Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HALLADOR ENERGY COMPANY | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 28,776,766 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000788965 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $22,018 | $16,228 |
Marketable securities | 1,720 | ' |
Accounts receivable | 35,698 | 10,577 |
Amounts due from subsidiary | 8,200 | ' |
Prepaid income taxes | 2,541 | 4,661 |
Coal inventory | 17,883 | 4,778 |
Parts and supply inventory | 14,902 | 2,826 |
Other | 4,173 | 291 |
Total current assets | 107,135 | 39,361 |
Coal properties, at cost: | ' | ' |
Land and mineral rights | 130,492 | 26,476 |
Buildings and equipment | 335,059 | 148,077 |
Mine development | 86,395 | 85,333 |
Total coal properities, at cost | 551,946 | 259,886 |
Less - accumulated DD&A | -94,523 | -77,545 |
Total coal properties, net | 457,423 | 182,341 |
Other assets (Note 5) | 22,377 | 17,405 |
Total assets | 610,957 | 260,413 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 19,688 | ' |
Accounts payable and accrued liabilities | 29,512 | 10,357 |
Total current liabilities | 49,200 | 10,357 |
Long-term liabilities: | ' | ' |
Bank debt | 325,938 | 16,000 |
Deferred income taxes | 39,237 | 43,304 |
Asset retirement obligations | 11,856 | 5,290 |
Other | 1,838 | 2,128 |
Total long-term liabilities | 378,869 | 66,722 |
Total liabilities | 428,069 | 77,079 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | ' | ' |
Common stock, $.01 par value, 100,000 shares authorized; 28,778 and 28,751 shares outstanding, respectively | 287 | 287 |
Additional paid-in capital | 90,112 | 87,872 |
Retained earnings | 92,029 | 94,796 |
Accumulated other comprehensive income | 460 | 379 |
Total stockholders' equity | 182,888 | 183,334 |
Total liabilities and stockholders' equity | 610,957 | 260,413 |
Savoy [Member] | ' | ' |
Current assets: | ' | ' |
Total current assets | 27,247 | ' |
Coal properties, at cost: | ' | ' |
Investment in subsidiaries | 19,258 | 16,733 |
Total assets | 56,187 | ' |
Long-term liabilities: | ' | ' |
Total liabilities | 10,814 | ' |
Stockholders' equity: | ' | ' |
Total liabilities and stockholders' equity | 56,187 | ' |
Sunrise Energy [Member] | ' | ' |
Current assets: | ' | ' |
Total current assets | 3,496 | ' |
Coal properties, at cost: | ' | ' |
Investment in subsidiaries | 4,764 | 4,573 |
Total assets | 10,241 | ' |
Long-term liabilities: | ' | ' |
Total liabilities | 724 | ' |
Stockholders' equity: | ' | ' |
Total liabilities and stockholders' equity | $10,241 | ' |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, issued | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock,par value (in dollars per share) | $0.01 | $0.01 |
Common stock, outstanding | 28,778,000 | 28,751,000 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue: | ' | ' | ' | ' | ||||
Coal sales | $64,764 | $34,985 | $133,910 | $103,129 | ||||
Liability entinguishment (Note 9) | ' | ' | ' | 4,300 | ||||
Other (Note 5) | 237 | 455 | 717 | 3,615 | ||||
Revenue | 66,322 | 37,660 | 140,549 | 116,058 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Operating costs and expenses | 52,588 | 23,407 | 101,689 | 68,959 | ||||
DD&A | 6,979 | 4,772 | 17,131 | 13,982 | ||||
Coal exploration costs | 716 | 739 | 1,907 | 1,725 | ||||
SG&A | 2,511 | 1,936 | 7,220 | 5,586 | ||||
Interest | 1,825 | 308 | 2,687 | 1,131 | ||||
Write off deferred financing costs | 1,021 | ' | 1,021 | ' | ||||
Acquisition deal costs (Note 10) | 7,891 | ' | 7,891 | ' | ||||
Costs and expenses | 73,531 | 31,162 | 139,546 | 91,383 | ||||
Income (loss) before income taxes | -7,209 | 6,498 | 1,003 | 24,675 | ||||
Less income taxes: | ' | ' | ' | ' | ||||
Current | -157 | -609 | 4,244 | 1,297 | ||||
Deferred | -1,284 | 2,277 | -4,067 | 4,915 | ||||
Income taxes | -1,441 | 1,668 | 177 | 6,212 | ||||
Net income (loss) | -5,768 | [1] | 4,830 | [1] | 826 | [1] | 18,463 | [1] |
Net income per share: (Note 8) | ' | ' | ' | ' | ||||
Basic (in Dollars per share) | ($0.20) | $0.17 | $0.03 | $0.65 | ||||
Diluted (in Dollars per share) | ($0.20) | $0.17 | $0.03 | $0.64 | ||||
Weighted average shares outstanding: | ' | ' | ' | ' | ||||
Basic (in Shares) | 28,772 | 28,607 | 28,766 | 28,580 | ||||
Diluted (in Shares) | 29,310 | 28,838 | 29,108 | 28,851 | ||||
Savoy [Member] | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ||||
Equity income (loss) | 1,217 | 2,048 | 5,731 | 4,495 | ||||
Revenue | ' | ' | 32,135 | 29,444 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Costs and expenses | ' | ' | 19,423 | 19,471 | ||||
Less income taxes: | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | 12,712 | 9,973 | ||||
Sunrise Energy [Member] | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ||||
