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Pacific Ethanol, Inc. – ‘10-Q’ for 9/30/15 – ‘EX-101.INS’

On:  Friday, 11/6/15, at 4:46pm ET   ·   For:  9/30/15   ·   Accession #:  1019687-15-3940   ·   File #:  0-21467

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/06/15  Pacific Ethanol, Inc.             10-Q        9/30/15   61:3.8M                                   Publicease Inc/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    460K 
 2: EX-3.1      Certificate of Incorporation                        HTML     34K 
 3: EX-3.2      Certificate of Designations                         HTML     90K 
 4: EX-3.3      Certificate of Designations                         HTML     83K 
 5: EX-3.4      Certificate of Amendment                            HTML     19K 
 6: EX-3.5      Certificate of Amendment                            HTML     21K 
 7: EX-3.6      Certificate of Amendment                            HTML     21K 
 8: EX-3.7      Certificate of Amendment                            HTML     58K 
 9: EX-31.1     Certification -- §302 - SOA'02                      HTML     22K 
10: EX-31.2     Certification -- §302 - SOA'02                      HTML     22K 
11: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
41: R1          Document and Entity Information                     HTML     43K 
31: R2          Consolidated Balance Sheets                         HTML    129K 
39: R3          Consolidated Balance Sheets (Parenthetical)         HTML     52K 
43: R4          Consolidated Statements of Operations               HTML     81K 
56: R5          Consolidated Statements of Cash Flows               HTML    180K 
32: R6          1. Organization and Basis of Presentation           HTML     39K 
38: R7          2. Pacific Ethanol West Plants                      HTML     24K 
28: R8          3. Acquisition of Aventine                          HTML     47K 
23: R9          4. Inventories                                      HTML     26K 
57: R10         5. Derivatives                                      HTML     61K 
45: R11         6. Debt                                             HTML     37K 
44: R12         7. Pension and Retirement Benefit Plans             HTML     24K 
49: R13         8. Common Stock and Warrants                        HTML     28K 
50: R14         9. Commitments and Contingencies                    HTML     37K 
48: R15         10. Fair Value Measurements                         HTML     88K 
51: R16         11. Earnings Per Share                              HTML     53K 
40: R17         1. Organization and Basis of Presentation           HTML     55K 
                (Policies)                                                       
42: R18         3. Acquisition of Aventine (Tables)                 HTML     40K 
47: R19         4. Inventories (Tables)                             HTML     25K 
61: R20         5. Derivatives (Tables)                             HTML     52K 
53: R21         6. Debt (Tables)                                    HTML     29K 
35: R22         10. Fair Value Measurements (Tables)                HTML     85K 
46: R23         11. Earnings Per Share (Tables)                     HTML     51K 
37: R24         1. Organization and Basis of Presentation (Details  HTML     38K 
                Narrative)                                                       
21: R25         2. Pacific Ethanol West Plants (Details Narrative)  HTML     30K 
54: R26         3. Acquisition of Aventine (Details - Purchase      HTML     70K 
                allocation)                                                      
58: R27         3. Acquisition of Aventine (Details - Pro forma)    HTML     30K 
25: R28         3. Acquisition of Aventine (Details Narrative)      HTML     52K 
24: R29         4. Inventories (Details)                            HTML     30K 
26: R30         5. Derivatives (Details - derivatives)              HTML     23K 
27: R31         5. Derivatives (Details - Recognized gains          HTML     27K 
                (Losses))                                                        
29: R32         6. Debt (Details - Long term borrowings)            HTML     36K 
20: R33         6. Debt (Details Narrative)                         HTML     51K 
52: R34         7. Pension and Retirement Benefits (Details         HTML     36K 
                Narrative)                                                       
34: R35         8. Common Stock and Warrants (Details Narrative)    HTML     54K 
36: R36         9. Commitments and Contingencies (Details           HTML     31K 
                Narrative)                                                       
22: R37         10. Fair Value Measurements (Details-Significant    HTML     45K 
                Assumptions and Fair Value)                                      
60: R38         10. Fair Value Measurements (Details-Fair value     HTML     45K 
                measurements)                                                    
18: R39         10. Fair Value Measurements (Details-Level 3)       HTML     31K 
30: R40         11. Earnings Per Share (Details)                    HTML     50K 
55: R41         11. Earnings Per Share (Details Narrative)          HTML     21K 
59: XML         IDEA XML File -- Filing Summary                      XML     95K 
19: EXCEL       IDEA Workbook of Financial Reports                  XLSX     54K 
12: EX-101.INS  XBRL Instance -- peix-20150930                       XML    901K 
14: EX-101.CAL  XBRL Calculations -- peix-20150930_cal               XML    162K 
15: EX-101.DEF  XBRL Definitions -- peix-20150930_def                XML    358K 
16: EX-101.LAB  XBRL Labels -- peix-20150930_lab                     XML    670K 
17: EX-101.PRE  XBRL Presentations -- peix-20150930_pre              XML    538K 
13: EX-101.SCH  XBRL Schema -- peix-20150930                         XSD     95K 
33: ZIP         XBRL Zipped Folder -- 0001019687-15-003940-xbrl      Zip     89K

‘EX-101.INS’   —   XBRL Instance — peix-20150930

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<peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2014-01-01to2014-12-31_custom_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF"> 0.328 </peix:FairValueAssumptionsMarketabilityDiscount>
<peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2014-01-01to2014-12-31_custom_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF"> 0.287 </peix:FairValueAssumptionsMarketabilityDiscount>
<peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2014-01-01to2014-12-31_custom_WarrantIssued20120926Member" unitRef="Percent" decimals="INF"> 0.370 </peix:FairValueAssumptionsMarketabilityDiscount>
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<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2015-09-30_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Shares" decimals="INF"> 211000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2015-09-30_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Shares" decimals="INF"> 138000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2014-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Shares" decimals="INF"> 211000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2014-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Shares" decimals="INF"> 138000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2014-12-31_custom_WarrantIssued20120926Member" unitRef="Shares" decimals="INF"> 473000 </us-gaap:ClassOfWarrantOrRightOutstanding>
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<us-gaap:WarrantsAndRightsOutstanding contextRef="AsOf2015-09-30" unitRef="USD" decimals="-3"> 501000 </us-gaap:WarrantsAndRightsOutstanding>
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<us-gaap:SalesRevenueNet contextRef="From2015-07-01to2015-09-30" unitRef="USD" decimals="-3"> 380622000 </us-gaap:SalesRevenueNet>
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<us-gaap:ProceedsFromWarrantExercises contextRef="From2014-01-01to2014-09-30" unitRef="USD" decimals="-3"> 42656000 </us-gaap:ProceedsFromWarrantExercises>
<us-gaap:ProceedsFromWarrantExercises contextRef="From2015-07-01to2015-09-30" unitRef="USD" decimals="-3"> 0 </us-gaap:ProceedsFromWarrantExercises>
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<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="AsOf2015-09-30" unitRef="USD" decimals="0"> 21700 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
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<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2014-01-01to2014-09-30" unitRef="Percent" decimals="INF"> .514 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2015-07-01to2015-09-30" unitRef="Percent" decimals="INF"> .211 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2014-07-01to2014-09-30" unitRef="Percent" decimals="INF"> .400 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
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<us-gaap:MinorityInterest contextRef="AsOf2014-12-31_custom_PEOpCoMember" unitRef="USD" decimals="-3"> 4475000 </us-gaap:MinorityInterest>
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<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="AsOf2015-09-30_custom_AventineMember" unitRef="USD" decimals="-3"> 18756000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
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<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables contextRef="AsOf2015-09-30_custom_AventineMember" unitRef="USD" decimals="-3"> 10430000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables>
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<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialLiabilities contextRef="AsOf2015-09-30_custom_AventineMember" unitRef="USD" decimals="-3"> 13721000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialLiabilities>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt contextRef="AsOf2015-09-30" unitRef="USD" decimals="-3"> 142744000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt>
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<us-gaap:BusinessAcquisitionProFormaEarningsPerShareDiluted contextRef="From2014-07-01to2014-09-30_custom_AventineMember" unitRef="USDPShares" decimals="INF"> 0.00 </us-gaap:BusinessAcquisitionProFormaEarningsPerShareDiluted>
<us-gaap:BusinessAcquisitionProFormaEarningsPerShareDiluted contextRef="From2014-01-01to2014-09-30_custom_AventineMember" unitRef="USDPShares" decimals="INF"> .11 </us-gaap:BusinessAcquisitionProFormaEarningsPerShareDiluted>
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<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2015-07-01to2015-09-30_custom_AventineMember" unitRef="Shares" decimals="INF"> 41861000 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>
<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2014-07-01to2014-09-30_custom_AventineMember" unitRef="Shares" decimals="INF"> 42062000 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>
<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2014-01-01to2014-09-30_custom_AventineMember" unitRef="Shares" decimals="INF"> 39828000 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>
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<us-gaap:LongTermDebt contextRef="AsOf2015-09-30" unitRef="USD" decimals="-3"> 209759000 </us-gaap:LongTermDebt>
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<us-gaap:IncomeTaxesPaidNet contextRef="From2014-01-01to2014-09-30" unitRef="USD" decimals="-3"> 10470000 </us-gaap:IncomeTaxesPaidNet>
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<us-gaap:DebtCurrent contextRef="AsOf2015-09-30" unitRef="USD" decimals="-3"> 17003000 </us-gaap:DebtCurrent>
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<us-gaap:CommonStockValue contextRef="AsOf2014-12-31_us-gaap_NonvotingCommonStockMember" unitRef="USD" decimals="-3"> 0 </us-gaap:CommonStockValue>
