Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Intrepid Potash, Inc. | |
Entity Central Index Key | 1421461 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 76,147,979 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $66,786 | $67,589 |
Short-term investments | 34,310 | 10,434 |
Accounts receivable: | ||
Trade, net | 38,516 | 28,561 |
Other receivables | 3,280 | 3,600 |
Refundable income taxes | 72 | 114 |
Inventory, net | 74,446 | 84,094 |
Prepaid expenses and other current assets | 4,087 | 4,739 |
Current deferred tax asset | 280 | 3,356 |
Total current assets | 221,777 | 202,487 |
Property, plant, equipment, and mineral properties, net | 770,188 | 785,250 |
Long-term parts inventory, net | 17,700 | 16,366 |
Long-term investments | 11,546 | 11,856 |
Other assets, net | 3,922 | 4,035 |
Non-current deferred tax asset | 146,838 | 146,725 |
Total Assets | 1,171,971 | 1,166,719 |
Accounts payable: | ||
Trade | 17,032 | 19,953 |
Related parties | 69 | 55 |
Accrued liabilities | 15,628 | 12,483 |
Accrued employee compensation and benefits | 10,187 | 12,069 |
Other current liabilities | 2,063 | 2,075 |
Total current liabilities | 44,979 | 46,635 |
Long-term debt | 150,000 | 150,000 |
Asset retirement obligation | 20,813 | 20,389 |
Other non-current liabilities | 2,330 | 2,410 |
Total Liabilities | 218,122 | 219,434 |
Common stock, $0.001 par value; 100,000,000 shares authorized; and 75,528,235 and 75,405,410 shares outstanding at September, 30, 2014, and December 31, 2013, respectively | 76 | 76 |
Additional paid-in capital | 576,211 | 576,186 |
Accumulated other comprehensive income (loss) | -18 | -28 |
Retained earnings | 377,580 | 371,051 |
Total Stockholders' Equity | 953,849 | 947,285 |
Total Liabilities and Stockholders' Equity | $1,171,971 | $1,166,719 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 75,672,087 | 75,405,410 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Sales | $117,021 | $98,875 |
Less: | ||
Freight costs | 10,912 | 9,932 |
Warehousing and handling costs | 3,747 | 2,812 |
Cost of goods sold | 83,282 | 78,573 |
Lower-of-cost-or-market inventory adjustments | 360 | 3,566 |
Gross Margin | 18,720 | 3,992 |
Selling and administrative | 7,468 | 6,746 |
Accretion of asset retirement obligation | 424 | 406 |
Restructuring expense | 0 | 1,827 |
Other operating expense (income) | 66 | -2,947 |
Operating Income | 10,762 | -2,040 |
Other Income (Expense) | ||
Interest expense | -1,644 | -1,380 |
Interest income | 155 | 53 |
Other income (expense) | 327 | 234 |
(Loss) Income Before Income Taxes | 9,600 | -3,133 |
Income Tax Benefit (Expense) | -3,071 | 2,778 |
Net (Loss) Income | $6,529 | ($355) |
Weighted Average Shares Outstanding: | ||
Basic (in shares) | 75,589,092 | 75,444,953 |
Diluted (in shares) | 75,707,000 | 75,444,953 |
(Loss) Earnings Per Share: | ||
Basic (in dollars per share) | $0.09 | $0 |
Diluted (in dollars per share) | $0.09 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net (Loss) Income | $6,529 | ($355) |
Unrealized gain (loss) on investments available for sale, net of tax | 10 | 12 |
Other Comprehensive Income | 10 | 12 |
Comprehensive (Loss) Income | $6,539 | ($343) |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2014 | $947,285 | $76 | $576,186 | ($28) | $371,051 |
Balance (in shares) at Dec. 31, 2014 | 75,536,741 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Unrealized gain on investments available for sale, net of tax | 10 | 10 | |||
Stock-based compensation | 1,062 | 1,062 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 135,346 | ||||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -1,037 | 0 | -1,037 | ||
Balance at Mar. 31, 2015 | 953,849 | 76 | 576,211 | -18 | 377,580 |
Net income at Mar. 31, 2015 | $6,529 | $6,529 | |||
Balance (in shares) at Mar. 31, 2015 | 75,672,087 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reconciliation of net income to net cash provided by operating activities: | ||
Net income | $6,529 | ($355) |
Deferred income taxes | 2,956 | -2,778 |
Items not affecting cash: | ||
Depreciation, depletion, and accretion | 21,276 | 19,649 |
Stock-based compensation | 1,062 | 1,028 |
Lower-of-cost-or-market inventory adjustments | 360 | 3,566 |
Other | 378 | 223 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable, net | -9,955 | -9,431 |
Other receivables, net | 319 | -3,316 |
Refundable income taxes | 41 | 2,025 |
Inventory, net | 7,954 | 6,743 |
Prepaid expenses and other assets | 666 | 1,005 |
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | 1,180 | -335 |
Other liabilities | -92 | -700 |
Net cash provided by operating activities | 32,674 | 17,324 |
Cash Flows from Investing Activities: | ||
Additions to property, plant, equipment, and mineral properties | -8,678 | -31,919 |
Purchases of investments | -27,600 | -5 |
Proceeds from sale of investments | 3,838 | 18,051 |
Net cash used in investing activities | -32,440 | -13,873 |
Cash Flows from Financing Activities: | ||
Employee tax withholding paid for restricted stock upon vesting | -1,037 | -611 |
Net cash (used in) provided by financing activities | -1,037 | -611 |
Net Change in Cash and Cash Equivalents | -803 | 2,840 |
Cash and Cash Equivalents, beginning of period | 67,589 | 394 |
Cash and Cash Equivalents, end of period | 66,786 | 3,234 |
Net cash paid (refunded) during the period for: | ||
Interest | 161 | 112 |
Income taxes | 11 | -2,025 |
Accrued purchases for property, plant, equipment, and mineral properties | $2,100 | $13,172 |
COMPANY_BACKGROUND
COMPANY BACKGROUND | 3 Months Ended |
Mar. 31, 2015 | |
Company Background Disclosure [Abstract] | |
COMPANY BACKGROUND | COMPANY BACKGROUND |
We are the only producer of muriate of potash (“potassium chloride” or “potash”) in the United States and one of two producers of langbeinite ("sulfate of potash magnesia"), which we market and sell as Trio®. We sell potash and Trio® primarily into the agricultural market as a fertilizer. We also sell these products into the animal feed market as a nutritional supplement and sell potash into the industrial market as a component in drilling and fracturing fluids for oil and gas wells and other industrial inputs. Our revenues are generated exclusively from the sale of potash and Trio®. We also produce salt and magnesium chloride from our potash mining processes, the sales of which are accounted for as by-product credits to our cost of sales. These by-product credits represented approximately 2% to 3% of total cost of goods sold in each of the last three years. | |
We own three solution mining facilities and two conventional underground mining facilities that we utilize for producing potash. Our solution mining production comes from our HB solar solution mine near Carlsbad, New Mexico, a solar solution mine near Moab, Utah and a solar brine recovery mine in Wendover, Utah. Our conventional production comes from our underground West and East mines near Carlsbad, New Mexico. We also operate the North compaction facility near Carlsbad, New Mexico, which services the West and HB mines. Trio® production comes from underground conventional mining of a mixed ore body that contains both potash and langbeinite, which is mined and processed at the East facility near Carlsbad, New Mexico. | |
