Revenues were impacted by a decrease in average realized prices, partially offset by an increase in revenues of $45.2 million due to the cattle-feeding operation that was acquired during the second quarter of 2014. Gross profit and operating income increased as a result of earnings on higher grain storage margins and cattle-feeding operations.

Marketing and Distribution Segment

Revenues in our marketing and distribution segment decreased by $121.2 million for the three months ended March 31, 2015 compared to the same period in 2014. The decrease in revenues was primarily due to a combined $209.1 million decrease in ethanol and distillers grain revenues resulting from lower average realized prices, partially offset by an increase in volumes sold. The decrease in ethanol and distillers grain revenues was partially offset by an increase in other grains of $75.5 million due to increased volume activity, partially offset by lower average realized prices. In addition, revenues from the sale of natural gas to our ethanol production segment increased by $8.1 million. The marketing and distribution segment sold 275.9 million and 259.1 million gallons of ethanol during the three months ended March 31, 2015 and 2014, respectively.

Gross profit and operating income for the marketing and distribution segment decreased by $28.6 million and $26.9 million, respectively, for the three months ended March 31, 2015 compared to the same period in 2014, primarily due to the decrease in average realized prices and margins for ethanol activity.

Intersegment Eliminations

Intersegment eliminations of revenues decreased by $248.1 million for the three months ended March 31, 2015 compared to the same period in 2014 due to the following factors: decreased corn sales from the agribusiness segment to the ethanol production segment of $40.9 million, increased natural gas sales from the marketing and distribution segment to the ethanol production segment of $8.1 million, decreased sales of distillers grains from the ethanol production segment to the marketing and distribution segment of $21.3 million, and decreased sales of ethanol from the ethanol production segment to the marketing and distribution segment of $195.4 million.

Intersegment eliminations of gross profit and operating income decreased by $27.1 million for the three months ended March 31, 2015 compared to the same period in 2014 due primarily to a decrease in ethanol inventories and decreased average margins eliminated. Ethanol is sold from the ethanol production segment to the marketing and distribution segment

31

as it is produced and transferred into storage tanks located at each respective plant. The finished product is then sold by the marketing and distribution segment to external customers. Profit is recognized by the ethanol production segment upon sale to the marketing and distribution segment, but is eliminated from consolidated results until title to the product has been transferred to a third party. Ethanol held as inventory by the marketing and distribution segment was lower at the end of the first quarter of 2015 compared with 2014 and the average margin per gallon realized by the ethanol production segment decreased, resulting in a reduction in deferred intersegment profits during the first quarter of 2015. This was partially offset by increased intersegment profits eliminated for corn oil and distillers grains in transit to customers at the end of the first quarter of 2015 which will be recognized in future periods.

Corporate Activities

Operating income was impacted by a decrease in operating expenses for corporate activities of $0.2 million for the three months ended March 31, 2015 compared to the same period in 2014.

Income Taxes

We recorded income tax benefit of $2.4 million for the three months ended March 31, 2015 compared to income tax expense of $26.5 million for the same period in 2014. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately 42.4% for the three months ended March 31, 2015 compared to 38.0% for the same period in 2014. The increase in the effective tax rate was due to comparable permanent deductions on lower amounts of income before taxes for the 2015 period compared to the 2014 period.

EBITDA

Management uses EBITDA to compare the financial performance of our business segments and to internally manage those segments. Management believes that EBITDA provides useful information to investors as a measure of comparison with peer and other companies. EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA may not be comparable with a similarly-titled measure of another company. The following sets forth the reconciliation of net income to EBITDA (in thousands):

	Three Months Ended March 31,
	2015		2014
Net income (loss)	$	(3,318)	$	43,203
Interest expense		9,158		9,759
Income tax expense (benefit)		(2,447)		26,525
Depreciation and amortization		15,381		14,627
EBITDA	$	18,774	$	94,114

Liquidity and Capital Resources

On March 31, 2015, we had $405.9 million in cash and equivalents, excluding restricted cash, comprised of $268.4 million held at our parent company and the remainder at our subsidiaries. We also had up to an additional $154.2 million available under revolving credit agreements at our subsidiaries at March 31, 2015, some of which was subject to borrowing base restrictions or other specified lending conditions. Funds held at our subsidiaries are generally required for their ongoing operational needs, and distributions from our subsidiaries are restricted pursuant to their credit agreements. At March 31, 2015, there were approximately $633.4 million of net assets at our subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

We incurred capital expenditures of $12.9 million in the first three months of 2015 for various projects, including $7.4 million for expansion projects for ethanol production capacity and grain storage capacity. Capital spending for the remainder of 2015 is expected to be approximately $78.1 million, which includes expansion projects for ethanol production capacity and grain storage capacity, as well as expenditures for various other projects, and is expected to be financed with available borrowings under our credit facilities and cash provided by operating activities.

32

Net cash  used by operating activities was $45.8million for thethree months ended March 31, 2015 compared to $50.2 million for the same period in 2014. Operating activities were affected by decreased operating profits and anincrease in working capital for thethree months ended March 31, 2015, primarily consisting of anincrease in inventory and a decrease in accrued and other liabilities. On March 31, 2015, we had $28.6 million in margin deposits for broker margin requirements. Cash used by operating activities for the three months ended March 31, 2014 reflected cash outflows related to an increase in working capital primarily consisting of an increase in inventory and commodity hedging activity. Net cash used by investing activities was $14.7million for thethree months ended March 31, 2015, due primarily to capital expenditures at our ethanol plants. Net cash provided by financing activities was $40.8million for thethree months ended March 31, 2015. Green Plains Trade, Green Plains Cattle and Green Plains Grain utilize revolving credit facilities to finance working capital requirements. These facilities are frequently drawn upon and repaid, resulting in significant cash movements that are reflected on a gross basis within financing activities as proceeds from and payments on short-term borrowings.

Our business is highly impacted by commodity prices, including prices for corn, ethanol, distillers grains and natural gas. We attempt to reduce the market risk associated with fluctuations in commodity prices through the use of derivative financial instruments. Sudden changes in commodity prices may require cash deposits with brokers or margin calls. Depending on our open derivative positions, we may require significant liquidity with little advanced notice to meet margin calls. We continuously monitor our exposure to margin calls and believe that we will continue to maintain adequate liquidity to cover such margin calls from operating results and borrowings. Increases in grain prices and hedging activity have led to more frequent and larger margin calls.

We were in compliance with our debt covenants at March 31, 2015. Based upon our forecasts and the current margin environment, we believe we will maintain compliance at each of our subsidiaries for the upcoming twelve months, or if necessary have sufficient liquidity available on a consolidated basis to resolve a subsidiary’s noncompliance. No assurance can be provided that actual operating results will approximate our forecasts or that we will inject the necessary capital into a subsidiary to maintain compliance with its respective covenants. In the event actual results differ significantly from our forecasts and a subsidiary is unable to comply with its respective debt covenants, the subsidiary’s lenders may determine that an event of default has occurred. Upon the occurrence of an event of default, and following notice, the lenders may terminate any commitment and declare the entire unpaid balance due and payable.

In August 2013, our Board of Directors approved the initiation of a quarterly cash dividend. We have paid a quarterly cash dividend since this initial authorization and anticipate declaring a cash dividend in future quarters on a regular basis; however, future declarations of dividends are subject to Board approval and may be adjusted as our cash position, business needs or market conditions change.

We believe that we have sufficient working capital for our existing operations. However, a sustained period of unprofitable operations may strain our liquidity and make it difficult to maintain compliance with our financing arrangements. While we may seek additional sources of working capital in response, we can provide no assurance that we will be able to secure this funding if necessary. We may sell additional equity or borrow additional amounts to improve or preserve our liquidity, expand our existing businesses, or build additional or acquire existing businesses. We can provide no assurance that we will be able to secure the funding necessary for these additional projects or for additional working capital needs at reasonable terms, if at all.

Debt

For additional information related to our debt, see Note 7 – Debt included herein as part of the Notes to Consolidated Financial Statements and Note 10 – Debt included as part of the Notes to Consolidated Financial Statements included in our annual report on Form 10-K for the year ended December 31, 2014.  

Ethanol Production Segment

Our ethanol production segment has credit facilities with various lender groups that provide for term and revolving term loans to finance construction and operation of the production facilities.

During 2014, Green Plains Processing LLCissued term debt under a $225 million Term Loan B facility, which was used to repay all term loans and revolving term loans at Green Plains Bluffton, Green Plains Central City, Green Plains Ord, Green Plains Otter Tail and Green Plains Shenandoah, including the Green Plains Bluffton Revenue Bonds. The term loan has a provision that requires us to make quarterly special payments of 50% to 75% of the available free cash flow from the entity’s operations (as defined in the loan agreement), subject to certain limitations. At March 31, 2015,  the interest rate on this term debt was 6.5% and $213.2 million was outstanding.  The facility matures on June 30, 2020.

33

Green Plains Fairmont and Green Plains Wood River combined debt includes a $62.5 million term loan that matures on November 27, 2015. The term loan has a provision that requires us to make quarterly special payments of 50% of available free cash flow from the entity’s operations as defined in the loan agreement), subject to certain limitations.At March 31, 2015,  $38.8 million was outstanding on the term loan which is expected to be refinanced at or prior to its maturity. The term loan requires quarterly principal payments of $1.3 million.

Green Plains Holdings II debt consists of three individual amortizing term loans totaling $46.8 million and a $20.0 million revolving term loan. At March 31, 2015, $27.8 million was outstanding on the term loans and $9.0 million was outstanding on the revolving term loan. The amortizing term loans require total quarterly principal payments of $1.8 million. The final maturity date of the amortizing term loans and the revolving term loan is July 1, 2019.

Green Plains Obion debt includes a revolving term loan of $37.4 million. At March 31, 2015,  $27.4 million on the revolving term loan was outstanding. The revolving term loan matures on May 20, 2020.

Green Plains Superior debt consists of a $15.6 million revolving term loan. At March 31, 2015,  $14.4 million was outstandingon the revolving term loan. The revolving term loan matures on October 20, 2019.

Additionally, certain subsidiaries have small equipment financing loans, capital leases on equipment or facilities, or other forms of debt financing.

Agribusiness Segment

Green Plains Grain has a $125.0 million senior secured revolving credit facility to provide the agribusiness segment with working capital funding subject to a borrowing base as defined in the facility. The revolving credit facility matures on August 26, 2016. The revolving credit facility includes total revolving credit commitments of $125.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $75.0 million of new lender commitments upon agent approval. The facility also allows for additional seasonal borrowings up to $50.0 million. The total commitments outstanding under the facility cannot exceed $250.0 million. At March 31, 2015,  $93.0 million on the revolving credit facility was outstanding.

Green Plains Cattle has a $100.0 million senior secured asset-based revolving credit facility to provide for working capital financing.The lender will make loans up to $100.0 million based on eligible collateral. The revolving credit facility matures on October 31, 2017. At March 31, 2015,  $87.9 million on the revolving credit facility was outstanding.

Marketing and Distribution Segment

Green Plains Trade has a senior secured asset-based revolving credit facility of up to $150.0 million, subject to a borrowing base value equal to the sum of percentages of eligible receivables and eligible inventories, less certain miscellaneous adjustments. The revolving credit facility matures on November 26, 2019. At March 31, 2015,  $58.4 million on the revolving credit facilitywas outstanding.  

Corporate Activities

We  have issued $120.0 million of 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes, which represent senior, unsecured obligations, with interest payable on April 1 and October 1 of each year. Prior to April 1, 2018, the 3.25% Notes will not be convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment upon the occurrence of certain events, including the payment of a quarterly cash dividend that exceeds $0.04 per share. As a result, the conversion rate was recently adjusted to 48.1383 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approximately $20.77 per share. In addition, we may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including calling the 3.25% Notes for redemption. We intend to satisfy conversion of the 3.25% Notes with cash for the principal amount of the debt and cash or shares of common stock for any related conversion premium.

