Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document Type | 10-Q | |
Entity Registrant Name | Ramaco Resources, Inc. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-38003 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-4018838 | |
Entity Address, Address Line One | 250 West Main Street, Suite 1800 | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40507 | |
City Area Code | 859 | |
Local Phone Number | 244-7455 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | METC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 44,109,366 | |
Entity Central Index Key | 0001687187 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
9.00% Senior Notes due 2026 | ||
Security Exchange Name | NASDAQ |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 46,672 | $ 5,300 |
Accounts receivable | 37,592 | 20,299 |
Inventories | 13,880 | 11,947 |
Prepaid expenses and other | 4,339 | 4,953 |
Total current assets | 102,483 | 42,499 |
Property, plant and equipment - net | 181,675 | 180,455 |
Financing lease right-of-use assets | 8,897 | |
Advanced coal royalties | 5,509 | 4,784 |
Other | 520 | 885 |
Total Assets | 299,084 | 228,623 |
Current liabilities | ||
Accounts payable | 21,157 | 11,742 |
Accrued expenses | 14,081 | 11,591 |
Asset retirement obligations | 1,161 | 46 |
Current portion of long-term debt | 5,781 | 4,872 |
Current portion of financing lease obligations | 3,057 | |
Other current liabilities | 44 | 862 |
Total current liabilities | 45,281 | 29,113 |
Asset retirement obligations | 14,629 | 15,110 |
Long-term debt, net | 2,809 | 12,578 |
Long-term financing lease obligations, net | 4,847 | |
Senior notes, net | 32,245 | |
Deferred tax liability | 3,412 | 1,762 |
Other long-term liabilities | 2,054 | 965 |
Total liabilities | 105,277 | 59,528 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock, $0.01 par value, 260,000,000 shares authorized, 44,109,366 at JuneSeptember 30, 2021 and 42,706,908 at December 31, 2020 shares issued and outstanding | 441 | 427 |
Additional paid-in capital | 162,437 | 158,859 |
Retained earnings | 30,929 | 9,809 |
Total stockholders' equity | 193,807 | 169,095 |
Total Liabilities and Stockholders' Equity | $ 299,084 | $ 228,623 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Unaudited Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares issued (in shares) | 44,109,366 | 42,706,908 |
Common stock, shares outstanding (in shares) | 44,109,366 | 42,706,908 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unaudited Condensed Consolidated Statements of Operations | ||||
Revenue | $ 76,377 | $ 39,459 | $ 195,889 | $ 117,769 |
Cost and expenses | ||||
Cost of sales (exclusive of items shown separately below) | 54,808 | 35,689 | 143,768 | 96,758 |
Asset retirement obligations accretion | 156 | 128 | 461 | 428 |
Depreciation and amortization | 6,751 | 5,258 | 18,861 | 15,601 |
Selling, general and administrative | 5,895 | 5,966 | 15,767 | 15,723 |
Total costs and expenses | 67,610 | 47,041 | 178,857 | 128,510 |
Operating income (loss) | 8,767 | (7,582) | 17,032 | (10,741) |
Other income | 789 | 1,743 | 7,156 | 11,456 |
Interest expense, net | (933) | (344) | (1,418) | (915) |
Income (loss) before tax | 8,623 | (6,183) | 22,770 | (200) |
Income tax expense (benefit) | 1,588 | (1,407) | 1,650 | (38) |
Net loss | $ 7,035 | $ (4,776) | $ 21,120 | $ (162) |
Earnings (loss) per common share | ||||
Basic earnings (in dollars per share) | $ 0.16 | $ (0.11) | $ 0.48 | $ 0 |
Diluted earnings (in dollars per share) | $ 0.16 | $ (0.11) | $ 0.48 | $ 0 |
Weighted average common shares outstanding | ||||
Basic weighted average shares outstanding (in shares) | 44,109 | 42,647 | 43,915 | 42,373 |
Diluted weighted average shares outstanding (in shares) | 44,465 | 42,647 | 43,996 | 42,373 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital. | Retained Earnings. | Total |
Balance at Dec. 31, 2019 | $ 410 | $ 154,957 | $ 14,716 | $ 170,083 |
Stock-based compensation | 17 | 906 | 923 | |
Net income | 1,962 | 1,962 | ||
Balance at Mar. 31, 2020 | 427 | 155,863 | 16,678 | 172,968 |
Balance at Dec. 31, 2019 | 410 | 154,957 | 14,716 | 170,083 |
Net income | (162) | |||
Balance at Sep. 30, 2020 | 427 | 157,866 | 14,554 | 172,847 |
Balance at Mar. 31, 2020 | 427 | 155,863 | 16,678 | 172,968 |
Restricted stock surrendered for withholding taxes payable | (1) | (192) | (193) | |
Stock-based compensation | 1,106 | 1,106 | ||
Net income | 2,652 | 2,652 | ||
Balance at Jun. 30, 2020 | 426 | 156,777 | 19,330 | 176,533 |
Stock-based compensation | 1 | 1,089 | 1,090 | |
Net income | (4,776) | (4,776) | ||
Balance at Sep. 30, 2020 | 427 | 157,866 | 14,554 | 172,847 |
