Note 4 - Property and Equipment

9 Months Ended

Sep. 30, 2016

Property, Plant and Equipment Disclosure [Text Block]

Note 4

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset which varies from 10 to 30 years for land improvements; 5 to 50 years in the case of buildings and improvements; and from 3 to 10 years for machinery and equipment, vehicles and office furniture and equipment.

Major additions and improvements are charged to the property and equipment accounts while replacements, maintenance and repairs, which do not improve or extend the life of the respective asset, are expensed as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation is eliminated from the accounts in the year of disposal. Gains or losses resulting from disposals of property and equipment are credited or charged to operations. Interest costs are capitalized on significant construction projects.

Property and equipment at September 30, 2016 and December 31, 2015 consists of the following (in thousands):

	September 30,			December 31,
	2016			2015
Land and land improvements	$	14,038		$	13,931
Buildings and improvements		33,440			30,556
Machinery and equipment		8,940			8,865
Vehicles		445			445
Office furniture and fixtures		5,922			5,571
Construction in progress		196			1,251
		62,981			60,619
Less accumulated depreciation and amortization		(18,972	)		(17,233	)
Property and equipment, net	$	44,009		$	43,386