34

Contractual Obligations

Our contractual obligations as of March 31, 2015 were as follows (in thousands):

	Payments Due By Period
Contractual Obligations	Total	Less Than 1 Year	1-3 Years	3-5 Years	More Than 5 Years
Long-term and short-term debt obligations (1)	$      718,246	$     301,570	$       25,379	$     156,360	$      234,937
Interest and fees on debt obligations (2)	120,882	29,507	42,800	33,676	14,899
Operating lease obligations (3)	99,830	30,317	40,376	22,143	6,994
Purchase obligations
Forward grain purchase contracts (4)	226,003	214,889	4,048	3,419	3,647
Other commodity purchase contracts (5)	56,786	56,786	-	-	-
Other	170	89	52	29	-
Total contractual obligations	$   1,221,917	$     633,158	$     112,655	$     215,627	$      260,477
(1) Includes the current portion of long-term debt and excludes the effect of any debt discounts.
(2) Interest amounts are calculated over the terms of the loans using current interest rates, assuming scheduled principal and interest amounts are
paid pursuant to the debt agreements.  Includes administrative and/or commitment fees on debt obligations.
(3) Operating lease costs are primarily for railcars and office space.
(4) Purchase contracts represent index-priced and fixed-price contracts. Index purchase contracts are valued at current quarter-end prices.
(5) Includes fixed-price ethanol, dried distillers grains and natural gas purchase contracts.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to various market risks, including changes in commodity prices and interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices. In the ordinary course of business, we enter into various types of transactions involving financial instruments to manage and reduce the impact of changes in commodity prices and interest rates. At this time, we do not expect to have exposure to foreign currency risk as we expect to conduct all of our business in U.S. dollars.

Interest Rate Risk

We are exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from holding term and revolving loans that bear variable interest rates. Specifically, we had $700.2 million outstanding in debt as of March 31, 2015, $565.5 million of which is variable-rate in nature. Interest rates on our variable-rate debt are determined based upon the market interest rate of either the lender’s prime rate or LIBOR, as applicable. A 10% change in interest rates would affect our interest cost on such debt by approximately $2.4 million per year in the aggregate. Other details of our outstanding debt are discussed in the notes to the consolidated financial statements included as a part of this report.

Commodity Price Risk

We produce ethanol, distillers grains and corn oil from corn and our business is sensitive to changes in the prices of each of these commodities. The price of corn is subject to fluctuations due to unpredictable factors such as weather; corn planted and harvested acreage; changes in national and global supply and demand; and government programs and policies. We use natural gas in the ethanol production process and, as a result, our business is also sensitive to changes in the price of natural gas. The price of natural gas is influenced by such weather factors as extreme heat or cold in the summer and winter, or other natural events like hurricanes in the spring, summer and fall. Other natural gas price factors include North American exploration and production, and the amount of natural gas in underground storage during both the injection and withdrawal seasons. Ethanol prices are sensitive to world crude-oil supply and demand; crude-oil refining capacity and utilization; government regulation; and consumer demand for alternative fuels. Distillers grains prices are sensitive to various demand factors such as numbers of livestock on feed, prices for feed alternatives, and supply factors, primarily production by ethanol plants and other sources.

We attempt to reduce the market risk associated with fluctuations in the price of corn, natural gas, ethanol, distillers grains and corn oil by employing a variety of risk management and economic hedging strategies. Strategies include the use of forward fixed-price physical contracts and derivative financial instruments, such as futures and options executed on the Chicago Board of Trade and the New York Mercantile Exchange.

35

We focus on locking in operating margins based on a model that continually monitors market prices of corn, natural gas and other input costs against prices for ethanol and distillers grains at each of our production facilities. We create offsetting positions by using a combination of forward fixed-price physical purchases and sales contracts and derivative financial instruments. As a result of this approach, we frequently have gains on derivative financial instruments that are conversely offset by losses on forward fixed-price physical contracts or inventories and vice versa. In our ethanol production segment, gains and losses on derivative financial instruments are recognized each period in operating results while corresponding gains and losses on physical contracts are generally designated as normal purchase or normal sale contracts and are not recognized until quantities are delivered or utilized in production. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are deferred in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, we would discontinue cash flow hedge treatment, which would affect earnings. During the three months ended March 31, 2015, revenues included net gains of $7.3 million and cost of goods sold included net losses of $0.9 million from derivative financial instruments. To the extent net gains or losses from settled derivative instruments are related to hedging current period production, they are generally offset by physical commodity purchases or sales resulting in the realization of the intended operating margins. However, our results of operations are impacted when there is a mismatch of gains or losses associated with the change in fair value of derivative instruments at the reporting period when the physical commodity purchase or sale has not yet occurred since they are designated as a normal purchase or normal sale.

In our agribusiness segment, inventory positions, physical purchase and sale contracts, and financial derivatives are marked to market with gains and losses included in results of operations. The market value of derivative financial instruments such as exchange-traded futures and options has a high, but not perfect, correlation to the underlying market value of grain inventories and related purchase and sale contracts.

Ethanol Production Segment

A sensitivity analysis has been prepared to estimate our ethanol production segment exposure to ethanol, corn, distillers grains and natural gas price risk. Market risk related to these factors is estimated as the potential change in net income resulting from hypothetical 10% changes in prices of our expected corn and natural gas requirements, and ethanol and distillers grains output for a one-year period from March 31, 2015. This analysis includes the impact of risk management activities that result from our use of fixed-price purchase and sale contracts and derivatives. The results of this analysis, which may differ from actual results, are as follows (in thousands):

Commodity	Estimated Total Volume Requirements for the Next 12 Months (1)	Unit of Measure	Net Income Effect of Approximate 10% Change in Price
Ethanol	1,020,000	Gallons	$	78,166
Corn	360,000	Bushels	$	72,855
Distillers grains	2,900	Tons (2)	$	21,106
Natural gas	28,700	mmBTU (3)	$	3,595
(1) Assumes production at full capacity.
(2) Distillers grains quantities are stated on an equivalent dried ton basis.
(3) Millions of British Thermal Units.

Corn Oil Production Segment

A sensitivity analysis has been prepared to estimate our corn oil production segment exposure to corn oil price risk. Market risk related to these factors is estimated as the potential change in net income resulting from hypothetical 10% changes in prices of our expected corn oil output for a one-year period from March 31, 2015. This analysis includes the impact of risk management activities that result from our use of fixed-price sale contracts. Market risk at March 31, 2015, based on the estimated net income effect resulting from a hypothetical 10% change in such prices, was approximately $3.6 million.

36

Agribusiness Segment

The availability and price of agricultural commodities are subject to wide fluctuations due to unpredictable factors such as weather, plantings, foreign and domestic government farm programs and policies, changes in global demand created by population changes and changes in standards of living, and global production of similar and competitive crops. To reduce price risk caused by market fluctuations in purchase and sale commitments for grain and cattle, as well as grain held in inventory, we enter into exchange-traded futures and options contracts that function as economic hedges. The market value of exchange-traded futures and options used for hedging has a high, but not perfect correlation, to the underlying market value of grain inventories and related purchase and sale contracts for grain and cattle. The less correlated portion of inventory and purchase and sale contract market value, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns. We manage this less volatile risk by constantly monitoring our position relative to the price changes in the market. In addition, inventory values are affected by the month-to-month spread relationships in the regulated futures markets, as we carry inventories over time. These spread relationships are also less volatile than the overall market value and tend to follow historical patterns, but also represent a risk that cannot be directly mitigated. Our accounting policy for our futures and options, as well as the underlying inventory held for sale and purchase and sale contracts, is to mark them to the market and include gains and losses in the consolidated statement of operations.

A sensitivity analysis has been prepared to estimate agribusiness segment exposure to market risk of our commodity position (exclusive of basis risk). Our daily net commodity position consists of inventories related to purchase and sale contracts and exchange-traded contracts. The fair value of our position, which is a summation of the fair values calculated for each commodity by valuing each net position at quoted futures market prices, is approximately $1.9 million and $62.6 million for grain and cattle, respectively, at March 31, 2015. Market risk at that date, based on the estimated net income effect resulting from a hypothetical 10% change in such prices, was approximately $0.1 million and $3.6 million for grain and cattle, respectively.

Item 4.  Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, or Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial disclosure.

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. These disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial disclosure. Based upon that evaluation, our management, including our Chief Executive Officer and the Chief Financial Officer, concluded that our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining effective internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles. There were no material changes in our internal control over financial reporting that occurred during the period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

37

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings.

We are currently involved in litigation that has arisen in the ordinary course of business; however, we do not believe that any of this litigation will have a material adverse effect on our financial position, results of operations or cash flows.

Item 1A.  Risk Factors.

Investors should carefully consider the discussion of risks and the other information in our annual report on Form 10-K for the year ended December 31, 2014, including the risk factors discussion in Part I, Item 1A, “Risk Factors,” and the discussion of risks and other information in this report, including “Cautionary Information Regarding Forward-Looking Statements,” which is included in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Although we have attempted to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

Employees surrender shares upon the vesting of restricted stock grants to satisfy statutory minimum required payroll tax withholding obligations. The following table sets forth the shares that were surrendered by month during thefirst quarter of 2015.

Month	Total Number of Shares Withheld		Average Price Paid Per Share
January	-	$	-
February	118,133		26.18
March	-		-
Total	118,133	$	26.18

In August 2014, we announced a share repurchase program of up to $100 million of our common stock. Under the share repurchase program, we may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions will be determined by our management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice.  No shares have been repurchased pursuant to this repurchase program.

Item 3.  Defaults Upon Senior Securities.

None.

Item 4.  Mine Safety Disclosures.

Not applicable.

Item 5.  Other Information.

None.

38

Item 6.  Exhibits.

Exhibit Index

Exhibit No.	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following information from Green Plains Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 30, 2015	GREEN PLAINS INC. (Registrant) By: /s/ Todd A. Becker                                 _     Todd A. Becker President and Chief Executive Officer (Principal Executive Officer)
Date: April 30, 2015	By: /s/ Jerry L. Peters_ Jerry L. Peters Chief Financial Officer (Principal Financial Officer)

40

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Todd A. Becker, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;  

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2015	/s/ Todd A. Becker
	Todd A. Becker
	President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jerry L. Peters, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2015	/s/ Jerry L. Peters
	Jerry L. Peters
	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

In connection with the Quarterly Report of Green Plains Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd A. Becker,  President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, thatto my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.  

Date: April 30, 2015	/s/ Todd A. Becker
	Todd A. Becker
	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

In connection with the Quarterly Report of Green Plains Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jerry L. Peters, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, thatto my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.  