Balance at Dec. 31, 2020 | 427 | 158,859 | 9,809 | 169,095 |
Stock-based compensation | 15 | 1,040 | 1,055 | |
Net income | 4,143 | 4,143 | ||
Balance at Mar. 31, 2021 | 442 | 159,899 | 13,952 | 174,293 |
Balance at Dec. 31, 2020 | 427 | 158,859 | 9,809 | 169,095 |
Net income | 21,120 | |||
Balance at Sep. 30, 2021 | 441 | 162,437 | 30,929 | 193,807 |
Balance at Mar. 31, 2021 | 442 | 159,899 | 13,952 | 174,293 |
Restricted stock surrendered for withholding taxes payable | (1) | (326) | (327) | |
Stock-based compensation | 1,522 | 1,522 | ||
Net income | 9,942 | 9,942 | ||
Balance at Jun. 30, 2021 | 441 | 161,095 | 23,894 | 185,430 |
Stock-based compensation | 1,342 | 1,342 | ||
Net income | 7,035 | 7,035 | ||
Balance at Sep. 30, 2021 | $ 441 | $ 162,437 | $ 30,929 | $ 193,807 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 21,120 | $ (162) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Accretion of asset retirement obligations | 461 | 428 |
Depreciation and amortization | 18,861 | 15,601 |
Amortization of debt issuance costs | 96 | 43 |
Stock-based compensation | 3,919 | 3,119 |
Other income - employee retention tax credit | (5,407) | |
Other income - PPP Loan | (8,444) | |
Deferred income taxes | 1,650 | (37) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,293) | (2,030) |
Prepaid expenses and other current assets | 5,611 | 630 |
Inventories | (1,933) | (8,027) |
Other assets and liabilities | 760 | (1,154) |
Accounts payable | 7,515 | 3,409 |
Accrued expenses | 2,397 | (2,429) |
Net cash from operating activities | 37,757 | 947 |
Cash flow from investing activities: | ||
Purchases of property, plant and equipment | (17,642) | (20,515) |
Net cash from investing activities | (17,642) | (20,515) |
Cash flows from financing activities | ||
Proceeds from PPP Loan | 8,444 | |
Proceeds from borrowings | 50,545 | 45,543 |
Payments of debt issuance cost | (2,356) | |
Repayments of borrowings | (24,900) | (32,597) |
Repayments of financed insurance payable | (862) | (656) |
Repayments of financing leased equipment | (1,253) | |
Restricted stock surrendered for withholding taxes payable | (327) | (193) |
Net cash from financing activities | 20,847 | 20,541 |
Net change in cash and cash equivalents and restricted cash | 40,962 | 973 |
Cash and cash equivalents and restricted cash, beginning of period | 6,710 | 6,865 |
Cash and cash equivalents and restricted cash, end of period | 47,672 | 7,838 |
Supplemental cash flow information: | ||
Cash paid for interest | 852 | 820 |
Non-cash investing and financing activities: | ||
Leased assets obtained under new financing leases | 9,157 | |
Capital expenditures included in accounts payable and accrued expenses | 3,128 | 633 |
Additional asset retirement obligations incurred | $ 235 | $ 172 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
DESCRIPTION OF BUSINESS | Ramaco Resources, Inc. Notes to Unaudited Condensed Consolidated Financial Statements NOTE 1—BUSINESS Ramaco Resources, Inc. (the “Company,” “we,” “us” or “our,”) is a Delaware corporation formed in October 2016. Our principal corporate offices are located in Lexington, Kentucky. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. COVID-19 Pandemic— We continue to actively monitor the situation and may take further actions altering our business operations that we determine are in the best interests of our employees, customers, suppliers, and stakeholders, or as required by federal, state, or local authorities. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Intercompany balances and transactions between consolidated entities have been eliminated. Cash and Cash Equivalents Self-Insurance Financial Instruments Nonrecurring fair value measurements include asset retirement obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its reclamation liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, our credit adjusted discount rate, inflation rates and estimated date of reclamation. Concentrations— Recent Accounting Pronouncements Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 3—PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: (In thousands) September 30, 2021 December 31, 2020 Plant and equipment $ 161,566 $ 155,173 Construction in process 4,890 7,245 Capitalized mine development costs 88,713 74,279 Less: accumulated depreciation and amortization (73,494) (56,242) Total property, plant and equipment, net $ 181,675 $ 180,455 Capitalized amounts related to coal reserves at properties where we are not currently developing or actively engaged in mining operations totaled $14.7 million as of September 30, 2021 and $15.4 million as of December 31, 2020. Depreciation and amortization included: Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Depreciation of plant and equipment $ 4,484 $ 4,326 $ 13,354 $ 12,740 Depreciation of right of use assets 413 — 540 — Amortization of capitalized mine development costs 1,854 932 4,967 2,861 Total depreciation and amortization $ 6,751 $ 5,258 $ 18,861 $ 15,601 |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