<us-gaap:CommonStockValue contextRef="AsOf2015-09-30_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 39000 </us-gaap:CommonStockValue>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization and Business</u></i> – The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware corporation (“Pacific Ethanol”), and its direct and indirect subsidiaries (collectively, the “Company”), including its wholly-owned subsidiaries, Kinergy Marketing LLC, an Oregon limited liability company (“Kinergy”), Pacific Ag. Products, LLC, a California limited liability company (“PAP”) and PE Op Co., a Delaware corporation (“PE Op Co.”). The Company’s acquisition of Aventine Renewable Energy Holdings, Inc. (now, Pacific Ethanol Central, LLC, a Delaware limited liability company, “Aventine”) was consummated on July 1, 2015, and as a result, the Company’s consolidated financial statements include the results of Aventine only as of and for the three months ended September 30, 2015 and the same three month period within the nine months ended September 30, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company’s four ethanol plants in the Western United States (together with their respective holding companies, the “Pacific Ethanol West Plants”) are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. These plants produce among the lowest-carbon ethanol produced in the United States due to low energy use in production.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">With the addition of four Midwestern ethanol plants in July 2015 as a result of the Company’s acquisition of Aventine, the Company now has a combined ethanol production capacity of 515 million gallons per year, markets, on an annualized basis, over 800 million gallons of ethanol and produces, on an annualized basis, over 1 million tons of co-products such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, distillers yeast and CO<sub>2</sub>. The Company’s four ethanol plants in the Midwest (together with their respective holding companies, the “Pacific Ethanol Central Plants”) are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets; and the Company’s ability to load unit trains from these facilities in the Midwest allows for greater access to international markets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i> – Trade accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies, sells co-products to dairy operators, animal feed distributors and poultry and biodiesel customers generally without requiring collateral.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Of the accounts receivable balance, approximately $35,541,000 and $28,475,000 at September 30, 2015 and December 31, 2014, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $21,700 and $6,000 as of September 30, 2015 and December 31, 2014, respectively. The Company recorded bad debt recoveries of $360,000 and $357,000 for the three and nine months ended September 30, 2015, respectively, and bad debt recoveries of $6,000 and $40,000 for the three and nine months ended September 30, 2014, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Employment-related Benefits</u></i> – Employment-related benefits associated with pensions and postretirement health care are expensed based on actuarial analysis. The recognition of expense is affected by estimates made by management, such as discount rates used to value certain liabilities, investment rates of return on plan assets, increases in future wage amounts and future health care costs. Discount rates are determined based on a spot yield curve that includes bonds with maturities that match expected benefit payments under the plan.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Provision for Income Taxes</u></i> – For the three and nine months ended September 30, 2015, the Company recognized a tax benefit for losses incurred to the extent they are able to be carried back to prior taxable years, however, losses from the Pacific Ethanol Central Plants are not eligible to be carried back to prior taxable years and as such, were not recognized as an income tax benefit. In addition, for the three and nine months ended September 30, 2015, the Company recognized $1.5 million in tax benefit related to adjustments to its tax asset valuation allowance from a prior period. This adjustment is considered to be immaterial. For the three and nine months ended September 30, 2014, expenses related to warrant fair value adjustments are not tax deductible and as such, those expenses were excluded from a tax benefit, resulting in a higher effective tax rate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The resulting effective tax rates for the three months ended September 30, 2015 and 2014 were 21.1% and 40.0% of pre-tax income, respectively. The resulting effective tax rates for the nine months ended September 30, 2015 and 2014 were 25.2% and 51.4% of pre-tax income, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i> </i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Recent Accounting Pronouncements</u></i> – In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of revenue. The guidance states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard was originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, but has been further deferred one year. The Company’s adoption begins with the first fiscal quarter of fiscal year 2018. The Company is currently evaluating the impact of the adoption of this accounting standard update on its consolidated results of operations and financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In April 2015, the FASB issued new guidance on presentation of debt issuance costs. Historically, entities have presented debt issuance costs as an asset. Under the new guidance, effective for fiscal years beginning after December 31, 2015, debt issuance costs will be reclassified as a deduction to the carrying amount of the related debt balance. The guidance does not change any of the Company’s other debt recognition or disclosure. The Company will adopt the guidance beginning March 31, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In July 2015, the FASB issued new guidance on simplifying the measurement of inventory. Under the new guidance, entities are required to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. This guidance is effective prospectively for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the guidance with no material impact on its results of operations or financial condition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In September 2015, the FASB issued new guidance on simplifying the accounting for measurement-period adjustments. Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance also requires acquirers to present separately on the face of the statement of operations or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for fiscal years beginning after December 31, 2015, applied prospectively. Early adoption is permitted. The Company will consider early adoption in future periods related to its current measurement period for its acquisition of Aventine.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis of Presentation</u></i><u>–<i>Interim Financial Statements</i></u><font style="font-family: Times New Roman, Times, Serif"> </font>– The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The accounting policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are required as part of determining the fair value of assets acquired and liabilities assumed from the acquisition of Aventine, warrants and conversion features, pension and postretirement benefit plan obligations, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the Company’s financial statements or tax returns. Actual results and outcomes may materially differ from management’s estimates and assumptions.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization and Business</u></i> – The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware corporation (“Pacific Ethanol”), and its direct and indirect subsidiaries (collectively, the “Company”), including its wholly-owned subsidiaries, Kinergy Marketing LLC, an Oregon limited liability company (“Kinergy”), Pacific Ag. Products, LLC, a California limited liability company (“PAP”) and PE Op Co., a Delaware corporation (“PE Op Co.”). The Company’s acquisition of Aventine Renewable Energy Holdings, Inc. (now, Pacific Ethanol Central, LLC, a Delaware limited liability company, “Aventine”) was consummated on July 1, 2015, and as a result, the Company’s consolidated financial statements include the results of Aventine only as of and for the three months ended September 30, 2015 and the same three month period within the nine months ended September 30, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company’s four ethanol plants in the Western United States (together with their respective holding companies, the “Pacific Ethanol West Plants”) are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. These plants produce among the lowest-carbon ethanol produced in the United States due to low energy use in production.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">With the addition of four Midwestern ethanol plants in July 2015 as a result of the Company’s acquisition of Aventine, the Company now has a combined ethanol production capacity of 515 million gallons per year, markets, on an annualized basis, over 800 million gallons of ethanol and produces, on an annualized basis, over 1 million tons of co-products such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, distillers yeast and CO<sub>2</sub>. The Company’s four ethanol plants in the Midwest (together with their respective holding companies, the “Pacific Ethanol Central Plants”) are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets; and the Company’s ability to load unit trains from these facilities in the Midwest allows for greater access to international markets.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i> – Trade accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies, sells co-products to dairy operators, animal feed distributors and poultry and biodiesel customers generally without requiring collateral.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Of the accounts receivable balance, approximately $35,541,000 and $28,475,000 at September 30, 2015 and December 31, 2014, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $21,700 and $6,000 as of September 30, 2015 and December 31, 2014, respectively. The Company recorded bad debt recoveries of $360,000 and $357,000 for the three and nine months ended September 30, 2015, respectively, and bad debt recoveries of $6,000 and $40,000 for the three and nine months ended September 30, 2014, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Employment-related Benefits</u></i> – Employment-related benefits associated with pensions and postretirement health care are expensed based on actuarial analysis. The recognition of expense is affected by estimates made by management, such as discount rates used to value certain liabilities, investment rates of return on plan assets, increases in future wage amounts and future health care costs. Discount rates are determined based on a spot yield curve that includes bonds with maturities that match expected benefit payments under the plan.</font></p>
</us-gaap:CompensationRelatedCostsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Provision for Income Taxes</u></i> – For the three and nine months ended September 30, 2015, the Company recognized a tax benefit for losses incurred to the extent they are able to be carried back to prior taxable years, however, losses from the Pacific Ethanol Central Plants are not eligible to be carried back to prior taxable years and as such, were not recognized as an income tax benefit. In addition, for the three and nine months ended September 30, 2015, the Company recognized $1.5 million in tax benefit related to adjustments to its tax asset valuation allowance from a prior period. This adjustment is considered to be immaterial. For the three and nine months ended September 30, 2014, expenses related to warrant fair value adjustments are not tax deductible and as such, those expenses were excluded from a tax benefit, resulting in a higher effective tax rate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The resulting effective tax rates for the three months ended September 30, 2015 and 2014 were 21.1% and 40.0% of pre-tax income, respectively. The resulting effective tax rates for the nine months ended September 30, 2015 and 2014 were 25.2% and 51.4% of pre-tax income, respectively.