Results for the Fourth Quarter of 2018

  • Net income attributable to the company of $53.5 million, or $1.13 per diluted share
  • EBITDA of $127.7 million, inclusive of a $150.4 million gain on the sale of assets and $3.4 million of severance expense
  • $500 million senior secured term loan due 2023 paid off

Results for the Full Year of 2018

  • Net income attributable to the company of $15.9 million, or $0.39 per diluted share
  • EBITDA of $224.7 million, inclusive of a $150.4 million gain on the sale of assets and $4.2 million of severance expense

OMAHA, Neb., Feb. 11, 2019 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the fourth quarter of 2018. Net income attributable to the company was $53.5 million, or $1.13 per diluted share, for the fourth quarter of 2018 compared to net income of $46.6 million, or $0.99 per diluted share, for the same period in 2017. Revenues were $827.5 million for the fourth quarter of 2018 compared with $921.0 million for the same period last year. Net income during the quarter was impacted by the gain on the sale of certain assets of $150.4 million, offset by $13.2 million of deferred debt issuance costs written off as a result of the term loan B pay-off, and $3.4 million of severance expense, yielding a $133.8 million positive benefit before tax.

Revenues attributable to the company were $3.9 billion for the year ended 2018, compared with $3.6 billion for the same period in 2017. Net income attributable to the company for the year ended 2018, was $15.9 million, or $0.39 per diluted share, compared with net income of $61.1 million, or $1.47 per diluted share, for the same period in 2017.

“Our cash position and balance sheet remain solid even as the ethanol industry margin environment has been under pressure for an extended period of time,” stated Todd Becker, president and chief executive officer. “We executed on each component of the portfolio optimization plan during the quarter by proving value of our assets through the sale of certain ethanol plants and the vinegar business as well as paying off our term loan B which achieved the milestone of having no direct encumbered ethanol assets for the first time in the company’s history. We also achieved a nearly $19 million forward run-rate reduction in annualized controllable expenses, we executed a small share repurchase and continued construction on our first high-protein technology project in Shenandoah. We continue to carry out the portfolio optimization plan, as we look to divest additional assets and focus on capital allocation in the future.” 

“We remain confident that E15 will be implemented by the Administration for the upcoming summer driving season and exports could get a boost from the U.S. and China resolving the trade issue between the two countries,” commented Becker. “The ethanol industry needs demand growth, and both of these initiatives could reduce inventories allowing for a return to a better margin structure for the industry over the next several months. In addition, we are encouraged by the recently reported reduction of industry run rates and inventory levels not much above last year.  We believe that lower overall retail gasoline prices have kept demand for our products high. Finally, we believe the addition of high-protein feed co-products over the next several years will transform our company by improving profitability,” Becker added.

Full Year Highlights

  • On May 7, 2018, Green Plains announced its portfolio optimization plan in which it would divest assets that do not support the company’s strategic focus on the production of high-protein feed ingredients and ethanol exports to significantly reduce or eliminate the company’s term debt and invest in high-protein process technology at certain ethanol facilities. The plan’s five strategic objectives include:
    • Prove value of Green Plains’ assets for our shareholders through strategic divestments;
    • Significantly reduce or eliminate term debt by the end of 2018 with sale proceeds;
    • Invest in high-protein process technology at the Shenandoah, Iowa ethanol facility with other locations to follow;
    • Repurchase shares with remaining proceeds and free cash flow when market conditions are optimal; and
    • Reduce controllable expenses $10 to $15 million on an annual run rate basis, starting in the third quarter of 2018.
       
  • On July 31, 2018, the company acquired two cattle-feeding operations from Bartlett Cattle Company, L.P. for $16.2 million, plus working capital of approximately $106.6 million. The transaction included the feed yards located in Sublette, Kan. and Tulia, Texas, which added combined feedlot capacity of 97,000 head of cattle to the company’s operations, now totaling 355,000 head.
     
  • During the third quarter of 2018, the company extended the maturity date for one year to October 1, 2019 with certain beneficial owners of $56.8 million of the company’s outstanding 3.25% convertible senior notes due 2018.  On October 1, 2018, the remaining aggregate principal of $6.9 million not extended was paid in cash.
     
  • On November 15, 2018, the company announced the completion of the sale of three ethanol plants to Valero Renewable Fuels Company, LLC for $319.8 million in cash, including preliminary net working capital and other adjustments. The transaction included ethanol plants located in Bluffton, Ind., Lakota, Iowa, and Riga, Mich. which represented approximately 20% of the company’s reported ethanol production capacity. Also, the company announced the permanent closure of the Hopewell, VA ethanol facility.
     