DEBT | NOTE 4—DEBT Revolving Credit Facility and Term Loan— The Revolving Credit Facility has a maturity date of December 31, 2023 and bears interest based on LIBOR + 2.0% or Base Rate + 1.5%. Base Rate is the highest of (i) KeyBank’s prime rate, (ii) Federal Funds Effective Rate + 0.5%, or (iii) LIBOR + 2.0%. Advances under the Revolving Credit Facility are made initially as base rate loans but may be converted to LIBOR rate loans at certain times at our discretion. At September 30, 2021, there was no amount outstanding under the Revolving Credit Facility and we had remaining availability of $27.1 million. The Term Loan is secured under a Master Security Agreement with a pledge of certain underground and surface mining equipment, bears interest at LIBOR + 5.15% and is required to be repaid in monthly installments of $278 thousand including accrued interest. The outstanding principal balance of the Term Loan was $4.2 million at September 30, 2021. The Credit Agreement contains usual and customary covenants including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants. At September 30, 2021, we were in compliance with all debt covenants in the Credit Agreement. Key Equipment Finance Loan— 9.00% Senior Unsecured Notes due 2026 — On July 13, 2021, we completed an offering of $34.5 million, in the aggregate, of the Company’s 9.00% Senior Unsecured Notes due 2026 (the “Notes”), less $2.4 million for note offering costs. The Notes mature on July 30, 2026, unless redeemed prior to maturity. The Notes bear interest at a rate of 9.00% per annum, payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing on July 30, 2021. We may redeem the Notes in whole or in part, at our option, at any time on or after July 30, 2023, or upon certain change of control events, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption Notes J. H. Fletcher & Co. Loan— installments of $40 thousand. The outstanding principal balance under the Fletcher Equipment Loan was approximately $0.8 million at September 30, 2021. Komatsu Financial Limited Partnership Loan— |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements [Abstract] | |
LEASES | NOTE 5—LEASES The Company has various financing leases for mining equipment which originated in the second and third quarters of 2021. These leases are generally for terms up to 36 months and expire through 2024. We have one operating lease for office space that will expire mid-2022. Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases: (In thousands) Classification September 30, 2021 December 31, 2020 Right-of-use assets Financing Financing lease right-of-use assets, net $ 8,897 $ — Operating Other assets 44 110 Total right-of-use assets $ 8,941 $ 110 Current lease liabilities Financing Current portion of financing lease obligations $ 3,057 $ — Operating Other current liabilities 44 79 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,847 $ — Operating Other long-term liabilities — 31 Total lease liabilities $ 7,948 $ 110 Minimum lease payments for our lease obligations are as follows: September 30, 2021 (In thousands) Financing Operating Total Future minimum lease payments: 2021 $ 731 $ 16 $ 747 2022 3,510 41 3,551 2023 3,173 — 3,173 2024 945 — 945 Total undiscounted lease payments 8,359 57 8,416 Less: Amounts representing interest (455) (13) (468) Present value of lease obligations $ 7,904 $ 44 $ 7,948 Weighted average remaining term (years) 2.6 0.6 Weighted average discount rate 4.1% 8.5% |
Note 6 - SBA Paycheck Protectio
Note 6 - SBA Paycheck Protection Program Loan | 9 Months Ended |
Sep. 30, 2021 | |
SBA Paycheck Protection Program Loan | |
SBA Paycheck Protection Program Loan | NOTE 6—SBA PAYCHECK PROTECTION PROGRAM LOAN On April 20, 2020, we received proceeds from the PPP Loan in the amount of approximately $8.4 million from KeyBank, as lender, pursuant to the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The purpose of the PPP was to encourage the continued employment of workers. We used all of the PPP Loan proceeds for eligible payroll expenses, lease, interest and utility payments. The PPP Loan was evidenced by a promissory note dated April 16, 2020, which contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. Pursuant to the subsequently enacted Paycheck Protection Flexibility Act of 2020 On July 29, 2021, we were notified by KeyBank that full forgiveness had been approved by the SBA. |