We manage sales and marketing operations centrally. This allows us to evaluate the product needs of our customers and then centrally determine which of our production facilities to use to fill customers’ orders in a manner designed to realize the highest average net realized sales price per ton. We calculate average net realized sales price per ton by deducting freight costs from gross revenues and then by dividing this result by tons of product sold during the period. We also monitor product inventory levels and overall production costs centrally. We have one reporting segment being the extraction, production, and sale of potassium-related products. Our extraction and production operations are conducted entirely in the continental United States. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Principles of Consolidation—Our consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. | |
Use of Estimates—The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. | |
Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of receivables, valuation of our deferred tax assets and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of our mineral properties, the useful lives of related property, plant, and equipment, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates. | |
Revenue Recognition—Revenue is recognized when evidence of an arrangement exists, risks and rewards of ownership have been transferred to customers, which is generally when title passes, the selling price is fixed and determinable, and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined upon resale of the product by the customer, revenue is deferred until the final sales price is known. | |
Sales are reported on a gross basis. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues. | |
By-Product Credits—When by-product inventories are sold, we record the sale of by-products as a credit to cost of goods sold. | |
Property, Plant, and Equipment—Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset’s functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. | |
Mineral Properties and Development Costs—Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling production wells, and the cost of other development work, all of which are capitalized. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio®, as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our results of operations and financial position. | |
Fair Value of Financial Instruments—Our financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. All available-for-sale investments are carried at fair value. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. The fair value of the long-term debt is estimated using discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings. Although there are no amounts currently outstanding under our unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. | |
Earnings per Share—Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | ||||||||
Potentially dilutive securities, including non-vested restricted common stock, stock options, and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury stock method is used to measure the dilutive impact of non-vested restricted common stock, stock options outstanding, and performance units. For the three months ended March 31, 2015, and 2014, 91,621 and 571,609 non-vested weighted average shares of restricted common stock and 320,926 and 335,935 weighted average stock options, respectively, were anti-dilutive and therefore were not included in the diluted weighted average share calculation. For the three months ended March 31, 2015, and 2014, 73,529 and 19,874, respectively, weighted average shares of common stock underlying non-vested performance units were anti-dilutive and therefore were not included in the diluted weighted average share calculation. The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income (loss) | $ | 6,529 | $ | (355 | ) | ||||
Basic weighted average common shares outstanding | 75,589 | 75,445 | |||||||
Add: Dilutive effect of non-vested restricted common stock | 110 | — | |||||||
Add: Dilutive effect of performance units | 8 | — | |||||||
Diluted weighted average common shares outstanding | 75,707 | 75,445 | |||||||
Earnings (Loss) per share: | |||||||||
Basic | $ | 0.09 | $ | 0 | |||||
Diluted | $ | 0.09 | $ | 0 | |||||
CASH_CASH_EQUIVALENTS_AND_INVE
CASH, CASH EQUIVALENTS, AND INVESTMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | |||||||||||||||||
CASH, CASH EQUIVALENTS, AND INVESTMENTS | CASH, CASH EQUIVALENTS, AND INVESTMENTS | ||||||||||||||||
The following table summarizes the fair value of our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2015, and December 31, 2014 (in thousands): | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Cash | $ | 24,213 | $ | 16,506 | |||||||||||||
Commercial paper and money market accounts | 42,573 | 51,083 | |||||||||||||||
Total cash and cash equivalents | $ | 66,786 | $ | 67,589 | |||||||||||||
Corporate bonds | $ | 33,307 | $ | 9,432 | |||||||||||||
Certificates of deposit and time deposits | 1,003 | 1,002 | |||||||||||||||
Total short-term investments | $ | 34,310 | $ | 10,434 | |||||||||||||
Corporate bonds | $ | 11,546 | $ | 11,856 | |||||||||||||
Total long-term investments | $ | 11,546 | $ | 11,856 | |||||||||||||
Total cash, cash equivalents, and investments | $ | 112,642 | $ | 89,879 | |||||||||||||
The following tables summarize the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of March 31, 2015, and December 31, 2014 (in thousands): | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 44,884 | $ | 12 | $ | (43 | ) | $ | 44,853 | ||||||||
Certificates of deposit and time deposits | 1,003 | — | — | 1,003 | |||||||||||||
Total available-for-sale securities | $ | 45,887 | $ | 12 | $ | (43 | ) | $ | 45,856 | ||||||||
December 31, 2014 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 21,335 | $ | 1 | $ | (48 | ) | $ | 21,288 | ||||||||
Certificates of deposit and time deposits | 1,002 | — | — | 1,002 | |||||||||||||
Total available-for-sale securities | $ | 22,337 | $ | 1 | $ | (48 | ) | $ | 22,290 | ||||||||
INVENTORY_AND_LONGTERM_PARTS_I
INVENTORY AND LONG-TERM PARTS INVENTORY | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORY AND LONG-TERM PARTS INVENTORY | INVENTORY AND LONG-TERM PARTS INVENTORY | ||||||||
The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value, as of March 31, 2015, and December 31, 2014, respectively (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Finished goods product inventory | $ | 39,013 | $ | 44,137 | |||||
In-process mineral inventory | 14,799 | 19,584 | |||||||
Total product inventory | 53,812 | 63,721 | |||||||
Current parts inventory, net | 20,634 | 20,373 | |||||||
Total current inventory, net | 74,446 | 84,094 | |||||||
Long-term parts inventory, net | 17,700 | 16,366 | |||||||
Total inventory, net | $ | 92,146 | $ | 100,460 | |||||
Parts inventories are shown net of any required allowances. | |||||||||
During the three months ended March 31, 2015, and 2014, we recorded charges of approximately $0.4 million and $3.6 million, respectively, as a result of routine assessments of the lower of weighted average cost or estimated net realizable value on our finished goods product inventory. |
PROPERTY_PLANT_EQUIPMENT_AND_M
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | |||||||||
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | ||||||||
“Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Buildings and plant | $ | 269,090 | $ | 268,032 | |||||
Machinery and equipment | 530,332 | 529,358 | |||||||
Vehicles | 13,581 | 13,799 | |||||||
Office equipment and improvements | 19,363 | 19,260 | |||||||
Ponds and land improvements | 74,636 | 73,933 | |||||||
Total depreciable assets | 907,002 | 904,382 | |||||||
Accumulated depreciation | (288,768 | ) | (271,294 | ) | |||||
Total depreciable assets, net | $ | 618,234 | $ | 633,088 | |||||
Mineral properties and development costs | $ | 163,741 | $ | 163,197 | |||||
Accumulated depletion | (19,508 | ) | (17,544 | ) | |||||
Total depletable assets, net | $ | 144,233 | $ | 145,653 | |||||
Land | 909 | 909 | |||||||
Construction in progress | $ | 6,812 | $ | 5,600 | |||||
Total property, plant, equipment, and mineral properties, net | $ | 770,188 | $ | 785,250 | |||||
We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Depreciation | $ | 18,879 | $ | 18,260 | |||||
Depletion | 1,973 | 983 | |||||||
Accretion | 424 | 406 | |||||||
Total incurred | $ | 21,276 | $ | 19,649 | |||||
DEBT
DEBT | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
DEBT | DEBT | |
Unsecured Credit Facility— We have an unsecured credit facility, led by U.S. Bank, as administrative agent, and Wells Fargo Bank, as syndication agent. This unsecured revolving credit facility provides credit of up to $250 million. The actual amount available to us is limited by our leverage ratio, which may not exceed 3.5, and our fixed charge coverage ratio, which may not be below 1.3. As of March 31, 2015, the full amount of the facility was available to us. | ||
Under the facility, the leverage ratio is defined as the ratio of total funded indebtedness to adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and certain other expenses) for the prior four fiscal quarters. The fixed charge coverage ratio is defined as the ratio of adjusted EBITDA for the prior four fiscal quarters to fixed charges. | ||
The facility is unsecured and is guaranteed by our material subsidiaries. The facility has a maturity date of August 2018. As of March 31, 2015, and December 31, 2014, there were no amounts outstanding under the facility. We were in compliance with the covenants under the credit facility as of March 31, 2015. | ||
Unsecured Senior Notes—In April 2013, we issued $150 million aggregate principal amount of unsecured senior notes ("the Notes") pursuant to a note purchase agreement entered into in August 2012. We received proceeds of $149.3 million, net of offering costs. The Notes consist of the following series: | ||
• | $60 million of 3.23% Senior Notes, Series A, due April 16, 2020 | |
• | $45 million of 4.13% Senior Notes, Series B, due April 14, 2023 | |
• | $45 million of 4.28%Senior Notes, Series C, due April 16, 2025 | |
The Notes are senior unsecured obligations and rank equally in right of payment with any other unsubordinated unsecured indebtedness of ours. The Notes are subject to the same leverage ratio and fixed charge coverage ratio as apply under the credit facility. The obligations under the Notes are unconditionally guaranteed by our material subsidiaries. | ||
We were in compliance with the covenants under the Notes as of March 31, 2015. | ||
Interest is paid semiannually on April 16 and October 16 of each year. Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $1.7 million for both the three months ended March 31, 2015, and 2014. We capitalized $23,000 and $0.3 million of interest during the three months ended March 31, 2015, and 2014, respectively. |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION | ||||||||
We recognize an estimated liability for future costs associated with the abandonment and reclamation of our mining properties. A liability for the fair value of an asset retirement obligation and a corresponding increase to the carrying value of the related long-lived asset are recorded as the mining operations occur or the assets are acquired. | |||||||||
Our asset retirement obligation is based on the estimated cost to abandon and reclaim the mining operations, the economic life of the properties, and federal and state regulatory requirements. The liability is discounted using credit adjusted risk-free rate estimates at the time the liability is incurred or when there are upward revisions to estimated costs. The credit adjusted risk-free rates used to discount our abandonment liabilities range from 6.9% to 8.5%. Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated abandonment costs or economic lives, or if federal or state regulators enact new requirements regarding the abandonment or reclamation of mines. | |||||||||
Following is a table of the changes to our asset retirement obligation for the following periods (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Asset retirement obligation, at beginning of period | $ | 22,037 | $ | 21,047 | |||||
Liabilities settled | — | (77 | ) | ||||||
Liabilities incurred | — | — | |||||||
Changes in estimated obligations | — | — | |||||||
Accretion of discount | 424 | 406 | |||||||
Total asset retirement obligation, at end of period | $ | 22,461 | $ | 21,376 | |||||
The current portion of the asset retirement obligation of $1.6 million is included in "Other" current liabilities on the condensed consolidated balance sheets as of March 31, 2015, and December 31, 2014. The undiscounted amount of asset retirement obligation is $57.7 million as of March 31, 2015. |
COMPENSATION_PLANS
COMPENSATION PLANS | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
COMPENSATION PLANS | COMPENSATION PLANS | |||||||||||
Cash Bonus Plan—We have cash bonus plans that allow participants to receive varying percentages of their aggregate base salary. Any awards under the cash bonus plans are based on a variety of elements related to our performance in certain production, operational, financial, and other areas, as well as the participants’ individual performance. We accrue cash bonus expense related to the current year’s performance. | ||||||||||||
Equity Incentive Compensation Plan—Our Board of Directors and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Equity Incentive Plan, as Amended and Restated (the "Plan"). We have issued common stock, restricted shares of common stock, performance units, and non-qualified stock option awards under the Plan. As of March 31, 2015, the following awards were outstanding under the plan: 481,288 shares of non-vested restricted shares of common stock; non-vested performance units representing 383,447 shares of common stock; and options to purchase 319,972 shares of common stock. As of March 31, 2015, approximately 2.9 million shares of common stock remained available for issuance under the Plan. | ||||||||||||
Common Stock—On an annual basis, under the Plan, the Compensation Committee of the Board of Directors (the "Compensation Committee") has approved the award of shares of common stock to the non-employee members of the Board of Directors as compensation for service for the period ending on the date of our annual stockholders’ meeting for the following year. These shares of common stock were granted without restrictions and vested immediately. | ||||||||||||
