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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
NET SALES:        
Third-party customers $ 207,091 $ 183,045 $ 395,403 $ 375,977
Related parties 159,186 104,808 297,211 197,265
Sales Revenue - net 366,277 287,853 692,614 573,242
Cost of goods sold 316,763 266,337 600,784 517,750
Gross profit 49,514 21,516 91,830 55,492
Other operating expenses (income) - net (5,205) 4,644 (11,089) 9,109
Selling, general and administrative expenses 18,557 10,964 29,166 23,215
Operating income 36,162 5,908 73,753 23,168
Interest expense - third party (6,386) (6,357) (13,163) (12,755)
Interest income - third party 65 102 220 203
Interest income - related parties 70 111 183 220
Net gain (loss) on forward contracts (1,617) 9,294 (6,426) 7,322
Other income (expense) - net (1,132) 230 (455) 638
Income before income taxes and equity in earnings of joint ventures 27,162 9,288 54,112 18,796
Income tax expense (3,636) (4,619) (6,759) (8,900)
Income before equity in earnings of joint ventures 23,526 4,669 47,353 9,896
Equity in earnings of joint ventures 460 477 1,679 1,582
Net income 23,986 5,146 49,032 11,478
Net income allocated to common shareholders $ 22,061 $ 4,723 $ 45,066 $ 10,532
INCOME (LOSS) PER COMMON SHARE:        
Basic $ 0.24 $ 0.05 $ 0.48 $ 0.11
Diluted $ 0.24 $ 0.05 $ 0.48 $ 0.11
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic 93,105 92,672 93,036 92,611
Diluted 93,567 93,332 93,432 93,218