Note 7 - Equity
Note 7 - Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements [Abstract] | |
EQUITY | NOTE 7—EQUITY Stock-Based Compensation— Options for the purchase of a total of 937,424 shares of our common stock with an exercise price of $5.34 per share were granted to two executives on August 31, 2016. The options have a ten-year term from the grant date and are fully vested. The options remain outstanding and unexercised and the exercise price is less than the average stock price for the three and nine month periods ended September 30, 2021. We grant shares of restricted stock to certain senior executives, key employees and directors. These shares vest over approximately one three The following table summarizes restricted awards outstanding, as well as activity for the period: Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2020 2,845,525 $ 4.28 Granted 1,592,659 4.37 Vested (321,075) 8.03 Forfeited (129,279) 4.11 Outstanding at September 30, 2021 3,987,830 $ 4.02 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements [Abstract] | |
COMMITMENTS AND CONTINGENCIES. | NOTE 8—COMMITMENTS AND CONTINGENCIES Surety Bonds— Contingent Transportation Purchase Commitments— Litigation— On November 5, 2018, one of three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of the plant capacity. We completed a permanent belt workaround and restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy, and, therefore, on August 21, 2019, we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and required coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. The case went to trial beginning on June 29, 2021. On July 15, 2021, the jury returned a verdict in favor of the Company for $7.7 million in compensatory damages and on July 16, 2021, made an additional award of $25.0 million for inconvenience and aggravation. Additionally, the Company is seeking to recover its attorney’s fees and costs. This verdict is not final and may be subject to post-trial motions or appeal. We have, therefore, not recognized any gain related to this verdict as of September 30, 2021. |
Note 9 - Revenues
Note 9 - Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
REVENUES. | NOTE 9—REVENUE Our revenue is derived from contracts for the sale of coal which is recognized at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts and pricing can either be by fixed-price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below: Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Coal Sales North American revenues $ 47,954 $ 27,284 $ 105,611 $ 89,795 Export revenues, excluding Canada 28,423 12,175 90,278 27,974 Total revenues $ 76,377 $ 39,459 $ 195,889 $ 117,769 At September 30, 2021, we had outstanding performance obligations for the remainder of 2021 of approximately 0.5 million tons for contracts with fixed sales prices averaging $84/ton and 0.1 million tons for contracts with index-based pricing mechanisms. |
Note 10- Income Taxes
Note 10- Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
INCOME TAXES | NOTE 10—INCOME TAXES Income tax provisions for interim quarterly periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items related specifically to interim periods. The income tax impact of discrete items are recognized in the period these occur. The following table summarizes income tax expense, including the impact of discrete items, for each period presented: Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Deferred income tax expense (benefit) $ 1,817 $ (1,407) $ 3,046 $ (473) Discrete items: State income taxes - West Virginia (229) — (1,615) — Stock-based compensation — — 219 435 Total income tax expense (benefit) $ 1,588 $ (1,407) $ 1,650 $ (38) Discrete items include the impact of legislative changes in Virginia and West Virginia and tax expense for the excess of book expense over the tax deduction for vested restricted stock awards. Excluding these discrete items, our effective tax rate for the three months ended September 30, 2021 and 2020 was 21% and 23%, respectively. Similarly, our effective tax rate for the nine months ended September 30, 2021 and 2020 was 13% and 19%, respectively. The primary difference from the federal statutory rate of 21% in each period is related to state taxes, permanent differences for non-deductible expenses and depletion expense for income tax purposes. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
