Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Outstanding Trading Contracts

As of March 31, 2013, we had the following outstanding trading contracts which we accounted for as derivatives:

At March 31, 2013	Quantity in Gallons		Estimated Market Prices		Weighted Average Contract Prices
Forward Contracts
Sale		2,522,000	$	.08275 – $.09800	$	0.9190
Purchase		2,522,000	$	0.8250 – $1.3176	$	0.8941

Estimated market prices and weighted average contract prices are in dollars per gallon.

All contracts expire by the end of the fourth quarter of 2013.

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

Fair values of the derivative contracts recorded in the condensed consolidated balance sheet as of March 31, 2013 and December 31, 2012, are as follows:

	Asset Derivatives
		Fair Value
(in thousands)	Balance Sheet Location	March 31, 2013		December 31, 2012
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy assets	$	150	$	182
Derivatives designated as fair value hedges
Call options (1)	Mark-to-market energy assets		—		28
Total asset derivatives		$	150	$	210

	Liability Derivatives
		Fair Value
(in thousands)	Balance Sheet Location	March 31, 2013		December 31, 2012
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	85	$	331
Total liability derivatives		$	85	$	331

(1) We purchased call options for the propane price cap program in May 2012. The call options expired in March 2013.

Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements

The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows:

			Amount of Gain (Loss) on Derivatives:
	Location of Gain		For the Three Months Ended March 31,
(in thousands)	(Loss) on Derivatives		2013			2012
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on forward contracts		Revenue	$	214		($	60	)
Derivatives designated as fair value hedges:
Put/Call Option		Cost of sales		(28	)		27
Total			$	186		$	(33	)

Effects of Trading Activities on Condensed Consolidated Statements of Income

The effects of trading activities on the condensed consolidated statements of income are the following:

	Location in the	Three months ended March 31,
(in thousands)	Statement of Income	2013		2012
Realized gain on forward contracts and options	Revenue	$	74	$	514
Unrealized gain (loss) on forward contracts	Revenue		214		(60	)
Total		$	288	$	454