Date: April 30, 2015	/s/ Jerry L. Peters
	Jerry L. Peters
	Chief Financial Officer

XML

Goodwill (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill	$ 40,877	$ 40,877
Ethanol Production [Member]
Goodwill [Line Items]
Goodwill	30,300
Marketing And Distribution [Member]
Goodwill [Line Items]
Goodwill	$ 10,600

XML

Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Stockholders' Equity [Line Items]
Beginning balance	$ 797,449
Net income (loss)	(3,318)	43,203
Cash dividends declared	(3,032)
Other comprehensive income before reclassifications	9,755
Amounts reclassified from accumulated other comprehensive income	(8,511)
Total other comprehensive income (loss), net of tax	1,244	(85,291)
Stock-based compensation	220
Stock options exercised, Shares	31,000
Stock options exercised	606
Ending balance	793,169
Common Stock [Member]
Stockholders' Equity [Line Items]
Beginning balance, Shares	44,809,000
Beginning balance	45
Stock-based compensation, Shares	308,000
Stock options exercised, Shares	31,000
Ending balance, Shares	45,148,000
Ending balance	45
Additional Paid-In Capital [Member]
Stockholders' Equity [Line Items]
Beginning balance	569,431
Stock-based compensation	220
Stock options exercised	606
Ending balance	570,257
Retained Earnings [Member]
Stockholders' Equity [Line Items]
Beginning balance	299,101
Net income (loss)	(3,318)
Cash dividends declared	(3,032)
Ending balance	292,751
Accum. Other Comp. Income (Loss) [Member]
Stockholders' Equity [Line Items]
Beginning balance	(5,320)
Other comprehensive income before reclassifications	9,755
Amounts reclassified from accumulated other comprehensive income	(8,511)
Total other comprehensive income (loss), net of tax	1,244
Ending balance	(4,076)
Treasury Stock [Member]
Stockholders' Equity [Line Items]
Beginning balance, Shares			7,200,000
Beginning balance			(65,808)
Ending balance, Shares	7,200,000		7,200,000
Ending balance	$ (65,808)		$ (65,808)

XML

Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Common stock issued for conversion of 5.75% Notes		$ 89,950,000
Capitalized interest	175,000
Minimum Net Worth Required for Compliance	26,300,000
Green Plains Grain [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Outstanding note payable	93,000,000		37,000,000
Green Plains Cattle [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Outstanding note payable	87,900,000		77,000,000
Interest rate added to LIBOR or lender's commercial floating rate	2.50%
Green Plains Cattle [Member] | Revolvers [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate added to LIBOR or lender's commercial floating rate	3.00%
Green Plains Cattle [Member] | Revolvers [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate added to LIBOR or lender's commercial floating rate	2.00%
Green Plains Trade [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Outstanding note payable	58,400,000		95,900,000
Agribusiness Segment [Member] | Green Plains Grain [Member]
Debt Instrument [Line Items]
Annual Leverage Ratio	6.00
Annual Capital Expenditures, Maximum	15,000,000
Fixed Charge Coverage Ratio	1.25
Line of credit, maximum borrowing capacity	250,000,000
Line of Credit Facility, Maximum Borrowing Capacity	250,000,000
Minimum Working Capital Required For Compliance	18,000,000
Agribusiness Segment [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	50,000,000
Line of Credit Facility, Maximum Borrowing Capacity	50,000,000
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Allowable Dividends As Percentage Of Net Profit Before Tax	40.00%
Debt instrument amount	125,000,000
Debt maturity dates	Aug. 26, 2016
Additional amounts available under facility	75,000,000
Agribusiness Segment [Member] | Green Plains Cattle [Member]
Debt Instrument [Line Items]
Annual Leverage Ratio	3.50
Percentage Of Net Income Added To Base Net Worth Compliance Limit	50.00%
Annual Capital Expenditures, Maximum	3,000,000
Line of credit, maximum borrowing capacity	100,000,000
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000
Minimum Net Worth Required for Compliance	20,000,000
Minimum Working Capital Required For Compliance	15,000,000
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Additional amounts available under facility	50,000,000
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument amount	100,000,000
Marketing And Distribution Segment [Member] | Green Plains Trade [Member]
Debt Instrument [Line Items]
Annual Capital Expenditures, Maximum	1,000,000
Fixed Charge Coverage Ratio	1.15
Undrawn Availability of Revolving Credit Facility On A ProForma Basis	10,000,000
Allowable Dividends As Percentage Of Net Profit Before Tax	50.00%
Marketing And Distribution Segment [Member] | Green Plains Trade [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Restricted cash	7,800,000
Marketing And Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	150,000,000
Revolving credit facility expiration date	Nov. 26, 2019
Line of Credit Facility, Maximum Borrowing Capacity	150,000,000
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Costs Assigned To Liability	4,000,000
Convertible Debt Cross Default Threshold	10,000,000
Debt instrument, interest rate, effective percentage	8.21%
Debt instrument amount	120,000,000
Debt instrument stated percentage	3.25%
Debt conversion amount	1,000
Common stock for conversion of 5.75% Notes, shares	48.1383
Debt conversion price	$ 20.77
Conversion price percentage	140.00%
Principal amount of notes, percentage	100.00%
Debt Instrument, Interest Rate, Effective Percentage	8.21%
Debt Instrument, Unamortized Discount	24,500,000
Debt Issuance Cost	5,100,000
Common Stock, Dividends, Per Share, Cash Paid	$ 0.04
Restricted Net Assets [Member]
Debt Instrument [Line Items]
Restricted assets	$ 633,400,000

XML

Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	$ 13,491	$ (84,573)
Income tax expense (benefit)	(4,980)	32,577
Gains Losses On Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	13,491	(84,573)
Income tax expense (benefit)	4,980	(32,577)
Amounts reclassified from accumulated other comprehensive income (loss)	8,511	(51,996)
Revenue [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	11,849	(88,146)
Revenue [Member] | Gains Losses On Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	11,849	(88,146)
Cost Of Goods Sold [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	1,642	3,573
Cost Of Goods Sold [Member] | Gains Losses On Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on cash flow hedges	$ 1,642	$ 3,573

XML

Debt (Narrative - Ethanol Production Segment) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Restricted cash	$ 14,647,000	$ 29,742,000
Minimum Net Worth Required for Compliance	26,300,000
Green Plains Cattle [Member] | Revolvers [Member]
Debt Instrument [Line Items]
Outstanding note payable	87,900,000	77,000,000
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument amount	62,500,000
Green Plains Holdings II [Member]
Debt Instrument [Line Items]
Allowable Dividends As Percentage Of Net Profit Before Tax	40.00%
Minimum Working Capital Required For Compliance	20,000,000
Green Plains Holdings II [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument amount	46,800,000
Green Plains Holdings II [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Debt instrument amount	20,000,000
Green Plains Obion [Member]
Debt Instrument [Line Items]
Allowable Dividends As Percentage Of Net Profit Before Tax	40.00%
Minimum Working Capital Required For Compliance	15,000,000
Green Plains Obion [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Debt instrument amount	37,400,000
Green Plains Superior [Member]
Debt Instrument [Line Items]
Allowable Dividends As Percentage Of Net Profit Before Tax	40.00%
Green Plains Superior [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Debt instrument amount	15,600,000
Green Plains Processing [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument amount	225,000,000
Ethanol Production Segment [Member] | Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument amount	62,500,000
Ethanol Production Segment [Member] | Green Plains Obion [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Allowable advances decrease	800,000
Ethanol Production Segment [Member] | Green Plains Superior [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Allowable advances decrease	$ 600,000

XML

Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 405,899	$ 425,510
Restricted cash	14,647	29,742
Inventories carried at market	22,330	36,411
Unrealized gains on derivatives	36,261	36,347
Other assets		121
Total assets measured at fair value	479,137	528,131
Liabilities
Unrealized losses on derivatives	8,608	28,082
Total liabilities measured at fair value	8,608	28,082
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Assets
Cash and cash equivalents	405,899	425,510
Restricted cash	14,647	29,742
Margin deposits	28,631	24,488
Unrealized gains on derivatives	7,577	11,877
Other assets		118
Total assets measured at fair value	456,754	491,735
Liabilities
Unrealized losses on derivatives	11,354	18,129
Total liabilities measured at fair value	11,354	18,129
Significant Other Observable Inputs (Level 2) [Member]
Assets
Inventories carried at market	22,330	36,411
Unrealized gains on derivatives	15,235	18,111
Other assets		3
Total assets measured at fair value	37,565	54,525
Liabilities
Unrealized losses on derivatives	12,436	28,082
Total liabilities measured at fair value	12,436	28,082
Reclassification For Balance Sheet Presentation [Member]
Assets
Margin deposits	(28,631)	(24,488)
Unrealized gains on derivatives	13,449	6,359
Total assets measured at fair value	(15,182)	(18,129)
Liabilities
Unrealized losses on derivatives	(15,182)	(18,129)
Total liabilities measured at fair value	$ (15,182)	$ (18,129)

XML

Commitments And Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Commitments And Contingencies [Abstract]
Lease expenses	$ 8.3	$ 6.6
Contracted future deliveries	$ 282.8

XML

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Schedule Of Fair Values Of Derivative Financial Instruments

	Asset Derivatives'						Liability Derivatives'
	Fair Value						Fair Value
	March 31,			December 31,			March 31,		December 31,
	2015			2014			2015		2014
Derivative financial instruments (1)	$	7,630	(2)	$	11,859	(3)	$	-	$	-
Other assets		-			3			-		-
Accrued and other liabilities		-			-			8,608		28,082
Total	$	7,630		$	11,862		$	8,608	$	28,082

(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.6million and $24.5million at March 31, 2015 and December 31, 2014, respectively.

(2) Balance at March 31, 2015  includes $3.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

(3)Balance at December 31, 2014 includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss)

Effective Portion of Cash Flow Hedges Recognized in	Three Months Ended March 31,
Other Comprehensive Income (Loss)	2015		2014
Commodity Contracts	$	15,463	$	(223,302)

Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member]

Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship

Gains (Losses) on Derivative Instruments Not	Three Months Ended March 31,
Designated in a Hedging Relationship	2015		2014
Revenues	$	(4,484)	$	18,250
Cost of goods sold		(5,190)		(1,163)
Net increase (decrease) recognized in earnings before tax	$	(9,674)	$	17,087

Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains (Losses) Due to Ineffectiveness	Three Months Ended March 31,
of Cash Flow Hedges	2015		2014
Revenues	$	(31)	$	(346)
Cost of goods sold		(471)		860
Net increase (decrease) recognized in earnings before tax	$	(502)	$	514

Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss)	Three Months Ended March 31,
into Net Income	2015		2014
Revenues	$	11,849	$	(88,146)
Cost of goods sold		1,642		3,573
Net increase (decrease) recognized in earnings before tax	$	13,491	$	(84,573)

Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains (Losses) from Fair Value	Three Months Ended March 31,
Hedges of Inventory	2015		2014
Cost of goods sold (effect of change in inventory value)	$	(1,368)	$	3,146
Cost of goods sold (effect of fair value hedge)		3,083		(2,778)
Ineffectiveness recognized in earnings before tax	$	1,715	$	368

Schedule Of Volumes of Open Commodity Derivative Positions [Member]

Schedule Of Open Positition Derivative Financial Instruments

March 31, 2015
	Exchange Traded		Non-Exchange Traded
Derivative Instruments	Net Long & (Short) (1)		Long (2)	(Short) (2)	Unit of Measure	Commodity
Futures	(5,205)				Bushels	Corn, Soybeans and Wheat
Futures	15,475	(3)			Bushels	Corn
Futures	(8,200)	(4)			Bushels	Corn
Futures	89,292				Gallons	Ethanol
Futures	(31,374)	(3)			Gallons	Ethanol
Futures	(2,253)				mmBTU	Natural Gas
Futures	(1,773)	(4)			mmBTU	Natural Gas
Futures	2,000				Pounds	Cattle
Futures	(9,600)	(3)			Pounds	Cattle
Futures	(68)				Pounds	Soybean Oil
Options	11,903				Bushels	Corn, Soybeans and Wheat
Options	4,039				Gallons	Ethanol
Options	(37)				Barrels	Crude Oil
Options	(58)				mmBTU	Natural Gas
Options	(4,130)				Pounds	Cattle
Forwards			23,333	(7,547)	Bushels	Corn and Soybeans
Forwards			2,217	(160,208)	Gallons	Ethanol
Forwards			109	(458)	Tons	Distillers Grains
Forwards			3,552	(44,692)	Pounds	Corn Oil
Forwards			16,113	(7,494)	mmBTU	Natural Gas

(1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

(3) Futures used for cash flow hedges.

