Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

STOCKHOLDERS' EQUITY

Preferred Stock

We have 2,000,000 authorized and unissued shares of $0.01 par value preferred stock as of December 31, 2016 and 2015. Shares of preferred stock may be issued from time to time, by authorization of our Board of Directors and without the necessity of further action or authorization by stockholders, in one or more series and with such voting powers, designations, preferences and relative, participating, optional or other special rights and qualifications as the Board of Directors may, in its discretion, determine.

Common Stock Public Offering

In September 2016, we completed a public offering of 960,488 shares of our common stock at a public offering price per share of $62.26. The net proceeds from the sale of common stock, after deducting underwriting commissions and expenses, were approximately $57.4 million, which were added to our general funds and used primarily to repay a portion of our short-term debt under unsecured lines of credit.

Shareholders' Rights

Our Board of Directors has adopted a Rights Plan by declaring a dividend of one preferred stock purchase right (each, a "Right," and, collectively, the "Rights") for each outstanding share of our common stock held of record on September 3, 1999, as adjusted for our stock split in September of 2014, and for additional shares of common stock issued since that time. Unless exercised, the Rights trade with our common stock and are evidenced by the common stock certificate. In general, each Right will become exercisable and trade independently from our common stock upon a person or entity acquiring a beneficial ownership of 15 percent or more of our outstanding common stock.

Each Right, if it becomes exercisable, initially entitles the holder to purchase one fiftieth of a share of our Series A Participating Cumulative Preferred Stock, par value $0.01 per share, at a price of $70 per unit, subject to anti-dilution adjustments. Upon a person or entity becoming an Acquiring Person, each Right (other than the Rights held by the Acquiring Person) will become exercisable to purchase a number of shares of our common stock having a market value equal to two times the exercise price of the Right. The Rights expire on August 20, 2019 unless they are redeemed earlier by us at the redemption price of $0.01 per Right. We may redeem the Rights at any time before they become exercisable and thereafter only in limited circumstances.

Accumulated Other Comprehensive (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements, call options and natural gas futures contracts, designated as commodity contracts cash flow hedges, are the components of our accumulated comprehensive income (loss). The following table presents the changes in the balance of accumulated other comprehensive loss for the years ended December 31, 2016 and 2015. All amounts in the following table are presented net of tax.

	Defined Benefit Pension and Postretirement Plan Items			Commodity Contract Cash Flow Hedges			Total
(in thousands)
As of December 31, 2015	$	(5,580	)	$	(260	)	$	(5,840	)
Other comprehensive (loss)/income before reclassifications	(254		)	762			508
Amounts reclassified from accumulated other comprehensive loss	474			(20		)	454
Net current-period other comprehensive income	220			742			962
As of December 31, 2016	$	(5,360	)	$	482		$	(4,878	)

	Defined Benefit Pension and Postretirement Plan Items			Commodity Contracts Cash Flow Hedges			Total
(in thousands)
As of December 31, 2014	$	(5,643	)	$	(33	)	$	(5,676	)
Other comprehensive loss before reclassifications	(286		)	(350		)	(636		)
Amounts reclassified from accumulated other comprehensive loss	349			123			472
Net current-period other comprehensive income/(loss)	63			(227		)	(164		)
As of December 31, 2015	$	(5,580	)	$	(260	)	$	(5,840	)

The following table presents amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2016 and 2015. Deferred gains and losses of our commodity contracts cash flow hedges are recognized in earnings upon settlement.

	For the Year Ended December 31,
(in thousands)	2016			2015
Amortization of defined benefit pension and postretirement plan items:
Prior service cost (1)	$	77		$	68
Net gain (1)	(871		)	(650		)
Total before income taxes	(794		)	(582		)
Income tax benefit	320			233
Net of tax	$	(474	)	$	(349	)
Gains and losses on commodity contracts cash flow hedges
Propane swap agreements (2)	$	(322	)	$	(120	)
Call options (2)	—			(55		)
Natural gas futures (2)	345			(31		)
Total before income taxes	23			(206		)
Income tax impact	(3		)	83
Net of tax	$	20		$	(123	)
Total reclassifications for the period	$	(454	)	$	(472	)

⁽¹⁾ These amounts are included in the computation of net periodic benefits. See Note 16, Employee Benefit Plans, for additional details.

⁽²⁾  These amounts are included in the effects of gains and losses from derivative instruments. See Note 7, Derivative Instruments, for additional details.

Amortization of defined benefit pension and postretirement plan items is included in operations expense, and gains and losses on propane swap agreements, call options and natural gas futures contracts are included in cost of sales in the accompanying consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying consolidated statements of income.