  • On November, 28, 2018, the company announced the completion of the sale of the Fleischmann’s Vinegar Company, Inc. for $353.9 million in cash and restricted cash including preliminary net working capital and other adjustments.
     
  • On November 28, 2018, the company announced that it repaid its entire obligation for the $500 million senior secured term loan due 2023. As a result, all of the company’s assets and subsidiaries, not including Green Plains Partners LP (NASDAQ:GPP), are unencumbered from term debt.
     
  • On December 12, 2018, the company announced the formation of Optimal Aquafeed, a 50/50 joint venture to produce high-quality aquaculture feeds utilizing proprietary techniques and high-protein feed ingredients. The joint venture brings together Green Plains’ production capabilities, commodity expertise, and infrastructure and combines that with Optimal Fish Food’s intellectual property, industry expertise and customer relationships.
     
  • During the fourth quarter of 2018, we repurchased 209,682 common shares at an average price of $14.18. Approximately $80.3 million remains available from the $100 million stock repurchase program announced in August of 2014.

Results of Operations

Green Plains produced 205.1 million gallons of ethanol during the fourth quarter of 2018, compared with 340.8 million gallons for the same period in 2017. The consolidated ethanol crush margin was $(16.8) million, or $(0.08) per gallon, for the fourth quarter of 2018, compared with $26.8 million, or $0.08 per gallon, for the same period in 2017. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil, plus intercompany storage, transportation and other fees, net of related expenses.

Consolidated revenues decreased $93.5 million for the fourth quarter of 2018, compared with the same period in 2017, as a result of the divestiture of the three ethanol plants and a decrease in ethanol production.

Operating income increased $99.8 million and earnings before interest, income taxes, depreciation and amortization (EBITDA) increased $91.6 million for the fourth quarter of 2018 compared with the same period last year primarily due to the $150.4 million gain on the sale of assets during the fourth quarter. Interest expense increased $13.1 million for the fourth quarter of 2018, compared with the same period in 2017, primarily due to the $13.2 million write-off of deferred debt issuance costs related to repayment of the $500 million senior secured term loan due 2023. Income tax expense was $14.7 million for the fourth quarter of 2018 due to the company’s realized gain on the sale of assets mentioned above, versus a $63.9 million benefit for the same period in 2017 driven by the recognition of a revaluation of deferred tax liabilities.

Segment Information
The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol and distillers grains, and recovery of corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes cattle feeding and food-grade corn oil operations and included vinegar production until the sale of Fleischmann’s Vinegar Company, Inc. during the fourth quarter of 2018 and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership, and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.


                   
GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
                   
  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2018  2017  % Var. 2018  2017  % Var.
Revenues:                  
Ethanol production $384,958  $643,693  (40.2)% $2,120,661  $2,507,673  (15.4)%
Agribusiness and energy services  200,955   151,412  32.7    785,355   668,761  17.4  
Food and ingredients  249,966   142,236  75.7    1,005,193   471,781  113.1  
Partnership  23,253   28,250  (17.7)   100,748   106,993  (5.8) 
Intersegment eliminations  (31,604)  (44,607) (29.2)   (152,205)  (159,042) (4.3) 
  $827,528  $920,984  (10.1)% $3,859,752  $3,596,166  7.3 %
Gross margin:                  
Ethanol production $(26,938) $12,380  * % $1,874  $73,672  (97.5)%
Agribusiness and energy services  13,102   24,069  (45.6)   51,184   54,179  (5.5) 
Food and ingredients  12,483   12,353  1.1    65,355   60,000  8.9  
Partnership  23,253   28,250  (17.7)   100,748   106,993  (5.8) 
Intersegment eliminations  (3,060)  47  *    (3,441)  (265) *  
  $18,840  $77,099  (75.6)% $215,720  $294,579  (26.8)%
Depreciation and amortization:                      
Ethanol production $14,943  $20,544  (27.3)% $80,227  $81,987  (2.1)%
Agribusiness and energy services  547   686  (20.3)   2,470   3,462  (28.7) 
Food and ingredients  2,286   3,844  (40.5)   12,914   13,103  (1.4) 
Partnership  1,036   1,330  (22.1)   4,442   5,111  (13.1) 
Corporate activities  797   852  (6.5)   3,566   3,698  (3.6) 
  $19,609  $27,256  (28.1)% $103,619  $107,361  (3.5)%
Operating income (loss):                      
Ethanol production $(51,119) $(19,124) 167.3 % $(111,823) $(45,074) 148.1 %
Agribusiness and energy services  6,995   17,305  (59.6)   29,076   30,443  (4.5) 
Food and ingredients  6,240   5,489  13.7    40,130   35,961  11.6  
Partnership  16,556   18,002  (8.0)   64,770   65,709  (1.4) 
Intersegment eliminations  (2,997)  86  *    (3,110)  (61) *  
Corporate activities  131,566   (14,334) *    96,687   (45,232) *  
  $107,241  $7,424  * % $115,730  $41,746  177.2 %
EBITDA:                      
Ethanol production $(36,365) $1,548  * % $(31,623) $40,069  * %
Agribusiness and energy services  7,548   17,996  (58.1)   31,583   33,906  (6.9) 
Food and ingredients  8,613   10,062  (14.4)   55,805   49,803  12.1  
Partnership  17,725   19,492  (9.1)   69,399   71,041  (2.3) 
Intersegment eliminations  (2,997)  86  *    (3,110)  (61) *  
Corporate activities  133,131   (13,113) *    102,598   (40,388) *  
  $127,655  $36,071  253.9 % $224,652  $154,370  45.5 %
                   