(4) Futures used for fair value hedges.

XML

Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Stock-Based Compensation [Abstract]
Outstanding at December 31, 2014, Shares	339,750
Outstanding at December 31, 2014, Weighted Average Exercise Price	$ 10.82
Outstanding at December 31, 2014, Weighted Average Remaining Contractual Term	3 years 1 month 6 days		3 years 1 month 6 days
Outstanding at December 31, 2014, Aggregate Intrinsic Value	$ 4,763
Exercised, Shares	(31,000)
Exercised, Weighted Average Exercise price	$ 19.88
Exercised, Aggregate Intrinsic Value	265
Outstanding at March 31, 2015, Shares	308,750		339,750
Outstanding at March 31, 2015, Weighted Average Exercise Price	$ 9.91		$ 10.82
Outstanding at March 31, 2015, Weighted Average Remaining Contractual	3 years 1 month 6 days		3 years 1 month 6 days
Outstanding at March 31, 2015, Aggregate Intrinsic Value	5,674		4,763
Exercisable at March 31, 2015, Shares	308,750	[1]
Exercisable at March 31, 2015, Weighted Average Exercise Price	$ 9.91	[1]
Exercisable at March 31, 2015, Weighted Average Remaining Contractual	3 years 1 month 6 days	[1]
Exercisable at March 31, 2015, Aggregate Intrinsic Value	$ 5,674	[1]
In-the-money options, shares	308,750
In-the-money options, weighted-average exercise price	$ 9.91

[1] Includes in-the-money options totaling 308,750 shares at a weighted-average exercise price of $9.91.

XML

Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship	$ (9,674)	$ 17,087
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges	(502)	514
Gains (losses) on cash flow hedges	13,491	(84,573)
Ineffectiveness recognized in earnings before tax	1,715	368
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship	(4,484)	18,250
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges	(31)	(346)
Gains (losses) on cash flow hedges	11,849	(88,146)
Cost Of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship	(5,190)	(1,163)
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges	(471)	860
Gains (losses) on cash flow hedges	1,642	3,573
Cost of Goods Sold (Effect of Change in Inventory Value) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedge effect of change in inventory value	(1,368)	3,146
Cost of Goods Sold (Effect of Fair Value Hedge) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effect of fair value hedge	$ 3,083	$ (2,778)

XML

Segment Information (Summary Of Total Assets For Operating Segments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 1,750,655	$ 1,828,557
Ethanol Production [Member]
Segment Reporting Information [Line Items]
Total assets	898,762	983,289
Corn Oil Production [Member]
Segment Reporting Information [Line Items]
Total assets	32,975	31,405
Agribusiness [Member]
Segment Reporting Information [Line Items]
Total assets	283,301	234,626
Marketing And Distribution [Member]
Segment Reporting Information [Line Items]
Total assets	234,055	305,675
Corporate Assets [Member]
Segment Reporting Information [Line Items]
Total assets	312,984	290,123
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total assets	$ (11,422)	$ (16,561)

XML

Earnings Per Share (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Antidilutive Securities Out Of Money Stock Based Compensation Awards [Member]
Stock-based compensation awards excluded from computations of diluted EPS	0.3
Antidilutive Securities Net Loss Position Stock Based Compensation Awards [Member]
Stock-based compensation awards excluded from computations of diluted EPS	1.1

XML

Debt (Schedule Of Principal Payments Of Long-Term Debt) (Details) (Term Loan [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Green Plains Fairmont and Green Plains Wood River [Member]
Debt Instrument [Line Items]
Scheduled principal payments, periodic	$ 1.3
Green Plains Holdings II [Member]
Debt Instrument [Line Items]
Scheduled principal payments, periodic	1.8
Green Plains Processing [Member]
Debt Instrument [Line Items]
Scheduled principal payments, periodic	$ 0.6

XML

Fair Value Disclosures

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures

2.  FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company’s brokerage accounts.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels.

Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments.

There have been no changes in valuation techniques and inputs used in measuring fair value. The following tables set forth the Company’s assets and liabilities by level (in thousands):

	Fair Value Measurements at March 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	405,899	$	-	$	-	$	405,899
Restricted cash		14,647		-		-		14,647
Margin deposits		28,631		-		(28,631)		-
Inventories carried at market		-		22,330		-		22,330
Unrealized gains on derivatives		7,577		15,235		13,449		36,261
Total assets measured at fair value	$	456,754	$	37,565	$	(15,182)	$	479,137
Liabilities:
Unrealized losses on derivatives	$	11,354	$	12,436	$	(15,182)	$	8,608
Total liabilities measured at fair value	$	11,354	$	12,436	$	(15,182)	$	8,608

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	425,510	$	-	$	-	$	425,510
Restricted cash		29,742		-		-		29,742
Margin deposits		24,488		-		(24,488)		-
Inventories carried at market		-		36,411		-		36,411
Unrealized gains on derivatives		11,877		18,111		6,359		36,347
Other assets		118		3		-		121
Total assets measured at fair value	$	491,735	$	54,525	$	(18,129)	$	528,131
Liabilities:
Unrealized losses on derivatives	$	18,129	$	28,082	$	(18,129)	$	28,082
Total liabilities measured at fair value	$	18,129	$	28,082	$	(18,129)	$	28,082

The Company believes the fair value of its debt approximated $702.7 million compared to a book value of $700.2 million at March 31, 2015 and the fair value of its debt approximated $676.5 million compared to a book value of $672.8 million at December 31, 2014. The Company estimates the fair value of its outstanding debt using Level 2 inputs. The Company believes the fair values of its accounts receivable and accounts payable approximated book value, which were $101.7 million and $99.1 million, respectively, at March 31, 2015  and $138.1 million and $170.2 million, respectively, at December 31, 2014.  

Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets or liabilities being valued.

XML

Derivative Financial Instruments (Commodity Contracts) (Details) (Commodity Contracts [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss)	$ 15,463	$ (223,302)

XML

Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders Equity [Abstract]

Stockholders Equity

								Accumulated
				Additional				Other					Total
	Common Stock			Paid-in		Retained		Comprehensive		Treasury Stock			Stockholders'
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		Equity
Balance, December 31, 2014	44,809	$	45	$	569,431	$	299,101	$	(5,320)	7,200	$	(65,808)	$	797,449
Net loss	-		-		-		(3,318)		-	-		-		(3,318)
Cash dividends declared	-		-		-		(3,032)		-	-		-		(3,032)
Other comprehensive income,
before reclassification	-		-		-		-		9,755	-		-		9,755
Amounts reclassified from accum.
other comprehensive income	-		-		-		-		(8,511)	-		-		(8,511)
Other comprehensive income,
net of tax	-		-		-		-		1,244	-		-		1,244
Stock-based compensation	308		-		220		-		-	-		-		220
Stock options exercised	31		-		606		-		-	-		-		606
Balance, March 31, 2015	45,148	$	45	$	570,257	$	292,751	$	(4,076)	7,200	$	(65,808)	$	793,169

Reclassification Accumulated Other Comprehensive Income

	Three Months Ended March 31,				Statements of Operations
	2015		2014		Classification
Gains (losses) on cash flow hedges:
Ethanol commodity derivatives	$	11,849	$	(88,146)	Revenues
Corn commodity derivatives		1,642		3,573	Cost of goods sold
Total		13,491		(84,573)	Income (loss) before income taxes
Income tax expense (benefit)		4,980		(32,577)	Income tax expense (benefit)
Amounts reclassified from
accumulated other comprehensive
income (loss)	$	8,511	$	(51,996)

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule Of Basic And Diluted Earnings Per Share

	Three Months Ended March 31,
	2015		2014
Basic EPS:
Net income (loss)	$	(3,318)	$	43,203
Weighted average shares outstanding - basic		37,803		33,153
EPS - basic	$	(0.09)	$	1.30
Diluted EPS:
Net income (loss)	$	(3,318)	$	43,203
Interest and amortization on convertible debt, net of tax effect:
5.75% Notes		-		576
3.25% Notes		-		1,379
Net income (loss) - diluted	$	(3,318)	$	45,158
Weighted average shares outstanding - basic		37,803		33,153
Effect of dilutive convertible debt:
5.75% Notes		-		4,081
3.25% Notes		-		5,756
Effect of dilutive stock-based compensation awards		-		261
Weighted average shares outstanding - diluted		37,803		43,251
EPS  - diluted	$	(0.09)	$	1.04

XML

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Abstract]
Income tax expense (benefit)	$ (2,447,000)	$ 26,525,000
Effective tax rate	42.40%	38.00%
Unrecognized Tax Benefits	$ 300,000

XML

Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details)	Mar. 31, 2015 contract
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(5,205,000)	[1]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	15,475,000	[1],[2]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(8,200,000)	[1],[3]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	89,292,000	[1]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(31,374,000)	[1],[2]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(2,253,000)	[1]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(1,773,000)	[1],[3]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	2,000,000	[1]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(9,600,000)	[1],[2]
Futures [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(68,000)	[1]
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	11,903,000	[1]
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	4,039,000	[1]
Options [Member] | Exchange Traded Net Long & Short [Member] | Crude Oil In Barrels [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(37,000)	[1]
Options [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(58,000)	[1]
Options [Member] | Exchange Traded Net Long & Short [Member] | Cattle [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(4,130,000)	[1]
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	2,217,000	[4]
Forwards [Member] | Non-Exchange Traded Long [Member] | Natural Gas In mmBTU [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	16,113,000	[4]
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	23,333,000	[4]
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	109,000	[4]
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	3,552,000	[4]
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(160,208,000)	[4]
Forwards [Member] | Non-Exchange Traded Short [Member] | Natural Gas In mmBTU [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(7,494,000)	[4]
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(7,547,000)	[4]
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(458,000)	[4]
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member]
Derivative [Line Items]
Volumes of open commodity derivatives	(44,692,000)	[4]

[1] Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

[2] Futures used for cash flow hedges.

[3] Futures used for fair value hedges.

[4] Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

XML

Commitments And Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies [Abstract]

Schedule Of Aggregate Minimum Lease Payments

Year Ending December 31,	Amount
2015	$	23,003
2016		27,026
2017		16,960
2018		13,880
2019		10,033
Thereafter		8,928
Total	$	99,830

XML

Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015 segment
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract]
Number of operating segments	4

XML

Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies

1.  BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

References to the Company

References to “Green Plains” or the “Company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.

Consolidated Financial Statements

The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2014.

The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The Company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

Description of Business

Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminals, collectively referred to as marketing and distribution. The Company also is a partner in a joint venture to commercialize advanced technologies for the growing and harvesting of algal biomass.

Revenue Recognition

The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured.

For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s fuel terminal operations, which include ethanol transload services, are recognized when these services are completed.

The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss).

Sales of agricultural commodities, including cattle, are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered.

Cost of Goods Sold

Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold.

The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain and cattle inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sale contracts. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment, are recognized in earnings as a component of cost of goods sold.

Derivative Financial Instruments

To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol, cattle and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments.

The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchase or normal sale exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sale criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness segments are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value.

At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative.

Recent Accounting Pronouncements

The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers, which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 would be permitted. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures.

Effective January 1, 2016, the Company will adopt the amended guidance in ASC Topic 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance.