Equity income (loss) | 104 | 172 | 191 | 519 | ||||
Revenue | ' | ' | 2,328 | 2,551 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Costs and expenses | ' | ' | 1,945 | 1,513 | ||||
Less income taxes: | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | $383 | $1,038 | ||||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Cash provided by operating activities | $20,730 | $20,310 |
Investing activities: | ' | ' |
Capital expenditures for coal properties | -14,326 | -23,558 |
Ohio River Terminal | ' | -2,866 |
Acquisition | -319,762 | ' |
Other | ' | 256 |
Cash used in investing activities | -334,088 | -26,168 |
Financing activities: | ' | ' |
Dividends | -3,593 | -2,317 |
Bank borrowings | 350,000 | ' |
Payments on bank debt | -20,375 | ' |
Deferred financing costs | -6,884 | ' |
Cash provided by (used in) financing activities | 319,148 | -2,317 |
Increase (decrease) in cash and cash equivalents | 5,790 | -8,175 |
Cash and cash equivalents, beginning of period | 16,228 | 21,888 |
Cash and cash equivalents, end of period | $22,018 | $13,713 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | ||
In Thousands | |||||||
Balance at Dec. 31, 2013 | $287 | $87,872 | $94,796 | $379 | [1] | $183,334 | |
Balance (in Shares) at Dec. 31, 2013 | 28,751 | ' | ' | ' | ' | ||
Stock-based compensation | ' | 2,289 | ' | ' | 2,289 | ||
Stock-based compensation (in Shares) | 7 | ' | ' | ' | ' | ||
Other | ' | -49 | ' | 81 | [1] | 32 | |
Other (in Shares) | 20 | ' | ' | ' | ' | ||
Dividends | ' | ' | -3,593 | ' | -3,593 | ||
Net income (loss) | ' | ' | 826 | ' | 826 | [2] | |
Balance at Sep. 30, 2014 | $287 | $90,112 | $92,029 | $460 | [1] | $182,888 | |
Balance (in Shares) at Sep. 30, 2014 | 28,778 | ' | ' | ' | ' | ||
[1] | Accumulated Other Comprehensive Income | ||||||
[2] | There is no material difference between net income (loss) and comprehensive income (loss). |
General_Business
General Business | 9 Months Ended |
Sep. 30, 2014 | |
General Business [Abstract] | ' |
General Business | ' |
(1) General Business | |
The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The financial statements included herein have been prepared pursuant to the SEC’s rules and regulations; accordingly, certain information and footnote disclosures normally included in GAAP financial statements have been condensed or omitted. | |
The results of operations and cash flows for the nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2014. To maintain consistency and comparability, certain 2013 amounts have been reclassified to conform to the 2014 presentation. | |
Our organization and business, the accounting policies we follow and other information, are contained in the notes to our consolidated financial statements filed as part of our 2013 Form 10-K. This quarterly report should be read in conjunction with such 10-K. | |
The consolidated financial statements include the accounts of Hallador Energy Company (the Company) and its wholly-owned subsidiary Sunrise Coal, LLC (Sunrise) and Sunrise’s wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. We are engaged in the production of steam coal from mines located in western Indiana. We own a 40% equity interest in Savoy Energy, L.P., a private oil and gas company which has operations in Michigan and a 50% interest in Sunrise Energy, LLC, a private entity engaged in natgas operations in the same vicinity as the Carlisle mine. | |
Bank_Debt
Bank Debt | 9 Months Ended |
Sep. 30, 2014 | |
Bank Debt [Abstract] | ' |
Bank Debt | ' |
(2) Bank Debt | |
To finance the Vectren Fuels acquisition (see Note 10) we entered into a credit agreement with PNC Bank as administrative agent for a group of several other banks. The credit agreeme-+ | |
nt allows for a $250 million revolver and a $175 million term loan. Considering the acquisition and the payment of bank fees, our debt at September 30, 2014 is $345.6 million. The maximum that we can currently borrow is $398 million due to the covenants. The credit facility is collateralized by substantially all of Sunrise’s assets and we are the guarantor. Bank fees and other costs incurred in connection with this new facility were about $6.8 million which were deferred and are being amortized over five years. Deferred financing costs, associated with our previous credit facility, approximated $1 million and were expensed. | |