* Percentage variance not considered meaningful. 
  


               
GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
               
  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2018 2017 % Var. 2018 2017 % Var.
Ethanol production              
Ethanol (gallons) 205,115 340,754 (39.8)% 1,086,633 1,256,361 (13.5)%
Distillers grains (equivalent dried tons) 536 893 (40.0)  2,815 3,314 (15.1) 
Corn oil (pounds) 53,305 85,438 (37.6)  276,299 301,920 (8.5) 
Corn consumed (bushels) 70,689 118,664 (40.4)  377,084 437,373 (13.8) 
               
Agribusiness and energy services              
Domestic ethanol sold (gallons) 194,037 296,404 (34.5)  1,107,105 1,279,350 (13.5) 
Export ethanol sold (gallons) 91,820 62,265 47.5   254,115 199,677 27.3  
  285,857 358,669 (20.3)  1,361,220 1,479,027 (8.0) 
Food and ingredients              
Cattle sold (head) 146 72 102.8   548 199 175.4  
               
Partnership              
Storage and throughput (gallons) 208,063 334,975 (37.9)% 1,134,733 1,248,869 (9.1)%
               


             
GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
             
  Three Months Ended
December 31,
 Three Months Ended
December 31,
  2018  2017  2018  2017 
  ($ in thousands) ($ per gallon produced)
             
Ethanol production operating (loss) $ (51,119) $ (19,124) $ (0.25) $ (0.06)
Depreciation and amortization   14,943    20,544    0.07    0.07 
Total ethanol production   (36,176)   1,420    (0.18)   0.01 
             
Intercompany fees, net:            
Storage and logistics (partnership)   14,395    18,047    0.08    0.05 
Marketing and agribusiness fees
(agribusiness and energy services)
   4,969    7,336    0.02    0.02 
Consolidated crush margin $ (16,812) $ 26,803  $ (0.08) $ 0.08 
                 

Liquidity and Capital Resources
On December 31, 2018, Green Plains had $318.2 million in total cash, cash equivalents and restricted cash, and $467.0 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding at December 31, 2018, was $891.2 million, including $538.2 million outstanding under working capital revolvers and other short-term borrowing arrangements for the agribusiness and energy services, and food and ingredients segments and $142.0 million of debt related to Green Plains Partners. Total long-term debt, excluding Green Plains Partners, is $210.9 million.

Conference Call Information
Green Plains Inc. and Green Plains Partners LP will host a joint conference call Monday Feb. 11th at 11 a.m. Eastern time (10 a.m. Central time), to discuss fourth quarter 2018 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 3273159. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at http://investor.gpreinc.com/events.cfm.

Non-GAAP Financial Measures
Management uses earnings before interest, income taxes, depreciation and amortization, or EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with generally accepted accounting principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

To supplement our condensed consolidated statements of operations presented in accordance with GAAP, the company has provided non-GAAP adjusted financial measures of operating results that excludes certain items. Basic and diluted earnings per share attributable to Green Plains are presented in the Reconciliation to Non-GAAP Adjusted Financial Measures as reported on a GAAP and non-GAAP basis related to the impact of the expenses for refinancing and expanding the company's term loan and net R&D tax credits related to qualifying activities and tax reform credits during fiscal year 2017. Management believes including these additional measures may enhance the investor's overall understanding of the company's ongoing operations. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with GAAP.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feeding, and commodity marketing and logistics services. The company is one of the leading producers of ethanol in the world and, through its adjacent businesses, is focused on the production of high-protein feed ingredients and export growth opportunities. Green Plains owns a 49.1% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.