XML

Fair Value Disclosures (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair value of debt	$ 702.7	$ 676.5
Book Value Of Debt	700.2	672.8
Fair value of accounts receivable	101.7	138.1
Fair value of accounts payable	$ 99.1	$ 170.2

XML

Derivative Financial Instruments (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative Financial Instruments [Abstract]
Accumulated other comprehensive loss	$ (4,076,000)		$ (5,320,000)
Energy Trading Contracts, gain or loss	$ 5,400,000	$ (1,100,000)

XML

Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net income (loss)	$ (3,318)	$ 43,203
Weighted average shares outstanding - basic	37,803	33,153
Basic	$ (0.09)	$ 1.30
Net income (loss) attributable to Green Plains on an as-if-converted basis	(3,318)	45,158
Effect of dilutive stock-based compensation awards		261
Total potential shares outstanding	37,803	43,251
Diluted	$ (0.09)	$ 1.04
3.25% Convertible Senior Notes [Member]
Interest and amortization on convertible debt, net of tax effect		1,379
Effect of dilutive convertible debt		5,756
5.75% Convertible Senior Notes [Member]
Interest and amortization on convertible debt, net of tax effect		$ 576
Effect of dilutive convertible debt		4,081

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 405,899	$ 425,510
Restricted cash	14,647	29,742
Accounts receivable, net of allowances of $1,255 and $1,231, respectively	101,692	138,073
Inventories	269,127	254,967
Prepaid expenses and other	10,853	18,776
Deferred income taxes	1,759	7,495
Derivative financial instruments	36,261	36,347
Total current assets	840,238	910,910
Property and equipment, net of accumulated depreciation of $289,954 and $274,543, respectively	819,734	825,210
Goodwill	40,877	40,877
Other assets	49,806	51,560
Total assets	1,750,655	1,828,557
Current liabilities
Accounts payable	99,141	170,199
Accrued and other liabilities	31,592	61,118
Income taxes payable		2,907
Unearned revenue	3,683	3,965
Short-term notes payable and other borrowings	239,350	209,886
Current maturities of long-term debt	62,220	63,465
Total current liabilities	435,986	511,540
Long-term debt	398,623	399,440
Deferred income taxes	117,955	115,235
Other liabilities	4,922	4,893
Total liabilities	957,486	1,031,108
Stockholders’ equity
Common stock, $0.001 par value; 75,000,000 shares authorized; 45,148,068 and 44,808,982 shares issued, and 37,948,068 and 37,608,982 shares outstanding, respectively	45	45
Additional paid-in capital	570,257	569,431
Retained earnings	292,751	299,101
Accumulated other comprehensive loss	(4,076)	(5,320)
Treasury stock, 7,200,000 shares	(65,808)	(65,808)
Total stockholders’ equity	793,169	797,449
Total liabilities and stockholders’ equity	$ 1,750,655	$ 1,828,557

XML

Debt (Schedule Of The Components Of Long-Term Debt) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total long-term debt	$ 460,843,000	$ 462,905,000
Less: current portion of long-term debt	(62,220,000)	(63,465,000)
Long-term debt	398,623,000	399,440,000
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Total long-term debt	38,750,000	40,000,000
Debt instrument amount	62,500,000
Green Plains Holdings II [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Total long-term debt	27,760,000	29,510,000
Debt instrument amount	46,800,000
Green Plains Holdings II [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Total long-term debt	9,000,000	6,000,000
Debt instrument amount	20,000,000
Green Plains Obion [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Total long-term debt	27,400,000	27,400,000
Debt instrument amount	37,400,000
Green Plains Obion [Member] | Economic Development Grant [Member]
Debt Instrument [Line Items]
Total long-term debt	1,133,000	1,156,000
Green Plains Processing [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Total long-term debt	213,213,000	213,775,000
Debt instrument amount	225,000,000
Green Plains Superior [Member] | Revolving Term Loans [Member]
Debt Instrument [Line Items]
Total long-term debt	14,425,000	15,025,000
Debt instrument amount	15,600,000
Corporate [Member] | Convertible Notes 120M [Member]
Debt Instrument [Line Items]
Total long-term debt	101,947,000	100,845,000
Debt instrument amount	120,000,000
Other Debt Obligations [Member] | Other Debt Obligations [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 27,215,000	$ 29,194,000

XML

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Unrealized gains (losses) on derivatives, tax	$ (5,708)	$ 86,015
Income tax (expense) benefit	$ 4,980	$ (32,577)

XML

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Outstanding accounts payable	$ 99,141,000		$ 170,199,000
AXIS Capital [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	1,200,000
Outstanding note payable	1,400,000
Principal payments (plus interest)	69,000	37,000
Weighted average interest rate	6.80%
Hoovestol Inc [Member]
Related Party Transaction [Line Items]
Aircraft lease amount payable, per month	15,834
Aircraft hours available each month under lease	125
Aircraft Lease [Member]
Related Party Transaction [Line Items]
Cash payments	57,000	30,000
Outstanding accounts payable	6,000		2,000
Aircraft lease amount payable, per month	$ 9,766
Aircraft hours available each month under lease	125

XML

Segment Information (Summary Of Financial Data) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 738,388		$ 733,889
Gross profit (loss)	25,555		100,749
Operating income (loss)	4,104		78,343
Revenue From External Customers [Member]
Segment Reporting Information [Line Items]
Revenues	738,388		733,889
Revenue Including Intersegment Activity [Member]
Segment Reporting Information [Line Items]
Revenues	1,410,214		1,653,779
Ethanol Production [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	(6,820)		71,688
Operating income (loss)	(13,143)		66,226
Ethanol Production [Member] | Revenue From External Customers [Member]
Segment Reporting Information [Line Items]
Revenues	64,094	[1]	(27,431)	[1]
Ethanol Production [Member] | Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	352,859		565,803
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member]
Segment Reporting Information [Line Items]
Revenues	416,953		538,372
Corn Oil Production [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	10,385		7,815
Operating income (loss)	10,211		7,708
Corn Oil Production [Member] | Revenue From External Customers [Member]
Segment Reporting Information [Line Items]
Revenues	(13)	[1]	7	[1]
Corn Oil Production [Member] | Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	16,809		16,384
Corn Oil Production [Member] | Revenue Including Intersegment Activity [Member]
Segment Reporting Information [Line Items]
Revenues	16,796		16,391
Agribusiness [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	5,212		2,976
Operating income (loss)	3,210		935
Agribusiness [Member] | Revenue From External Customers [Member]
Segment Reporting Information [Line Items]
Revenues	58,334	[1]	18,241	[1]
Agribusiness [Member] | Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	262,783		304,238
Agribusiness [Member] | Revenue Including Intersegment Activity [Member]
Segment Reporting Information [Line Items]
Revenues	321,117		322,479
Marketing And Distribution [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	12,154		40,716
Operating income (loss)	5,608		32,494
Marketing And Distribution [Member] | Revenue From External Customers [Member]
Segment Reporting Information [Line Items]
Revenues	615,973	[1]	743,072	[1]
Marketing And Distribution [Member] | Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	39,375		33,465
Marketing And Distribution [Member] | Revenue Including Intersegment Activity [Member]
Segment Reporting Information [Line Items]
Revenues	655,348		776,537
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	4,624		(22,446)
Operating income (loss)	4,684		(22,386)
Intersegment Eliminations [Member] | Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	(671,826)		(919,890)
Corporate Activities [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	$ (6,466)		$ (6,634)

[1] Revenues from external customers include realized gains and losses from derivative financial instruments.

XML

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Fair Value

	Fair Value Measurements at March 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	405,899	$	-	$	-	$	405,899
Restricted cash		14,647		-		-		14,647
Margin deposits		28,631		-		(28,631)		-
Inventories carried at market		-		22,330		-		22,330
Unrealized gains on derivatives		7,577		15,235		13,449		36,261
Total assets measured at fair value	$	456,754	$	37,565	$	(15,182)	$	479,137
Liabilities:
Unrealized losses on derivatives	$	11,354	$	12,436	$	(15,182)	$	8,608
Total liabilities measured at fair value	$	11,354	$	12,436	$	(15,182)	$	8,608

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	425,510	$	-	$	-	$	425,510
Restricted cash		29,742		-		-		29,742
Margin deposits		24,488		-		(24,488)		-
Inventories carried at market		-		36,411		-		36,411
Unrealized gains on derivatives		11,877		18,111		6,359		36,347
Other assets		118		3		-		121
Total assets measured at fair value	$	491,735	$	54,525	$	(18,129)	$	528,131
Liabilities:
Unrealized losses on derivatives	$	18,129	$	28,082	$	(18,129)	$	28,082
Total liabilities measured at fair value	$	18,129	$	28,082	$	(18,129)	$	28,082

XML

Segment Information (Schedule Of Revenues By Product) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 738,388	$ 733,889
Ethanol [Member]
Segment Reporting Information [Line Items]
Revenues	444,301	530,039
Distillers Grains [Member]
Segment Reporting Information [Line Items]
Revenues	109,388	136,992
Corn Oil [Member]
Segment Reporting Information [Line Items]
Revenues	19,081	17,132
Grain [Member]
Segment Reporting Information [Line Items]
Revenues	99,086	29,201
Cattle [Member]
Segment Reporting Information [Line Items]
Revenues	45,191
Other [Member]
Segment Reporting Information [Line Items]
Revenues	$ 21,341	$ 20,525

XML

Inventories (Tables)

3 Months Ended

Mar. 31, 2015

Inventories [Abstract]

Schedule Of Inventories

	March 31,		December 31,
	2015		2014
Finished goods	$	53,137	$	34,639
Grain held for sale		17,431		23,027
Raw materials		67,459		78,095
Work-in-process		110,257		100,221
Supplies and parts		20,843		18,985
	$	269,127	$	254,967

XML

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (3,318)	$ 43,203
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	15,381	14,627
Amortization of debt issuance costs and debt discount	1,962	2,005
Deferred income taxes	8,800	23,791
Stock-based compensation expense	(1,345)	2,139
Undistributed equity in (income) loss of affiliates	933	(1,031)
Other	24
Changes in operating assets and liabilities before effects of business combinations:
Accounts receivable	36,357	(3,764)
Inventories	(14,160)	(21,422)
Derivative financial instruments	2,062	(127,314)
Prepaid expenses and other assets	7,982	2,305
Accounts payable and accrued liabilities	(99,152)	2,804
Income taxes payable	(1,388)	2
Unearned revenues	(282)	11,625
Other	366	814
Net cash used by operating activities	(45,778)	(50,216)
Cash flows from investing activities:
Purchases of property and equipment	(14,332)	(14,777)
Distributions from (investments in) unconsolidated subsidiaries	(334)	12
Net cash used by investing activities	(14,666)	(14,765)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	39,800	127,842
Payments of principal on long-term debt	(41,043)	(88,848)
Proceeds from short-term borrowings	775,744	802,174
Payments on short-term borrowings	(746,280)	(845,244)
Payments of cash dividends	(3,032)	(1,396)
Change in restricted cash	15,095	4,101
Payments of loan fees	(57)	(37)
Proceeds from exercises of stock options	606	1,396
Net cash provided (used) by financing activities	40,833	(12)
Net change in cash and cash equivalents	(19,611)	(64,993)
Cash and cash equivalents, beginning of period	425,510	272,027
Cash and cash equivalents, end of period	405,899	207,034
Supplemental disclosures of cash flow:
Cash paid for income taxes	3,558	547
Cash paid for interest	5,914	7,990
Supplemental investing and financing activities:
Common stock issued for conversion of 5.75% Notes		$ 89,950

XML

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 1,255	$ 1,231
Property and equipment, accumulated depreciation	$ 289,954	$ 274,543
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	45,148,068	44,808,982
Common stock, shares outstanding	37,948,068	37,608,982
Treasury stock, shares	7,200,000	7,200,000

XML

Stockholders Equity

3 Months Ended

Mar. 31, 2015

Stockholders Equity [Abstract]