EARNINGS (LOSS) PER SHARE | NOTE 11—EARNINGS (LOSS) PER SHARE The following is the computation of basic and diluted EPS: Three months ended September 30, Nine months ended September 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net income (loss) $ 7,035 $ (4,776) $ 21,120 $ (162) Denominator Weighted average shares used to compute basic earnings (loss) per share 44,109 42,647 43,915 42,373 Dilutive effect of stock-based awards 356 — 81 — Weighted average shares used to compute diluted earnings (loss) per share 44,465 42,647 43,996 42,373 Earnings (loss) per share Basic $ 0.16 $ (0.11) $ 0.48 $ (0.00) Diluted $ 0.16 $ (0.11) $ 0.48 $ (0.00) Diluted earnings (loss) per share in each of the three and nine month periods ended September 30, 2020 excludes 937,424 options to purchase our common stock because their effect would be anti-dilutive. |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Notes to Financial Statements | ||
RELATED PARTY TRANSACTIONS | NOTE 12—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements — On-going Administrative Services September 30, 2021. For the three and nine month periods ended September 30, 2020, charges to Ramaco Coal were $16 thousand and $31 thousand, respectively. | |
Payments for Royalties | $ 3.3 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13—SUBSEQUENT EVENTS 2022 Domestic Sales Contracts On October 26, 2021, Ramaco announced that it has completed 2022 sales negotiations to its North American steel customers. We have now contracted to sell 1.67 million tons of both low volatile and high volatile coal at an overall average price of roughly $196 per short ton FOB mine. These completed domestic sales represent approximately 54% of Ramaco’s projected 2022 production of 3.1 million tons. Coronado Asset Purchase Agreement On October 26, 2021, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Coronado IV LLC, Buchanan Minerals, LLC and Buchanan Mining Company, LLC (collectively, the “Sellers”), pursuant to which the Company will purchase certain assets from Sellers for an aggregate cash purchase price of $30 million (the “Acquisition”). The closing of the transactions contemplated by the Purchase Agreement is subject to customary closing conditions. The Purchase Agreement contains representations, warranties and covenants from the Company that are customary for transactions of this type. The Acquisition is expected to close in mid-November 2021. Dividend Initiation Authorization On October 26, 2021, we announced that our Board of Directors (the “Board”) authorized the initiation of a regular quarterly dividend to be paid beginning in the first quarter of 2022. The amount of the dividend and timing of both the record date and payment date will be set at the Company’s Board meeting to be held in early December of 2021. Amendment of Revolving Credit Facility and Term Loan . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Intercompany balances and transactions between consolidated entities have been eliminated. |
Cash and cash equivalents | Cash and Cash Equivalents |
Self-Insurance | Self-Insurance |
Financial Instruments | Financial Instruments Nonrecurring fair value measurements include asset retirement obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its reclamation liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, our credit adjusted discount rate, inflation rates and estimated date of reclamation. |
Concentrations | Concentrations— |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment | (In thousands) September 30, 2021 December 31, 2020 Plant and equipment $ 161,566 $ 155,173 Construction in process 4,890 7,245 Capitalized mine development costs 88,713 74,279 Less: accumulated depreciation and amortization (73,494) (56,242) Total property, plant and equipment, net $ 181,675 $ 180,455 |
Schedule of depreciation and amortization | Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Depreciation of plant and equipment $ 4,484 $ 4,326 $ 13,354 $ 12,740 Depreciation of right of use assets 413 — 540 — Amortization of capitalized mine development costs 1,854 932 4,967 2,861 Total depreciation and amortization $ 6,751 $ 5,258 $ 18,861 $ 15,601 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of maturities of operating lease liabilities | (In thousands) Classification September 30, 2021 December 31, 2020 Right-of-use assets Financing Financing lease right-of-use assets, net $ 8,897 $ — Operating Other assets 44 110 Total right-of-use assets $ 8,941 $ 110 Current lease liabilities Financing Current portion of financing lease obligations $ 3,057 $ — Operating Other current liabilities 44 79 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,847 $ — Operating Other long-term liabilities — 31 Total lease liabilities $ 7,948 $ 110 |