All borrowings under the credit agreement bear interest at LIBOR plus 2.25% if the leverage ratio is less than 1X; LIBOR plus 2.5% if the leverage ratio is over 1X but less than 1.5X; LIBOR plus 2.75% if the ratio is over 1.5X but less than 2X; LIBOR plus 3% if the ratio is over 2X but less than 2.5X and at LIBOR plus 3.5% if the leverage ratio is over 2.5X (which it currently is). We are required to pay at the highest rate (LIBOR plus 3.5%) through the first quarter of 2015. The maximum leverage ratio is currently 3.25X. The leverage ratio is equal to funded debt/EBITDA. We entered into swap agreements to fix the LIBOR component of the interest rate to achieve an effective fixed rate of no greater than 5% on 100% ($175 million) of the term loan and on $100 million of the revolver. The revolver steps down 10% each quarter commencing March 31, 2016. As of September 30, 2014 these two interest rate swaps had a de minimus fair value. | |
The credit agreement also imposes certain other customary restrictions and covenants as well as certain milestones we must meet in order to draw down the full amount. Any non-tax cash distributions from Savoy are required to be applied toward the debt. The term loan requires annual amortization during the five years at 10%, 15%, 15%, 20%, and 20% with a balloon at maturity. | |
The credit agreement matures on August 29, 2019, but we have the right to prepay the loan at any time without penalty. | |
Investment_in_Savoy
Investment in Savoy (Savoy [Member]) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Savoy [Member] | ' | ||||||||||||
Investment | ' | ||||||||||||
(3) Investment in Savoy | |||||||||||||
We currently own a 40% interest in Savoy Energy, L.P., a private company engaged in the oil and gas business primarily in the state of Michigan. Savoy uses the successful efforts method of accounting. We account for our interest using the equity method of accounting. Our ownership was 45% but was decreased on October 1, 2014 due to the exercise of options by Savoy’s management. | |||||||||||||
Below (in thousands) to the 100% is a condensed balance sheet at September 30, 2014, and a condensed statement of operations for the nine months ended September 30, 2014 and 2013. | |||||||||||||
Condensed Balance Sheet | |||||||||||||
2014 | |||||||||||||
Current assets | $ | 27,247 | |||||||||||
Oil and gas properties, net | 28,940 | ||||||||||||
$ | 56,187 | ||||||||||||
Total liabilities | $ | 10,814 | |||||||||||
Partners' capital | 45,373 | ||||||||||||
$ | 56,187 | ||||||||||||
Condensed Statement of Operations | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | $ | 32,135 | $ | 29,444 | |||||||||
Expenses | -19,423 | -19,471 | |||||||||||
Net income | $ | 12,712 | $ | 9,973 | |||||||||
Late last year Savoy engaged Energy Spectrum Advisors Inc. (ESA) to market its Trenton-Black River oil properties located in southeast Michigan. No acceptable offers were received. Marketing efforts are on hold until oil prices recover. Savoy made a $12 million cash distribution in early October 2014; our share was $4.9 million; such amount was applied toward our bank debt. | |||||||||||||
Investment_in_Sunrise_Energy
Investment in Sunrise Energy (Sunrise Energy [Member]) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Sunrise Energy [Member] | ' | ||||||
Investment | ' | ||||||
(4) Investment in Sunrise Energy | |||||||
We own a 50% interest in Sunrise Energy, LLC, a private company engaged in the oil and gas business that develops and explores for coal-bed methane gas reserves on or near our underground coal reserves. They use the successful efforts method of accounting. We account for our interest using the equity method of accounting. | |||||||
Below (in thousands) to the 100% is a condensed balance sheet at September 30, 2014, and a condensed statement of operations for the nine months ended September 30, 2014 and 2013. | |||||||
Condensed Balance Sheet | |||||||
2014 | |||||||
Current assets | $ | 3,496 | |||||
Oil and gas properties, net | 6,745 | ||||||
$ | 10,241 | ||||||
Total liabilities | $ | 724 | |||||
Members' capital | 9,517 | ||||||
$ | 10,241 | ||||||
Condensed Statement of Operations | |||||||
2014 | 2013 | ||||||
Revenue | $ | 2,328 | $ | 2,551 | |||
Expenses | -1,945 | -1,513 | |||||
Net income | $ | 383 | $ | 1,038 | |||
Other_LongTerm_Assets_and_Othe
Other Long-Term Assets and Other Income | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Other Long Term Assets And Other Income [Abstract] | ' | |||||||||||
Other Long Term Assets And Other Income | ' | |||||||||||
(5) Other Long-Term Assets and Other Income | ||||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Long-term assets: | ||||||||||||
Advance coal royalties | $ | 5,462 | $ | 4,693 | ||||||||
Deferred financing costs, net | 6,855 | 1,195 | ||||||||||
Marketable equity securities available for sale, at fair value (restricted)* | 2,374 | 3,889 | ||||||||||
Ohio River Terminal (see Note 7) | 2,698 | 2,836 | ||||||||||
Other | 4,988 | 4,792 | ||||||||||
$ | 22,377 | $ | 17,405 | |||||||||
____________________ | ||||||||||||
*Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company. | ||||||||||||