Stockholders Equity

10.  STOCKHOLDERS’ EQUITY

Components of stockholders’ equity are as follows (in thousands):

								Accumulated
				Additional				Other					Total
	Common Stock			Paid-in		Retained		Comprehensive		Treasury Stock			Stockholders'
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		Equity
Balance, December 31, 2014	44,809	$	45	$	569,431	$	299,101	$	(5,320)	7,200	$	(65,808)	$	797,449
Net loss	-		-		-		(3,318)		-	-		-		(3,318)
Cash dividends declared	-		-		-		(3,032)		-	-		-		(3,032)
Other comprehensive income,
before reclassification	-		-		-		-		9,755	-		-		9,755
Amounts reclassified from accum.
other comprehensive income	-		-		-		-		(8,511)	-		-		(8,511)
Other comprehensive income,
net of tax	-		-		-		-		1,244	-		-		1,244
Stock-based compensation	308		-		220		-		-	-		-		220
Stock options exercised	31		-		606		-		-	-		-		606
Balance, March 31, 2015	45,148	$	45	$	570,257	$	292,751	$	(4,076)	7,200	$	(65,808)	$	793,169

Amounts reclassified from accumulated other comprehensive income for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,				Statements of Operations
	2015		2014		Classification
Gains (losses) on cash flow hedges:
Ethanol commodity derivatives	$	11,849	$	(88,146)	Revenues
Corn commodity derivatives		1,642		3,573	Cost of goods sold
Total		13,491		(84,573)	Income (loss) before income taxes
Income tax expense (benefit)		4,980		(32,577)	Income tax expense (benefit)
Amounts reclassified from
accumulated other comprehensive
income (loss)	$	8,511	$	(51,996)

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Entity Registrant Name	Green Plains Inc.
Entity Central Index Key	0001309402
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		37,949,368
Trading Symbol	gpre

XML

Income Taxes

3 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

11.  INCOME TAXES

The Company records income tax expense or benefit during interim periods based on its best estimate of the annual effective tax rate. Certain items are given discrete period treatment and, as a result, the tax effects of such items are reported in full in the relevant interim period.

Income tax benefit for the three months ended March 31, 2015 was $2.4 million and income tax expense for the three months ended March 31, 2014 was $26.5 million. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately 42.4% and 38.0% for the three months ended March 31, 2015 and 2014, respectively. The increase in the effective tax rate was due to comparable permanent deductions on lower amounts of income before taxes for the 2015 period compared to the 2014 period.

The amount of unrecognized tax benefits for uncertain tax positions was $0.3 million as of March 31, 2015and December 31, 2014. Recognition of these benefits would have a favorable impact on the Company’s effective tax rate.

The 2015 annual effective tax rate can be affected as a result of variances among the estimates and amounts of full-year sources of taxable income (both among the various states and activity types), the realization of tax credits, adjustments that may arise from the resolution of tax matters under review, variances in the release of valuation allowances and the Company’s assessment of its liability for uncertain tax positions.

XML

Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Operations [Abstract]
Revenues	$ 738,388	$ 733,889
Cost of goods sold	712,833	633,140
Gross profit	25,555	100,749
Selling, general and administrative expenses	21,451	22,406
Operating income	4,104	78,343
Other income (expense)
Interest income	220	113
Interest expense	(9,158)	(9,759)
Other, net	(931)	1,031
Total other income (expense)	(9,869)	(8,615)
Income (loss) before income taxes	(5,765)	69,728
Income tax expense (benefit)	(2,447)	26,525
Net income (loss)	$ (3,318)	$ 43,203
Earnings (loss) per share:
Basic	$ (0.09)	$ 1.30
Diluted	$ (0.09)	$ 1.04
Weighted average shares outstanding:
Basic	37,803	33,153
Diluted	37,803	43,251
Cash dividend declared per share	$ 0.08	$ 0.04

XML

Goodwill

3 Months Ended

Mar. 31, 2015

Goodwill [Abstract]

Goodwill

5.  GOODWILL

The Company did not have any changes in the carrying amount of goodwill, which was $40.9 million during the three months ended March 31, 2015. Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable to the marketing and distribution segment.

XML

Inventories

3 Months Ended

Mar. 31, 2015

Inventories [Abstract]

Inventories

4.  INVENTORIES

Inventories are carried at the lower of cost or market, except grain held for sale and fair value hedged inventories, which are valued at market value. The components of inventories are as follows (in thousands):

	March 31,		December 31,
	2015		2014
Finished goods	$	53,137	$	34,639
Grain held for sale		17,431		23,027
Raw materials		67,459		78,095
Work-in-process		110,257		100,221
Supplies and parts		20,843		18,985
	$	269,127	$	254,967

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Summary Of Financial Data

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol production:
Revenues from external customers (1)	$	64,094	$	(27,431)
Intersegment revenues		352,859		565,803
Total segment revenues		416,953		538,372
Corn oil production:
Revenues from external customers (1)		(13)		7
Intersegment revenues		16,809		16,384
Total segment revenues		16,796		16,391
Agribusiness:
Revenues from external customers (1)		58,334		18,241
Intersegment revenues		262,783		304,238
Total segment revenues		321,117		322,479
Marketing and distribution:
Revenues from external customers (1)		615,973		743,072
Intersegment revenues		39,375		33,465
Total segment revenues		655,348		776,537
Revenues including intersegment activity		1,410,214		1,653,779
Intersegment eliminations		(671,826)		(919,890)
Revenues as reported	$	738,388	$	733,889

(1) Revenues from external customers include realized gains and losses from derivative financial instruments.

	Three Months Ended March 31,
	2015		2014
Gross profit (loss):
Ethanol production	$	(6,820)	$	71,688
Corn oil production		10,385		7,815
Agribusiness		5,212		2,976
Marketing and distribution		12,154		40,716
Intersegment eliminations		4,624		(22,446)
	$	25,555	$	100,749
Operating income (loss):
Ethanol production	$	(13,143)	$	66,226
Corn oil production		10,211		7,708
Agribusiness		3,210		935
Marketing and distribution		5,608		32,494
Intersegment eliminations		4,684		(22,386)
Corporate activities		(6,466)		(6,634)
	$	4,104	$	78,343

Schedule Of Revenues By Product

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol	$	444,301	$	530,039
Distillers grains		109,388		136,992
Corn oil		19,081		17,132
Grain		99,086		29,201
Cattle		45,191		-
Other		21,341		20,525
	$	738,388	$	733,889

Summary Of Total Assets For Operating Segments

	March 31,		December 31,
	2015		2014
Total assets:
Ethanol production	$	898,762	$	983,289
Corn oil production		32,975		31,405
Agribusiness		283,301		234,626
Marketing and distribution		234,055		305,675
Corporate assets		312,984		290,123
Intersegment eliminations		(11,422)		(16,561)
	$	1,750,655	$	1,828,557

XML

Commitments And Contingencies

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies [Abstract]

Commitments And Contingencies

12. COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Company incurred lease expenses of $8.3 million and $6.6 million during the three months ended March 31, 2015 and 2014, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2015 and in future fiscal years are as follows (in thousands):

Year Ending December 31,	Amount
2015	$	23,003
2016		27,026
2017		16,960
2018		13,880
2019		10,033
Thereafter		8,928
Total	$	99,830

Commodities

As of March 31, 2015 the Company had contracted for future purchases of grain, corn oil, natural gas, ethanol, distillers grains and cattle valued at approximately $282.8 million.

Legal

The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

XML

Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation [Abstract]

Stock-Based Compensation

8.  STOCK-BASED COMPENSATION

The Company has an equity incentive plan which reserves a total of 3.5million shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. Substantially all of the Company’s existing share-based compensation awards have been determined to be equity awards.

The following table summarizes exercisable stock option activity for the three months ended March 31, 2015:

	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014	339,750	$	10.82	3.1	$	4,763
Granted	-		-	-		-
Exercised	(31,000)		19.88	-		265
Forfeited	-		-	-		-
Expired	-		-	-		-
Outstanding at March 31, 2015	308,750	$	9.91	3.1	$	5,674
Exercisable at March 31, 2015 (1)	308,750	$	9.91	3.1	$	5,674

(1) Includes in-the-money options totaling 308,750shares at a weighted-average exercise price of $9.91.

The Company’s option awards allow employees to exercise options through cash payment to the Company for the shares of common stock or through a simultaneous broker-assisted cashless exercise of a share option through which the employee authorizes the exercise of an option and the immediate sale of the option shares in the open market. The Company uses newly-issued shares of common stock to satisfy its share-based payment obligations.

The following table summarizes non-vested stock award and deferred stock unit activity for the three months ended March 31, 2015:

	Non-Vested Shares and Deferred Stock Units	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2014	678,504	$	16.18
Granted	426,219		26.50
Forfeited	-		-
Vested	(310,916)		13.73
Non-Vested at March 31, 2015	793,807	$	22.68	2.5

Compensation costs expensed for share-based payment plans described above during the three months ended March 31, 2015 and 2014 were approximately $1.7 million and $3.3 million, respectively. At March 31, 2015, there were $16.1 million of unrecognized compensation costs from share-based compensation arrangements, which are related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.5years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approximate 37.4% of these expense amounts.

XML

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2015

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

6.  DERIVATIVE FINANCIAL INSTRUMENTS

At March 31, 2015, the Company’s consolidated balance sheet reflects unrealized losses, net of tax, of $4.1 million in accumulated other comprehensive income. The Company expects that all of the unrealized losses at March 31, 2015 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change.

Fair Values of Derivative Instruments

The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands):

	Asset Derivatives'						Liability Derivatives'
	Fair Value						Fair Value
	March 31,			December 31,			March 31,		December 31,
	2015			2014			2015		2014
Derivative financial instruments (1)	$	7,630	(2)	$	11,859	(3)	$	-	$	-
Other assets		-			3			-		-
Accrued and other liabilities		-			-			8,608		28,082
Total	$	7,630		$	11,862		$	8,608	$	28,082

(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.6million and $24.5million at March 31, 2015 and December 31, 2014, respectively.

(2) Balance at March 31, 2015  includes $3.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

(3)Balance at December 31, 2014 includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

Refer to Note 2 - Fair Value Disclosures, which also contains fair value information related to derivative financial instruments.

Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income

The following tables provide information about gains or losses recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the consolidated financial statements in which such gains and losses are reflected (in thousands):

Gains (Losses) on Derivative Instruments Not	Three Months Ended March 31,
Designated in a Hedging Relationship	2015		2014
Revenues	$	(4,484)	$	18,250
Cost of goods sold		(5,190)		(1,163)
Net increase (decrease) recognized in earnings before tax	$	(9,674)	$	17,087

Gains (Losses) Due to Ineffectiveness	Three Months Ended March 31,
of Cash Flow Hedges	2015		2014
Revenues	$	(31)	$	(346)
Cost of goods sold		(471)		860
Net increase (decrease) recognized in earnings before tax	$	(502)	$	514

Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss)	Three Months Ended March 31,
into Net Income	2015		2014
Revenues	$	11,849	$	(88,146)
Cost of goods sold		1,642		3,573
Net increase (decrease) recognized in earnings before tax	$	13,491	$	(84,573)

Effective Portion of Cash Flow Hedges Recognized in	Three Months Ended March 31,
Other Comprehensive Income (Loss)	2015		2014
Commodity Contracts	$	15,463	$	(223,302)

Gains (Losses) from Fair Value	Three Months Ended March 31,
Hedges of Inventory	2015		2014
Cost of goods sold (effect of change in inventory value)	$	(1,368)	$	3,146
Cost of goods sold (effect of fair value hedge)		3,083		(2,778)
Ineffectiveness recognized in earnings before tax	$	1,715	$	368

There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the three months ended March 31, 2015 and 2014.  

