Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 06, 2016 | |
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 | 29,251,000 | |
Amendment Flag | false | |
Entity Central Index Key | 788,965 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HNRG |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 13,751 | $ 15,930 |
Marketable securities | 1,481 | 1,343 |
Accounts receivable | 19,239 | 16,675 |
Income tax receivable | 2,443 | 5,312 |
Coal inventory | 12,252 | 14,915 |
Parts and supply inventory | 11,793 | 11,255 |
Other | 1,315 | 1,185 |
Total current assets | 62,274 | 66,615 |
Coal properties, at cost: | ||
Land and mineral rights | 126,362 | 116,209 |
Buildings and equipment | 349,498 | 347,963 |
Mine development | 133,623 | 131,027 |
Total coal properities, at cost | 609,483 | 595,199 |
Less - accumulated DD&A | (159,089) | (149,964) |
Total coal properties, net | 450,394 | 445,235 |
Other assets (Note 5) | 20,010 | 11,416 |
Total assets | 547,587 | 540,378 |
Current liabilities: | ||
Current portion of bank debt | 24,258 | 24,856 |
Accounts payable and accrued liabilities | 19,898 | 26,184 |
Total current liabilities | 44,156 | 51,040 |
Long-term liabilities: | ||
Bank debt | 225,598 | 219,502 |
Deferred income taxes | 50,003 | 49,033 |
Asset retirement obligations | 12,480 | 12,231 |
Other | 2,904 | 1,752 |
Total long-term liabilities | 290,985 | 282,518 |
Total liabilities | $ 335,141 | $ 333,558 |
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; 29,251 shares outstanding for both periods | $ 292 | $ 292 |
Additional paid-in capital | 92,811 | 92,275 |
Retained earnings | 119,309 | 114,341 |
Accumulated other comprehensive income (loss) | 34 | (88) |
Total stockholders' equity | 212,446 | 206,820 |
Total liabilities and stockholders' equity | 547,587 | 540,378 |
Savoy [Member] | ||
Current assets: | ||
Total current assets | 6,604 | |
Coal properties, at cost: | ||
Investment in subsidiaries | 10,237 | 12,365 |
Total assets | 28,414 | |
Long-term liabilities: | ||
Total liabilities | 3,670 | |
Stockholders' equity: | ||
Total liabilities and stockholders' equity | 28,414 | |
Sunrise Energy [Member] | ||
Current assets: | ||
Total current assets | 2,204 | |
Coal properties, at cost: | ||
Investment in subsidiaries | 4,672 | $ 4,747 |
Total assets | 10,048 | |
Long-term liabilities: | ||
Total liabilities | 716 | |
Stockholders' equity: | ||
Total liabilities and stockholders' equity | $ 10,048 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 29,251,000 | 29,251,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Revenue: | ||||
Coal sales | $ 75,795 | $ 97,073 | ||
Other | 490 | 752 | ||
Revenue | 75,885 | 98,001 | ||
Costs and expenses: | ||||
Operating costs and expenses | 49,777 | 66,152 | ||
DD&A | 9,182 | 11,338 | ||
Coal exploration costs | 419 | 708 | ||
SG&A | 2,762 | 3,344 | ||
Interest | [1] | 5,845 | 5,456 | |
Costs and expenses | 67,985 | 86,998 | ||
Income before income taxes | 7,900 | 11,003 | ||
Less income taxes: | ||||
Current | 768 | 1,416 | ||
Deferred | 970 | 1,996 | ||
Income taxes | 1,738 | 3,412 | ||
Net income | $ 6,162 | $ 7,591 | ||
Net income per share: (Note 7) | ||||
Basic and diluted (in Dollars per share) | $ 0.21 | $ 0.25 | ||
Weighted average shares outstanding: | ||||
Basic and diluted (in Shares) | 29,251 | 28,962 | ||
Net change in the estimated fair value of interest rate swap | $ 1,500 | $ 1,300 | ||
Savoy [Member] | ||||
Revenue: | ||||
Equity income (loss) | (325) | $ 136 | ||
Revenue | 2,148 | 4,360 | ||
Costs and expenses: | ||||
Costs and expenses | 2,943 | 4,027 | ||
Less income taxes: | ||||
Net income | (795) | 333 | ||
Sunrise Energy [Member] | ||||
Revenue: | ||||
Equity income (loss) | (75) | 40 | ||
Revenue | 458 | 617 | ||
Costs and expenses: | ||||
Costs and expenses | 607 | 537 | ||