</font></p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Recent Accounting Pronouncements</u></i> – In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of revenue. The guidance states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard was originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, but has been further deferred one year. The Company’s adoption begins with the first fiscal quarter of fiscal year 2018. The Company is currently evaluating the impact of the adoption of this accounting standard update on its consolidated results of operations and financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In April 2015, the FASB issued new guidance on presentation of debt issuance costs. Historically, entities have presented debt issuance costs as an asset. Under the new guidance, effective for fiscal years beginning after December 31, 2015, debt issuance costs will be reclassified as a deduction to the carrying amount of the related debt balance. The guidance does not change any of the Company’s other debt recognition or disclosure. The Company will adopt the guidance beginning March 31, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In July 2015, the FASB issued new guidance on simplifying the measurement of inventory. Under the new guidance, entities are required to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. This guidance is effective prospectively for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the guidance with no material impact on its results of operations or financial condition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In September 2015, the FASB issued new guidance on simplifying the accounting for measurement-period adjustments. Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance also requires acquirers to present separately on the face of the statement of operations or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for fiscal years beginning after December 31, 2015, applied prospectively. Early adoption is permitted. The Company will consider early adoption in future periods related to its current measurement period for its acquisition of Aventine.</font></p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis of Presentation</u></i><u>–<i>Interim Financial Statements</i></u><font style="font-family: Times New Roman, Times, Serif"> </font>– The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The accounting policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are required as part of determining the fair value of assets acquired and liabilities assumed from the acquisition of Aventine, warrants and conversion features, pension and postretirement benefit plan obligations, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the Company’s financial statements or tax returns. Actual results and outcomes may materially differ from management’s estimates and assumptions.</font></p>
</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
<peix:PacificEthanolPlantsTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">As of September 30, 2015, the Company owned 100% of its four Pacific Ethanol West Plants located in the Western United States through its holding company, PE Op Co., namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC and Pacific Ethanol Magic Valley, LLC, and their holding company, Pacific Ethanol Holding Co. LLC (together with the Pacific Ethanol West Plants, the “Plant Owners”).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Prior to December 2013, PE Op Co. was consolidated as a variable interest entity because the Company, through its contractual arrangements with PE Op Co., had the power to direct the activities that most significantly impacted PE Op Co.’s economic performance. Since December 2013, as a result of owning 91% of PE Op Co., the Company continued to consolidate PE Op Co.’s financial results under the voting rights model.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">In May 2015, the Company purchased the remaining 4% ownership interest in PE Op Co. that it did not own, giving it 100% ownership of PE Op Co.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">For the prior periods in which the Company did not wholly-own PE Op Co., it adjusted its consolidated net income (loss) for the income (loss) attributed to PE Op Co.’s other owners. The remaining amount after this adjustment resulted in net income (loss) attributed to Pacific Ethanol.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Noncontrolling interest decreased from $4,475,000 at December 31, 2014 to $0 at September 30, 2015 due to the Company’s purchase of the remaining 4% ownership interest in PE Op Co. for $3,828,000, resulting in a reduction of noncontrolling interest of $4,388,000, and loss attributed to noncontrolling interest of $87,000 for the nine months ended September 30, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company’s acquisition of its ownership interest in PE Op Co. does not impact the Company’s rights or obligations under any of its contractual arrangements. Further, creditors of PE Op Co. do not have recourse to Pacific Ethanol, Inc. Since its acquisition, the Company has not provided any additional support to PE Op Co. beyond the terms of its contractual arrangements.</font></p>
</peix:PacificEthanolPlantsTextBlock>
<us-gaap:MergersAcquisitionsAndDispositionsDisclosuresTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">On December 30, 2014, the Company entered into a definitive merger agreement with Aventine, a Midwest ethanol producer, under which the Company agreed to acquire Aventine through a stock-for-stock merger. The merger agreement was amended effective March 31, 2015 to address certain conditions to closing and other matters. The acquisition closed on July 1, 2015 and the Company issued an aggregate of 17.8 million shares of common stock and non-voting common stock for 100% of the outstanding shares of common stock of Aventine. The common stock and non-voting common stock issued as consideration had an aggregate fair value of $174.6 million, based on the closing market price of the Company’s common stock on the acquisition date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company believes the Aventine acquisition will result in a number of synergies and strategic advantages. The Company believes the acquisition will spread commodity and basis price risks across diverse markets and products, assisting in its efforts to optimize margin management; improve its hedging opportunities with a greater correlation to the liquid physical and paper markets in Chicago; and increase its flexibility and alternatives in feedstock procurement for its Midwestern and Western production facilities. The acquisition also expands the Company’s marketing reach into new markets and extends its mix of co-products. The Company believes the acquisition will enable it to have deeper market insight and engagement in major ethanol and feed markets outside the Western United States, thereby improving pricing opportunities; allows the Company to establish access to markets in 48 states for ethanol sales and access many markets with ethanol and co-product sales reaching domestic and international customers; and enable it to use its more diverse mix of co-products to generate strong co-product returns. In addition, the acquisition also increases the Company’s combined annual ethanol production capacity to 515 million gallons per year and annualized ethanol marketing volume to over 800 million gallons, including Aventine’s historical volumes.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company has recognized the following allocation of the purchase price at fair values. The following fair value allocation for all assets and liabilities is provisional and incomplete as the Company is in the process of completing its valuation of the assets acquired and liabilities assumed, most significantly its valuation of property and equipment, deferred taxes and environmental remediation. The fair values of property and equipment and deferred taxes are based on the Company’s draft valuations, and represent its best estimates at the time of the filing of this report. The Company expects to conclude its valuations during the fourth quarter of 2015. The Company has included in the following allocation its estimated fair values for certain operating lease agreements and open commitments. The fair-value determination of long-term debt is based on the interest rate environment at the acquisition date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Based upon these fair value estimates, the purchase price consideration allocation is as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 63%; text-align: left"><font style="font-size: 8pt">Cash and cash equivalents</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">18,756</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Accounts receivable</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,430</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Inventory</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">29,483</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,480</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Total current assets</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">69,149</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Property and equipment</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">312,781</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Net deferred tax assets</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,021</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">750</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total assets acquired</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">392,701</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Accounts payable and accrued liabilities</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">27,233</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Long-term debt - revolvers</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">13,721</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Long-term debt - term debt</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">142,744</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Pension plan liabilities</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,518</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other non-current liabilities</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">25,913</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total liabilities assumed</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">218,129</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net assets acquired</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">174,572</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Estimated goodwill</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total purchase price</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">174,572</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The contractual amount due on the accounts receivable acquired was $10.8 million, of which $0.4 million is expected to be uncollectible. Any changes to the initial estimates of the fair value of the acquired assets and assumed liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill if the net assets acquired are less than the purchase price. If the net assets acquired exceed the purchase price, the residual amount will result in a bargain purchase gain. As discussed in Note 9, the Company recognized $3.7 million, included in other noncurrent liabilities above, as a litigation contingency related to certain legal cases for amounts that were probable and estimable as of the acquisition date. Subsequent to the acquisition date, the Company paid approximately $0.4 million of this amount.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The following table presents unaudited pro forma financial information assuming the acquisition occurred on January 1, 2014 (in thousands, except per share).</font></p> <p style="margin: 0"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net sales – pro forma</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">380,622</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">429,373</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,107,919</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,267,853</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Cost of goods sold – pro forma</font> </td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">379,302</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">400,260</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,102,278</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,137,410</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Selling, general and administrative expenses – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">7,346</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8,892</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">29,144</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">24,568</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income (loss) – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(6,182</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(117</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(34,226</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">4,400</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Diluted net income (loss) per share – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.15</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.00</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.71</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Diluted weighted-average shares – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">41,861</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">42,062</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">47,945</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">39,828</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The effects of the initial step-up of inventories and open contracts in the aggregate of $8.7 million recorded during the three months ended September 30, 2015 were excluded in the above amounts, and instead recorded for the nine months ended September 30, 2014, as if the acquisition had occurred on January 1, 2014. For the three months ended September 30, 2015, Aventine contributed $143.6 million in net revenues and $16.6 million in pre-tax loss. For the three and nine months ended September 30, 2015, the Company recorded approximately $0.1 million and $1.4 million, respectively, in costs associated with the Aventine acquisition. These costs are reflected in selling, general and administrative expenses on the Company’s consolidated statements of operations, but were excluded from the amounts above.</font></p>
