Income Taxes (Tables)

12 Months Ended

Aug. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of U.S. Income Tax Expense (Benefit)

U.S. Income tax expense (benefit) consists of the following:

	Year Ended August 31,
	2013			2012			2011
	(Dollars in thousands)
Current:
Federal	$	(422	)	$	(162	)	$	34
State		80			3			137
		(342	)		(159	)		171
Deferred:
Federal		1,829			4,582			9
State		(4	)		383			133
		1,825			4,965			142
Total		$1,483			$4,806			$313

Schedule of Allocable Comprehensive Tax Expense (Benefit)

	Year Ended August 31,
	2013		2012			2011
	(Dollars in thousands)
Comprehensive tax expense (benefit) allocable to:
Income before taxes	$	1,483	$	4,806		$	313
Comprehensive income (loss)		4,887		(4,924	)		3,856
	$	6,370	$	(118	)	$	4,169

Reconciliation of Statutory Federal Tax to Actual Provision (Benefit) for Taxes

A reconciliation of the statutory federal tax to the actual provision (benefit) for taxes is as follows:

	Year Ended August 31,
	2013			2012			2011
	(Dollars in thousands)
Statutory tax rate		35%			35%			35%
Statutory tax on income	$	1,921		$	(1,666	)	$	(1,682	)
State taxes, net of federal benefit		94			219			52
Non-deductible expenses related to preferred stock		-			4,547			2,687
Research credit		(189	)		(73	)		(195	)
Ethanol credit		-			-			(975	)
Foreign taxes		(183	)		(38	)		200
Stock option exercises/expirations		376			-			-
Prior year true up		(265	)		95			79
Unrecognized tax benefits		(359	)		(165	)		67
Valuation allowance		(104	)		1,787			-
Other		192			100			80
Total provision (benefit)	$	1,483		$	4,806		$	313

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows:

	August 31,
	2013			2012
	(Dollars in thousands)
Deferred tax assets:
Alternative minimum tax credit	$	3,473		$	3,354
Postretirement benefits		11,920			18,060
Provisions for accrued expenses		2,791			2,908
Stock-based compensation		2,453			2,420
Net operating loss carryforward		4,575			7,469
Tax credit carryforwards		4,373			4,152
NOL carryforward-foreign		10,853			11,010
Hedging		525			-
Other		2,092			2,025
		43,055			51,398
Less - valuation allowance		(12,537	)		(12,797	)
Total deferred tax assets		30,518			38,601
Deferred tax liabilities:
Depreciation		22,296			21,762
Hedging		-			1,004
Other		1,756			2,560
Total deferred tax liabilities		24,052			25,326
Net deferred tax assets	$	6,466		$	13,275
Recognized as:
Other current assets	$	1,479		$	167
Deferred tax asset		4,987			13,108
Total net deferred tax assets	$	6,466		$	13,275

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands):

	2013			2012
Unrecognized tax benefits at beginning of year	$	1,058		$	1,220
Additions for tax positions related to prior years		134			112
Additions for tax positions related to current year		90			62
Reductions due to lapse of applicable statute of limitations		(576	)		(336	)
Unrecognized tax benefits at end of year	$	706		$	1,058