Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 12, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	SND
Entity Registrant Name	SMART SAND, INC.
Entity Central Index Key	0001529628
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		40,946,060

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 34,740	$ 46,563
Restricted cash	487	971
Accounts receivable	23,377	5,339
Unbilled receivables	1,192	404
Inventories	9,092	10,344
Prepaid expenses and other current assets	3,849	1,403
Total current assets	72,737	65,024
Inventories, long-term		3,155
Property, plant and equipment, net	172,202	104,096
Deferred financing costs, net	892	1,154
Other assets	971	23
Total assets	246,802	173,452
Current liabilities:
Accounts payable	26,123	1,663
Accrued and other expenses	7,576	2,430
Deferred revenue	0	1,615
Income taxes payable		7,058
Current portion of equipment financing obligations	572	674
Current portion of notes payable	288	282
Total current assets	34,559	13,722
Equipment financing obligations, net of current portion		572
Notes payable, net of current portion		288
Deferred tax liabilities, long-term, net	13,239	15,044
Asset retirement obligation	8,982	1,384
Total liabilities	56,780	31,010
Commitments and contingencies (Note 21)
Stockholders’ equity
Common stock, $0.001 par value, 350,000,000 shares authorized; 40,474,085 issued and 40,393,033 outstanding at December 31, 2017; 38,884,068 issued and 38,816,474 outstanding at December 31, 2016	40	39
Treasury stock, at cost, 81,052 shares and 67,594 shares at December 31, 2017 and 2016, respectively	(666)	(539)
Additional paid-in capital	159,059	132,879
Retained earnings	31,589	10,063
Total stockholders’ equity	190,022	142,442
Total liabilities and stockholders’ equity	$ 246,802	$ 173,452

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	40,474,085	38,884,068
Common stock, shares outstanding	40,393,033	38,816,474
Treasury stock, shares	81,052	67,594

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 137,212	$ 59,231	$ 47,698
Cost of goods sold	100,304	26,569	21,003
Gross profit	36,908	32,662	26,695
Operating expenses:
Salaries, benefits and payroll taxes	8,219	7,385	5,055
Depreciation and amortization	525	384	388
Selling, general and administrative	9,459	4,502	4,669
Total operating expenses	18,203	12,271	10,112
Operating income	18,705	20,391	16,583
Other income (expenses):
Preferred stock interest expense		(5,565)	(5,078)
Other interest expense, net	(450)	(2,862)	(2,748)
Other income	462	8,860	362
Total other income (expenses), net	12	433	(7,464)
Loss on extinguishment of debt		(1,051)
Income before income tax (benefit) expense	18,717	19,773	9,119
Income tax (benefit) expense	(2,809)	9,394	4,129
Net income	$ 21,526	$ 10,379	$ 4,990
Net income per common share:
Basic	$ 0.54	$ 0.43	$ 0.23
Diluted	$ 0.53	$ 0.42	$ 0.19
Weighted-average number of common shares:
Basic	40,208	24,322	22,114
Diluted	40,304	24,579	26,400

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2014	$ (1,957)	$ 22	$ (2)	$ 3,329	$ (5,306)
Beginning balance, shares at Dec. 31, 2014		22,039,380	220
Vesting of restricted stock, shares		99,880
Stock-based compensation	817			817
Restricted stock buy back	(121)		$ (121)
Restricted stock buy back, shares		(24,640)	24,640
Net income	4,990				4,990
Ending balance at Dec. 31, 2015	3,729	$ 22	$ (123)	4,146	(316)
Ending balance, shares at Dec. 31, 2015		22,114,620	24,860
Vesting of restricted stock, shares		167,090
Proceeds from equity issuance, net of transaction costs	127,302	$ 13		127,289
Proceeds from equity issuance, net of transaction costs, shares		12,577,500
Exercise of warrants	22	$ 4		18
Exercise of warrants, shares		3,999,998
Stock-based compensation	1,426			1,426
Restricted stock buy back	(416)		$ (416)
Restricted stock buy back, shares		(42,734)	42,734
Net income	10,379				10,379
Ending balance at Dec. 31, 2016	142,442	$ 39	$ (539)	132,879	10,063
Ending balance, shares at Dec. 31, 2016		38,816,474	67,594
Vesting of restricted stock, shares		90,017
Employee stock purchase plan compensation	39			39
Proceeds from equity issuance, net of transaction costs	24,169	$ 1		24,168
Proceeds from equity issuance, net of transaction costs, shares		1,500,000
Stock-based compensation	1,973			1,973
Restricted stock buy back	(127)		$ (127)
Restricted stock buy back, shares		(13,458)	13,458
Net income	21,526				21,526
Ending balance at Dec. 31, 2017	$ 190,022	$ 40	$ (666)	$ 159,059	$ 31,589
Ending balance, shares at Dec. 31, 2017		40,393,033	81,052

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement Of Stockholders Equity [Abstract]
Stock-based compensation tax benefit		$ 24
Stock-based compensation tax expense	$ 24

