6. Accumulated Other Comprehensive Income

The following table presents the components of comprehensive income (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Net income	$	4,554	$	5,667	$	15,454	$	15,565
Mark to market of foreign exchange hedges		(31)		92		(147)		532
Deferred income tax benefit (expense)		7		(34)		34		(195)
Comprehensive income	$	4,530	$	5,725	$	15,341	$	15,902

In November 2016, to hedge against potential losses due to changes in the Euro to U.S. Dollar exchange rates, the Company entered into foreign exchange (“FX”) hedges with Wells Fargo Bank, N.A. (“Wells Fargo”) as the counterparty to the FX hedges to fix the exchange rate for 5.5 million Euros in connection with a contractual obligation related to the St. Clair kiln project, of which FX hedges with respect to 0.7 million Euros remained outstanding at September 30, 2018. In May 2018, the Company entered into additional FX hedges with Wells Fargo to fix the exchange rate for 2.2 million Euros in connection with a contractual obligation related to the purchase and installation of equipment at Arkansas Lime Company. At September 30, 2018 and December 31, 2017, the Company had total FX hedges fixing the exchange rates for 2.9 million Euros and 2.2 million Euros, respectively. The Company will be exposed to credit losses in the event of non-performance by the counterparty to the FX hedges. The FX hedges have been effective as defined under applicable accounting rules. Therefore, changes in fair value of the FX hedges are reflected in comprehensive income. Due to changes in the U.S. Dollar, compared to the Euro, in the 2018 periods, the fair value of the hedges resulted in a net liability of $35 thousand at September 30, 2018, of which contracts expiring in less than one year comprised a current liability of $43 thousand, included in accrued expenses, and contracts expiring in one year or more comprised a long-term asset of $8 thousand, included in other assets, net. Due to changes in the U.S. Dollar, compared to the Euro, in the period from when the Company entered into the 2016 FX hedges through December 31, 2017, the fair value of the FX hedges resulted in an asset of $111 thousand at December 31, 2017, which is included in prepaid expenses and other current assets ($83 thousand) and other assets, net ($28 thousand) at December 31, 2017.