Less income taxes: | ||||
Net income | $ (149) | $ 80 | ||
[1] | Interest expense for 2016 and 2015 includes $1.5 and $1.3 million, respectively for the net change in the estimated fair value of our interest rate swaps |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Cash provided by operating activities | $ 19,113 | $ 21,963 |
Investing activities: | ||
Purchase of assets | (18,000) | |
Mining equipment | (6,053) | (8,250) |
Other | (589) | 190 |
Cash used in investing activities | (24,642) | (8,060) |
Financing activities: | ||
Bank borrowings | 15,000 | |
Debt issuance cost | (2,090) | |
Dividends | (1,194) | (1,200) |
Payments on bank debt | (8,366) | (14,375) |
Cash provided by (used in) financing activities | 3,350 | (15,575) |
Decrease in cash and cash equivalents | (2,179) | (1,672) |
Cash and cash equivalents, beginning of period | 15,930 | 13,469 |
Cash and cash equivalents, end of period | $ 13,751 | $ 11,797 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | [1] | Total |
Balance at Dec. 31, 2015 | $ 292 | $ 92,275 | $ 114,341 | $ (88) | $ 206,820 | |
Balance (in Shares) at Dec. 31, 2015 | 29,251 | |||||
Stock-based compensation | 536 | 536 | ||||
Dividends | (1,194) | (1,194) | ||||
Net income | 6,162 | 6,162 | ||||
Other | 122 | 122 | ||||
Balance at Mar. 31, 2016 | $ 292 | $ 92,811 | $ 119,309 | $ 34 | $ 212,446 | |
Balance (in Shares) at Mar. 31, 2016 | 29,251 | |||||
[1] | Accumulated Other Comprehensive Income |
General Business
General Business | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2016. To maintain consistency and comparability, certain 2015 amounts have been reclassified to conform to the 2016 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 2015 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 oil and gas operations in the same vicinity as the Carlisle mine. Change in Estimate for Computing Depreciation At the beginning of Q1 2016, we changed from the straight-line method to the units-of-production method in computing the depreciation for our underground mining equipment. This change in estimate reduced our DD&A expense for Q1 2016 by $1.6 million. As disclosed last year, we significantly curtailed the production at the Carlisle Mine. This change better reflects the usage of our underground mining equipment especially since Carlisle had limited production in Q1 2016. |
Bank Debt
Bank Debt | 3 Months Ended |
Mar. 31, 2016 | |
Bank Debt [Abstract] | |
Bank Debt | (2) Bank Debt On March 18, 2016, we executed an amendment to our credit agreement with PNC, as administrative agent for our lenders. The primary purpose of the amendment was to increase liquidity and maintain compliance through the maturity of the agreement in August 2019 . The revolver was reduced from $250 million to $200 million and the term loan remains the same. Our debt at March 2016 was $256 million (term- $131 , revolver- $125 ). In addition, a maximum annual capex of $30 million was included. Bank fees and other costs incurred in connection with the initial facility and the amendment were $9.1 million, which were deferred and are being amortized over five years. The credit facility is collateralized by substantially all of Sunrise’s assets and we are the guarantor. The amended credit facility increased the maximum leverage ratio (total funded debt/ trailing 12 months EBITDA) from 2.75X to 4 X at March 31, 2016. The maximum leverage ratio is calculated at the end of each fiscal quarter and shall not exceed the applicable ratios below. Fiscal Periods Ending Ratio March 31, 2016 4X June 30, 2016 4.25X September 30, 2016 through March 31, 2017 4.5X June 30, 2017 through March 31, 2018 4.25X June 30, 2018 and September 30, 2018 4X December 31, 2018 3.75X March 31, 2019 and June 30, 2019 3.5X The fixed charge coverage ratio was changed to the debt service coverage ratio