Non-vested Restricted Shares of Common Stock—Under the Plan, grants of non-vested restricted shares of common stock have been awarded to executive officers, other key employees, and consultants. The awards contain service conditions associated with continued employment or service. The terms of the non-vested restricted shares of common stock provide voting and regular dividend rights to the holders of the awards. Upon vesting, the restrictions on the restricted shares of common stock lapse and the shares are considered issued and outstanding. | ||||||||||||
Since 2009, the Compensation Committee has granted restricted shares of common stock under the Plan in the first quarter of each year to our executive management team and other selected employees as part of an annual equity award program. These awards vest ratably over three years. From time to time, the Compensation Committee grants restricted shares of common stock to newly hired or promoted employees or other employees or consultants who have achieved extraordinary personal performance objectives. These restricted shares of common stock generally vest over one- to four-year periods. | ||||||||||||
In measuring compensation expense associated with the grant of non-vested restricted shares of common stock, we use the fair value of the award, determined as the closing stock price for our common stock on the grant date. Compensation expense is recorded monthly over the vesting period of the award. Total compensation expense related to the non-vested restricted shares of common stock awards was $0.9 million and $0.8 million for the three months ended March 31, 2015, and 2014, respectively. These amounts are net of estimated forfeiture adjustments. As of March 31, 2015, there was $6.8 million of total remaining unrecognized compensation expense related to non-vested restricted shares of common stock that will be expensed through 2018. | ||||||||||||
A summary of activity relating to our non-vested restricted shares of common stock for the three months ended March 31, 2015, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Shares | Grant-Date Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 464,769 | $ | 16.49 | |||||||||
Granted | 237,256 | $ | 14.28 | |||||||||
Vested | (198,141 | ) | $ | 17.8 | ||||||||
Forfeited | (22,596 | ) | $ | 15.44 | ||||||||
Non-vested restricted shares of common stock, end of period | 481,288 | $ | 14.91 | |||||||||
Performance Units—In 2015, the Compensation Committee granted at-risk performance units under the Plan to a member of our executive team as part of their annual compensation package. The performance units vest in February 2018 and contain market-based conditions relating to one-, two- and three-year performance periods beginning on the grant date. A total of 378,150 shares of common stock are available for future payout under these performance units, subject to continued employment through the vesting date. | ||||||||||||
In 2013 and 2012, the Compensation Committee granted performance units under the Plan to certain members of our executive management team as part of the annual equity award program. The performance units vest ratably over three years and contain operational- and market-based conditions relating to the year of grant. The time frames for meeting both the operational- and market-based conditions of the 2013 and 2012 grants have passed, and a total of 5,297 shares of common stock are available for future payout under these performance units, subject to continued employment of the individual grantees through the vesting dates. | ||||||||||||
Non-qualified Stock Options—From 2009 to 2011, the Compensation Committee issued non-qualified stock options under the Plan in the first quarter of each year to our executive management and other selected employees as part of our annual award program. These stock options generally vested ratably over three years. In measuring compensation expense for options, we estimated the fair value of the award on the grant dates using the Black‑Scholes option valuation model. Option valuation models require the input of highly subjective assumptions, including the expected volatility of the price of the underlying stock. | ||||||||||||
As of March 31, 2014, all outstanding stock options were fully vested. Realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation for these options are recorded as “excess tax benefits” when the tax deductions occur. | ||||||||||||
A summary of our stock option activity for the three months ended March 31, 2015, is as follows: | ||||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (1) | Weighted Average Remaining Contractual Life | Weighted Average Grant-Date Fair Value | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
-1 | The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
INCOME TAXES | INCOME TAXES | ||||||||
Our effective tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which our income is subject to income tax, permanent differences between the financial statement carrying amounts and tax bases of assets and liabilities. | |||||||||
A summary of the provision for income taxes is as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Current portion of income tax expense (benefit) | $ | 114 | $ | — | |||||
Deferred portion of income tax expense (benefit) | 2,957 | (2,778 | ) | ||||||
Total income tax expense (benefit) | $ | 3,071 | $ | (2,778 | ) | ||||
Effective tax rate | 32 | % | (88.7 | )% | |||||
During the three months ended March 31, 2015, our effective tax rate differed from the statutory rate primarily as a result of the benefit from estimated depletion deductions. During the three months ended March 31, 2014, in addition to the items noted above, we also benefited from a discrete adjustment related to the reversal of a $1.7 million valuation allowance related to our New Mexico net operating loss carry forwards, as those carry forwards became realizable based on legislation passed by the State of New Mexico in the first quarter of 2014. | |||||||||
The blended state tax rate applied to the deferred tax calculation is subject to change due to changes in state laws and changes in the mix of our business and the states in which we have a taxable relationship. This creates fluctuations in the value of our net deferred tax asset. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||
Marketing Agreements—We have a marketing agreement appointing PCS Sales (USA), Inc. (“PCS Sales”) as our exclusive sales representative for potash export sales, with the exception of sales to Canada and Mexico, and appointing PCS Sales as our non-exclusive sales representative for potash sales into Mexico. Trio® is also marketed under this arrangement. This agreement is cancelable with 30 days' written notice. | |||||
Reclamation Deposits and Surety Bonds—As of March 31, 2015, we had $18.0 million of security placed principally with the State of Utah and the Bureau of Land Management for eventual reclamation of our various facilities. Of this total requirement, as of March 31, 2015, $0.5 million consisted of long-term restricted cash deposits reflected in “Other” long-term assets on the condensed consolidated balance sheets, and $17.5 million was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. | |||||
We may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as governmental entities change requirements. | |||||