</us-gaap:MergersAcquisitionsAndDispositionsDisclosuresTextBlock>
<us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock contextRef="From2015-01-01to2015-09-30">
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 63%; text-align: left"><font style="font-size: 8pt">Cash and cash equivalents</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">18,756</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Accounts receivable</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,430</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Inventory</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">29,483</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,480</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Total current assets</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">69,149</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Property and equipment</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">312,781</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Net deferred tax assets</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,021</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">750</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total assets acquired</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">392,701</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Accounts payable and accrued liabilities</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">27,233</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Long-term debt - revolvers</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">13,721</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Long-term debt - term debt</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">142,744</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Pension plan liabilities</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,518</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other non-current liabilities</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">25,913</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total liabilities assumed</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">218,129</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net assets acquired</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">174,572</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Estimated goodwill</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total purchase price</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">174,572</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock>
<us-gaap:InventoryDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Inventories consisted primarily of bulk ethanol, corn, co-products and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis. Inventory balances consisted of the following (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Finished goods</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">31,554</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">11,118</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Raw materials</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,213</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,695</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Work in progress</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,055</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,274</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,416</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,463</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">48,238</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">18,550</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2015-01-01to2015-09-30">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Finished goods</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">31,554</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">11,118</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Raw materials</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,213</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,695</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Work in progress</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,055</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,274</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,416</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,463</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">48,238</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">18,550</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The business and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices and interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity Risk</u></i><u> – <i>Cash Flow Hedges</i></u> – The Company uses derivative instruments to protect cash flows from fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions and regressing commodity futures prices against the Company’s purchase and sales prices. Ineffectiveness, which is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold. For the three and nine months ended September 30, 2015 and 2014, the Company did not designate any of its derivatives as cash flow hedges.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity Risk – Non-Designated Hedges</u></i> – The Company uses derivative instruments to lock in prices for certain amounts of corn and ethanol by entering into exchange-traded forward contracts for those commodities. These derivatives are not designated for special hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately in cost of goods sold.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The classification and amounts of the Company’s derivatives not designated as hedging instruments are as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="9" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">As of September 30, 2015</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Assets</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Liabilities</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="width: 21%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td> <td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Commodity contracts</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,012</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2,026</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,012</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">2,026</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="9" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">As of December 31, 2014</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Assets</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Liabilities</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="width: 21%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td> <td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Commodity contracts</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,586</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,149</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,586</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,149</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The classification and amounts of the Company’s recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Realized Gains</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(251</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,619</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(251</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,619</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Unrealized Gains (Losses)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(824</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">402</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(824</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">402</font></td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Realized Gains</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(101</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,070</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(101</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,070</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Unrealized Gains (Losses)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,451</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">370</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,451</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">370</font></td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
<us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The classification and amounts of the Company’s derivatives not designated as hedging instruments are as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="9" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">As of September 30, 2015</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Assets</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Liabilities</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="width: 21%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td> <td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Commodity contracts</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,012</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2,026</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,012</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">2,026</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="9" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">As of December 31, 2014</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Assets</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Liabilities</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Location</font></td> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td></tr> <tr style="vertical-align: top; text-align: left"> <td style="width: 21%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td> <td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 22%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="width: 14%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Commodity contracts</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current assets</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,586</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other current liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">1,149</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,586</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 8pt">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt">1,149</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