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income	$ 21,526	$ 10,379	$ 4,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of asset retirement obligation	7,926	6,481	5,318
(Gain) loss on disposal of assets	253	(59)	54
Loss on derivatives		5	455
Loss on extinguishment of debt		1,051
Revenue reserve			(92)
Amortization of deferred financing cost	455	159	251
Accretion of debt discount		263	519
Deferred income taxes	(1,805)	539	3,700
Stock-based compensation, net	2,012	1,426	792
Non-cash interest expense on revolving credit facility			706
Non-cash interest expense on Series A preferred stock		5,565	5,078
Changes in assets and liabilities:
Accounts Receivable	(18,038)	(3,319)	2,629
Unbilled Receivables	(788)	3,617
Inventories	4,407	(1,357)	(2,462)
Prepaid expenses and other assets	(3,394)	133	2,423
Deferred revenue	(1,615)	(5,518)	7,133
Accounts payable	9,356	761	(137)
Accrued and other expenses	2,391	(481)	(654)
Income taxes payable	(7,058)	7,058
Net cash provided by operating activities	15,628	26,703	30,703
Investing activities:
Purchases of property, plant and equipment	(51,162)	(2,519)	(29,375)
Proceeds from disposal of assets	14	49
Net cash used in investing activities	(51,148)	(2,470)	(29,375)
Financing activities:
Repayment of line of credit		(1,368)	(456)
Repayments of notes payable	(282)
Payments under equipment financing obligations	(353)	(409)	(390)
Payment of deferred financing and amendment costs	(193)	(1,178)	(415)
Proceeds from revolving credit facility		1,100	12,800
Repayment of revolving credit facility		(65,316)	(9,647)
Proceeds from equity issuance	26,251	138,371
Payment of equity transaction costs	(2,083)	(11,047)
Repayment of Series A preferred stock		(40,328)
Cash dividend on Series A preferred stock		(4)	(5)
Purchase of treasury stock	(127)	(416)	(121)
Net cash provided by financing activities	23,213	19,405	1,766
Net increase (decrease) in cash, cash equivalents and restricted cash	(12,307)	43,638	3,094
Cash and cash equivalents and restricted cash at beginning of year	47,534	3,896	802
Cash and cash equivalents and restricted cash at end of year	35,227	47,534	3,896
Supplemental disclosure of cash flow information
Cash paid for interest	251	3,369	2,270
Cash paid for taxes	7,664	933	(1,093)
Non-cash investing and financing activities:
Asset retirement obligation	7,084	(188)	(614)
Equipment purchased with debt			1,982
Leasehold improvements funded by landlord	787
Capitalized non-cash interest into property, plant and equipment		139	1,808
Capitalized expenditures in accounts payable and accrued expenses	$ 17,477	$ 48	$ 3,113

Organization and Nature of Business	12 Months Ended
Organization and Nature of Business	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Smart Sand, Inc. and its subsidiaries (collectively, the “Company”) are headquartered in The Woodlands, Texas, and was incorporated in July 2011. The Company is engaged in the excavation, processing and sale of industrial sand, or proppant, for use in hydraulic fracturing operations for the oil and gas industry. The Company completed construction of the first phase of its primary facility in Oakdale, Wisconsin and commenced operations in July 2012, subsequently expanded its operations in 2014 and 2015 and is currently expanding its operations from 3.3 million tons of annual nameplate processing capacity to 5.5 million tons of annual nameplate processing capacity. This expansion is anticipated to be completed in the second quarter of 2018. Immaterial Correction The Company discovered that an immaterial correction should be made relating to the amortization of deferred transaction costs associated with the issuance of shares of the Company’s outstanding Redeemable Series A preferred stock (the “Series A Preferred Stock”). The Company had been amortizing the deferred costs into interest expense from the date of issuance to the mandatory redemption date of the Series A Preferred Stock, which was September 13, 2016. In March 2014, the Company redeemed certain Series A Preferred Stock prior to the mandatory redemption date and wrote off a portion of the transaction costs as part of the early redemption. The Company never adjusted the quarterly amortization amount for the portion previously written off. The Company concluded the amounts were immaterial to its 2016 and 2015 interim financial statements in accordance with the guidance in U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (SAB) No. 99 “Materiality” and SAB No. 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements.” The correction resulted in a decrease in interest expense and corresponding increase in net income by $492 for the year ended December 31, 2015.

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation The accompanying consolidated financial statements (“financial statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial statements have been included. On November 9, 2016, in connection with its initial public offering (“IPO”), the Company’s Second Amended and Restated Certificate of Incorporation became effective to provide for a stock split of all issued and outstanding shares of common stock at a ratio of 2,200 for 1 (the “Stock Split”) and increased the authorized number of shares of common stock to 350,000 shares. Owners of fractional shares outstanding after the Stock Split were paid cash for such fractional interests. The effective date of the Stock Split was November 9, 2016. All common stock share amounts disclosed in this Form 10-K reflect the Stock Split.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to; the sand reserves and their impact on calculating the depletion expense under the units-of-production method; the depreciation associated with property and equipment, impairment considerations of those assets; estimated cost of future asset retirement obligations; stock-based compensation; recoverability of deferred tax assets; inventory reserve; collectability of receivables; and certain liabilities. Actual results could differ from management’s best estimates as additional information or actual results become available in the future, and those differences could be material.

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price charged is fixed or determinable, collectability is reasonably assured, and the risk of loss is transferred to the customer. The Company’s sales are generally free carrier (“FCA”), payment made at the origination point at the Company’s facility, and title passes as the product is loaded into railcars hired by the customer or provided by the Company. Certain spot-rate customers have shipping terms of FCA, payment made at the destination; the Company recognizes this revenue when the sand is received at the destination.

The Company derives its revenue by mining and processing sand that its customers purchase. Its revenues are primarily a function of the price per ton realized and the volumes sold. In some instances, its revenues also include transportation costs it charges its customers, a monthly charge to reserve sand capacity and shortfall payments due from customers for minimum volume commitments. The Company’s transportation revenue fluctuates based on a number of factors, including the volume of product it transports and the distance between its plant and customers. The Company’s reservation and shortfall revenues are based on negotiated contract terms and are recognized when rights of use are expired.