New Mexico Employment Credits—Beginning in 2011, based on an approval and payment of an application with the State of New Mexico, we began recording an estimate of refundable employment-related credits for qualified wages paid in New Mexico, known as the New Mexico High Wage Jobs Credit. The estimated recoverable value of these credits has been, and continues to be, reflected as a reduction to production costs and amounts yet to be collected are recorded in “Other receivables” in the condensed consolidated balance sheets in the same period in which the credit is earned. | |||||
In the third quarter of 2013, the New Mexico Taxation and Revenue Department denied our application to receive the New Mexico High Wage Jobs Credit for certain prior years' filings. Considering the uncertainty associated with collection of these credits, we recorded an additional allowance of approximately $2.8 million in the third quarter of 2013, for credits relating to the denied periods in order to reflect the denial of the claimed credits. In March 2014, as a result of our continuing efforts to collect these credits, we received notification from the New Mexico Taxation and Revenue Department that $5.9 million of credits previously denied were approved. Accordingly, during the first quarter of 2014, we reversed $2.9 million of the previously established allowance to reflect the collectability of these credits. These credits are typically considered in our product inventory calculations as they relate to the labor associated with operations. As the inventory associated with the periods during which the credits were originally earned has since been sold, we recorded the reversal of the allowance as "Other (income) expense" in the condensed consolidated statement of operations for the three months ended March 31, 2014. As of March 31, 2015, we have a receivable of $2.0 million, net of an allowance of $0.7 million, associated with the New Mexico High Wage Jobs Credits and we intend to continue to vigorously pursue recovery of all unpaid credits. | |||||
Legal—We are subject to litigation. We have determined that there are no material claims outstanding as of March 31, 2015. We have established a legal accrual for loss contingencies that are considered probable and reasonably estimable. | |||||
Future Operating Lease Commitments—We have operating leases for land, mining and other operating equipment, an airplane, offices, and railcars, with original terms ranging up to 20 years. | |||||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
For the three months ended March 31, 2015 | $ | 1,744 | |||
For the three months ended March 31, 2014 | $ | 1,582 | |||
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUE | FAIR VALUE MEASUREMENTS | ||||||||||||||||
We applied the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification™ (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for all financial assets and liabilities measured at fair value on a recurring basis. The topic establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The topic establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The topic also establishes a hierarchy for grouping these assets and liabilities based on the significance level of the following inputs, as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||
• | Level 2—Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
• | Level 3—Significant inputs to the valuation model are unobservable. | ||||||||||||||||
The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of March 31, 2015, and December 31, 2014 (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
31-Mar-15 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 44,853 | $ | — | $ | 44,853 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2014 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 21,288 | $ | — | $ | 21,288 | $ | — | |||||||||
Financial assets or liabilities are categorized within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. Below is a general description of our valuation methodologies for financial assets and liabilities, which are measured at fair value and are included on the condensed consolidated balance sheets. | |||||||||||||||||
Our available-for-sale investments consist of corporate bonds that are valued using Level 2 inputs. Market pricing for these investments is obtained from an established financial markets data provider. | |||||||||||||||||
The methods described above may result in a fair value estimate that may not be indicative of net realizable value or may not be reflective of future fair values and cash flows. While we believe that the valuation methods used are appropriate and consistent with the requirements of ASC Topic 820 and the methods used by other marketplace participants, we recognize that third parties may use different methodologies or assumptions to determine the fair value of certain financial instruments that could result in a different estimate of fair value at the reporting date. | |||||||||||||||||
Financial Instruments—The carrying values and estimated fair values of our financial instruments as of March 31, 2015, and December 31, 2014, are as follows (in thousands): | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 140,000 | $ | 150,000 | $ | 138,000 | |||||||||
For cash and cash equivalents, certificate of deposit investments, accounts receivable, refundable income taxes, and accounts payable, the carrying amount approximates fair value because of the short-term maturity of these instruments. The estimated fair value of the long-term debt is estimated using a discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input) and is designed to approximate the amount at which the instruments could be exchanged in an arm's length transaction between knowledgeable willing parties. |
RESTRUCTURING_CHARGE
RESTRUCTURING CHARGE | 3 Months Ended |
Mar. 31, 2015 | |
Restructuring Charge [Abstract] | |
RESTRUCTURING CHARGE | RESTRUCTURING CHARGE |
In January 2014, in response to declining potash prices and completion of our major capital projects, we undertook a number of cost saving actions that were intended to better align our cost structure with the business environment. These initiatives included the elimination of approximately 7% of the workforce, reduction in the use of outside professionals, and cutbacks in other general and administrative areas. In early 2014, we also temporarily decreased executive and senior management compensation; we reinstated most executive and senior management salaries in mid-2014 and reinstated other compensation elements in 2015. For the three months ended March 31, 2014, we recognized a restructuring expense of $1.8 million, which is comprised primarily of severance-related payments. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition", and most industry-specific guidance. This guidance is effective for us beginning January 1, 2017, with retrospective application required, subject to certain practical expedients. We are currently evaluating the requirements of this standard, and have not yet determined the impact on our results of operations or financial position. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. |
Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of receivables, valuation of our deferred tax assets and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of our mineral properties, the useful lives of related property, plant, and equipment, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates. | |