and requires a minimum of 1.25X through the maturity of the credit facility. The amendment defines the debt service coverage as trailing 12 months EBITDA/annual debt service. As of March 31, 2016, we have additional borrowing capacity of $67 million. At March 31, 2016, our maximum leverage ratio was 2.89 X and our debt service coverage ratio was 2.4 0X . Therefore, we were in compliance with these two ratios. The interest rate on the facility ranges from LIBOR plus 2.25% to LIBOR plus 4% , depending on our maximum leverage ratio. New accounting rules for 2016 require that our debt issues costs be presented as a direct reduction from the related debt rather than as an asset. Our December 31, 2015 balance sheet was changed to reflect the new rule. Debt less debt issuance cost at March 31 and December 31 are presented below ( in thousands ): 2016 2015 Current debt $ 26,250 $ 26,250 Less debt issuance cost (1,992 ) (1,394 ) Net current portion $ 24,258 $ 24,856 Long-term debt $ 229,854 $ 223,220 Less debt issuance cost (4,256 ) (3,718 ) Net long-term portion $ 225,598 $ 219,502 |
Investment in Savoy
Investment in Savoy | 3 Months Ended |
Mar. 31, 2016 | |
Savoy [Member] | |
Investment | (3) Equity 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. Below (in thousands) to the 100% is a condensed balance sheet at March 31, and a condensed statement of operations for the three months ended March 31, 2016 and 2015. Condensed Balance Sheet 2016 Current assets $ 6,604 Oil and gas properties, net 20,803 Other 1,007 $ 28,414 Total liabilities $ 3,670 Partners’ capital 24,744 $ 28,414 Condensed Statement of Operations 2016 2015 Revenue $ 2,148 $ 4,360 Expenses (2,943) (4,027) Net income (loss) $ (795) $ 333 |
Investment in Sunrise Energy
Investment in Sunrise Energy | 3 Months Ended |
Mar. 31, 2016 | |
Sunrise Energy [Member] | |
Investment | (4) Equity Investment in Sunrise Energy We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy also plans to develop and explore for oil, gas and 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 March 31, and a condensed statement of operations for the three months ended March 31, 2016 and 2015 . Condensed Balance Sheet 2016 Current assets $ 2,204 Oil and gas properties, net 7,844 $ 10,048 Total liabilities $ 716 Members’ capital 9,332 $ 10,048 Condensed Statement of Operations 2016 2015 Revenue $ 458 $ 617 Expenses (607) (537) Net income (loss) $ (149) $ 80 |
Other Long-Term Assets
Other Long-Term Assets | 3 Months Ended |
Mar. 31, 2016 | |
Other Long-Term Assets [Abstract] | |
Other Long Term Assets | (5) Other Long-Term Assets (in thousands) March 31, December 31, 2016 2015 Long-term assets: Advanced coal royalties $ 8,432 $ 6,563 Marketable equity securities available for sale, at fair value (restricted)* 1,826 1,763 Purchased coal contract – See Note 9 6,407 Other 3,345 3,090 $ 20,010 $ 11,416 ____________________ * Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company . |
Self Insurance
Self Insurance | 3 Months Ended |
Mar. 31, 2016 | |
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 10 mining units spread out over 20 miles. The historical cost of such equipment is about $25 5 million. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2016 | |
Net Income (Loss) per Share [Abstract] | |
Net Income (Loss) per Share | (7) Net Income per Share We compute net income per share using the two-class method, which is an allocation formula that determines net income per share for common stock and participating securities, which for us are our outstanding RSUs. The following table sets forth the computation of net income per share for the three months ended March 31 (in thousands): 2016 2015 Numerator: Net income $ 6,162 $ 7,591 Less earnings allocated to RSUs (125) (263) Net income allocated to common shareholders $ 6,037 $ 7,328 |
