The gain on derivative instruments stemmed from commodity and currency derivatives.
In the fourth quarter of 2015, one of our customers in the wood products market experienced financial difficulties and, subsequent to year end, filed for insolvency. Please see “
Year Ended December 31, 2016 Compared to Year Ended December 31, 2015
” for further information.
In 2015, we recognized losses of $9.9 million in connection with long-term off-take agreements, which were terminated in 2016. Such long-term off-take agreements were entered into by a subsidiary we acquired in 2014, which produced and sold ferro-alloy and other related products, and resulted in losses being incurred as ferrosilicon prices generally declined in 2015.
Selling, general and administrative expenses, excluding share-based compensation, increased to $86.6 million in 2015 from $83.9 million in 2014, primarily as a result of an increase in professional fees relating to restructuring activities, an arbitration settlement of $2.0 million with the vendor of a subsidiary acquired in 2014, the payment of certain restructuring and severance expenses in 2014 and the consolidation of our acquisitions in the second quarter of 2014, partially offset by the impact of the marginally stronger Canadian dollar against the Euro.
In 2015, finance costs increased to $22.3 million from $16.0 million in 2014, primarily as a result of higher debt levels and factoring charges in relation to an increase in business volume.
In 2015, we recognized a net foreign currency transaction loss of $0.9 million, compared to $6.0 million in 2014, in the consolidated statement of operations. The loss in 2014 was primarily non-cash and relates to the settlement of certain intercompany accounts of subsidiaries with different functional currencies in pursuit of fiscally responsible strategies. The foreign currency transaction gain and loss represent exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements.
We recognized an income tax recovery of $46.2 million in 2015, compared to an income tax expense of $10.1 million in 2014. Our statutory tax rate was 26% in each of 2015 and 2014. The income tax paid in cash during 2015 was $5.0 million, compared to $4.8 million in 2014.
In 2015, our net loss attributable to shareholders from continuing operations was $246.2 million, or $3.90 per share on a basic and diluted basis, compared to net income attributable to shareholders from continuing operations of $17.8 million, or $0.28 per share on a basic and diluted basis, in 2014.
Our net loss attributable to shareholders from continuing operations for 2015 included credit losses of $51.4 million in connection with a customer filing for insolvency in the first quarter of 2016 and losses of $9.9 million incurred in connection with long-term off-take agreements (see above).
Our revenues from discontinued operations were $62.4 million for 2015, compared to $99.7 million for 2014. The decrease was primarily the result of a decrease in natural gas prices and volumes, compared to 2014. Our costs and expenses for discontinued operations were $243.2 million in 2015, which included non-cash impairments of $176.3 million, before income taxes, on our hydrocarbon properties and iron ore interests, compared to $126.5 million in 2014, which included a non-cash impairment of $30.4 million on our hydrocarbon properties.
In connection with the sale of a 95% economic interest in certain of our hydrocarbon assets in the fourth quarter of 2015, we recognized a deferred tax expense of $12.0 million in 2015 resulting from the write-off of previously recognized deferred tax assets.
In 2015, our loss from discontinued operations was $241.4 million, or $3.82 per share on a basic and diluted basis, which includes non-cash impairments of $148.9 million, or $2.36 per share on a basic and diluted basis, and $27.4 million, or $0.43 per share on a basic and diluted basis, before income taxes, respectively, on our hydrocarbon properties and iron ore interests, compared to a net loss of $18.5 million, or $0.29 per share, for 2014, which included a non-cash impairment of $30.4 million, or $0.48 per share on a basic and diluted basis, before income taxes, on our hydrocarbon properties. Please see Note 5 to our audited consolidated financial statements for the year ended December 31, 2016 for further information.
For 2015, our net loss attributable to shareholders was $487.6 million, or $7.72 per share on a basic and diluted basis, which includes non-cash impairments of $196.5 million, or $3.11 per share on a basic and diluted basis, and $215.6 million, or $3.41 per share on a basic and diluted basis, before income taxes, respectively, on our hydrocarbon properties and iron ore interests, compared to a net loss attributable to shareholders of $0.7 million, or $0.01 per share on a basic and diluted basis, in 2014, which included a