Revenue Recognition | Revenue is recognized when evidence of an arrangement exists, risks and rewards of ownership have been transferred to customers, which is generally when title passes, the selling price is fixed and determinable, and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined upon resale of the product by the customer, revenue is deferred until the final sales price is known. |
Sales are reported on a gross basis. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues. | |
By-Product Credits | When by-product inventories are sold, we record the sale of by-products as a credit to cost of goods sold. |
Fair Value of Financial Instruments | financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. All available-for-sale investments are carried at fair value. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. The fair value of the long-term debt is estimated using discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings. Although there are no amounts currently outstanding under our unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. |
(Loss) Earnings per Share | Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. |
Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income (loss) | $ | 6,529 | $ | (355 | ) | ||||
Basic weighted average common shares outstanding | 75,589 | 75,445 | |||||||
Add: Dilutive effect of non-vested restricted common stock | 110 | — | |||||||
Add: Dilutive effect of performance units | 8 | — | |||||||
Diluted weighted average common shares outstanding | 75,707 | 75,445 | |||||||
Earnings (Loss) per share: | |||||||||
Basic | $ | 0.09 | $ | 0 | |||||
Diluted | $ | 0.09 | $ | 0 | |||||
CASH_CASH_EQUIVALENTS_AND_INVE1
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | |||||||||||||||||
Summary of Cash, Cash Equivalents, and Investments | The following table summarizes the fair value of our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2015, and December 31, 2014 (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Cash | $ | 24,213 | $ | 16,506 | |||||||||||||
Commercial paper and money market accounts | 42,573 | 51,083 | |||||||||||||||
Total cash and cash equivalents | $ | 66,786 | $ | 67,589 | |||||||||||||
Corporate bonds | $ | 33,307 | $ | 9,432 | |||||||||||||
Certificates of deposit and time deposits | 1,003 | 1,002 | |||||||||||||||
Total short-term investments | $ | 34,310 | $ | 10,434 | |||||||||||||
Corporate bonds | $ | 11,546 | $ | 11,856 | |||||||||||||
Total long-term investments | $ | 11,546 | $ | 11,856 | |||||||||||||
Total cash, cash equivalents, and investments | $ | 112,642 | $ | 89,879 | |||||||||||||
Schedule of Available-for-Sale Investments | The following tables summarize the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of March 31, 2015, and December 31, 2014 (in thousands): | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 44,884 | $ | 12 | $ | (43 | ) | $ | 44,853 | ||||||||
Certificates of deposit and time deposits | 1,003 | — | — | 1,003 | |||||||||||||
Total available-for-sale securities | $ | 45,887 | $ | 12 | $ | (43 | ) | $ | 45,856 | ||||||||
December 31, 2014 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 21,335 | $ | 1 | $ | (48 | ) | $ | 21,288 | ||||||||
Certificates of deposit and time deposits | 1,002 | — | — | 1,002 | |||||||||||||
Total available-for-sale securities | $ | 22,337 | $ | 1 | $ | (48 | ) | $ | 22,290 | ||||||||
INVENTORY_AND_LONGTERM_PARTS_I1
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventory | The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value, as of March 31, 2015, and December 31, 2014, respectively (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Finished goods product inventory | $ | 39,013 | $ | 44,137 | |||||
In-process mineral inventory | 14,799 | 19,584 | |||||||
Total product inventory | 53,812 | 63,721 | |||||||
Current parts inventory, net | 20,634 | 20,373 | |||||||
Total current inventory, net | 74,446 | 84,094 | |||||||
Long-term parts inventory, net | 17,700 | 16,366 | |||||||
Total inventory, net | $ | 92,146 | $ | 100,460 | |||||
PROPERTY_PLANT_EQUIPMENT_AND_M1
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | |||||||||
Schedule of Property, Plant, Equipment, and Mineral Properties | “Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Buildings and plant | $ | 269,090 | $ | 268,032 | |||||
Machinery and equipment | 530,332 | 529,358 | |||||||
Vehicles | 13,581 | 13,799 | |||||||
Office equipment and improvements | 19,363 | 19,260 | |||||||
Ponds and land improvements | 74,636 | 73,933 | |||||||
Total depreciable assets | 907,002 | 904,382 | |||||||
Accumulated depreciation | (288,768 | ) | (271,294 | ) | |||||
Total depreciable assets, net | $ | 618,234 | $ | 633,088 | |||||
Mineral properties and development costs | $ | 163,741 | $ | 163,197 | |||||
Accumulated depletion | (19,508 | ) | (17,544 | ) | |||||
Total depletable assets, net | $ | 144,233 | $ | 145,653 | |||||
Land | 909 | 909 | |||||||
Construction in progress | $ | 6,812 | $ | 5,600 | |||||
Total property, plant, equipment, and mineral properties, net | $ | 770,188 | $ | 785,250 | |||||
Schedule of Depreciation, Depletion, and Accretion | We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Depreciation | $ | 18,879 | $ | 18,260 | |||||
Depletion | 1,973 | 983 | |||||||
Accretion | 424 | 406 | |||||||
Total incurred | $ | 21,276 | $ | 19,649 | |||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Schedule of Changes to Asset Retirement Obligation | Following is a table of the changes to our asset retirement obligation for the following periods (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Asset retirement obligation, at beginning of period | $ | 22,037 | $ | 21,047 | |||||
Liabilities settled | — | (77 | ) | ||||||
Liabilities incurred | — | — | |||||||
Changes in estimated obligations | — | — | |||||||
Accretion of discount | 424 | 406 | |||||||
Total asset retirement obligation, at end of period | $ | 22,461 | $ | 21,376 | |||||
COMPENSATION_PLANS_Tables
COMPENSATION PLANS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Summary of Non-Vested Restricted Common Stock Activity | A summary of activity relating to our non-vested restricted shares of common stock for the three months ended March 31, 2015, is presented below. | |||||||||||
Weighted Average | ||||||||||||
Shares | Grant-Date Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 464,769 | $ | 16.49 | |||||||||
Granted | 237,256 | $ | 14.28 | |||||||||
Vested | (198,141 | ) | $ | 17.8 | ||||||||
Forfeited | (22,596 | ) | $ | 15.44 | ||||||||
Non-vested restricted shares of common stock, end of period | 481,288 | $ | 14.91 | |||||||||
Summary of Stock Option Activity | A summary of our stock option activity for the three months ended March 31, 2015, is as follows: | |||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (1) | Weighted Average Remaining Contractual Life | Weighted Average Grant-Date Fair Value | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 319,972 | $26.16 | $— | 3.4 | $13.05 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax (Benefit) Expense | A summary of the provision for income taxes is as follows (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Current portion of income tax expense (benefit) | $ | 114 | $ | — | |||||