Schedule future minimum lease and royalty payments | Minimum lease payments for our lease obligations are as follows: September 30, 2021 (In thousands) Financing Operating Total Future minimum lease payments: 2021 $ 731 $ 16 $ 747 2022 3,510 41 3,551 2023 3,173 — 3,173 2024 945 — 945 Total undiscounted lease payments 8,359 57 8,416 Less: Amounts representing interest (455) (13) (468) Present value of lease obligations $ 7,904 $ 44 $ 7,948 Weighted average remaining term (years) 2.6 0.6 Weighted average discount rate 4.1% 8.5% |
Note 7 - Equity (Tables)
Note 7 - Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity | |
Schedule of restricted awards outstanding | Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2020 2,845,525 $ 4.28 Granted 1,592,659 4.37 Vested (321,075) 8.03 Forfeited (129,279) 4.11 Outstanding at September 30, 2021 3,987,830 $ 4.02 |
Note 9 - Revenues (Tables)
Note 9 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Coal Sales North American revenues $ 47,954 $ 27,284 $ 105,611 $ 89,795 Export revenues, excluding Canada 28,423 12,175 90,278 27,974 Total revenues $ 76,377 $ 39,459 $ 195,889 $ 117,769 |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule computation of basic and diluted EPS | The following is the computation of basic and diluted EPS: Three months ended September 30, Nine months ended September 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net income (loss) $ 7,035 $ (4,776) $ 21,120 $ (162) Denominator Weighted average shares used to compute basic earnings (loss) per share 44,109 42,647 43,915 42,373 Dilutive effect of stock-based awards 356 — 81 — Weighted average shares used to compute diluted earnings (loss) per share 44,465 42,647 43,996 42,373 Earnings (loss) per share Basic $ 0.16 $ (0.11) $ 0.48 $ (0.00) Diluted $ 0.16 $ (0.11) $ 0.48 $ (0.00) |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes. | |
Schedule of income tax expense | The following table summarizes income tax expense, including the impact of discrete items, for each period presented: Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Deferred income tax expense (benefit) $ 1,817 $ (1,407) $ 3,046 $ (473) Discrete items: State income taxes - West Virginia (229) — (1,615) — Stock-based compensation — — 219 435 Total income tax expense (benefit) $ 1,588 $ (1,407) $ 1,650 $ (38) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash | ||
Restricted Cash | $ 1 | $ 1.4 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Self-Insurance (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Self-Insurance | ||
Estimated aggregate liability for uninsured claims | $ 3.5 | $ 1.7 |
Estimated aggregate liability for uninsured claims included in other long-term liabilities | $ 2.1 | $ 0.9 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Concentrations (Details) - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue Benchmark | Customer A | ||||
Concentrations | ||||
Concentration Risk, Percentage | 29.00% | 31.00% | ||
Revenue Benchmark | Customer B | ||||
Concentrations | ||||
Concentration Risk, Percentage | 19.00% | 18.00% | ||
Revenue Benchmark | Customer C | ||||
Concentrations | ||||
Concentration Risk, Percentage | 16.00% | 10.00% | ||
Revenue Benchmark | Total Customer Base | ||||
Concentrations | ||||
Concentration Risk, Percentage | 64.00% | 59.00% | 71.00% | |
Accounts Receivable. | Total Customer Base | ||||
Concentrations | ||||
Concentration Risk, Percentage | 86.00% | 63.00% |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, plant, and equipment | ||
Less: Accumulated depreciation and amortization | $ (73,494) | $ (56,242) |
Total property, plant and equipment, net | 181,675 | 180,455 |
Plant and Equipment | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 161,566 | 155,173 |
Construction in Progress | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 4,890 | 7,245 |
Capitalized mine development cost | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 88,713 | 74,279 |
Coal Properties | ||
Property, plant, and equipment | ||
Capitalized amounts related to coal reserves at properties where the Company is not currently engaged in mining operations | $ 14,700 | $ 15,400 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation of plant and equipment | $ 4,484 | $ 4,326 | $ 13,354 | $ 12,740 |
Depreciation of right of use assets | 413 | 540 | ||
Amortization of capitalized mine development costs | 1,854 | 932 | 4,967 | 2,861 |
Total depreciation and amortization | $ 6,751 | $ 5,258 | $ 18,861 | $ 15,601 |
Note 4 - Debt (Details)
Note 4 - Debt (Details) - USD ($) $ in Thousands | Aug. 16, 2021 | Jul. 23, 2021 | Jul. 13, 2021 | Aug. 16, 2020 | Apr. 16, 2020 | Nov. 02, 2018 | Sep. 30, 2021 |
