|
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Revenue: |
|
|
|
|
| Electricity sales |
$ 64,251 |
$ 37,950 |
$ 184,175 |
$ 130,533 |
| Energy derivative settlements |
2,591 |
2,656 |
9,309 |
12,873 |
| Unrealized gain (loss) on energy derivative |
3,139 |
6,659 |
(11,143) |
(5,222) |
| Related party revenue |
868 |
202 |
2,330 |
465 |
| Other revenue |
670 |
9,790 |
1,404 |
21,157 |
| Total revenue |
71,519 |
57,257 |
186,075 |
159,806 |
| Cost of revenue: |
|
|
|
|
| Project expense |
23,835 |
14,592 |
56,609 |
42,061 |
| Depreciation and accretion |
30,015 |
21,194 |
72,476 |
61,758 |
| Total cost of revenue |
53,850 |
35,786 |
129,085 |
103,819 |
| Gross profit |
17,669 |
21,471 |
56,990 |
55,987 |
| Operating expenses: |
|
|
|
|
| General and administrative |
5,772 |
214 |
15,963 |
563 |
| Related party general and administrative |
1,492 |
3,607 |
4,155 |
8,968 |
| Total operating expenses |
7,264 |
3,821 |
20,118 |
9,531 |
| Operating income |
10,405 |
17,650 |
36,872 |
46,456 |
| Other income (expense): |
|
|
|
|
| Interest expense |
(17,999) |
(14,695) |
(48,427) |
(48,169) |
| Equity in (losses) earnings in unconsolidated investments |
(5,002) |
1,845 |
(21,238) |
5,188 |
| Interest rate derivative settlements |
(1,030) |
(1,059) |
(3,082) |
(1,059) |
| Unrealized gain (loss) on derivatives |
66 |
776 |
(6,599) |
10,909 |
| Related party income |
664 |
|
1,736 |
|
| Net (loss) gain on transactions |
(68) |
|
14,469 |
7,200 |
| Other income, net |
145 |
321 |
751 |
2,123 |
| Total other expense |
(23,224) |
(12,812) |
(62,390) |
(23,808) |
| Net (loss) income before income tax |
(12,819) |
4,838 |
(25,518) |
22,648 |
| Tax (benefit) provision |
(3,538) |
595 |
(1,505) |
(6,799) |
| Net (loss) income |
(9,281) |
4,243 |
(24,013) |
29,447 |
| Net (loss) income attributable to noncontrolling interest |
(2,073) |
3,248 |
(13,115) |
(690) |
| Net (loss) income attributable to controlling interest |
(7,208) |
995 |
(10,898) |
30,137 |
| Net loss attributable to common stockholders |
(29,688) |
|
(66,972) |
|
| Unaudited pro forma net income after tax: |
|
|
|
|
| Net income before income tax |
|
|
|
22,648 |
| Pro forma tax benefit |
|
|
|
(2,232) |
| Pro forma net income |
|
|
|
24,880 |
|
Class A Common Stock [Member]
|
|
|
|
|
| Other income (expense): |
|
|
|
|
| Cash dividends declared on Class A common shares |
(15,258) |
|
(41,395) |
|
| Weighted average number of shares: |
|
|
|
|
| Class A common stock - Basic |
40,980,989 |
|
38,342,998 |
|
| Class A common stock - Diluted |
56,860,637 |
|
54,201,701 |
|
| Earnings (loss) per share |
|
|
|
|
| Basic loss per share |
$ (0.15) |
|
$ (0.16) |
|
| Diluted loss per share |
$ (0.15) |
|
$ (0.20) |
|
| Cash dividends declared per common share |
$ 0.33 |
|
$ 0.96 |
|
|
Class B Common Stock [Member]
|
|
|
|
|
| Other income (expense): |
|
|
|
|
| Deemed dividends on Class B common shares |
$ (7,222) |
|
$ (14,679) |
|
| Weighted average number of shares: |
|
|
|
|
| Basic and diluted common stock |
15,555,000 |
|
15,555,000 |
|
| Earnings (loss) per share |
|
|
|
|
| Basic and diluted loss per share |
$ (0.06) |
|
$ (0.30) |
|
| Deemed dividends per Class B common share |
$ 0.46 |
|
$ 0.94 |
|