Deferred portion of income tax expense (benefit) | 2,957 | (2,778 | ) | ||||||
Total income tax expense (benefit) | $ | 3,071 | $ | (2,778 | ) | ||||
Effective tax rate | 32 | % | (88.7 | )% | |||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Rental and Lease Expense | Rental and lease expenses follow for the indicated periods (in thousands): | ||||
For the three months ended March 31, 2015 | $ | 1,744 | |||
For the three months ended March 31, 2014 | $ | 1,582 | |||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of March 31, 2015, and December 31, 2014 (in thousands): | ||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
31-Mar-15 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 44,853 | $ | — | $ | 44,853 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2014 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 21,288 | $ | — | $ | 21,288 | $ | — | |||||||||
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of our financial instruments as of March 31, 2015, and December 31, 2014, are as follows (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 140,000 | $ | 150,000 | $ | 138,000 | |||||||||
COMPANY_BACKGROUND_Narrative_D
COMPANY BACKGROUND (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Reporting_Segments | |
Mines | |
Company Background | |
Number of solution mines | 3 |
Number of conventional underground mines | 2 |
Number of reporting segments | 1 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock | ||
Anti-dilutive weighted average non-vested shares | ||
Anti-dilutive weighted average non-vested shares (in shares) | 91,621 | 571,609 |
Stock Options | ||
Anti-dilutive weighted average non-vested shares | ||
Anti-dilutive weighted average non-vested shares (in shares) | 320,926 | 335,935 |
Performance Units | ||
Anti-dilutive weighted average non-vested shares | ||
Anti-dilutive weighted average non-vested shares (in shares) | 73,529 | 19,874 |
EARNINGS_PER_SHARE_Schedule_of
EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net (loss) income | $6,529 | ($355) |
Basic weighted average common shares outstanding (in shares) | 75,589,092 | 75,444,953 |
Add: Dilutive effect of non-vested restricted common stock (in shares) | 110,000 | 0 |
Add: Dilutive effect of performance units (in shares) | 8,000 | 0 |
Diluted weighted average common shares outstanding (in shares) | 75,707,000 | 75,444,953 |
(Loss) Earnings per share: | ||
Basic (in dollars per share) | $0.09 | $0 |
Diluted (in dollars per share) | $0.09 | $0 |
CASH_CASH_EQUIVALENTS_AND_INVE2
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Summary of Cash, Cash Equivalents, and Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | $66,786 | $67,589 | $3,234 | $394 |
Short-term investments | 34,310 | 10,434 | ||
Long-term investments | 11,546 | 11,856 | ||
Cash, cash equivalents, and investments | 112,642 | 89,879 | ||
Cash | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | 24,213 | 16,506 | ||
Commercial paper and money market accounts | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | 42,573 | 51,083 | ||
Corporate bonds | ||||
Investment [Line Items] | ||||
Short-term investments | 33,307 | 9,432 | ||
Long-term investments | 11,546 | 11,856 | ||
Certificates of deposit and time deposits | ||||
Investment [Line Items] | ||||
Short-term investments | $1,003 | $1,002 |
CASH_CASH_EQUIVALENTS_AND_INVE3
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Schedule of Available-for-Sale Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Amortized Cost Basis | $45,887 | $22,337 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 12 | 1 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 43 | 48 |
Available-for-sale Securities, Fair Value Disclosure | 45,856 | 22,290 |
Corporate bonds | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Amortized Cost Basis | 44,884 | 21,335 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 12 | 1 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 43 | 48 |
Available-for-sale Securities, Fair Value Disclosure | 44,853 | 21,288 |
Certificates of deposit and time deposits | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Amortized Cost Basis | 1,003 | 1,002 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | $1,003 | $1,002 |
CASH_CASH_EQUIVALENTS_AND_INVE4
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Available-for-sale Securities, Gross Realized Losses | $1,000 |
INVENTORY_AND_LONGTERM_PARTS_I2
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods product inventory, net | $39,013 | $44,137 |
In-process mineral inventory | 14,799 | 19,584 |
Total product inventory, net | 53,812 | 63,721 |
Current parts inventory | 20,634 | 20,373 |
Total current inventory, net | 74,446 | 84,094 |
Long-term parts inventory | 17,700 | 16,366 |
Total inventory, net | $92,146 | $100,460 |
INVENTORY_AND_LONGTERM_PARTS_I3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory [Line Items] | ||
Lower-of-cost-or-market inventory adjustments | $360 | $3,566 |
PROPERTY_PLANT_EQUIPMENT_AND_M2
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | $907,002 | $904,382 |
Accumulated depreciation | -288,768 | -271,294 |
Depreciable assets, net | 618,234 | 633,088 |
Mineral properties and development costs | 163,741 | 163,197 |
Accumulated depletion | -19,508 | -17,544 |
Total depletable assets, net | 144,233 | 145,653 |
Property, Plant, Equipment and Mineral Properties, Net | 770,188 | 785,250 |
Building and Building Improvements [Member] | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | 269,090 | 268,032 |
Machinery and Equipment [Member] | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | 530,332 | 529,358 |
Vehicles [Member] | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | 13,581 | 13,799 |
Office Equipment [Member] | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | 19,363 | 19,260 |
Land Improvements [Member] | ||
Property, plant, equipment, and mineral properties | ||
Property, Plant and Equipment, Gross | 74,636 | 73,933 |
Land [Member] | ||
Property, plant, equipment, and mineral properties | ||
Land | 909 | 909 |
Construction in Progress [Member] | ||
Property, plant, equipment, and mineral properties | ||
Construction in Progress, Gross | $6,812 | $5,600 |
PROPERTY_PLANT_EQUIPMENT_AND_M3
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $18,879 | $18,260 |
Depletion | 1,973 | 983 |
Accretion | 424 | 406 |
Total incurred | $21,276 | $19,649 |
DEBT_Narrative_Details
DEBT (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt | |||
Long-term Line of Credit | $0 | $0 | |
Line of Credit Facility, Current Borrowing Capacity | 250,000,000 | ||
Debt Instrument, Face Amount | 150,000,000 | 150,000,000 | |
Proceeds from Notes Payable | 149,300,000 | ||
Interest Costs Incurred | 1,700,000 | 1,700,000 | |
Capitalized Interest | 0 | 300,000 | |
Series A Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | 60,000,000 | 60,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | 3.23% | |
Series B Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | 45,000,000 | 45,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.13% | 4.13% | |
Series C Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | 45,000,000 | 45,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.28% | 4.28% | |