Senior Unsecured Notes Offering | |||||||
Debt | |||||||
Aggregate principal amount | $ 34,500 | ||||||
Amount of note offering costs | $ 2,400 | ||||||
Long-term Debt, Total | $ 34,500 | ||||||
Interest rate | 9.00% | ||||||
KeyBank National Association | Revolving Credit Facility | |||||||
Debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||||
Amount of remaining availability | 27,100 | ||||||
Outstanding on Revolving Credit Facility | 0 | ||||||
KeyBank National Association | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||
Debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
KeyBank National Association | Revolving Credit Facility | Base Rate | |||||||
Debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
KeyBank National Association | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | |||||||
Debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
KeyBank National Association | Letter of Credit | |||||||
Debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||
KeyBank National Association | Term Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 10,000 | ||||||
Amount of monthly installments | 278 | ||||||
Long-term Debt, Total | $ 4,200 | ||||||
KeyBank National Association | Term Loan | London Interbank Offered Rate (LIBOR) | |||||||
Debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.15% | ||||||
KeyBank National Association | Equipment Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 4,700 | ||||||
Amount of monthly installments | $ 147 | ||||||
Outstanding on Revolving Credit Facility | $ 2,600 | ||||||
Number Of Monthly Installments | 36 months | ||||||
Annual percent of premium prepayment | 3.00% | ||||||
Annual premium decline in premium prepayment | 1.00% | ||||||
Interest rate | 7.45% | ||||||
J. H. Fletcher & Co | |||||||
Debt | |||||||
Long-term Debt, Total | $ 800 | ||||||
J. H. Fletcher & Co | Equipment Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 1,000 | ||||||
Amount of monthly installments | $ 40 | ||||||
Number Of Monthly Installments | 24 months | ||||||
Interest rate | 0.00% | ||||||
Komatsu Financial Limited Partnership | |||||||
Debt | |||||||
Aggregate principal amount | $ 1,000 | ||||||
Amount of monthly installments | 36 | ||||||
Amount of monthly installments until maturity | 28 | ||||||
Long-term Debt, Total | $ 1,000 | ||||||
Number Of Monthly Installments | 36 months | ||||||
Interest rate | 4.60% |
Note 5 - Leases (Details)
Note 5 - Leases (Details) $ in Thousands | Sep. 30, 2021USD ($)lease | Sep. 30, 2020USD ($) |
Lessee, Lease, Description [Line Items] | ||
Term of financing leases | 36 months | |
Number of operating leases | lease | 1 | |
Financing lease right-of-use assets | $ 8,897 | |
Total right-of-use assets | 8,941 | $ 110 |
Finance Lease, Liability, Current | 3,057 | |
Finance Lease, Liability, Noncurrent | 4,847 | |
Present value of lease obligations | 7,948 | 110 |
Other assets. | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 44 | 110 |
Other current liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Current | $ 44 | 79 |
Other long-term liabilities. | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Noncurrent | $ 31 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term, operating | 7 months 6 days | |
Weighted average remaining lease term, financing | 2 years 7 months 6 days | |
Weighted average discount rate, operating | 8.50% | |
Weighted average discount rate, financing | 4.10% | |
Maturities of financing lease liabilities | ||
2021 | $ 731 | |
2022 | 3,510 | |
2023 | 3,173 | |
2024 | 945 | |
Total | 7,904 | |
Less: Amounts representing interest | (455) | |
Present value of lease obligations | 8,359 | |
Maturities of operating lease liabilities | ||
2021 | 16 | |
2022 | 41 | |
Total | 57 | |
Less: Amounts representing interest | (13) | |
Present value of lease obligations | 44 | |
Maturities of lease liabilities | ||
2021 | 747 | |
2022 | 3,551 | |
2023 | 3,173 | |
2024 | 945 | |
Total | 8,416 | |
Less: Amounts representing interest | (468) | |
Present value of lease obligations | $ 7,948 | $ 110 |
Note 6 - SBA Paycheck Protect_2
Note 6 - SBA Paycheck Protection Program (Details) - USD ($) $ in Thousands | Apr. 20, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Other income | $ 789 | $ 1,743 | $ 7,156 | $ 11,456 | ||
PPP Loan | ||||||
Proceeds from loan | $ 8,400 | |||||
Other income | $ 8,400 |
Note 7 - Equity (Details)
Note 7 - Equity (Details) $ / shares in Units, $ in Millions | Aug. 31, 2016employee$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares |
EQUITY | ||||
Granted (in shares) | 1,900,000 | 1,900,000 | ||