Freelandville Purchase
Freelandville Purchase | 3 Months Ended |
Mar. 31, 2016 | |
Freelandville Purchase [Abstract] | |
Freelandville Purchase | (9) Freelandville Purchase On March 22, 2016 , we completed the purchase of the Freelandville coal reserves and coal sales agreement for $18 million. These reserves totaled 14.2 million tons of fee and leased coal and will be mined from our Oaktown 1 portal. This purchase also allows Sunrise access to another 1.6 million tons of our own leased reserves that were previously inaccessible. The purchased coal sales agreement totaled 1,435,000 tons (can be adjusted +/- 6,700 tons monthly) and will be delivered ratably in calendar year 2017. The preliminary purchase price allocation for the acquisition was as follows (in thousands): Purchased coal contract $ 6,407 Advanced coal royalties 1,690 Mineral rights and leases 9,903 Total $ 18,000 |
Asset Realization
Asset Realization | 3 Months Ended |
Mar. 31, 2016 | |
Asset Realization [Abstract] | |
Asset Realization | (8 ) Asset Realization As disclosed last year, we significantly curtailed the production at the Carlisle mine and had a reduction in work force. Consequently, we conducted a review of those assets for recoverability and determined that no impairment charge was necessary. In conducting such review, we assumed: (i) that natgas prices will start to increase in late 2017; (ii) Carlisle production will increase in 2018-2019, and (iii) sometime in 2020, the Carlisle Mine will return to its normal production capacity of 3.3 million tons per year. The Carlisle assets had an aggregate carrying value of $137 million at March 3 1, 2016. If, in later quarters, we reduce our estimate of the future net cash flows attributable to the Carlisle mine, it may result in future impairment of such assets and such charges could be significant. |
Bank Debt (Tables)
Bank Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Bank Debt [Abstract] | |
Amended Credit Facility Maximum Leverage Ratio | The maximum leverage ratio is calculated at the end of each fiscal quarter and shall not exceed the applicable ratios below. Fiscal Periods Ending Ratio March 31, 2016 4X June 30, 2016 4.25X September 30, 2016 through March 31, 2017 4.5X June 30, 2017 through March 31, 2018 4.25X June 30, 2018 and September 30, 2018 4X December 31, 2018 3.75X March 31, 2019 and June 30, 2019 3.5X |
Schedule of Debt | Debt less debt issuance cost at March 31 and December 31 are presented below ( in thousands ): 2016 2015 Current debt $ 26,250 $ 26,250 Less debt issuance cost (1,992 ) (1,394 ) Net current portion $ 24,258 $ 24,856 Long-term debt $ 229,854 $ 223,220 Less debt issuance cost (4,256 ) (3,718 ) Net long-term portion $ 225,598 $ 219,502 |
Investment in Savoy (Tables)
Investment in Savoy (Tables) - Savoy [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Balance Sheet | Condensed Balance Sheet 2016 Current assets $ 6,604 Oil and gas properties, net 20,803 Other 1,007 $ 28,414 Total liabilities $ 3,670 Partners’ capital 24,744 $ 28,414 |
Condensed Statement of Operations | Condensed Statement of Operations 2016 2015 Revenue $ 2,148 $ 4,360 Expenses (2,943) (4,027) Net income (loss) $ (795) $ 333 |
Investment in Sunrise Energy (T
Investment in Sunrise Energy (Tables) - Sunrise Energy [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Balance Sheet | Condensed Balance Sheet 2016 Current assets $ 2,204 Oil and gas properties, net 7,844 $ 10,048 Total liabilities $ 716 Members’ capital 9,332 $ 10,048 |
Condensed Statement of Operations | Condensed Statement of Operations 2016 2015 Revenue $ 458 $ 617 Expenses (607) (537) Net income (loss) $ (149) $ 80 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Long-Term Assets [Abstract] | |