About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions. Other factors can include risks associated with the Green Plains’ ability to successfully complete the sale of assets related to the company’s announced portfolio optimization plan and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.


       
GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
       
  December 31,
2018
 December 31,
2017
ASSETS     
       
Current assets      
Cash and cash equivalents $ 251,683 $ 266,651
Restricted cash   66,512   45,709
Accounts receivable, net   100,361   151,122
Income tax receivable   11,644   6,413
Inventories   734,883   711,878
Other current assets   40,785   24,698
Total current assets   1,205,868   1,206,471
Property and equipment, net   886,576   1,176,707
Goodwill   34,689   182,879
Other assets   88,525   218,593
Total assets $ 2,215,658 $ 2,784,650
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
       
Current liabilities      
Accounts payable $ 156,901 $ 205,479
Accrued and other liabilities   58,973   63,886
Derivative financial instruments   24,776   12,884
Income taxes payable   -   9,909
Short-term notes payable and other borrowings   538,243   526,180
Current maturities of long-term debt   54,807   67,923
Total current liabilities   833,700   886,261
Long-term debt   298,190   767,396
Deferred income taxes   9,349   56,801
Other liabilities   11,430   15,056
Total liabilities   1,152,669   1,725,514
       
Stockholders' equity      
Total Green Plains stockholders' equity   946,819   942,182
Noncontrolling interests   116,170   116,954
Total liabilities and stockholders' equity $ 2,215,658 $ 2,784,650
       


                   
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
                   
  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2018  2017  % Var. 2018  2017  % Var.
Revenues                  
Product $825,593  $919,523  (10.2)% $3,853,271  $3,589,981  7.3 %
Services  1,935   1,461  32.4    6,481   6,185  4.8  
Total revenues  827,528   920,984  (10.1)   3,859,752   3,596,166  7.3  
Costs and expenses                  
Cost of goods sold (excluding depreciation and amortization expenses reflected below)  808,688   843,885  (4.2)   3,644,032   3,301,587  10.4  
Operations and maintenance  7,280   8,341  (12.7)   30,844   33,448  (7.8) 
Selling, general and administrative  35,061   34,078  2.9    115,878   112,024  3.4  
Gain on sale of assets, net  (150,351)  -  *    (150,351)  -  *  
Depreciation and amortization  19,609   27,256  (28.1)   103,619   107,361  (3.5) 
Total costs and expenses  720,287   913,560  (21.2)   3,744,022   3,554,420  5.3  
Operating income  107,241   7,424  *    115,730   41,746  177.2  
Other income (expense)                      
Interest income  972   536  81.3    3,108   1,597  94.6  
Interest expense  (33,477)  (20,345) 64.5    (101,025)  (90,160) 12.1  
Other, net  (167)  855  *    2,195   3,666  (40.1) 
Total other expense  (32,672)  (18,954) 72.4    (95,722)  (84,897) 12.8  
Income (loss) before income taxes  74,569   (11,530) *    20,008   (43,151) *  
Income tax benefit (expense)  (14,712)  63,877  *    16,726   124,782  (86.6) 
Net income  59,857   52,347  14.3    36,734   81,631  (55.0) 
Net income attributable to noncontrolling interest  6,354   5,717  11.1    20,811   20,570  1.2  
Net income attributable to Green Plains $53,503  $46,630  14.7 % $15,923  $61,061  (73.9)%
                   
Earnings per share:                  
Net income attributable to Green Plains - basic $1.32  $1.16     $0.39  $1.56    
Net income attributable to Green Plains - diluted $1.13  $0.99     $0.39  $1.47    
                   
Weighted average shares outstanding:                  
Basic  40,383   40,091      40,320   39,247    
Diluted  50,607   50,061      41,254   50,240    
                   
* Percentage variance not considered meaningful.  
                   


       
GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
       
  Twelve Months Ended
December 31,
   2018   2017 
Cash flows from operating activities:      
Net income $ 36,734  $ 81,631 
Other noncash operating adjustments:      
Gain on the disposal of assets   (150,351)  - 
Depreciation and amortization   103,619    107,361 
Deferred income taxes   (25,258)   (81,077)
Other  25,301
    26,825 
Net change in working capital   48,922    (316,903)
Net cash provided by (used in) operating activities   38,967    (182,163)
       
Cash flows from investing activities:      
Purchases of property and equipment, net $ (44,187) $ (46,467)
Proceeds from the sale of assets, net   671,650    - 
Acquisition of businesses, net of cash acquired   (124,407)   (61,727)
Investments in unconsolidated subsidiaries   (3,091)   (20,286)
Other investing activities   7,500    - 
Net cash provided by (used in) investing activities   507,465    (128,480)
       