Nine months ended | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | |||||||||||
Other income: | ||||||||||||
MSHA reimbursements* | $ | 2,053 | ||||||||||
Coal storage fees | $ | 83 | 964 | |||||||||
Miscellaneous | 634 | 598 | ||||||||||
$ | 717 | $ | 3,615 | |||||||||
_______________________ | ||||||||||||
*See “MSHA Reimbursements” on page 20. | ||||||||||||
Self_Insurance
Self Insurance | 9 Months Ended |
Sep. 30, 2014 | |
Self Insurance [Abstract] | ' |
Self Insurance | ' |
(6) Self Insurance | |
In late August 2010 we decided to terminate the property insurance on our underground mining equipment. Such equipment is allocated among 13 mining units spread out over 23 miles. The historical cost of such equipment is about $245 million. | |
Ohio_River_Terminal
Ohio River Terminal | 9 Months Ended |
Sep. 30, 2014 | |
Ohio River Terminal [Abstract] | ' |
Ohio River Terminal | ' |
(7) Ohio River Terminal | |
On May 31, 2013 we purchased for $2.8 million a multi-commodity truck/barge terminal. Over 17 acres of secured area is available. The terminal is at mile point 743.8 on the Indiana bank of the Ohio River near the William Natcher Bridge between Rockport and Grandview, Indiana. Currently the dock will handle third party commodities. In the long term, we plan to ship coal through the dock. The terminal is in close proximity to the NS railroad, the CSX railroad, and American Electric Power's Rockport generating power plant. | |
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Net Income (Loss) per Share [Abstract] | ' | |||||||
Net Income (Loss) per Share | ' | |||||||
(8) Net Income (Loss) per Share | ||||||||
We compute net income (loss) per share using the two-class method, which is an allocation formula that determines net income (loss) per share for common stock and participating securities which for us are our outstanding RSUs (restricted stock units). | ||||||||
The following table sets forth the computation of net income (loss) per share for the nine and three months ended September 30, 2014. The adjustments for 2013 were not significant (in thousands, except per share amounts): | ||||||||
Nine months | Three months | |||||||
Numerator: | ||||||||
Net income (loss) | $ | 826 | $ | -5,768 | ||||
Less: earnings allocated to RSUs | -23 | |||||||
Net income (loss) available to common shareholders | $ | 803 | $ | -5,768 | ||||
Denominator: | ||||||||
Average number of common shares outstanding | 28,766 | 28,772 | ||||||
Potential dilutive shares | 342 | 538 | ||||||
Average number of diluted shares outstanding | 29,108 | 29,310 | ||||||
Net income (loss) per share: | ||||||||
Basic | $ | 0.03 | $ | -0.2 | ||||
Diluted | $ | 0.03 | $ | -0.2 | ||||
Liability_Extinguishment
Liability Extinguishment | 9 Months Ended |
Sep. 30, 2014 | |
Liability Extinguishment [Abstract] | ' |
Liability Extinguishment | ' |
(9) Liability Extinguishment | |
During the 2013 second quarter we concluded that an approximate $4.3 million liability we recorded during 2006 upon the purchase of Sunrise Coal relating to a terminated coal contract was no longer required. The amount had no effect on cash flows. | |
Vectren_Fuels_Acquisition
Vectren Fuels Acquisition | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Vectren Fuels Acquisition [Abstract] | ' | |||||||||
Vectren Fuels Acquisition | ' | |||||||||
(10) Vectren Fuels Acquisition | ||||||||||
On August 29, 2014, we consummated the acquisition of all the common stock of Vectren Fuels, Inc. (VFI) for $320 million, which was accounted for as a business acquisition requiring measurement of acquired assets and assumed liabilities at their estimated fair value in applying purchase accounting. The estimated fair values are based on market participant assumptions. The acquisition was financed through a new debt facility, and the preliminary purchase price allocation and use of proceeds from the new debt facility were as follows (assets not received or liabilities not assumed were retained by the parent company of VFI): | ||||||||||
Assets received: | ||||||||||
Accounts receivable | $ | 25,109 | ||||||||
Coal inventory | 21,484 | |||||||||
Parts and supply inventory | 13,176 | |||||||||
Advance royalties | 685 | |||||||||
Prepaid expenses | 909 | |||||||||
Land and mineral rights | 103,577 | |||||||||
Buildings and equipment | 174,180 | |||||||||
Total assets received | 339,120 | |||||||||
Liabilities assumed: | ||||||||||
Accounts payable and accrued liabilities | 12,808 | |||||||||
Asset retirement obligations | 6,550 | |||||||||
Total liabilities assumed | 19,358 | |||||||||
Total consideration paid for VFI | $ | 319,762 | ||||||||
Use of proceeds from new debt facility: | ||||||||||
Cash | $ | 1,805 | ||||||||
Consideration paid for VFI | 319,762 | |||||||||