The Company sells a limited amount of its products under short term price agreements or at prevailing market rates. The majority of the Company’s revenues are realized through take-or-pay supply agreements with six customers. The expiration dates of these contracts range from 2019 through 2020. These agreements define, among other commitments, the volume of product that the Company’s customers must purchase, the volume of product that the Company must provide, and the price that the Company will charge and that its customers will pay for each ton of contracted product. Prices under these agreements are generally indexed to the Average Cushing Oklahoma WTI Spot Prices and contain provisions allowing for adjustments including: (i) annual percentage price increases; or (ii) market factor increases (or in some cases decreases), including a natural gas surcharge/reduction and a propane surcharge/reduction which are applied if the Average Natural Gas Price or the Average Quarterly Mont Belvieu TX Propane Spot Price, respectively, as listed by the U.S. Energy Information Administration, are above or below the applicable benchmark set in the contract for the preceding calendar quarter. As a result, the Company’s realized prices may not grow at rates consistent with broader industry pricing. For example, during periods of rapid price growth, its realized prices may grow more slowly than those of competitors, and during periods of price decline, its realized prices may outperform industry averages. With respect to the take-or-pay arrangements, if the customer is not allowed to make up deficiencies, the Company recognizes revenues of the minimum contracted quantity and minimum contract price, assuming payment has been received or is reasonably assured. If deficiencies can be made up, amounts billed and collected in excess of actual sales are recognized as deferred revenues until production is actually taken by the customer or the right to make up deficiencies expires. These agreements generally provide that, if the Company is unable to deliver the contracted minimum volumes, the customer has the right to purchase replacement product from alternative sources, provided that the inability to supply is not the result of an excusable delay, as defined in these agreements. In the event that the price of the replacement product exceeds the contract price and the inability to supply the contracted minimum volume is not the result of an excusable delay, the Company is responsible for the difference.

The Company also recognizes revenue on the rental of its leased railcar fleet to customers either under long-term contracts or on an as-used basis. For the years ended December 31, 2017, 2016 and 2015, the Company recognized $7,702, $5,732 and $3,543 of railcar revenue, respectively.

For the years ended December 31, 2017, 2016 and 2015, the Company recognized $1,244, $20,902 and $10,095, respectively, of revenue for shortfall payments relating to minimum commitments under take-or-pay contracts.

For the years ended December 31, 2017, 2016 and 2015, the Company recognized $30,000, $15,041 and $1,000, respectively, of monthly reservation charges required under certain customer contracts.

For the years ended December 31, 2017, 2016 and 2015, the Company recognized $48,066, $480 and $2,294, respectively, of revenue generated from transportation.

For the years ended December 31, 2017, 2016 and 2015, the Company determined that no amounts related to minimum commitments under customer contracts were due or payable to the Company.

Amounts invoiced or received from customers in advance of sand deliveries are recorded as deferred revenue.

Accounts and Unbilled Receivables

Accounts receivable represents customer transactions that have been invoiced as of the balance sheet date; unbilled receivables represent customer transactions that have not yet been invoiced as of the balance sheet date. Accounts receivable are due within 30 days, or in accordance with terms agreed upon with customers, and are stated at amounts due from customers net of any allowance for doubtful accounts. The Company considers accounts outstanding longer than the payment terms past due. The Company determines the allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history, the customer’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Accounts receivables are written off when they are deemed uncollectible, and payments subsequently received on such receivables are credited to bad debt expense. As of December 31, 2017 and 2016, the Company determined no allowance for doubtful accounts was necessary. As of December 31, 2017 and 2016, no portion of unbilled revenue represents transactions included in deferred revenue.

Deferred Revenue

The Company receives advance payments from certain customers in order to secure and procure a reliable provision and delivery of product. The Company classifies such advances as current or noncurrent liabilities depending upon the anticipated timing of delivery of the supplied product. Revenue is recognized upon the delivery of the product.

The Company may receive an advance payment from a customer, based on the terms of the customer’s long-term contract, for a certain volume of product to be delivered. Revenue is recognized as product is delivered and the deferred revenue is reduced. The deferred revenue balance at December 31, 2017 and 2016 was $0 and $1,615, respectively, and classified as a current liability in the accompanying consolidated balance sheets.

Transportation

Transportation costs are classified as cost of goods sold. Transportation costs consist of railway transportation and transload costs to deliver products to customers. Cost of sales generated from shipping was $50,313, $1,172 and $2,257 for the years ended December 31, 2017, 2016 and 2015, respectively.

Inventories

The Company’s sand inventory consists of raw material (sand that has been excavated but not processed), work-in-progress (sand that has undergone some but not all processing) and finished goods (sand that has been completely processed and is ready for sale). The spare parts inventory consists of critical spare parts.

Sand inventory is stated at the lower of cost or net realizable value using the average cost method. For the years ended December 31, 2017 and 2016, respectively, the Company had no write-down of inventory as a result of any lower of cost or market assessment. Costs applied to the inventory include direct excavation costs, processing costs, overhead allocation, depreciation and depletion. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. The Company performs physical inventory measurements at least quarterly to verify the quantity of inventory on hand. Due to variation in sand density and moisture content and production processes utilized to manufacture the Company’s products, physical inventories will not necessarily detect all variances. To mitigate this risk, the Company recognizes a yield adjustment on its inventories.

Spare parts inventory is accounted for on a first-in, first-out basis at the lower of cost or net realizable value.

Deferred Financing Charges

Direct costs incurred in connection with the revolving credit facility have been capitalized and are being amortized using the straight-line method, which approximates the effective interest method, over the life of the debt. Fees attributable to the lender and third parties of $1,372 and $1,178 are presented as components of deferred financing charges since there is no outstanding balance on the revolving credit facility as of December 31, 2017 and 2016, respectively.