Schedule of Long-Term Assets | March 31, December 31, 2016 2015 Long-term assets: Advanced coal royalties $ 8,432 $ 6,563 Marketable equity securities available for sale, at fair value (restricted)* 1,826 1,763 Purchased coal contract – See Note 9 6,407 Other 3,345 3,090 $ 20,010 $ 11,416 ____________________ *Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Net Income (Loss) per Share [Abstract] | |
Computation of Earnings per Share | The following table sets forth the computation of net income per share for the three months ended March 31 (in thousands): 2016 2015 Numerator: Net income $ 6,162 $ 7,591 Less earnings allocated to RSUs (125) (263) Net income allocated to common shareholders $ 6,037 $ 7,328 |
Freelandville Purchase (Tables)
Freelandville Purchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Freelandville Purchase [Abstract] | |
Schedule of Recognized Identified Assets Acquired | The preliminary purchase price allocation for the acquisition was as follows (in thousands): Purchased coal contract $ 6,407 Advanced coal royalties 1,690 Mineral rights and leases 9,903 Total $ 18,000 |
General Business (Details)
General Business (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
DD&A | $ 9,182 | $ 11,338 |
Savoy [Member] | ||
Equity method investment ownership percentage | 40.00% | |
Sunrise Energy [Member] | ||
Equity method investment ownership percentage | 50.00% | |
Change From The Straight-Line Method To The Units-Of-Production Method [Member] | ||
DD&A | $ (1,600) |
Bank Debt (Narrative) (Details)
Bank Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 18, 2016 | Mar. 17, 2016 | |
Debt Instrument [Line Items] | |||
Closing costs of debt | $ 9.1 | ||
Loan initiation amortization period | 5 years | ||
Credit agreement, amount outstanding | $ 256 | ||
Credit facility, maximum borrowing capacity | $ 200 | $ 250 | |
Maximum annual capex | 30 | ||
Debt, unused borrowing capacity | $ 67 | ||
Maximum leverage ratio | 289.00% | ||
Debt service coverage ratio | 240.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Fixed charge coverage ratio | 125.00% | ||
Leverage ratio | 275.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Leverage ratio | 400.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 2.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 4.00% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 125 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt maturity date | Aug. 1, 2019 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 131 |
Bank Debt (Amended Credit Facil
Bank Debt (Amended Credit Facility Maximum Leverage Ratio) (Details) - Maximum [Member] | Mar. 31, 2016 |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 400.00% |
March 31, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 400.00% |
June 30, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 425.00% |
September 30, 2016 through March 31, 2017 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 450.00% |
June 30, 2017 through March 31, 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 425.00% |
June 30, 2018 and September 30, 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 400.00% |
December 31, 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 375.00% |
March 31, 2019 and June 30, 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 350.00% |
Bank Debt (Schedule of Debt) (D
Bank Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Bank Debt [Abstract] | ||
Current debt | $ 26,250 | $ 26,250 |
Less debt issuance cost, current | (1,992) | (1,394) |
Net current portion | 24,258 | 24,856 |
Long-term debt | 229,854 | 223,220 |
Less debt issuance cost, long-term | (4,256) | (3,718) |
Net long-term portion | $ 225,598 | $ 219,502 |
Investment in Savoy (Narrative)
Investment in Savoy (Narrative) (Details) | Mar. 31, 2016 |
Savoy [Member] | |
Equity method investment ownership percentage | 40.00% |
Investment in Savoy (Condensed
