Redeemable Noncontrolling Interest

9 Months Ended

Sep. 30, 2015

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest: The condensed consolidated financial statements include the results of GLP Asphalt, LLC ("GLP"), an importer and distributor of liquid asphalt. The Company has a 70 percent ownership interest in GLP that was acquired in connection with the acquisition of Grace Pacific LLC on October 1, 2013. During the quarter ended September 30, 2015, the Company reclassified the noncontrolling interest of GLP to mezzanine equity in the accompanying balance sheet, as it is redeemable at the option of the holder. The impact of the redemption feature on prior periods was not material. The redeemable noncontrolling interest of GLP is recorded at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest's share of net income or loss and distributions (the "carrying amount") or (ii) the redemption value, which is derived from a specified formula. As of September 30, 2015, due to an increase in earnings at GLP, the redemption value exceeded the carrying amount by $1.3 million and was reflected in the computation of earnings per share.