The following table summarizes volumes of open commodity derivative positions as of March 31, 2015 (in thousands):

March 31, 2015
	Exchange Traded		Non-Exchange Traded
Derivative Instruments	Net Long & (Short) (1)		Long (2)	(Short) (2)	Unit of Measure	Commodity
Futures	(5,205)				Bushels	Corn, Soybeans and Wheat
Futures	15,475	(3)			Bushels	Corn
Futures	(8,200)	(4)			Bushels	Corn
Futures	89,292				Gallons	Ethanol
Futures	(31,374)	(3)			Gallons	Ethanol
Futures	(2,253)				mmBTU	Natural Gas
Futures	(1,773)	(4)			mmBTU	Natural Gas
Futures	2,000				Pounds	Cattle
Futures	(9,600)	(3)			Pounds	Cattle
Futures	(68)				Pounds	Soybean Oil
Options	11,903				Bushels	Corn, Soybeans and Wheat
Options	4,039				Gallons	Ethanol
Options	(37)				Barrels	Crude Oil
Options	(58)				mmBTU	Natural Gas
Options	(4,130)				Pounds	Cattle
Forwards			23,333	(7,547)	Bushels	Corn and Soybeans
Forwards			2,217	(160,208)	Gallons	Ethanol
Forwards			109	(458)	Tons	Distillers Grains
Forwards			3,552	(44,692)	Pounds	Corn Oil
Forwards			16,113	(7,494)	mmBTU	Natural Gas

(1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

(3) Futures used for cash flow hedges.

(4) Futures used for fair value hedges.

Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $5.4 million and net losses of $1.1 million for the three months ended March 31, 2015 and 2014, respectively, on energy trading contracts.

XML

Debt

3 Months Ended

Mar. 31, 2015

Debt [Abstract]

Debt

7.  DEBT

The principal balances of the components of long-term debt are as follows (in thousands):

	March 31,		December 31,
	2015		2014
Green Plains Fairmont and Green Plains Wood River:
$62.5 million term loan	$	38,750	$	40,000
Green Plains Holdings II:
$46.8 million term loans		27,760		29,510
$20.0 million revolving term loan		9,000		6,000
Green Plains Obion:
$37.4 million revolving term loan		27,400		27,400
Economic development grant		1,133		1,156
Green Plains Processing:
$225.0 million term loan		213,213		213,775
Green Plains Superior:
$15.6 million revolving term loan		14,425		15,025
Corporate:
$120.0 million convertible notes		101,947		100,845
Other		27,215		29,194
Total long-term debt		460,843		462,905
Less: current portion of long-term debt		(62,220)		(63,465)
Long-term debt	$	398,623	$	399,440

Short-term notes payable and other borrowings at March 31, 2015 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $87.9 million, $93.0 million and $58.4 million, respectively. Short-term notes payable and other borrowings at December 31, 2014 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $77.0 million, $37.0 million and $95.9 million, respectively.

Ethanol Production Segment

Term Loans

Scheduled principal payments are as follows:

•	Green Plains Fairmont and Green Plains
	Wood River	$1.3 million per quarter
•	Green Plains Holdings II	$1.8 million per quarter
•	Green Plains Processing	$0.6 million per quarter

Final maturity dates (at the latest) are as follows:

•	Green Plains Fairmont and Green Plains
	Wood River	November 27, 2015
•	Green Plains Holdings II	July 1, 2019
•	Green Plains Processing	June 30, 2020

Revolving Term Loans – The revolving term loans are generally available for advances throughout the life of the commitment. Allowable advances under the Green Plains Superior loan agreement are reduced by $0.6million each quarter commencing on October 20, 2014. Allowable advances under the Green Plains Obion loan agreement are reduced by $0.8million each quarter commencing on August 20, 2014. Interest-only payments are due each month on all revolving term loans until their final respective maturity dates.

Final maturity dates (at the latest) are as follows:

•	Green Plains Holdings II	July 1, 2019
•	Green Plains Obion	May 20, 2020
•	Green Plains Superior	October 20, 2019

Allowable dividends and other non-overhead distributions from each respective subsidiary are subject to certain additional restrictions including compliance with all loan covenants, terms and conditions, as follows:

•	Green Plains Fairmont and	Up to amounts equal to permitted tax distributions, as defined in the
	Green Plains Wood River	loan agreement
•	Green Plains Holdings II	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $20.0 million
•	Green Plains Obion	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $15.0 million
•	Green Plains Processing	Amounts may be distributed after quarterly free cash flow payment is made,
		subject to certain limitations, as defined in the loan agreement
•	Green Plains Superior	Up to 40% of net profit before tax, and unlimited after free cash flow payment
		is made

Effective February 1, 2015, the Green Plains Fairmont and Green Plains Wood River $62.5 million term loan was amended to modify various financial covenants. The descriptions and covenants above reflect the most recent amendment.

Agribusiness Segment

Green Plains Grain has a $125.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to the maximum commitment based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible cash, eligible receivables and eligible inventories, less certain miscellaneous adjustments. Advances are subject to interest charges at a rate per annum equal to the LIBOR rate plus the applicable margin or the base rate plus the applicable margin. The revolving credit facility matures on August 26, 2016. The revolving credit facility includes total revolving credit commitments of $125.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $75.0 million of new lender commitments upon agent approval. The facility also allows for additional seasonal borrowings up to $50.0 million. The total commitments outstanding under the facility cannot exceed $250.0 million. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable and other assets owned by subsidiaries within the agribusiness segment. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $18.0 million, maintenance of net worth of $26.3 million, maintenance of a fixed charge coverage ratio of 1.25 to 1.00, maintenance of an annual leverage ratio of 6.00 to 1.00 and capital expenditure limitation of $15.0 million annually. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions of up to 40% of net profit before tax, subject to certain conditions. 

Green Plains Cattle has a $100.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing for the cattle feedlot operations. The lenders will make loans up to the maximum commitment based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible receivables, eligible inventories and eligible other current assets, less certain miscellaneous adjustments. Advances are subject to interest charges at a variable rate per annum equal to the LIBOR rate for the outstanding period plus 3.00%,  2.50%, or 2.00%, depending upon availability.  The revolving credit facility matures on October 31, 2017. The revolving credit facility includes total revolving credit commitments of $100.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $50.0 million of new lender commitments upon agent approval. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $15.0 million, maintenance of net worth of $20.0 million plus 50% of prior year net income, maintenance of an annual leverage ratio of 3.50 to 1.00 and capital expenditure limitation of $3.0 million annually. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle.

Marketing and Distribution Segment

Green Plains Trade has a $150.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to $150.0 million based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible receivables and eligible inventories, less certain miscellaneous adjustments. The outstanding balance, if any, is subject to interest charges at the lender’s floating base rate plus the applicable margin or LIBOR plus the applicable margin. The revolving credit facility matures on November 26, 2019. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions with respect to tax obligations, subject to certain conditions, whereby distributions may be made in an amount up to 50% of net income if (a) undrawn availability under this facility, on a pro forma basis, is greater than $10.0 million for the preceding 30 days and (b) as of the date of the distribution, the borrower would be in compliance with the fixed charge coverage ratio on a pro forma basis. The loan agreement includes affirmative covenants and negative covenants including maintenance of a fixed charge coverage ratio of 1.15 to 1.00 and capital expenditure limitation of $1.0 million annually. At March 31, 2015, Green Plains Trade had $7.8 million presented as restricted cash on the consolidated balance sheets, the use of which was restricted for repayment towards the outstanding loan balance.

Corporate Activities

In September 2013, the Company issued $120.0 million of 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. The 3.25% Notes represent senior, unsecured obligations of the Company, with interest payable on April 1 and October 1 of each year. At the time the Company issued the 3.25% Notes, it was only permitted to settle conversions with shares of its common stock. The Company received shareholder approval at its 2014 annual meeting, held in the second quarter, to allow for flexible settlement which gives it the option to settle conversions in cash, shares of common stock, or any combination thereof. The Company intends to satisfy conversion of the 3.25% Notes with cash for the principal amount of the debt and cash or shares of common stock for any related conversion premium. The 3.25% Notes contain liability and equity components which were bifurcated and accounted for separately. The liability component of the 3.25% Notes, as of the issuance date, was calculated by estimating the fair value of a similar liability issued at an 8.21% effective interest rate, which was determined by considering the rate of return investors would require for comparable debt of the Company without conversion rights. The amount of the equity component was calculated by deducting the fair value of the liability component from the principal amount of the 3.25% Notes, resulting in the initial recognition of $24.5 million as debt discount costs recorded in additional paid-in capital. The carrying amount of the 3.25% Notes will be accreted to the principal amount over the remaining term to maturity, and the Company will record a corresponding amount of noncash interest expense. Additionally, the Company incurred debt issuance costs of $5.1 million related to the 3.25% Notes and allocated $4.0 million of debt issuance costs to the liability component of the 3.25% Notes. These costs will be amortized to noncash interest expense over the five-year term of the 3.25% Notes. Prior to April 1, 2018, the 3.25% Notes will not be convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment upon the occurrence of certain events, including the payment of a quarterly cash dividend that exceeds $0.04 per share. As a result, the conversion rate was recently adjusted to 48.1383 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approximately $20.77 per share. In addition, the Company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the Company calling the 3.25% Notes for redemption.

The Company may redeem for cash all, but not less than all, of the 3.25% Notes at any time on or after October 1, 2016 if the sale price of the Company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the 3.25% Notes, plus any accrued and unpaid interest. In addition, upon the occurrence of a fundamental change, such as a change in control, holders of the 3.25% Notes will have the right, at their option, to require the Company to repurchase their 3.25% Notes in cash at a price equal to 100% of the principal amount of the 3.25% Notes to be repurchased, plus accrued and unpaid interest. Default with respect to any loan in excess of $10.0 million constitutes an event of default under the 3.25% Notes, which could result in the 3.25% Notes being declared due and payable.

Covenant Compliance

The Company, including all of its subsidiaries, was in compliance with its debt covenants as of March 31, 2015.

Capitalized Interest

The Company had $175 thousand in capitalized interest during the three months ended March 31, 2015.

Restricted Net Assets

At March 31, 2015, there were approximately $633.4 million of net assets at the Company’s subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

XML

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

9.  EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income on an if-converted basis for the first quarter of 2014, with respect to the 3.25% Notes and the 5.75% Convertible Senior Notes due 2015, or the 5.75% Notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% Notes were retired during the first quarter of 2014. During the second quarter of 2014, the Company received shareholder approval to allow for flexible settlement in cash, shares of common stock, or a combination of cash and shares of common stock for the conversion of the 3.25% Notes. The Company intends to settle conversions in cash for the principal amount and cash or shares of the Company’s common stock for any related conversion premium. Accordingly, beginning in the second quarter of 2014, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculations of basic and diluted EPS are as follows (in thousands):

	Three Months Ended March 31,
	2015		2014
Basic EPS:
Net income (loss)	$	(3,318)	$	43,203
Weighted average shares outstanding - basic		37,803		33,153
EPS - basic	$	(0.09)	$	1.30
Diluted EPS:
Net income (loss)	$	(3,318)	$	43,203
Interest and amortization on convertible debt, net of tax effect:
5.75% Notes		-		576
3.25% Notes		-		1,379
Net income (loss) - diluted	$	(3,318)	$	45,158
Weighted average shares outstanding - basic		37,803		33,153
Effect of dilutive convertible debt:
5.75% Notes		-		4,081
3.25% Notes		-		5,756
Effect of dilutive stock-based compensation awards		-		261
Weighted average shares outstanding - diluted		37,803		43,251
EPS  - diluted	$	(0.09)	$	1.04

For the three months ended March 31, 2015, 1.1 million shares related to stock-based compensation awards and 3.25% Notes were excluded from the computation of diluted EPS as the inclusion of these shares would have been antidilutive. Also excluded from the computations of diluted EPS for the three months ended March 31, 2015 were stock-based compensation awards totaling 0.3 million shares, because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the Company’s common stock during the respective periods.