<us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The classification and amounts of the Company’s recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Realized Gains</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(251</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,619</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(251</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,619</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Unrealized Gains (Losses)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(824</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">402</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(824</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">402</font></td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Realized Gains</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(101</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,070</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(101</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,070</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Unrealized Gains (Losses)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Type of Instrument</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; width: 25%"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 39%; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Cost of goods sold</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,451</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">370</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,451</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">370</font></td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
</us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Long-term borrowings are summarized as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Kinergy operating line of credit</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">47,137</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">17,530</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Term debt</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">162,622</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17,003</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">209,759</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">34,533</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Less unamortized discount</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(2,590</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less short-term portion</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(17,003</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Long-term debt</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">190,166</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">34,533</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Kinergy Operating Line of Credit</u></i> – As of September 30, 2015, Kinergy had an outstanding balance of $47,137,000 and an available borrowing base under the credit facility of $4,576,000.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Effective, July 1, 2015, Kinergy amended its line of credit to:</font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Extend the term and maturity date of the credit facility from December 31, 2016 to December 31, 2020;</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Increase the maximum credit under the credit facility from $30,000,000 to $75,000,000, with an “accordion” feature to further increase the maximum credit under the credit facility to up to $100,000,000 in minimum increments of $5,000,000 each, upon Kinergy’s request, but subject to the consent of the agent and the lenders in their sole discretion.</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Increase the inventory loan limit under the credit facility from $12,500,000 to $40,000,000 and increase the letter of credit limit under the credit facility from $5,000,000 to $20,000,000;</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Reduce the applicable margin to 1.75% to 2.75% depending on the quarterly average amounts available for borrowing and reduce the unused line fee under the credit facility to an annual rate equal to 0.25% to 0.375% depending on the average daily principal balance during the immediately preceding month; and</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Delete the financial covenant concerning Kinergy’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) but retained financial covenants concerning its fixed-charge coverage ratios.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Pacific Ethanol West Plants’ Term Debt and Operating Lines of Credit</u></i> – As of September 30, 2015, the Pacific Ethanol West Plants’ term debt had an outstanding balance of $17,003,000. As of September 30, 2015, the Pacific Ethanol West Plants had no outstanding balances on their revolving credit facilities, with an aggregate of $19,473,000 of borrowing availability. The outstanding balance matures in June 2016 and has been classified as current.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">All of the term loans and revolving credit facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets, including inventories and all rights, title and interest in all tangible and intangible assets, of the Pacific Ethanol West Plants. The creditors under the term loans and revolving credit facilities for the Pacific Ethanol West Plants do not have recourse to Pacific Ethanol, Inc. or any of its other direct or indirect subsidiaries.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Pacific Ethanol Central Plants’ Term Debt </u></i>– As of September 30, 2015, the Pacific Ethanol Central Plants’ term debt had an outstanding balance of $145,619,000. On July 1, 2015, upon effectiveness of the Aventine acquisition, Aventine became a wholly-owned subsidiary of the Company and, on a consolidated basis, the combined company became obligated with respect to the Pacific Ethanol Central Plants’ term loan and revolving credit facilities. The creditors under the term loan for the Pacific Ethanol Central Plants have recourse solely against the Pacific Ethanol Central Plants and their subsidiaries but not against Pacific Ethanol, Inc. or its other direct or indirect subsidiaries. In connection with the Company’s allocation of purchase price, the debt was recorded at $142,744,000, net of a discount of $2,875,000.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The term loan facility matures on September 24, 2017. The term loan facility is secured through a first-priority lien on substantially all of the Pacific Ethanol Central Plants’ assets and contains customary financial covenants, including the requirement that Aventine maintain a cash balance of at least $2.0 million. Interest on the term loan facility accrues and may be paid in cash at a rate of 10.5% per annum or may be paid in-kind at a rate of 15.0% per annum by adding such interest to the outstanding principal balance. If the Company were to elect to pay interest in-kind, the interest would be capitalized at the end of each quarter. The Company paid interest in cash for the three months ended September 30, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">On July 1, 2015, the Company repaid in full $14.5 million, including approximately $0.7 million in termination fees, representing all amounts owed under Aventine’s revolving credit facility.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At September 30, 2015, there were approximately $320.9 million of net assets of the Company’s subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"></p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2015-01-01to2015-09-30">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Kinergy operating line of credit</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">47,137</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">17,530</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Term debt</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">162,622</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17,003</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">209,759</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">34,533</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Less unamortized discount</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(2,590</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less short-term portion</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(17,003</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Long-term debt</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">190,166</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">34,533</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:CompensationAndEmployeeBenefitPlansTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The Company, through its acquisition of Aventine, has assumed a defined benefit pension plan (the “Pension Plan”) and a health care and life insurance plan (the “Postretirement Plan”).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The Pension Plan is noncontributory, and covers unionized employees at the Company’s Pekin, Illinois facility, who fulfill minimum age and service requirements. Benefits are based on a prescribed formula based upon the employee’s years of service. The Pension Plan, part of a collective bargaining agreement, covers only Union employees hired after November 1, 2010. The Company uses a December 31 measurement date for its Pension Plan. The Company’s funding policy is to make the minimum annual contributions that are required by applicable regulations. As of September 30, 2015, the Pension Plan’s accumulated projected benefit obligation was $18.0 million, with a fair value of plan assets of $13.2 million. The underfunded amount of $4.8 million is recorded on the Company’s consolidated balance sheet in other noncurrent liabilities. For the three months ended September 30, 2015, the Pension Plan’s net periodic expense was $24,000, comprised of $169,000 in interest cost and $106,000 in service cost, partially offset by a $251,000 expected return on plan assets. The Company expects approximately $0.5 million to be paid out of the Pension Plan for the remainder of 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The Postretirement Plan provides postretirement medical benefits and life insurance to certain “grandfathered” unionized employees. Employees hired after December 31, 2000 are not eligible to participate in the Postretirement Plan. The Postretirement Plan is contributory, with contributions required at the same rate as active employees. Benefit eligibility under the plan reduces at age 65 from a defined benefit to a defined collar cap based upon years of service. As of September 30, 2015, the Postretirement Plan’s accumulated projected benefit obligation was $3.7 million and is recorded on the Company’s consolidated balance sheet in other noncurrent liabilities. The Company’s funding policy is to make the minimum annual contributions that are required by applicable regulations. For the three months ended September 30, 2015, the Postretirement Plan’s net periodic expense was $49,000, comprised of $33,000 of interest cost and $16,000 of service cost. The Company expects approximately $0.1 million to be paid out of the Postretirement Plan for the remainder of 2015.</font></p>
</us-gaap:CompensationAndEmployeeBenefitPlansTextBlock>
<us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Warrant Exercises</u></i> – There were no warrants exercised during the three months ended September 30, 2015. During the nine months ended September 30, 2015, certain holders exercised warrants and received an aggregate of 42,000 shares of the Company’s common stock upon payment of an aggregate of $368,000 in cash. During the three months ended September 30, 2015, approximately 432,000 warrants expired unexercised. As of September 30, 2015, there were warrants outstanding to purchase 349,000 shares of the Company’s common stock at an average exercise price of $7.02 per share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">During the three and nine months ended September 30, 2014, certain holders exercised warrants and received an aggregate of 3,095,000 and 5,942,000 shares of the Company’s common stock upon payment of an aggregate of $24,417,000 and $42,575,000 in cash, respectively. During the three and nine months ended September 30, 2014, the Company paid an aggregate of $1,471,000 and $2,271,000, respectively, in cash to certain warrant holders as an inducement to exercise their warrants and recorded an expense of $1,471,000 and $2,271,000, respectively. During the nine months ended September 30, 2014, certain warrant holders exercised warrants on a cashless basis and received 291,000 shares of the Company’s common stock.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Grants of Stock </u></i>– In August 2015, the Company granted an aggregate of 5,000 shares of restricted stock to certain of the Company’s eligible employees that vest in equal amounts on each of April 1, 2016, 2017 and 2018, which had a grant date fair value of $7.03 per share. In July 2015, the Company granted an aggregate of 67,000 shares of restricted stock to certain of the Company’s eligible employees that vest in equal amounts on each of April 1, 2016, 2017 and 2018, which had a grant date fair value of $9.83 per share. In June 2015, the Company granted an aggregate of approximately 41,000 shares of restricted stock to non-employee members of the Company’s Board of Directors that vest on the earlier of (i) the date of the Company’s 2016 annual meeting of stockholders, or (ii) July 1, 2016, which had a grant date fair value of $10.87 per share. In March 2015, the Company granted an aggregate of 194,000 shares of restricted stock to the Company’s executive officers and other eligible employees that vest in equal amounts on each of April 1, 2016, 2017 and 2018, which had a grant date fair value of $10.20 per share. As of September 30, 2015, there was $4.4 million of total unrecognized costs related to nonvested restricted stock. That cost is expected to be recognized over a weighted-average period of 2.5 years.</font></p>
