Alto Ingredients Inc (ALTO)

[cartonet]

Also as a side note, I am too dumb to figure out this myself as I am no GAAP expert, so need to ask. I see that for the last 2 quarters PEIX stated "adjusted net income" as an amount where they would back up the fair value adjustments and add them to the net income after taxes. For instance last Q they state:

Net income was $3.7 million or $0.15 per diluted share
Adjusted net income was $8.1 million or $0.33 per diluted share

This is so bevause they added up the 4,378 of FVA.

BUT shouldnt they have had to add the 4.3 to the income BEFORE taxes and then apply the 40% rate to account for "adjusted net income" , thus giving a lower figure of net income? I know logic and accounting principles do not go hand in hand and this may be the case here, or I am missing something ?