Amortization expense of the deferred financing charges of $455, $159 and $251, and accretion expense of debt discount of $0, $263 and $519 are included in interest expense as of December 31, 2017, 2016 and 2015, respectively.

Financial Instruments

The carrying value of the Company’s financial instruments, consisting of cash, accounts receivable, accounts payable and accrued expenses, approximates their fair value due to the short maturity of such instruments. Financial instruments also consist of debt for which fair value approximates carrying values as the debt bears interest at a variable rate which is reflective of current rates otherwise available to the Company. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Costs related to researching, surveying, drilling, and related activities are recorded at cost and capitalized once a determination has been made that the Company’s property has proven and probable reserves. Capitalized mining costs are depleted using the units-of-production method. Construction in progress is primarily comprised of machinery and equipment which has not been placed in service and is not depreciated until the related assets or improvements are ready to be placed in service. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment, which are:


	Years
Land improvements		10
Plant and buildings		5-15
Real estate properties		10-40
Rail spur		30
Vehicles		3-5
Machinery, equipment and tooling		3-15
Furniture and fixtures		3-10
Deferred mining costs		3

Expenditures for maintenance and repairs are charged against income as incurred; betterments that increase the value or materially extend the life of the related assets are capitalized. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the consolidated income statements.

Asset Retirement Obligation

The Company estimates the future cost of dismantling, restoring and reclaiming operating excavation sites and related facilities in accordance with federal, state and local regulatory requirements and recognizes reclamation obligations when extraction occurs and records them as liabilities at estimated fair value. In addition, a corresponding increase in the carrying amount of the related asset is recorded and depreciated over such asset’s useful life or the estimated number of years of extraction. The reclamation liability is accreted to expense over the estimated productive life of the related asset and is subject to adjustments to reflect changes in value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in estimates at inactive mines or mining areas are reflected in earnings in the period an estimate is revised. If the asset retirement obligation is settled for more or less than the carrying amount of the liability, a loss or gain will be recognized, respectively.

Fair Value Measurements

The Company’s financial assets and liabilities are to be measured using inputs from the three levels of the fair value hierarchy, of which the first two are considered observable and the last unobservable, which are as follows:

•

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

•

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs corroborated by observable market data for substantially the full term of the assets or liabilities; and

•

Level 3—Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing assets or liabilities based on the best information available.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with the provisions of Accounting Standards Codification (“ASC”) - 718, “Compensation—Stock Compensation” (“ASC 718”), which requires the recognition of expense related to the fair value of stock-based compensation awards in the Statements of Operations.

For restricted stock issued to employees and members of the board of directors of the Company (the “Board”) for their services on the Board, the Company estimates the grant date fair value of each share of restricted stock at issuance. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of the award on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using the straight-line recognition method when it is probable that the performance condition will be achieved. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and ASC Topic 505, “Equity”. Prior to the Company’s initial public offering, the grant date fair value was calculated based on a weighted analysis of (i) publicly-traded companies in similar line of business to the Company (market comparable method)—Level 2 inputs, and (ii) discounted cash flows of the Company—Level 3 inputs. Once the Company’s shares became publicly traded on November 4, 2016, the Company began to use the actual market price of its shares as the grant date fair value for restricted stock awards.

Income Taxes

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. Pursuant to the Securities and Exchange Commission Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” ("SAB 118"), given the amount and complexity of the changes in tax law resulting from the Tax Reform Act, the Company has not finalized the accounting for the income tax effects of the Tax Reform Act. This includes the re-measurement of deferred taxes. The impact of the Tax Reform Act may differ from this estimate during the one-year measurement period due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the Tax Reform Act. As a result of the Tax Reform Act, the Company recorded a tax benefit of approximately $8.5 million due to a re-measurement of deferred tax assets and liabilities.

The Company applies the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”), which principally utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities.

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The impact of an uncertain income tax position on the income tax returns must be recognized at the largest amount that is more-likely-than-not to be required to be recognized upon audit by the relevant taxing authority. This standard also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting for interim periods, disclosure and transition issues with respect to tax positions. The Company includes interest and penalties as a component of income tax expense in the consolidated statement of operations. For the periods presented, no interest and penalties were incurred.

Environmental Matters

The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable, and the costs can be reasonably estimated. The Company maintains insurance which may cover, in whole or in part, certain environmental expenditures. As of December 31, 2017 and 2016, there were no material probable environmental matters.

Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income was equal to net income for all periods presented.

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer. The Company and the chief executive officer view the Company’s operations and manage its business as one operating segment. All long-lived assets of the Company reside in the United States.

Basic and Diluted Net Income Per Share of Common Stock

Basic net income per share of common stock is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the dilutive effects of Series A Preferred Stock, warrants to purchase common stock and restricted stock. Diluted net income per share of common stock is computed by dividing the net income attributable to common stockholders by the sum of the weighted-average number of shares of common stock outstanding during the period plus the potential dilutive effects of Series A Preferred Stock and warrants to purchase common stock, and restricted stock outstanding during the period calculated in accordance with the treasury stock method, although these shares, restricted stock and warrants are excluded if their effect is anti-dilutive. During the fourth quarter of 2016, the Series A Preferred Stock was fully redeemed and the warrants to purchase common stock were fully exercised. Therefore, for the year ended December 31, 2017, these items have no impact on diluted weighted-average common stock. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic net income per share to the weighted average common shares outstanding used in the calculation of diluted net income per share:

	Year Ended December 31,
	2017		2016		2015
Determination of Shares
Weighted average common shares outstanding		40,208		24,322		22,114
Assumed conversion of warrant		-		-		4,000
Assumed conversion of restricted stock		96		257		286
Diluted weighted average common stock outstanding		40,304		24,579		26,400

Reclassification

Certain 2015 financial statement items have been reclassified to conform to the current financial statement presentation. These reclassifications have no effect on previous reported net income.

