Further benefiting net income in the first quarter of 2013 were net realized and unrealized gains on derivative instruments. Changes in the fair value of our derivative instruments are recognized at the end of each accounting period and recorded in the statement of operations as a component of cost of goods sold. Our immediate recognition of derivative instrument gains and losses can cause net income to be volatile from period to period due to the timing of the change in value of the derivative instruments relative to the sale of biofuel being sold.
Adjusted EBITDA totaled $17.7 million in the first three months of 2013 as compared to $16.6 million in the first three months of 2012.
Capital expenditures were $2.3 million in the first three months of 2013, compared with $2.1 million in the first three months of 2012. FutureFuel was reimbursed for a portion of these expenditures by certain customers as summarized in the following table.
|(Dollars in thousands)|
|Three Months Ended March 31, 2013||Three Months Ended March 31, 2012|
|Cash received as reimbursement of capital expenditures||(1,057)||(157)|
|Net cash paid for capital expenditures||$1,261||$1,956|
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