Cash flows from financing activities:      
Net proceeds (payments) - long-term debt $ (493,327) $ 60,391 
Net proceeds - short-term borrowings   4,787    234,452 
Other   (52,057)   (78,631)
Net cash provided by (used in) financing activities   (540,597)   216,212 
       
Net change in cash and cash equivalents   5,835    (94,431)
Cash and cash equivalents, beginning of period   312,360    406,791 
Cash and cash equivalents, end of period $ 318,195  $ 312,360 


         
   Twelve Months Ended
December 31,
   2018  2017
         
Reconciliation of total cash, cash equivalents and restricted cash:        
Cash and cash equivalents $251,683  $266,651 
Restricted cash  66,512   45,709 
Total cash, cash equivalents and restricted cash $318,195  $312,360 


              
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
              
  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2018 2017  2018  2017 
Net income $ 59,857  $ 52,347  $ 36,734  $ 81,631 
Interest expense   33,477    20,345    101,025    90,160 
Income tax expense (benefit)   14,712    (63,877)   (16,726)   (124,782)
Depreciation and amortization   19,609    27,256    103,619    107,361 
EBITDA $ 127,655  $ 36,071  $ 224,652  $ 154,370 
                 


               
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP ADJUSTED FINANCIAL MEASURES
(unaudited, in thousands except for per share amounts)
               
  Three Months Ended December 31, 2018 Three Months Ended December 31, 2017
  GAAP Basis
as Reported
 GAAP Basis
as Reported
 Non-GAAP
Adjustment
Tax Credit
 Non-GAAP
Basis as
Adjusted
Basic EPS:              
Net income (loss) attributable to Green Plains $53,503  $46,630  $(52,845) $(6,215)
Weighted average shares outstanding - basic  40,383   40,091   -   40,091 
Earnings (loss) per share attributable to Green Plains - basic $1.32  $1.16  $(1.32) $(0.16)
               
Diluted EPS:              
Net income (loss) attributable to Green Plains $53,503  $46,630  $(52,845) $(6,215)
Interest and amortization on convertible debt, net of tax              
3.25% convertible senior notes due 2018  1,236   851   (851)  - 
4.125% convertible senior notes due 2022  2,594   2,071   (2,071)  - 
Net income (loss) attributable to Green Plains - diluted $57,333  $49,552  $(55,767) $(6,215)
               
Weighted average shares outstanding - basic  40,383   40,091   -   40,091 
Effect of dilutive 3.25% convertible senior notes due 2018  3,175   3,193   (3,193)  - 
Effect of dilutive 4.125% convertible senior notes due 2022  6,071   6,071   (6,071)  - 
Effect of dilutive stock compensation awards  978   706   (706)  - 
Total potential shares outstanding  50,607   50,061   (9,970)  40,091 
Earnings (loss) per share attributable to Green Plains - diluted $1.13  $0.99  $(1.15) $(0.16)
               
               
  Twelve Months Ended December 31, 2018 Twelve Months Ended December 31, 2017
  GAAP Basis
as Reported
 GAAP Basis
as Reported
 Non-GAAP
Adjustment
Tax Credit &
Interest Exp.
 Non-GAAP
Basis as
Adjusted
Basic EPS:              
Net income (loss) attributable to Green Plains $15,923  $61,061  $(94,661) $(33,600)
Weighted average shares outstanding - basic  40,320   39,247   -   39,247 
Earnings (loss) per share attributable to Green Plains - basic $0.39  $1.56  $(2.42) $(0.86)
               
Diluted EPS:              
Net income (loss) attributable to Green Plains $15,923  $61,061  $(94,661) $(33,600)
Interest and amortization on convertible debt, net of tax              
3.25% convertible senior notes due 2018  -   4,433   (4,433)  - 
4.125% convertible senior notes due 2022  -   8,159   (8,159)  - 
Net income (loss) attributable to Green Plains - diluted $15,923  $73,653  $(107,253) $(33,600)
               
Weighted average shares outstanding - basic  40,320   39,247   -   39,247 
Effect of dilutive 3.25% convertible senior notes due 2018  -   4,209   (4,209)  - 
Effect of dilutive 4.125% convertible senior notes due 2022  -   6,071   (6,071)  - 
Effect of dilutive stock compensation awards  934   713   (713)  - 
Total potential shares outstanding  41,254   50,240   (10,993)  39,247 
Earnings (loss) per share attributable to Green Plains - diluted $0.39  $1.47  $(2.33) $(0.86)
                 

Contact: Jim Stark | Vice President, Investor & Media Relations | 402.884.8700 | jim.stark@gpreinc.com