Recent Accounting Pronouncements

In August 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-12 “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities”. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The guidance is effective for the Company beginning after December 15, 2018, although early adoption is permitted. The Company is currently evaluating the effects of ASU 2017-12 on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for the Company beginning after December 15, 2017, although early adoption is permitted. Although the Company is still in the process of assessing the impact of the adoption of ASU 2016-15, it does not currently anticipate a material impact on its financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (ASC 842)” (“ASU 2016-02”), which replaces the existing guidance in ASC 840, “Leases”. ASC 842 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right of use assets. The new lease standard does not substantially change lessor accounting. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In April and May 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing”, ASU 2016-11, “Revenue Recognition and Derivatives and Hedging – Recession of SEC Guidance”, ASU 2016-12, “Revenue from Contracts with Customers – Narrow-Scope Improvements and Practical Expedients”, and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers”. These ASUs each affect the guidance of the new revenue recognition standard in ASU 2014-09 and related subsequent ASUs. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is only permitted as of annual reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09.

On January 1, 2018, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers and all the related amendments” (“ASC 606”) to all contracts which were not completed or expired as of January 1, 2018 using the modified retrospective method. We will recognize the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. Results for reporting periods beginning after January 1, 2018 will be presented under ASC 606, while the comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our revenue and net income on an ongoing basis.

With the adoption of the standard, the consolidated financial statements will be supplemented by new disclosure requirements. Areas of focus and updated presentation requirements include disclosures surrounding contracts with customers, disaggregation of revenue, contract balances, performance obligations, significant judgements used in the application of the guidance and transaction price allocation to remaining performance obligations.

Revenue Recognition

Revenues are recognized when control of the promised goods or services is transferred to our customers, the amount of which reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

Sand Sales Revenue

The Company derives its revenue by mining and processing sand. Its revenues are primarily a function of the price per ton realized and the volumes sold. The Company’s sales are generally FCA, payment made at the origination point at the Company’s facility, title passes as the product is loaded into railcars hired by the customer or provided by the Company, and revenue is recognized when title transfers at the Company’s facility. Certain spot-rate customers have shipping terms of FCA; the Company recognizes this revenue when the sand is received at the destination.

Prices under these agreements are generally indexed to the Average Cushing Oklahoma WTI Spot Prices and contain provisions allowing for adjustments including: (i) annual percentage price increases; or (ii) market factor increases, including a natural gas surcharge/reduction and a propane surcharge/reduction which are applied if the Average Natural Gas Price or the Average Quarterly Mont Belvieu TX Propane Spot Price, respectively, as listed by the U.S. Energy Information Administration, are above or below the applicable benchmark set in the contract for the preceding calendar quarter.

Reservation Charges

The Company requires certain customers to pay a fixed-price monthly reservation charge based on a minimum contractual volume over the remaining life of their contract, which may be applied as a per ton credit to the sales price up to a certain contractually specified monthly volume or credited against any applicable shortfall payments.

Shortfall Payments

The Company’s shortfall revenues are based on negotiated contract terms and are recognized when rights of use are expired. The Company recognizes revenue to the extent of the unfulfilled minimum contracted quantity at the shortfall price per ton as stated in the contract once payment is received or probable.

Railcar Rental

Railcar rentals consists of revenue derived from the leasing of the Company’s railcars to customers under long-term contracts or on an as-used basis. Based on the customer contract, the Company either recognizes revenue on the leasing of railcars based on when the terms of the agreement state that the railcar is available to the customer for use, or based on a specified price per ton shipped. The Company recognizes revenue from leasing in accordance with ASC 840, as leasing revenue does not meet the criteria of ASC 606.

Transportation Revenue

Transportation revenue consists of primarily pass-through railway transportation and revenue to deliver products to customers. The Company’s transportation revenue fluctuates based on many factors, including the volume of product it transports and the distance between its plant and customers.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and deferred revenue on the consolidated balance sheet. For the Company’s sand sales, amounts are billed as sand is loaded on the railcars to fill customer orders for free carrier origination point sales or when sand is received at the destination for free carrier destination point sales and recorded as accounts receivable. For the Company’s freight revenue, amounts billed depend on the shipping terms and are recorded as receivables accordingly. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. In addition, the Company sometimes receives shortfall and reservation payments from its customers and recognizes the revenue once the rights of use are expired. Changes in the contract asset and liability balances during the year ended December 31, 2017 were not materially impacted by any other factors.

Deferred Revenues

Revenue recognized for the year ended December 31, 2017 that was included in the contract liability balance at the beginning of the year was $1,615.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in accordance with ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Generally, the Company’s contracts include a single performance obligation that is separately identifiable, and therefore, distinct. Under ASC 606, the allocation of transaction price is not necessary if only one performance obligation is identified. The Company expects to recognize approximately 42% of this remaining performance obligation as revenue throughout the remainder of 2018, and the remaining 58% by 2021.

Revenue from sand sales are recognized at a point in time, either upon shipment or upon delivery, and accounted for 37% of the Company’s revenue for the year ended December 31, 2017. Revenue from reservation charges and shortfall revenues are recognized at a point in time, when the right of use expires, and accounted for 22% and 1% of revenue for the year ended December 31, 2017, respectively. Revenue from railcar rental and transportation is recognized at a point in time, upon shipment, and accounted for 5% and 35% of revenue for the year ended December 31, 2017, respectively.