Deferred financing costs | 6,163 | |||||||||
Payoff existing debt facility | 16,149 | |||||||||
Acquisition costs paid at closing | 6,121 | |||||||||
Total | $ | 350,000 | ||||||||
The allocation of the purchase price is preliminary pending the completion of various analyses and the finalization of estimates. During the measurement period (which is not to exceed one year from the acquisition date), additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary allocation may be adjusted after obtaining additional information regarding, among other things, asset valuations, liabilities assumed and revisions of previous estimates. These adjustments may be significant and will be accounted for retrospectively. The closing expenses include certain contract termination costs related to the termination of a contract post combination, which was to our benefit. | ||||||||||
The acquisition generated $26.6 million of revenue and $2.5 million of pretax income since the August 29, 2014 acquisition date, and these amounts are included in our operations for the nine months ended September 30, 2014. | ||||||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the acquisition occurred on January 1, 2013. The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on January 1, 2013, or of future results of operations. Vectren deal costs of $7.9 million have been excluded from the pro forma amounts. | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(In thousands, except per share data) | ||||||||||
Total Revenues | ||||||||||
As reported | $ | 140,549 | $ | 116,058 | ||||||
Pro forma | $ | 361,464 | $ | 335,625 | ||||||
Net income applicable to common shareholders | ||||||||||
As reported | $ | 826 | $ | 18,463 | ||||||
Pro forma | $ | 33,843 | $ | 34,877 | ||||||
Basic net income per share applicable to common shareholders | ||||||||||
As reported | $ | 0.03 | $ | 0.65 | ||||||
Pro forma | $ | 1.18 | $ | 1.22 | ||||||
Investment_in_Savoy_Tables
Investment in Savoy (Tables) (Savoy [Member]) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Savoy [Member] | ' | ||||||||||||
Condensed Balance Sheet | ' | ||||||||||||
Condensed Balance Sheet | |||||||||||||
2014 | |||||||||||||
Current assets | $ | 27,247 | |||||||||||
Oil and gas properties, net | 28,940 | ||||||||||||
$ | 56,187 | ||||||||||||
Total liabilities | $ | 10,814 | |||||||||||
Partners' capital | 45,373 | ||||||||||||
$ | 56,187 | ||||||||||||
Condensed Statement of Operations | ' | ||||||||||||
Condensed Statement of Operations | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | $ | 32,135 | $ | 29,444 | |||||||||
Expenses | -19,423 | -19,471 | |||||||||||
Net income | $ | 12,712 | $ | 9,973 | |||||||||
Investment_in_Sunrise_Energy_T
Investment in Sunrise Energy (Tables) (Sunrise Energy [Member]) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Sunrise Energy [Member] | ' | ||||||
Condensed Balance Sheet | ' | ||||||
Condensed Balance Sheet | |||||||
2014 | |||||||
Current assets | $ | 3,496 | |||||
Oil and gas properties, net | 6,745 | ||||||
$ | 10,241 | ||||||
Total liabilities | $ | 724 | |||||
Members' capital | 9,517 | ||||||
$ | 10,241 | ||||||
Condensed Statement of Operations | ' | ||||||
Condensed Statement of Operations | |||||||
2014 | 2013 | ||||||
Revenue | $ | 2,328 | $ | 2,551 | |||
Expenses | -1,945 | -1,513 | |||||
Net income | $ | 383 | $ | 1,038 | |||
Other_LongTerm_Assets_and_Othe1
Other Long-Term Assets and Other Income (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Long Term Assets And Other Income [Abstract] | ' | |||||||
Schedule of Long-Term Assets | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Long-term assets: | ||||||||
Advance coal royalties | $ | 5,462 | $ | 4,693 | ||||
Deferred financing costs, net | 6,855 | 1,195 | ||||||
Marketable equity securities available for sale, at fair value (restricted)* | 2,374 | 3,889 | ||||||
Ohio River Terminal (see Note 7) | 2,698 | 2,836 | ||||||
Other | 4,988 | 4,792 | ||||||
$ | 22,377 | $ | 17,405 | |||||
____________________ | ||||||||
*Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company. | ||||||||
Schedule of Other Income | ' | |||||||
Nine months ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Other income: | ||||||||
MSHA reimbursements* | $ | 2,053 | ||||||
Coal storage fees | $ | 83 | 964 | |||||
Miscellaneous | 634 | 598 | ||||||
$ | 717 | $ | 3,615 | |||||
_______________________ | ||||||||
*See “MSHA Reimbursements” on page 20 | ||||||||
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Net Income (Loss) per Share [Abstract] | ' | |||||||
Computation of Earnings per Share | ' | |||||||
The following table sets forth the computation of net income (loss) per share for the nine and three months ended September 30, 2014. The adjustments for 2013 were not significant (in thousands, except per share amounts): | ||||||||