Unsecured credit facility | |||
Debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 250,000,000 | |
Maximum allowable leverage ratio | 3.5 | ||
Minimum allowable fixed charge coverage ratio | 1.3 | ||
Line of Credit Facility, Borrowings | 0 | 17,000,000 | |
Line of Credit Facility, Repayments | $0 | $17,000,000 |
ASSET_RETIREMENT_OBLIGATION_Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Asset Retirement Obligation Disclosure [Abstract] | ||
Credit adjusted risk-free rates to discount abandonment liabilities, low end of range (as a percent) | 6.90% | |
Credit adjusted risk-free rates to discount abandonment liabilities, high end of range (as a percent) | 8.50% | |
Asset retirement obligation, current | $1.60 | $1.60 |
Undiscounted amount of asset retirement obligation | $57.70 |
ASSET_RETIREMENT_OBLIGATION_Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligation, at beginning of period | $21,047 | $22,037 | |
Liabilities settled | 0 | -77 | |
Liabilities incurred | 0 | 0 | |
Asset Retirement Obligation, Revision of Estimate | 0 | 0 | |
Accretion of discount | 424 | 406 | |
Total asset retirement obligation, at end of period | $22,461 | $21,376 | $22,037 |
COMPENSATION_PLANS_Narrative_D
COMPENSATION PLANS (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-vested equity-based awards, end of period (in shares) | 481,288 | 464,769 | |
Period over which grants vest (in years) | 3 years | ||
Allocated Share-based Compensation Expense | $0.90 | $0.80 | |
Total unrecognized compensation expense | $6.80 | ||
Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-vested equity-based awards, end of period (in shares) | 383,447 | ||
Period over which grants vest (in years) | 3 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-qualified stock options, end of period (in shares) | 319,972 | ||
Period over which grants vest (in years) | 3 years | ||
Common Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for issuance under the Plan (in shares) | 2,900,000 | ||
Restricted Stock Awards, Granted To Newly Hired Employees | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period over which grants vest (in years) | 1 year | ||
Restricted Stock Awards, Granted To Newly Hired Employees | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period over which grants vest (in years) | 4 years | ||
2015 Performance Units [Member] | Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-vested equity-based awards, end of period (in shares) | 378,150 | ||
2012-2013 Performance [Member] | Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-vested equity-based awards, end of period (in shares) | 5,297 |
COMPENSATION_PLANS_Summary_of_
COMPENSATION PLANS (Summary of Non-Vested Restricted Common Stock Activity) (Details) (Restricted Stock, USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $0.90 | $0.80 |
Shares | ||
Non-vested restricted shares of common stock, beginning of period (in shares) | 464,769 | |
Granted (in shares) | 237,256 | |
Vested (in shares) | -198,141 | |
Forfeited (in shares) | -22,596 | |
Non-vested restricted shares of common stock, end of period (in shares) | 481,288 | |
Weighted Average Grant-Date Fair Value | ||
Non-vested restricted shares of common stock, beginning of period (in dollars per share) | $16.49 | |
Granted (in dollars per share) | $14.28 | |
Vested (in dollars per share) | $17.80 | |
Forfeited (in dollars per share) | $15.44 | |
Non-vested restricted shares of common stock, end of period (in dollars per share) | $14.91 |
COMPENSATION_PLANS_Summary_of_1
COMPENSATION PLANS (Summary of Stock Option Activity) (Details) (Stock Options, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options | |
Stock Option Activity, Number of Shares | |
Outstanding non-qualified stock options, end of period (in shares) | 319,972 |
Vested or expected to vest, end of period (in shares) | 319,972 |
Exercisable non-qualified stock options, end of period (in shares) | 319,972 |
Stock Options, Weighted Average Exercise Price | |
Outstanding non-qualified stock options, end of period (in dollars per share) | $26.16 |
Vested or expected to vest, end of period (in dollars per share) | $26.16 |
Exercisable non-qualified stock options, end of period (in dollars per share) | $26.16 |
Stock Options, Aggregate Intrinsic Value | |
Outstanding non-qualified stock options, end of period (in shares) | $0 |
Vested or expected to vest, end of period (in shares) | 0 |
Exercisable non-qualified stock options, end of period (in shares) | $0 |
Stock Options, Weighted Average Remaining Contractual Life | |
Outstanding non-qualified stock options, end of period (in years) | 3 years 4 months 10 days |
Vested or expected to vest, end of period (in years) | 3 years 4 months 10 days |
Exercisable non-qualified stock options, end of period (in years) | 3 years 4 months 10 days |
Stock Options, Weighted Average Grant Date Fair Value | |
Outstanding non-qualified stock options, end of period (in dollars per share) | $13.05 |
Vested or expected to vest, end of period (in dollars per share) | $13.05 |
Exercisable non-qualified stock options, end of period (in dollars per share) | $13.05 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 32.00% | -88.70% |
Deferred Tax Assets, Valuation Allowance | $1.70 |
INCOME_TAXES_Schedule_of_Compo
INCOME TAXES (Schedule of Components of Income Tax (Benefit) Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Current portion of income tax (benefit) expense | $114 | $0 |
Deferred portion of income tax (benefit) expense | 2,957 | -2,778 |
Total income tax (benefit) expense | $3,071 | ($2,778) |
Effective tax rate | 32.00% | -88.70% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2013 |
Marketing Agreements | |||
Period of cancellation of marketing agreement by way of written notice | 30 days | ||
Reclamation Deposits and Surety Bonds | |||
Security placed with the State of Utah and BLM | $18 | ||
Long-term restricted cash deposits | 0.5 | ||
Surety bonds issued by an insurer | 17.5 | ||
New Mexico Employment Credits | |||
Tax Credit Receivable | 5.9 | ||
Other Cost and Expense, Operating | 2.9 | ||
Other Receivables | 2 | ||
Allowance for doubtful other receivables, current | $0.70 | $2.80 | |
Future Operating Lease Commitments | |||
Operating Lease, Contract Term, Maximum (in years) | 20 years |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Rental and Lease Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Rental and lease expenses | $1,744 | $1,582 |
FAIR_VALUE_Schedule_of_Assets_
FAIR VALUE (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments | ||
Corporate bonds | $44,853 | $21,288 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Investments | ||
Corporate bonds | 0 | 0 |
Significant Observable Inputs (Level 2) | ||
Investments | ||
Corporate bonds | 44,853 | 21,288 |
Significant Unobservable Inputs (Level 3) | ||
Investments | ||
Corporate bonds | $0 | $0 |
FAIR_VALUE_Fair_Value_by_Balan
FAIR VALUE (Fair Value, by Balance Sheet Groupings) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $150,000 | $150,000 |
Long-term debt, fair value | $140,000 | $138,000 |
RESTRUCTURING_CHARGE_Narrative
RESTRUCTURING CHARGE (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Charge [Abstract] | ||
Restructuring charge, percentage of eliminated positions | 7.00% | |
Restructuring charge | $0 | $1,827 |