</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Sales Commitments</u></i> – At September 30, 2015, the Company had sales contracts with its major customers to sell certain quantities of ethanol and co-products. The Company had fixed-price sales contracts to sell $6,593,000 of ethanol and indexed-price contracts to sell 176,108,000 gallons of ethanol. At September 30, 2015, the Company had fixed-price sales contracts to sell $18,778,000 of co-products and indexed-price sales contracts to sell 13,000 tons of co-products. These sales contracts are scheduled to be completed throughout 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Purchase Commitments</u></i> – At September 30, 2015, the Company had fixed-price purchase contracts with its suppliers to purchase $7,749,000 of ethanol, $10,625,000 of corn and indexed-price contracts to purchase 23,892,000 gallons of ethanol. These contracts are scheduled to be satisfied throughout the remainder of 2015. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Litigation </u>–</i> The Company is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation, business transactions, employee-related matters, and others. When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved could be material. While there can be no assurances, the Company does not expect that any of its pending legal proceedings will have a material financial impact on the Company’s operating results.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Pacific Ethanol, Inc., through a subsidiary acquired in its acquisition of Aventine, became involved in a pending lawsuit with Western Sugar Cooperative (“Western Sugar”) that pre-dated the Aventine acquisition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">On February 27, 2015, Western Sugar filed a complaint in the United States District Court for the District of Colorado (Case No. 1:15-cv-00415) naming Aventine Renewable Energy, Inc. (“ARE, Inc.”), one of Aventine’s subsidiaries, as defendant. Western Sugar amended its complaint on April 21, 2015. ARE, Inc. purchased surplus sugar through a United States Department of Agriculture program. Western Sugar was one of the entities that warehoused this sugar for ARE, Inc. The suit alleges that ARE, Inc. breached its contract with Western Sugar by failing to pay certain penalty rates for the storage of its sugar or alternatively failing to pay a premium rate for storage. Western Sugar alleges that the penalty rates apply because ARE, Inc. failed to take timely delivery or otherwise cause timely shipment of the sugar. Western Sugar claims “expectation damages” in the amount of approximately $8.6 million. ARE, Inc. filed answers to Western Sugar’s complaint and amended complaint generally denying Western Sugar’s allegations and asserting various defenses. The case is currently in its discovery phase.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company, through subsidiaries acquired in its acquisition of Aventine, became involved in various pending lawsuits with Aurora Cooperative Elevator Company (“Aurora Coop”) that pre-dated the Aventine acquisition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">On July 26, 2015, the Company settled all outstanding litigation with Aurora Coop. The Company and Aurora Coop agreed to dismiss all lawsuits with prejudice with no admission of fault or liability by the parties, and to release the alleged option held by Aurora Coop to repurchase the land upon which the Company’s 110 million gallon ethanol production facility in Aurora, Nebraska is located (the “Aurora West Facility”). In addition, the parties agreed to terminate the grain supply, marketing and various other agreements between them or their subsidiaries. Under the terms of the settlement, the Company and Aurora Coop will each bear its own costs and fees associated with the lawsuits and the settlement. The Company and Aurora Coop agreed to continue to work together to amend or replace certain real property easements currently in place to ensure continued mutual access by both parties to a system of rails, rail switches, roads, electrical improvements, and utilities already constructed near the Aurora West Facility.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">On May 24, 2013, GS CleanTech Corporation (“GS CleanTech”), filed a suit in the United States District Court for the Eastern District of California, Sacramento Division (Case No.: 2:13-CV-01042-JAM-AC), naming Pacific Ethanol, Inc. as a defendant. On August 29, 2013, the case was transferred to the United States District Court for the Southern District of Indiana and made part of the pre-existing multi-district litigation involving GS CleanTech and multiple defendants. The suit alleged infringement of a patent assigned to GS CleanTech by virtue of certain corn oil separation technology in use at one or more of the ethanol production facilities in which the Company has an interest, including Pacific Ethanol Stockton LLC (“PE Stockton”), located in Stockton, California. The complaint sought preliminary and permanent injunctions against the Company, prohibiting future infringement on the patent owned by GS CleanTech and damages in an unspecified amount adequate to compensate GS CleanTech for the alleged patent infringement, but in any event no less than a reasonable royalty for the use made of the inventions of the patent, plus attorneys’ fees. The Company answered the complaint, counterclaimed that the patent claims at issue, as well as the claims in several related patents, are invalid and unenforceable and that the Company is not infringing. Pacific Ethanol, Inc. does not itself use any corn oil separation technology and may seek a dismissal on those grounds.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">On March 17 and March 18, 2014, GS CleanTech filed suit naming as defendants two Company subsidiaries: PE Stockton and Pacific Ethanol Magic Valley, LLC (“PE Magic Valley”). The claims were similar to those filed against Pacific Ethanol, Inc. in May 2013. These two cases were transferred to the multi-district litigation division in United States District Court for the Southern District of Indiana, where the case against Pacific Ethanol, Inc. was pending. Although PE Stockton and PE Magic Valley do separate and market corn oil, Pacific Ethanol, Inc., PE Stockton and PE Magic Valley strongly disagree that either of the subsidiaries use corn oil separation technology that infringes the patent owned by GS CleanTech. In a January 16, 2015 decision, the District Court for the Southern District of Indiana ruled in favor of a stipulated motion for partial summary judgment for Pacific Ethanol, Inc., PE Stockton and PE Magic Valley finding that all of the GS Cleantech patents in the suit were invalid and, therefore, not infringed. GS Cleantech has said it will appeal this decision when the remaining claim in the suit has been decided. The only remaining claim alleges that GS Cleantech inequitably conducted itself before the United States Patent Office when obtaining the patents at issue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">A trial in the District Court for the Southern District of Indiana was conducted last month on that single issue as well as whether GS Cleantech’s behavior during prosecution of the patents renders this an exceptional case. The Company is awaiting the court’s decision. If the Defendants, including Pacific Ethanol, Inc., PE Stockton and PE Magic Valley, succeed in proving inequitable conduct, and that GS Cleantech’s behavior makes this an “exceptional case” such a finding would allow the Court to award to Pacific Ethanol, Inc., PE Stockton and PE Magic Valley the attorneys’ fees expended to date for defense in this case. It is unknown whether GS Cleantech would appeal such a ruling. The Company did not record a provision for these matters as of June 30, 2015 as Company management intends to vigorously defend these allegations and believes a material adverse ruling against Pacific Ethanol, Inc., PE Stockton and/or PE Magic Valley is not probable. The Company believes that any liability Pacific Ethanol, Inc., PE Stockton and/or PE Magic Valley may incur would not have a material adverse effect on the Company’s financial condition or its results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company has evaluated the above cases as well as other pending cases. The Company currently has recognized $3.3 million as a litigation contingency liability with respect to these cases for amounts that were probable and estimable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows:</font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level 1 – Observable inputs – unadjusted quoted prices in active markets for identical assets and liabilities;</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company recorded its warrants issued from 2010 through 2013 at fair value and designated them as Level 3 on their issuance dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Warrants </u></i>– Except for the warrants issued September 26, 2012, the Company’s warrants were valued using a Monte Carlo Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. The warrants issued September 26, 2012, due to no anti-dilution protection features, were valued using the Black-Scholes Valuation Model.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant assumptions used and related fair values for the warrants as of September 30, 2015 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk Free Interest Rate</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Market Discount</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 9%; text-align: left"><font style="font-size: 8pt">07/3/2012</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">6.09</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">50.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.64%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.76</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">25.3%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">211,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">355,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">12/13/2011</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8.43</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">46.7%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.33%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1.21</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20.0%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">138,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">146,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">501,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Significant assumptions used and related fair values for the warrants as of December 31, 2014 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk Free Interest Rate</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Market Discount</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 9%; text-align: left"><font style="font-size: 8pt">09/26/2012</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.85</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">51.