Significant Judgments

Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue, costs and satisfaction of performance obligation. The Company satisfies its performance obligation and subsequently recognizes revenue, at a point in time, upon shipment of the products as the customer obtains control over the goods once the sand is loaded into the railcars or sand is delivered to the customer’s destination. In the case of frac sand being delivered to customers, the transaction price is variable in nature and is directly tied to the Average Cushing Oklahoma WTI Spot Prices per barrel. There were no changes to the significant judgments used by the Company to determine the timing of satisfaction of the performance obligation under ASC 606.

Costs to Obtain or Fulfill Contract

The Company’s incremental cost to fulfill or obtain contracts with customers primarily consist of commissions and legal costs. Under take-or-pay contracts, the Company provides sales team members with commissions at set per ton prices. These commissions are paid on a monthly basis, when and if the sand is taken by the customer. Because sales associates receive commissions when orders are fulfilled, the Company did not record any assets for commissions at December 31, 2017. The Company also incurs legal costs relating to the drafting and negotiating of a contract with select customers. Because these costs do not directly relate to the future ability to perform the contract, there were no legal costs capitalized as of December 31, 2017. The Company did not record amortization of costs incurred to obtain the contract or any impairment losses for the period ending December 31, 2017.

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
Cash, Cash Equivalents and Restricted Cash	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	4. Cash, Cash Equivalents and Restricted Cash Cash and Cash Equivalents Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits of $250 thousand at each financial institution. The Company has not experienced any losses related to these balances. Cash at December 31, 2017 and 2016, was $34,740 and $46,563, respectively. Restricted Cash Restricted cash related to the Company represents cash held as collateral relating to an outstanding short-term bond assuring performance under a fuel agreement with a pipeline common carrier. As of December 31, 2017 and 2016, we had $487 and $971 respectively, of restricted cash.

Inventories

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories

5. Inventories

Inventories consisted of the following:

	December 31,
	2017		2016
Raw material	$	298	$	229
Work in progress		7,825		12,758
Finished goods		832		451
Spare parts		137		61
Total inventory		9,092		13,499
Less: current portion		9,092		10,344
Total long-term inventory, net of current portion	$	-	$	3,155

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets comprised of the following:

	December 31,
	2017		2016
Prepaid insurance	$	551	$	514
Prepaid expenses		1,112		861
Prepaid income taxes		1,382		-
Rail rebate receivables		776		-
Other receivables		28		28
Total prepaid expenses and other current assets	$	3,849	$	1,403

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2017

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, net

7. Property, Plant and Equipment, net

Net property, plant and equipment consists of:

	December 31,
	2017		2016
Machinery, equipment and tooling	$	8,242	$	4,841
Vehicles		1,546		953
Furniture and fixtures		720		305
Plant and building		81,561		64,390
Real estate properties		4,432		3,503
Railroad and sidings		10,254		7,927
Land and improvements		16,378		13,317
Asset retirement obligation		8,408		1,324
Mineral properties		9,878		9,785
Deferred mining costs		657		417
Construction in progress		56,493		16,715
		198,569		123,477
Less: accumulated depreciation and depletion		26,367		19,381
Total property, plant and equipment, net	$	172,202	$	104,096

Depreciation expense was $7,267, $6,441 and $5,276 for the years ended December 31, 2017, 2016 and 2015, respectively. Depletion expense was $33, $3 and $13 for the years ended December 31, 2017, 2016 and 2015, respectively.

The Company capitalized $139 and $1,808 of interest expense associated with the construction of new plant and equipment for the years ended December 31, 2016 and 2015, respectively. No amounts of interest expense were capitalized in the year ended December 31, 2017.

Accrued and Other Expenses

12 Months Ended

Dec. 31, 2017

Payables And Accruals [Abstract]

Accrued and Other Expenses

8. Accrued and Other Expenses

Accrued and other expenses were comprised of the following:

	December 31,
	2017		2016
Employee related expenses	$	667	$	955
Accrued construction		2,197		19
Accrued legal expenses		90		22
Accrued professional fees		529		350
Accrued royalties		206		84
Accrued freight and delivery charges		2,197		383
Accrued real estate tax		-		516
Deferred rent		861		-
Other accrued liabilities		829		101
Total accrued liabilities	$	7,576	$	2,430

From time to time, the Company enters into fixed-price purchase obligations to purchase propane or natural gas (which are used in its production operations). The contracts specify the quantity of propane or natural gas to be delivered over a specified period of time and at a specified fixed price. The Company has historically concluded that these obligations are precluded from recognition in its consolidated financial statements in accordance with the normal sales and normal purchases exclusion as provided in ASC 815 “Derivatives and Hedging”. However, as the Company did not take physical delivery under a fixed-price propane agreement entered into during 2015, the Company accounted for this agreement under derivative accounting. As of December 31, 2015, the liability for this agreement was marked to market and was settled in February 2016 for $460. The settlement is presented as part of the change in accrued and other expenses in operating activities on the consolidated statement of cash flows.