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 | 260,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Minimum | Executives and Employees | ||||
EQUITY | ||||
Vesting period | 1 year | |||
Maximum | Executives and Employees | ||||
EQUITY | ||||
Vesting period | 3 years 6 months | |||
Restricted Stock | ||||
EQUITY | ||||
Compensation costs | $ | $ 1.3 | $ 3.9 | ||
Unrecognized compensation cost | $ | $ 8.5 | $ 8.5 | ||
Weighted-average period | 1 year 9 months 18 days | |||
Stock Options | ||||
EQUITY | ||||
Granted (in shares) | 937,424 | |||
Number of individuals | employee | 2 | |||
Purchase price (per share) | $ / shares | $ 5.34 | |||
Expiration period | 10 years |
Note 7 - Equity - Summary of Re
Note 7 - Equity - Summary of Restricted Awards Activity (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Outstanding, shares (in shares) | shares | 2,845,525 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.28 |
Granted, shares (in shares) | shares | 1,592,659 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.37 |
Vested, shares (in shares) | shares | (321,075) |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.03 |
Forfeited, shares (in shares) | shares | (129,279) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.11 |
Outstanding, shares (in shares) | shares | 3,987,830 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.02 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details) $ in Millions | Jul. 16, 2021USD ($) | Jul. 15, 2021USD ($) | Sep. 30, 2021USD ($)contract |
COMMITMENTS AND CONTINGENCIES | |||
Asset Retirement Obligation | $ 15.8 | ||
Reclamation bonding requirements | 0.3 | ||
Amount of award | $ 25 | $ 7.7 | |
Take-or-pay Purchase Commitments | |||
COMMITMENTS AND CONTINGENCIES | |||
Commitments | $ 4.6 | ||
Number of contracts | contract | 4 |
Note 9 - Revenue - Domestic Rev
Note 9 - Revenue - Domestic Revenues an Export Revenues (Details) $ in Thousands, T in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)T | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)T$ / T | Sep. 30, 2020USD ($) | |
REVENUES | ||||
Revenues | $ 76,377 | $ 39,459 | $ 195,889 | $ 117,769 |
Term of domestic sales contracts | 1 year | |||
Domestic Coal Revenues | ||||
REVENUES | ||||
Revenues | 47,954 | 27,284 | $ 105,611 | 89,795 |
Export Revenues | ||||
REVENUES | ||||
Revenues | $ 28,423 | $ 12,175 | $ 90,278 | $ 27,974 |
Fixed Priced Contracts | ||||
REVENUES | ||||
Outstanding performance obligation, mass | T | 0.5 | 0.5 | ||
Average per ton | $ / T | 84 | |||
Contracts with Indexed Based Pricing Mechanisms | ||||
REVENUES | ||||
Outstanding performance obligation, mass | T | 0.1 | 0.1 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes. | ||||
Deferred income tax expense | $ 1,817 | $ (1,407) | $ 3,046 | $ (473) |
State income taxes - West Virginia | (229) | (1,615) | ||
Stock-based compensation | 219 | 435 | ||
Total income tax expense (benefit) | $ 1,588 | $ (1,407) | $ 1,650 | $ (38) |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.00% | 23.00% | 13.00% | 19.00% |
Statutory rate | 21.00% |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
EARNINGS PER SHARE | ||||||||
Net income (loss) | $ 7,035 | $ 9,942 | $ 4,143 | $ (4,776) | $ 2,652 | $ 1,962 | $ 21,120 | $ (162) |
Weighted average shares used to compute basic EPS (in shares) | 44,109 | 42,647 | 43,915 | 42,373 | ||||
Dilutive effect of stock-based awards (in shares) | 356 | 81 | ||||||
Weighted average shares used to compute diluted EPS (in shares) | 44,465 | 42,647 | 43,996 | 42,373 | ||||
Basic (in dollars per share) | $ 0.16 | $ (0.11) | $ 0.48 | $ 0 | ||||
Diluted (in dollars per share) | $ 0.16 | $ (0.11) | $ 0.48 | $ 0 | ||||
Antidilutive shares | 937,424 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Royalties paid | $ 3,300 | ||||
On-Going Administrative Services | |||||
Royalties paid | $ 40 | $ 79 | |||
Related party fees | 16 | $ 31 | |||
Ramaco Coal, LLC | |||||
Royalties paid | 1,300 | $ 1,000 | $ 3,900 | ||
Ramaco Coal, LLC | Accounts Payable and Accrued Liabilities | Mineral Lease and Surface Rights Agreements | |||||
Due to Related Parties, Total | $ 600 | $ 600 | $ 400 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details) T in Thousands, $ / T in Thousands, $ in Millions | Oct. 26, 2021USD ($)T$ / T |
2022 Domestic Sales Contracts | |
Subsequent Events | |
Average per ton | $ / T | 196 |
Amount of coal contracted to sell | 1,670 |
Percentage of projected coal sales | 54.00% |
Projected production of coal (in tons) | 3,100 |
Coronado Asset Purchase Agreement | |
Subsequent Events | |
Amount of aggregate cash purchase price | $ | $ 30 |