XML

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015 segment
Segment Information [Abstract]
Number of operating segments	4

XML

Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Nonvested at December 31, 2014, Non-Vested Shares and Deferred Stock Units	678,504
Nonvested at December 31, 2014, Weighted-Average Grant-Date Fair Value	$ 16.18
Granted, Non-Vested Shares and Deferred Stock Units	426,219
Granted, Weighted-Average Grant-Date Fair Value	$ 26.50
Vested, Non-Vested Shares and Deferred Stock Units	(310,916)
Vested, Weighted-Average Grant-Date Fair Value	$ 13.73
Nonvested at March 31, 2015, Non-Vested Shares and Deferred Stock Units	793,807
Nonvested at March 31, 2015, Weighted-Average Grant-Date Fair Value	$ 22.68
Nonvested at March 31, 2015, Weighted-Average Remaining Vesting Term (in years)	2 years 6 months

XML

Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2015

Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Consolidated Financial Statements

Consolidated Financial Statements

The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2014.

The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted.

Use Of Estimates In The Preparation Of Consolidated Financial Statements

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The Company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

Description Of Business

Description of Business

Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminals, collectively referred to as marketing and distribution. The Company also is a partner in a joint venture to commercialize advanced technologies for the growing and harvesting of algal biomass.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured.

For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s fuel terminal operations, which include ethanol transload services, are recognized when these services are completed.

The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss).

Sales of agricultural commodities, including cattle, are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered.

Cost Of Goods Sold

Cost of Goods Sold

Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold.

The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain and cattle inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sale contracts. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment, are recognized in earnings as a component of cost of goods sold.

Derivative Financial Instruments

Derivative Financial Instruments

To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol, cattle and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments.

The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchase or normal sale exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sale criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness segments are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value.

At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers, which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 would be permitted. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures.

Effective January 1, 2016, the Company will adopt the amended guidance in ASC Topic 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance.

XML

Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Instrument [Line Items]

Schedule Of The Components Of Long-Term Debt

	March 31,		December 31,
	2015		2014
Green Plains Fairmont and Green Plains Wood River:
$62.5 million term loan	$	38,750	$	40,000
Green Plains Holdings II:
$46.8 million term loans		27,760		29,510
$20.0 million revolving term loan		9,000		6,000
Green Plains Obion:
$37.4 million revolving term loan		27,400		27,400
Economic development grant		1,133		1,156
Green Plains Processing:
$225.0 million term loan		213,213		213,775
Green Plains Superior:
$15.6 million revolving term loan		14,425		15,025
Corporate:
$120.0 million convertible notes		101,947		100,845
Other		27,215		29,194
Total long-term debt		460,843		462,905
Less: current portion of long-term debt		(62,220)		(63,465)
Long-term debt	$	398,623	$	399,440

Schedule Of Allowable Dividends [Table text Block]

•	Green Plains Fairmont and	Up to amounts equal to permitted tax distributions, as defined in the
	Green Plains Wood River	loan agreement
•	Green Plains Holdings II	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $20.0 million
•	Green Plains Obion	Up to 40% of net profit before tax, and unlimited if working capital is greater
		than or equal to $15.0 million
•	Green Plains Processing	Amounts may be distributed after quarterly free cash flow payment is made,
		subject to certain limitations, as defined in the loan agreement
•	Green Plains Superior	Up to 40% of net profit before tax, and unlimited after free cash flow payment
		is made

Term Loan [Member]

Debt Instrument [Line Items]

Schedule Of Principal Payments Of Long-Term Debt

•	Green Plains Fairmont and Green Plains
	Wood River	$1.3 million per quarter
•	Green Plains Holdings II	$1.8 million per quarter
•	Green Plains Processing	$0.6 million per quarter

Schedule Of Maturities Of Long-Term Debt

•	Green Plains Fairmont and Green Plains
	Wood River	November 27, 2015
•	Green Plains Holdings II	July 1, 2019
•	Green Plains Processing	June 30, 2020

Revolving Term Loans [Member]

Debt Instrument [Line Items]

Schedule Of Maturities Of Long-Term Debt

•	Green Plains Holdings II	July 1, 2019
•	Green Plains Obion	May 20, 2020
•	Green Plains Superior	October 20, 2019

XML

Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-Based Compensation [Abstract]
Share-based compensation arrangement by share-based payment award, number of shares authorized	3.5
Compensation costs expensed	$ 1.7	$ 3.3
Unrecognized compensation costs	$ 16.1
Compensation expected to be recognized, weighted-average period in years	2 years 6 months
Potential tax benefit, percentage	37.40%

XML

Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 7,630,000		$ 11,862,000
Liability Derivatives, Fair Value	8,608,000		28,082,000
Margin deposit asset	28,600,000		24,500,000
Net unrealized losses on cash flow hedges	3,500,000		600,000
Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	7,630,000	[1],[2]	11,859,000	[1],[3]
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value			3,000
Liability Derivatives, Fair Value
Accrued And Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 8,608,000		$ 28,082,000

[1] Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.6 million and $24.5 million at March 31, 2015 and December 31, 2014, respectively.

[2] Balance at March 31, 2015 includes $3.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

[3] Balance at December 31, 2014 includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

XML

Consolidated Statements Of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ (3,318)	$ 43,203
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $(5,708), and $86,015, respectively	9,755	(137,287)
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $4,980 and $(32,577), respectively	(8,511)	51,996
Total other comprehensive income (loss), net of tax	1,244	(85,291)
Comprehensive loss	$ (2,074)	$ (42,088)

XML

Segment Information

3 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Segment Information

3.  SEGMENT INFORMATION

Company management reviews financial and operating performance in the following four separate operating segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of fuel terminals, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities.

During the normal course of business, the Company enters into transactions between segments. Examples of these intersegment transactions include, but are not limited to, the ethanol production segment selling ethanol to the marketing and distribution segment and the agribusiness segment selling grain to the ethanol production segment. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. However, revenues and corresponding costs are eliminated in consolidation and do not impact the Company’s consolidated results.

The following tables set forth certain financial data for the Company’s operating segments (in thousands):

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol production:
Revenues from external customers (1)	$	64,094	$	(27,431)
Intersegment revenues		352,859		565,803
Total segment revenues		416,953		538,372
Corn oil production:
Revenues from external customers (1)		(13)		7
Intersegment revenues		16,809		16,384
Total segment revenues		16,796		16,391
Agribusiness:
Revenues from external customers (1)		58,334		18,241
Intersegment revenues		262,783		304,238
Total segment revenues		321,117		322,479
Marketing and distribution:
Revenues from external customers (1)		615,973		743,072
Intersegment revenues		39,375		33,465
Total segment revenues		655,348		776,537
Revenues including intersegment activity		1,410,214		1,653,779
Intersegment eliminations		(671,826)		(919,890)
Revenues as reported	$	738,388	$	733,889

(1) Revenues from external customers include realized gains and losses from derivative financial instruments.

	Three Months Ended March 31,
	2015		2014
Gross profit (loss):
Ethanol production	$	(6,820)	$	71,688
Corn oil production		10,385		7,815
Agribusiness		5,212		2,976
Marketing and distribution		12,154		40,716
Intersegment eliminations		4,624		(22,446)
	$	25,555	$	100,749
Operating income (loss):
Ethanol production	$	(13,143)	$	66,226
Corn oil production		10,211		7,708
Agribusiness		3,210		935
Marketing and distribution		5,608		32,494
Intersegment eliminations		4,684		(22,386)
Corporate activities		(6,466)		(6,634)
	$	4,104	$	78,343

The following table sets forth revenues by product line (in thousands):

	Three Months Ended March 31,
	2015		2014
Revenues:
Ethanol	$	444,301	$	530,039
Distillers grains		109,388		136,992
Corn oil		19,081		17,132
Grain		99,086		29,201
Cattle		45,191		-
Other		21,341		20,525
	$	738,388	$	733,889

The following table sets forth total assets by operating segment (in thousands):

	March 31,		December 31,
	2015		2014
Total assets:
Ethanol production	$	898,762	$	983,289
Corn oil production		32,975		31,405
Agribusiness		283,301		234,626
Marketing and distribution		234,055		305,675
Corporate assets		312,984		290,123
Intersegment eliminations		(11,422)		(16,561)
	$	1,750,655	$	1,828,557

XML

Commitments And Contingencies (Future Minimum Lease Payments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments And Contingencies [Abstract]
2015	$ 23,003
2016	27,026
2017	16,960
2018	13,880
2019	10,033
Thereafter	8,928
Total	$ 99,830

XML

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation [Abstract]

Schedule Of Stock Option Activity

	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014	339,750	$	10.82	3.1	$	4,763
Granted	-		-	-		-
Exercised	(31,000)		19.88	-		265
Forfeited	-		-	-		-
Expired	-		-	-		-
Outstanding at March 31, 2015	308,750	$	9.91	3.1	$	5,674
Exercisable at March 31, 2015 (1)	308,750	$	9.91	3.1	$	5,674

(1) Includes in-the-money options totaling 308,750shares at a weighted-average exercise price of $9.91.

Schedule Of Non-Vested Stock Award And DSU Activity

	Non-Vested Shares and Deferred Stock Units	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2014	678,504	$	16.18
Granted	426,219		26.50
Forfeited	-		-
Vested	(310,916)		13.73
Non-Vested at March 31, 2015	793,807	$	22.68	2.5

XML

Inventories (Schedule Of Inventories) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventories [Abstract]
Finished goods	$ 53,137	$ 34,639
Grain held for sale	17,431	23,027
Raw materials	67,459	78,095
Work-in-process	110,257	100,221
Supplies and parts	20,843	18,985
Inventories	$ 269,127	$ 254,967

XML

Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

13. RELATED PARTY TRANSACTIONS

Commercial Contracts

Three subsidiaries of the Company have executed separate financing agreements for equipment with AXIS Capital Inc. Gordon F. Glade, President and Chief Executive Officer of AXIS Capital, is a member of the Company’s Board of Directors. In March 2014, a subsidiary of the Company entered into $1.4 million of new equipment financing agreements with AXIS Capital with monthly payments beginning in April 2014. Totals of $1.2 million were included in debt at March 31, 2015 and December 31, 2014, under these financing arrangements. Payments, including principal and interest, totaled $69 thousand and $37 thousand during the three months ended March 31, 2015 and 2014, respectively. The weighted average interest rate for all financing agreements with AXIS Capital was 6.8%.

Aircraft Lease

Effective January 1, 2015, the Company entered into two agreements with an entity controlled by Wayne B. Hoovestol for the lease of two aircrafts. Mr. Hoovestol is Chairman of the Company’s Board of Directors. In total, the Company agreed to pay $9,766 per month for combined use of up to 125 hours per year of the aircrafts. Any flight time in excess of 125 hours per year will incur additional hourly-based charges. These agreements replaced prior agreements with entities controlled by Mr. Hoovestol for the lease of two aircrafts for $15,834 per month for use of up to 125 hours per year, with any flight time in excess of 125 hours resulting in additional hourly-based charges. During the three months ended March 31, 2015 and 2014, payments related to these leases totaled $57 thousand and $30 thousand, respectively. The Company had approximately $6 thousand and $2 thousand in outstanding payables related to these agreements at March 31, 2015 and December 31, 2014.