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.19%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.74</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">37.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">473,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">748,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">07/3/2012</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">6.09</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">56.1%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.89%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2.51</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">32.8%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">211,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">811,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">12/13/2011</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8.43</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">54.3%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.67%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1.95</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">28.7%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">138,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">427,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,986,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The estimated fair value of the warrants is affected by the above underlying inputs. Observable inputs include the values of exercise price, stock price, term and risk-free interest rate. As separate inputs, an increase (decrease) in either the term or risk free interest rate will result in an increase (decrease) in the estimated fair value of the warrant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Unobservable inputs include volatility and market discount. An increase (decrease) in volatility will result in an increase (decrease) in the estimated warrant value and an increase (decrease) in the market discount will result in a decrease (increase) in the estimated warrant fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The volatility utilized was a blended average of the Company’s historical volatility and implied volatilities derived from a selected peer group. The implied volatility component has remained relatively constant over time given that implied volatility is a forward-looking assumption based on observable trades in public option markets. Should the Company’s historical volatility increase (decrease) on a go-forward basis, the resulting value of the warrants would increase (decrease).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The market discount, or a discount for lack of marketability, is quantified using a Black-Scholes option pricing model, with a primary model input of assumed holding period restriction. As the assumed holding period increases (decreases), the market discount increases (decreases), conversely impacting the value of the warrant fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Other Derivative Instruments</u></i> – The Company’s other derivative instruments consist of commodity positions. The fair values of the commodity positions are based on quoted prices on the commodity exchanges and are designated as Level 1 inputs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following table summarizes fair value measurements by level at September 30, 2015 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 1</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 2</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 3</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Assets:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(1)</sup></font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Assets</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Liabilities:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Warrants<sup>(2)</sup></font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(3)</sup></font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Liabilities</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,527</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-size: 8pt">__________</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(1) Included in other current assets in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(2) Included in warrant liabilities at fair value in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(3) Included in accrued liabilities in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The following table summarizes fair value measurements by level at December 31, 2014 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 1</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 2</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 3</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Assets:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(1)</sup></font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Assets</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Liabilities:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Warrants<sup>(2)</sup></font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(3)</sup></font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Liabilities</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">3,135</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-size: 8pt">__________</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(1) Included in other current assets in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(2) Included in warrant liabilities at fair value in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(3) Included in accrued liabilities in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">For fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. The changes in the Company’s fair value of its Level 3 inputs with respect to its warrants were as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 63%; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Balance, December 31, 2014</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,986</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Exercises of warrants</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(72</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Expiration of warrants</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(527</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Adjustments to fair value for the period</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(886</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Balance, September 30, 2015</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">501</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant assumptions used and related fair values for the warrants as of September 30, 2015 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk Free Interest Rate</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Market Discount</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 9%; text-align: left"><font style="font-size: 8pt">07/3/2012</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">6.09</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">50.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.64%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.76</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">25.3%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">211,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">355,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">12/13/2011</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8.43</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">46.7%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.33%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1.21</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20.0%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">138,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">146,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">501,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Significant assumptions used and related fair values for the warrants as of December 31, 2014 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk Free Interest Rate</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Market Discount</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Fair Value</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 9%; text-align: left"><font style="font-size: 8pt">09/26/2012</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.85</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">51.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.19%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.74</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">37.0%</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">473,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">748,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">07/3/2012</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">6.09</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">56.1%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.89%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2.51</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">32.8%</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">211,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">811,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">12/13/2011</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8.43</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">54.3%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.67%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1.95</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">28.7%</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">138,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">427,000</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,986,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
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<us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following table summarizes fair value measurements by level at September 30, 2015 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 1</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 2</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 3</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Assets:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(1)</sup></font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Assets</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,012</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Liabilities:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Warrants<sup>(2)</sup></font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(3)</sup></font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Liabilities</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,026</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">501</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">2,527</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-size: 8pt">__________</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(1) Included in other current assets in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(2) Included in warrant liabilities at fair value in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(3) Included in accrued liabilities in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The following table summarizes fair value measurements by level at December 31, 2014 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 1</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 2</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Level 3</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Assets:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(1)</sup></font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Assets</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,586</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-decoration: underline; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Liabilities:</font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Warrants<sup>(2)</sup></font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt"><font style="font-size: 8pt">Commodity contracts<sup>(3)</sup></font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 1pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><font style="font-size: 8pt">Total Liabilities</font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,149</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">1,986</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt; padding-top: 3pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left; padding-top: 3pt"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">3,135</font></td><td style="padding-bottom: 2.5pt; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-size: 8pt">__________</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(1) Included in other current assets in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(2) Included in warrant liabilities at fair value in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">(3) Included in accrued liabilities in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