Credit Facilities	12 Months Ended
Credit Facilities	Dec. 31, 2017
Debt Disclosure [Abstract]
Credit Facilities	9. Credit Facilities Below is a description of the Company’s former and existing revolving credit facilities and other financing arrangements. Former Revolving Credit Agreement On March 28, 2014, the Company entered into a $72.5 million revolving credit and security agreement (the “Credit Agreement”) with PNC Bank National Association as administrative agent and collateral agent. The revolving credit facility under the Credit Agreement had a maturity date of March 28, 2019. On November 9, 2016, the former revolving credit facility was paid and terminated using a portion of the proceeds from the IPO. For the years ended December 31, 2017 and 2016, $0 and $139, respectively, of interest expense were capitalized into property, plant and equipment in the consolidated balance sheets. Existing Revolving Credit Facility On December 8, 2016, the Company entered into a $45 million three-year senior secured revolving credit facility (the “Facility”) with Jefferies Finance LLC as administrative and collateral agent (the “New Credit Agreement”). Substantially all of the assets of the Company are pledged as collateral under the Facility. The Facility expires on December 8, 2019. The Facility contains various reporting requirements, negative covenants, restrictive provisions and requires maintenance of financial covenants, including a fixed charge coverage ratio and a leverage ratio (each as defined in the New Credit Agreement). As of December 31, 2017, no amounts were outstanding under the Facility and the Company was in compliance with all covenants.

Equipment Lease Obligations

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Equipment Lease Obligations

10. Equipment Lease Obligations

The Company entered into various arrangements to finance equipment. Accordingly, the equipment with a cost of $1,484 and $2,853 has been capitalized and included in the Company’s property, plant and equipment as of December 31, 2017 and 2016, respectively. Depreciation expense for assets under equipment leases was $255, $293 and $293 for the years ended December 31, 2017, 2016 and 2015, respectively. Accumulated depreciation for assets under equipment leases was $1,013 and $757 as of December 31, 2017 and 2016, respectively.

Future minimum lease payments for equipment lease obligations as of December 31, 2017 are as follows:

Year Ended December 31,	Amount
2018	$	588
2019		-
Total minimum lease payments		588
Amount representing interest at 0% - 4.95%		(16	)
Present value of payments		572
Less: current portion		(572	)
Total equipment financing obligations, net of current portion	$	-

Asset Retirement Obligation

12 Months Ended

Dec. 31, 2017

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

12. Asset Retirement Obligation

The Company had recorded a post-closure reclamation and site restoration obligation of $8,982 at December 31, 2017. The following is a reconciliation of the total reclamation liability for asset retirement obligations.

Balance at December 31, 2015	$	1,180
Additions and revisions of prior estimates		399
Reductions to liabilities due to revision of estimates		(211	)
Accretion expenses		16
Balance at December 31, 2016	$	1,384
Additions and revisions of prior estimates		7,084
Accretion expenses		514
Balance at December 31, 2017	$	8,982

During the fourth quarter of 2017, the Company reduced the expected mining period for a certain phase of its operations. This change in estimate resulted in an approximate $4,511 increase to the liability.

Mandatorily Redeemable Series A Preferred Stock	12 Months Ended
Mandatorily Redeemable Series A Preferred Stock	Dec. 31, 2017
Equity [Abstract]
Mandatorily Redeemable Series A Preferred Stock	13. Mandatorily Redeemable Series A Preferred Stock On September 13, 2011, the Company entered into a financing agreement with an investor (the “Series A Investor”). The agreement provided for the sale of Series A Preferred Stock (“Series A Preferred Stock”) to the Series A Investor in multiple tranches. As part of this agreement, the Series A Investor received 22 shares of Series A Preferred Stock with an issuance price of $1,000 per share as well as 14,300 shares of common stock in exchange for gross proceeds of $22,000 in September 2011. The second tranche of 26 shares of Series A Preferred Stock was issued in January 2012, in exchange for gross proceeds of $26,000. Dividends accrued and accumulated on the Series A Preferred Stock, whether or not earned or declared, at the rate of 15% per annum and compound quarterly on April 1, July 1, October 1 and January 1. Dividends were paid in-kind with additional Series A Preferred Stock; fractional share portions of calculated dividends were paid in cash. In-kind dividends are accounted for as interest expense and were accrued as part of the long-term liability in the consolidated balance sheets. The Company issued $0, $4,776 and $4,865 Series A Preferred Stock for dividends in December 31, 2017, 2016 and 2015, respectively. The Company incurred $0, $5,624 and $5,652 of interest expense related to the Series A Preferred Stock for the years ended December 31, 2017, 2016 and 2015, respectively. Of this expense, $0, $59 and $574 was capitalized into property, plant and equipment in the consolidated balance sheet at December 31, 2017, 2016 and 2015, respectively. On November 9, 2016, the Series A Preferred Stock was fully redeemed at a total redemption value of $40,329 using a portion of the proceeds from the IPO.

Common Stock

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Common Stock

14. Common Stock

As disclosed in Note 2 – Basis of Presentation, on November 9, 2016, the Second Amended and Restated Certificate of Incorporation of the Company became effective and, among other things:

•

provided for a 2,200 for 1 stock split;

•

increased the authorized number of shares of common stock to 350,000 shares;

•

authorized 10,000 shares of undesignated preferred stock that may be used from time to time by the Company’s board of directors in one or more series.

On November 9, 2016, the Company consummated the IPO of 11,700 shares of common stock at a price of $11.00 per share, generating net proceeds of $121.0 million after underwriting discounts and expenses. The Company used a portion of the net proceeds from the IPO to redeem all of its outstanding Series A Preferred Stock and to repay the outstanding indebtedness under its former revolving credit facility. On November 23, 2016, the underwriters exercised in full their option to purchase additional shares of common stock from the Company and the selling shareholders. On November 29, 2016, the Company consummated the sale of 878 shares of common stock to the underwriters pursuant to the underwriters’ exercise of their over-allotment option at a price of $11.00 per share, generating proceeds of $9.7 million before underwriting discounts and expenses. The Company received no proceeds from the sale of common stock to the underwriters by the selling shareholders. The Company intends to use the net proceeds of the IPO for general corporate purposes.