Nine months | Three months | |||||||
Numerator: | ||||||||
Net income (loss) | $ | 826 | $ | -5,768 | ||||
Less: earnings allocated to RSUs | -23 | |||||||
Net income (loss) available to common shareholders | $ | 803 | $ | -5,768 | ||||
Denominator: | ||||||||
Average number of common shares outstanding | 28,766 | 28,772 | ||||||
Potential dilutive shares | 342 | 538 | ||||||
Average number of diluted shares outstanding | 29,108 | 29,310 | ||||||
Net income (loss) per share: | ||||||||
Basic | $ | 0.03 | $ | -0.2 | ||||
Diluted | $ | 0.03 | $ | -0.2 | ||||
Vectren_Fuels_Acquisition_Tabl
Vectren Fuels Acquisition (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Vectren Fuels Acquisition [Abstract] | ' | |||||||||
Schedule of Business Acquisition | ' | |||||||||
The estimated fair values are based on market participant assumptions. The acquisition was financed through a new debt facility, and the preliminary purchase price allocation and use of proceeds from the new debt facility were as follows (assets not received or liabilities not assumed were retained by the parent company of VFI): | ||||||||||
Assets received: | ||||||||||
Accounts receivable | $ | 25,109 | ||||||||
Coal inventory | 21,484 | |||||||||
Parts and supply inventory | 13,176 | |||||||||
Advance royalties | 685 | |||||||||
Prepaid expenses | 909 | |||||||||
Land and mineral rights | 103,577 | |||||||||
Buildings and equipment | 174,180 | |||||||||
Total assets received | 339,120 | |||||||||
Liabilities assumed: | ||||||||||
Accounts payable and accrued liabilities | 12,808 | |||||||||
Asset retirement obligations | 6,550 | |||||||||
Total liabilities assumed | 19,358 | |||||||||
Total consideration paid for VFI | $ | 319,762 | ||||||||
Use of proceeds from new debt facility: | ||||||||||
Cash | $ | 1,805 | ||||||||
Consideration paid for VFI | 319,762 | |||||||||
Deferred financing costs | 6,163 | |||||||||
Payoff existing debt facility | 16,149 | |||||||||
Acquisition costs paid at closing | 6,121 | |||||||||
Total | $ | 350,000 | ||||||||
Schedule of Business Acquisition Pro Forma Information | ' | |||||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the acquisition occurred on January 1, 2013. The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on January 1, 2013, or of future results of operations. Vectren deal costs of $7.9 million have been excluded from the pro forma amounts. | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(In thousands, except per share data) | ||||||||||
Total Revenues | ||||||||||
As reported | $ | 140,549 | $ | 116,058 | ||||||
Pro forma | $ | 361,464 | $ | 335,625 | ||||||
Net income applicable to common shareholders | ||||||||||
As reported | $ | 826 | $ | 18,463 | ||||||
Pro forma | $ | 33,843 | $ | 34,877 | ||||||
Basic net income per share applicable to common shareholders | ||||||||||
As reported | $ | 0.03 | $ | 0.65 | ||||||
Pro forma | $ | 1.18 | $ | 1.22 | ||||||
General_Business_Details
General Business (Details) | Sep. 30, 2014 |
Savoy [Member] | ' |
Equity method investment ownership percentage | 40.00% |
Sunrise Energy [Member] | ' |
Equity method investment ownership percentage | 50.00% |
Bank_Debt_Details
Bank Debt (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Instrument [Line Items] | ' |
Deferred financing costs expensed | $1,000,000 |
Debt maturity date | 29-Aug-19 |
PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Closing costs of debt | 6,800,000 |
Loan initiation amortization period | '5 years |
Credit agreement, amount outstanding | 345,600,000 |
Credit facility, maximum borrowing capacity | 398,000,000 |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Maximum leverage ratio | 325.00% |
Revolving Credit Facility [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 250,000,000 |
Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Amortization period of loan | '5 years |
Term Loan [Member] | Debt Instrument, Redemption, Period Five [Member] | ' |
Debt Instrument [Line Items] | ' |
Loan annual amortization | 20.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Four [Member] | ' |
Debt Instrument [Line Items] | ' |
Loan annual amortization | 20.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period One [Member] | ' |
Debt Instrument [Line Items] | ' |
Loan annual amortization | 10.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Three [Member] | ' |
Debt Instrument [Line Items] | ' |
Loan annual amortization | 15.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Two [Member] | ' |
Debt Instrument [Line Items] | ' |
Loan annual amortization | 15.00% |
Term Loan [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt face amount | 175,000,000 |