<us-gaap:ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock contextRef="From2015-01-01to2015-09-30">
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 63%; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Balance, December 31, 2014</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,986</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Exercises of warrants</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(72</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Expiration of warrants</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(527</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Adjustments to fair value for the period</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(886</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Balance, September 30, 2015</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">501</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following tables compute basic and diluted earnings per share (in thousands, except per share data):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net loss attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(14,663</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic and diluted loss per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Loss available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(14,982</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">41,861</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.36</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,025</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">3,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">22,986</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Add: Warrants</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,321</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Diluted income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">3,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">24,307</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.15</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net loss attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(18,033</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(946</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic and diluted loss per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Loss available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(18,979</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">30,170</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.63</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,771</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(946</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">7,825</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">19,713</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.40</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Add: Warrants</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,360</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Diluted income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">7,825</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">22,073</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.35</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">There were an aggregate of 897,000 and 786,000 potentially dilutive weighted-average shares from the Company’s warrants and shares of Series B Cumulative Convertible Preferred Stock outstanding for the three and nine months ended September 30, 2015, respectively. These convertible securities were not considered in calculating diluted net income (loss) per share for the three and nine months ended September 30, 2015, as their effect would have been anti-dilutive.</font></p>
</us-gaap:EarningsPerShareTextBlock>
<us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock contextRef="From2015-01-01to2015-09-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following tables compute basic and diluted earnings per share (in thousands, except per share data):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net loss attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(14,663</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic and diluted loss per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Loss available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(14,982</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">41,861</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.36</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,025</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">3,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">22,986</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Add: Warrants</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,321</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Diluted income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">3,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">24,307</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.15</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30, 2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net loss attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(18,033</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(946</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic and diluted loss per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Loss available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(18,979</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">30,170</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.63</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30, 2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Income Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income attributed to Pacific Ethanol</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,771</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt"> </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Less: Preferred stock dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(946</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Basic income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">7,825</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">19,713</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.40</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Add: Warrants</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,360</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Diluted income per share:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Income available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">7,825</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">22,073</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.35</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="From2015-01-01to2015-09-30_us-gaap_RestrictedStockMember_custom_July2015Member" unitRef="USDPShares" decimals="INF"> 9.83 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="From2015-01-01to2015-09-30_us-gaap_RestrictedStockMember_custom_June2015Member" unitRef="USDPShares" decimals="INF"> 10.87 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="From2015-01-01to2015-09-30_us-gaap_RestrictedStockMember_custom_March2015Member" unitRef="USDPShares" decimals="INF"> 10.20 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions contextRef="AsOf2015-09-30_us-gaap_RestrictedStockMember" unitRef="USD" decimals="-3"> 4400000 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="From2015-01-01to2015-09-30_us-gaap_RestrictedStockMember"> P2Y6M </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
<us-gaap:LossContingencyAccrualAtCarryingValue contextRef="AsOf2015-09-30" unitRef="USD" decimals="-3"> 3300000 </us-gaap:LossContingencyAccrualAtCarryingValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3 contextRef="From2015-01-01to2015-09-30_FairValueInputsLevel3Member_WarrantMember" unitRef="USD" decimals="-3"> 527000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3>
<peix:EthanolProductionCapacityPerYear contextRef="From2015-01-01to2015-09-30"> 515 million gallons per year </peix:EthanolProductionCapacityPerYear>
<peix:EthanolProductionCapacityPerYear contextRef="From2015-01-01to2015-09-30_custom_AventineMember"> 515 million gallons per year </peix:EthanolProductionCapacityPerYear>
<peix:EthanolMarketCapacityPerYear contextRef="From2015-01-01to2015-09-30"> 800 million gallons annualized </peix:EthanolMarketCapacityPerYear>
<peix:EthanolMarketCapacityPerYear contextRef="From2015-01-01to2015-09-30_custom_AventineMember"> 800 million gallons annualized </peix:EthanolMarketCapacityPerYear>
<peix:OtherProductsProducedPerYear contextRef="From2015-01-01to2015-09-30"> over 1 million tons of co-products annualized </peix:OtherProductsProducedPerYear>
<us-gaap:BusinessAcquisitionProFormaInformationTextBlock contextRef="From2015-01-01to2015-09-30">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nine Months Ended September 30,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net sales – pro forma</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">380,622</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">429,373</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,107,919</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,267,853</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Cost of goods sold – pro forma</font> </td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">379,302</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">400,260</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,102,278</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,137,410</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Selling, general and administrative expenses – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">7,346</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">8,892</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">29,144</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">24,568</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Net income (loss) – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(6,182</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(117</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(34,226</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">4,400</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Diluted net income (loss) per share – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.15</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.00</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(0.71</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Diluted weighted-average shares – pro forma</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">41,861</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">42,062</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">47,945</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">39,828</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:BusinessAcquisitionProFormaInformationTextBlock>
</xbrli:xbrl>

7 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/14/24  Alto Ingredients, Inc.            10-K       12/31/23  103:10M                                    EdgarAgents LLC/FA
 3/14/23  Alto Ingredients, Inc.            10-K       12/31/22  111:9.9M                                   EdgarAgents LLC/FA
11/29/22  Alto Ingredients, Inc.            S-3                    4:290K                                   EdgarAgents LLC/FA
 3/15/22  Alto Ingredients, Inc.            10-K       12/31/21  106:9.9M                                   EdgarAgents LLC/FA
 3/26/21  Alto Ingredients, Inc.            10-K       12/31/20  107:9.1M                                   EdgarAgents LLC/FA
11/20/20  Alto Ingredients, Inc.            S-3                    3:296K                                   EdgarAgents LLC/FA
11/18/20  Alto Ingredients, Inc.            S-8        11/18/20    4:342K                                   EdgarAgents LLC/FA
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