Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Summarized unaudited quarterly financial data for 2019 and 2018 are as follows.

	Three months ended
	March 31			June 30			September 30			December 31
	(In Thousands, Except Per Share Amounts)
2019
Net sales	$	94,152		$	121,527		$	75,495		$	73,896
Gross profit (loss) (1)	$	7,318		$	19,677		$	(9,733	)	$	(12,277	)
Net income (loss) (1) (2)	$	(11,540	)	$	6,631		$	(30,794	)	$	(27,714	)
Net loss attributable to common stockholders	$	(19,367	)	$	(1,530	)	$	(39,133	)	$	(36,411	)
Basic and dilutive loss per common share	$	(0.69	)	$	(0.05	)	$	(1.39	)	$	(1.30	)
2018
Net sales	$	100,450		$	103,199		$	79,781		$	94,730
Gross profit (loss) (1)	$	10,093		$	3,073		$	(9,742	)	$	12,411
Net loss (1) (2)	$	(5,591	)	$	(27,506	)	$	(26,084	)	$	(13,045	)
Net loss attributable to common stockholders	$	(13,603	)	$	(35,011	)	$	(33,422	)	$	(20,705	)
Basic and dilutive loss per common share	$	(0.49	)	$	(1.27	)	$	(1.22	)	$	(0.75	)

LSB Industries, Inc.

Supplementary Financial Data

Quarterly Financial Data (Unaudited)

(1) The following income (expense) items impacted gross profit (loss) and net income (loss):

	Three months ended
	March 31			June 30			September 30			December 31
	(In Thousands)
Turnaround expense: (A)
2019	$	—		$	(604	)	$	(7,232	)	$	(5,374	)
2018	$	(302	)	$	(1,412	)	$	(7,939	)	$	(115	)
Recovery from a settlement with a vendor
2018	$	—		$	—		$	—		$	4,419

(2) The following income (expense) items impacted net income (loss):

Charge associated with assets held for sale
2019	$	—		$	—		$	—		$	(9,701	)
Loss on extinguishment of debt
2018	$	—		$	—		$	(5,951	)	$	—
Severance benefits and accelerated stock-based compensation
2018	$	—		$	—		$	—		$	(5,300	)
Benefit (provision) for income taxes:
2019 (B)	$	(400	)	$	5,733		$	483		$	15,108
2018	$	922		$	(4,324	)	$	2,426		$	(764	)

(A) Turnaround expenses do not include the impact on operating results relating to lost absorption or reduced margins due to the associated plants being shut down.

(B) The deferred tax benefit for the three-month period ended December 31, 2019 is primarily due to federal and state indefinite lived carryforward benefits that can be realized through the reversal of deferred tax liabilities.