Sunrise Coal [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage decrease in amount of debt with maximum interest rate per quarter after commencement date | 10.00% |
Date that the percentage of debt with a maximum interest rate begins to decrease quarterly | 31-Mar-16 |
Sunrise Coal [Member] | Maximum [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest rate maximum | 5.00% |
Sunrise Coal [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Amount of debt with maximum interest rate | 100,000,000 |
Sunrise Coal [Member] | Term Loan [Member] | PNC Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Amount of debt with maximum interest rate | $175,000,000 |
Leverage Ratio Less Than 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt, interest rate spread on variable rate | 2.25% |
Leverage Ratio Between 1 and 1.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt, interest rate spread on variable rate | 2.50% |
Leverage Ratio Between 1.5 and 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt, interest rate spread on variable rate | 2.75% |
Leverage Ratio Between 2 and 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt, interest rate spread on variable rate | 3.00% |
Leverage Ratio Above 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt, interest rate spread on variable rate | 3.50% |
Investment_in_Savoy_Narrative_
Investment in Savoy (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 01, 2014 |
Subsequent Event [Member] | Savoy [Member] | Savoy [Member] | Savoy [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Equity method investment ownership percentage | ' | 40.00% | ' | 40.00% |
Cash distributions paid | ' | ' | $12 | ' |
Cash distributions | $4.90 | ' | ' | ' |
Investment_in_Savoy_Condensed_
Investment in Savoy (Condensed Balance Sheet - Savoy) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | $107,135 | $39,361 |
Total assets | 610,957 | 260,413 |
Total liabilities | 428,069 | 77,079 |
Total liabilities and stockholders' equity | 610,957 | 260,413 |
Savoy [Member] | ' | ' |
Current assets | 27,247 | ' |
Oil and gas properties, net | 28,940 | ' |
Total assets | 56,187 | ' |
Total liabilities | 10,814 | ' |
Partners' capital | 45,373 | ' |
Total liabilities and stockholders' equity | $56,187 | ' |
Investment_in_Savoy_Condensed_1
Investment in Savoy (Condensed Statement of Operations - Savoy) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue | $66,322 | $37,660 | $140,549 | $116,058 | ||||
Expenses | -73,531 | -31,162 | -139,546 | -91,383 | ||||
Net income (loss) | -5,768 | [1] | 4,830 | [1] | 826 | [1] | 18,463 | [1] |
Savoy [Member] | ' | ' | ' | ' | ||||
Revenue | ' | ' | 32,135 | 29,444 | ||||
Expenses | ' | ' | -19,423 | -19,471 | ||||
Net income (loss) | ' | ' | $12,712 | $9,973 | ||||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Investment_in_Sunrise_Energy_N
Investment in Sunrise Energy (Narrative) (Details) (Sunrise Energy [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Sunrise Energy [Member] | ' | ' |
Investment in subsidiaries | $4,764 | $4,573 |
Equity method investment ownership percentage | 50.00% | ' |
Investment_in_Sunrise_Energy_C
Investment in Sunrise Energy (Condensed Balance Sheet - Sunrise) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | $107,135 | $39,361 |
Total assets | 610,957 | 260,413 |
Total liabilities | 428,069 | 77,079 |
Total liabilities and stockholders' equity | 610,957 | 260,413 |
Sunrise Energy [Member] | ' | ' |
Current assets | 3,496 | ' |
Oil and gas properties, net | 6,745 | ' |
Total assets | 10,241 | ' |
Total liabilities | 724 | ' |
Members' capital | 9,517 | ' |
Total liabilities and stockholders' equity | $10,241 | ' |
Investment_in_Sunrise_Energy_C1
Investment in Sunrise Energy (Condensed Statement of Operations - Sunrise) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue | $66,322 | $37,660 | $140,549 | $116,058 | ||||
Expenses | -73,531 | -31,162 | -139,546 | -91,383 | ||||
Net income (loss) | -5,768 | [1] | 4,830 | [1] | 826 | [1] | 18,463 | [1] |
Sunrise Energy [Member] | ' | ' | ' | ' | ||||
Revenue | ' | ' | 2,328 | 2,551 | ||||
Expenses | ' | ' | -1,945 | -1,513 | ||||
Net income (loss) | ' | ' | $383 | $1,038 | ||||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Other_LongTerm_Assets_and_Othe2
Other Long-Term Assets and Other Income (Schedule of Other Long-Term Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Long-term assets: | ' | ' | ||
Advance coal royalties | $5,462 | $4,693 | ||
Deferred financing costs, net | 6,855 | 1,195 | ||
Marketable equity securities available for sale, at fair value (restricted)* | 2,374 | [1] | 3,889 | [1] |
Ohio River Terminal (see Note 7) | 2,698 | 2,836 | ||
Other | 4,988 | 4,792 | ||
Long-term assets | $22,377 | $17,405 | ||
