Note 3 - Inventories

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

3.      Inventories:

Inventories consisted of the following:

	Inventory as of
(in thousands)	June 30, 2014		December 31, 2013
Unprocessed	$	234,232	$	219,401
Processed and finished		76,722		66,970
Totals	$	310,954	$	286,371

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At June 30, 2014 and December 31, 2013, approximately $44.1 million, or 14.2%, of consolidated inventory, and $43.9 million, or 15.3%, of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.

During the second quarter of 2014, $400 thousand of LIFO expense was recorded as the current projections anticipate increased pricing of inventory for the remainder of the year. In the first quarter of 2013, the Company made an out-of-period adjustment to record previously unrecognized LIFO adjustments, which resulted in an increase to after-tax income of $1.2 million. In the second quarter of 2013, the Company recorded $375 thousand of LIFO income.

If the FIFO method had been in use, inventories would have been $3.2 million lower than reported at June 30, 2014 and $3.6 million lower than reported at December 31, 2013.