On February 1, 2017, the Company completed the public offering and sale of 1,500 shares of common stock at a price of $17.50 per share, generating net proceeds to the Company of approximately $24.2 million after underwriting discounts and expenses. The Company used the proceeds from this offering for current capital projects and general corporate services. The offering closed on February 7, 2017. Additionally, the selling shareholders sold 4,450 shares of common stock at a price of $17.50 per share. The Company received no proceeds from the sale of common stock by the selling shareholders. The selling shareholders granted the underwriters an option for a period of 30 days to purchase up to an additional 893 shares of common stock. On February 10, 2017, the underwriters exercised in full their option to purchase additional shares of common stock from the selling shareholders. The Company received no proceeds from the sale of common stock to the underwriters by the selling shareholders.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

Equity Incentive Plan

In May 2012, the Board approved the 2012 Equity Incentive Plan (“2012 Plan”), which provides for the issuance of Awards (as defined in the 2012 Plan) of up to a maximum of 440 shares of the Company’s common stock to employees, non-employee members of the Board, and consultants of the Company. During 2014, the 2012 Plan was amended to provide for the issuance of Awards up to 880 shares of the Company’s common stock. The awards could be issued in the form of incentive stock options, non-qualified stock options or restricted stock, and have expiration dates of 5 or 10 years after issuance, depending on whether the recipient held above 10% of the voting power of all classes of the Company’s shares as of the grant date. The exercise price was based on the fair market value of the share on the date of issuance; vesting periods were determined by the board upon issuance of the Award.

In November 2016, in connection with its initial public offering, the Company adopted the 2016 Omnibus Incentive Plan (“2016 Plan”) which provides for the issuance of Awards (as defined in the 2016 Plan) of up to a maximum of 3,911 shares of the Company’s common stock to employees, non-employee members of the board and consultants of the Company. Together, the 2012 Plan and the 2016 Plan are referenced to collectively as the “Plans”.

During 2017, 2016 and 2015, 352, 161 and 44 shares of restricted stock were issued under the Plans, respectively. The grant date fair value of all the restricted stock per share was $3.03 - $19.00. The shares vest over one to five years from their respective grant dates. For Awards issued under the 2016 Plan, the grant date fair value was the either the actual market price of the Company’s shares or an adjusted price using a Monte Carlo simulation for awards subject to the Company’s performance as compared to a defined peer group. For Awards issued under the 2012 Plan, the grant date fair value was calculated based on a weighted analysis of (i) publicly-traded companies in a similar line of business to the Company (market comparable method)—Level 2 inputs, and (ii) discounted cash flows of the Company—Level 3 inputs. The Company recognized $1,973, $1,072 and $793 of compensation expense for the restricted stock during 2017, 2016 and 2015, respectively, in operating expenses on the consolidated income statements. At December 31, 2017 the Company had unrecognized compensation expense of $4,254 related to granted but unvested stock awards. That expense is expected to be recognized as follows:

Year Ended December 31,
2018	$	1,901
2019		1,432
2020		727
2021		194
	$	4,254

The following table summarizes restricted stock activity under the Plans from January 1, 2016 through December 31, 2017:

	Number of Shares			Weighted Average
Unvested, January 1, 2016		290		$	8.02
Granted		161			3.85
Vested		(167	)		(6.79	)
Forfeiture		(10	)		(6.00	)
Unvested, December 31, 2016		274			7.35
Granted		352			14.77
Vested		(90	)		8.01
Forfeiture		(2	)		8.91
Unvested, December 31, 2017		534		$	11.27

Employee Stock Purchase Plan

Shares of the Company’s common stock may be purchased by eligible employees under the Company’s 2016 Employee Stock Purchase Plan in six-month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each six-month offering period. Employee purchases may not exceed 20% of their gross compensation during an offering period.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2017			2016		2015
Current
Federal	$	(965	)	$	8,337	$	245
State and local		(39	)		518		184
Total current (benefit) expense		(1,004	)		8,855		429
Deferred
Federal		(2,221	)		537		3,610
State and local		416			2		90
Total deferred income tax (benefit) expense		(1,805	)		539		3,700
Total income tax (benefit) expense	$	(2,809	)	$	9,394	$	4,129

Income tax expense related to operations differs from the amounts computed by applying the statutory income tax rate of 35.0% to pretax income as follows:

	Year Ended December 31,
	2017			2016			2015
At statutory rate	$	6,551		$	6,931		$	3,192
Non-deductible interest expense		-			1,948			1,777
State taxes, net of US federal benefit		377			339			211
Federal tax deductions		(73	)		(679	)		(19	)
Change in applicable tax rate		(8,468	)		-			-
Costs associated with possible restructuring		-			-			(940	)
Provision to return permanent difference		(767	)		933			(68	)
Refund Claims		(201	)		-			-
Fuel Tax Credit		(166	)		-			-
Other		(62	)		(78	)		(24	)
Total income tax (benefit) expense	$	(2,809	)

Notes Payable	12 Months Ended
Notes Payable	Dec. 31, 2017
Debt Disclosure [Abstract]
Notes Payable	11. Notes Payable The Company financed certain land purchases by entering into various debt agreements. The interest rate on these notes is 4.00%, and the remaining balance of $288 is due within one year.

Warrants	12 Months Ended
Warrants	Dec. 31, 2017
Text Block [Abstract]
Warrants	15. Warrants Contemporaneous with the financing transaction in 2011 described in Note 14, the Company issued certain management stockholders warrants to purchase 4,000 shares of common stock for a purchase price of $0.0045 per share. The warrants were exercisable upon the achievement of certain triggering events, as defined in the warrant agreements. On December 2, 2016, a triggering event, as defined in the warrant agreement, had been achieved and all warrants were fully exercised.