[1] | Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company. |
Other_LongTerm_Assets_and_Othe3
Other Long-Term Assets and Other Income (Schedule of Other Income) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | |
Other income: | ' | ' | |
MSHA reimbursements* | ' | $2,053 | [1] |
Coal storage fees | 83 | 964 | |
Miscellaneous | 634 | 598 | |
Other income | $717 | $3,615 | |
[1] | See bMSHA Reimbursementsb on page 20. |
Self_Insurance_Details
Self Insurance (Details) (USD $) | Sep. 30, 2014 | Aug. 31, 2010 |
In Millions, unless otherwise specified | mi | |
site | ||
Self Insurance [Abstract] | ' | ' |
Number of mining units with self-insured equipment | 13 | ' |
Area of self-insured mining units | 23 | ' |
Mining equipment at historical cost | ' | $245 |
Ohio_River_Terminal_Details
Ohio River Terminal (Details) (Ohio River Terminal [Member], USD $) | Sep. 30, 2014 | 31-May-13 |
In Millions, unless otherwise specified | mi | |
acre | ||
Ohio River Terminal [Member] | ' | ' |
Terminal purchased | ' | $2.80 |
Secured area available | 17 | ' |
Ohio River terminal mile point location | 743.8 | ' |
Net_Income_Loss_per_Share_Deta
Net Income (Loss) per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net Income (Loss) per Share [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | ($5,768) | [1] | $4,830 | [1] | $826 | [1] | $18,463 | [1] |
Less: earnings allocated to RSUs | ' | ' | -23 | ' | ||||
Net income (loss) available to common shareholders | ($5,768) | ' | $803 | ' | ||||
Average number of common shares outstanding | 28,772 | 28,607 | 28,766 | 28,580 | ||||
Potential dilutive shares | 538 | ' | 342 | ' | ||||
Average number of diluted shares outstanding | 29,310 | 28,838 | 29,108 | 28,851 | ||||
Basic | ($0.20) | $0.17 | $0.03 | $0.65 | ||||
Diluted | ($0.20) | $0.17 | $0.03 | $0.64 | ||||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Liability_Extinguishment_Narra
Liability Extinguishment (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Liability Extinguishment [Abstract] | ' |
Liability extinguishment | $4.30 |
Vectren_Fuels_Acquisition_Narr
Vectren Fuels Acquisition (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | |
Vectren Fuels [Member] | Vectren Fuels [Member] | Vectren Fuels [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revenues | $66,322,000 | $37,660,000 | $140,549,000 | $116,058,000 | $26,600,000 | ' | ' |
Income before income taxes | -7,209,000 | 6,498,000 | 1,003,000 | 24,675,000 | 2,500,000 | ' | ' |
Closing expenses | ' | ' | ' | ' | ' | ' | 7,900,000 |
Business acquisition purchase price | ' | ' | ' | ' | $320,000,000 | ($319,762,000) | ' |
Vectren_Fuels_Acquisition_Sche
Vectren Fuels Acquisition (Schedule of Business Acquisition) (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Use of proceeds from new debt facility: | ' | ' |
Cash | ' | $350,000 |
Deferred financing costs | ' | -6,884 |
Vectren Fuels [Member] | ' | ' |
Assets received: | ' | ' |
Accounts receivable | 25,109 | 25,109 |
Advance royalties | 685 | 685 |
Prepaid expense | 909 | 909 |
Land and mineral rights | 103,577 | 103,577 |
Building and equipment | 174,180 | 174,180 |
Total assets received | 339,120 | 339,120 |
Liabilities assumed: | ' | ' |
Accounts payable and accrued liabilities | 12,808 | 12,808 |
Asset retirement obligations | 6,550 | 6,550 |
Total liabilities assumed | 19,358 | 19,358 |
Total consideration paid | 319,762 | 319,762 |
Use of proceeds from new debt facility: | ' | ' |
Cash | ' | 1,805 |
Consideration paid for VFI | -320,000 | 319,762 |
Deferred financing costs | ' | 6,163 |
Payments on bank debt | ' | 16,149 |
Closing expenses | ' | 6,121 |
Total | ' | 350,000 |
Vectren Fuels [Member] | Coal [Member] | ' | ' |
Assets received: | ' | ' |
Inventory | 21,484 | 21,484 |
Vectren Fuels [Member] | Replacement Parts [Member] | ' | ' |
Assets received: | ' | ' |
Inventory | $13,176 | $13,176 |
Vectren_Fuels_Acquisition_Sche1
Vectren Fuels Acquisition (Schedule of Business Acquisition Pro Forma Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues [Abstract] | ' | ' | ' | ' |
As reported | $64,764 | $34,985 | $133,910 | $103,129 |
Net income applicable to common shareholders | ' | ' | ' | ' |
As reported | -5,768 | ' | 803 | ' |
Net Income (Loss) per Share [Abstract] | ' | ' | ' | ' |
As reported | ($0.20) | $0.17 | $0.03 | $0.65 |
Vectren Fuels [Member] | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
As reported | ' | ' | 140,549 | 116,058 |
Pro forma | ' | ' | 361,464 | 335,625 |
Net income applicable to common shareholders | ' | ' | ' | ' |
As reported | ' | ' | 826 | 18,463 |
Pro forma | ' | ' | $33,843 | $34,877 |
Net Income (Loss) per Share [Abstract] | ' | ' | ' | ' |
As reported | ' | ' | $0.03 | $0.65 |
Pro forma | ' | ' | $1.18 | $1.22 |