Investment in Savoy (Condensed Balance Sheet - Savoy) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | $ 62,274 | $ 66,615 |
Other | 20,010 | 11,416 |
Total assets | 547,587 | 540,378 |
Total liabilities | 335,141 | 333,558 |
Total liabilities and stockholders' equity | 547,587 | $ 540,378 |
Savoy [Member] | ||
Current assets | 6,604 | |
Oil and gas properties, net | 20,803 | |
Total assets | 28,414 | |
Total liabilities | 3,670 | |
Partners' capital | 24,744 | |
Total liabilities and stockholders' equity | $ 28,414 |
Investment in Savoy (Condense28
Investment in Savoy (Condensed Statement of Operations - Savoy) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | $ 75,885 | $ 98,001 |
Expenses | (67,985) | (86,998) |
Net income | 6,162 | 7,591 |
Savoy [Member] | ||
Revenue | 2,148 | 4,360 |
Expenses | (2,943) | (4,027) |
Net income | $ (795) | $ 333 |
Investment in Sunrise Energy (N
Investment in Sunrise Energy (Narrative) (Details) | Mar. 31, 2016 |
Sunrise Energy [Member] | |
Equity method investment ownership percentage | 50.00% |
Investment in Sunrise Energy (C
Investment in Sunrise Energy (Condensed Balance Sheet - Sunrise) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | $ 62,274 | $ 66,615 |
Total assets | 547,587 | 540,378 |
Total liabilities | 335,141 | 333,558 |
Total liabilities and stockholders' equity | 547,587 | $ 540,378 |
Sunrise Energy [Member] | ||
Current assets | 2,204 | |
Oil and gas properties, net | 7,844 | |
Total assets | 10,048 | |
Total liabilities | 716 | |
Members' capital | 9,332 | |
Total liabilities and stockholders' equity | $ 10,048 |
Investment in Sunrise Energy 31
Investment in Sunrise Energy (Condensed Statement of Operations - Sunrise) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | $ 75,885 | $ 98,001 |
Expenses | (67,985) | (86,998) |
Net income | 6,162 | 7,591 |
Sunrise Energy [Member] | ||
Revenue | 458 | 617 |
Expenses | (607) | (537) |
Net income | $ (149) | $ 80 |
Other Long-Term Assets (Schedul
Other Long-Term Assets (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Long-term assets: | |||
Advance coal royalties | $ 8,432 | $ 6,563 | |
Marketable equity securities available for sale, at fair value (restricted) | [1] | 1,826 | 1,763 |
Purchased coal contract - See Note 9 | 6,407 | ||
Other | 3,345 | 3,090 | |
Long-term assets | $ 20,010 | $ 11,416 | |
[1] | Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company. |
Self Insurance (Details)
Self Insurance (Details) $ in Millions | Mar. 31, 2016sitemi | Aug. 31, 2010USD ($) |
Self Insurance [Abstract] | ||
Number of mining units with self-insured equipment | site | 10 | |
Area of self-insured mining units | mi | 20 | |
Mining equipment at historical cost | $ | $ 255 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income (Loss) per Share [Abstract] | ||
Net income | $ 6,162 | $ 7,591 |
Less earnings allocated to RSUs | (125) | (263) |
Net income (loss) available to common shareholders | $ 6,037 | $ 7,328 |
Freelandville Purchase (Narrati
Freelandville Purchase (Narrative) (Details) - Freelandville Purchase [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)T | |
Business Acquisition [Line Items] | |
Date of acquisition agreement | Mar. 22, 2016 |
Business acquisition purchase price | $ | $ 18 |
Coal reserves acquired, tons | 14,200,000 |
Coal Supply Agreements [Member] | |
Business Acquisition [Line Items] | |
Coal reserves acquired, tons | 1,435,000 |
Maximum [Member] | Coal Supply Agreements [Member] | |
Business Acquisition [Line Items] | |
Coal sales agreement monthly adjustment allowed | 6,700 |
Sunrise Energy [Member] | |
Business Acquisition [Line Items] | |
Coal reserves acquired, tons | 1,600,000 |
Freelandville Purchase (Purchas
Freelandville Purchase (Purchase Price Allocation) (Details) - Freelandville Purchase [Member] $ in Thousands | Mar. 31, 2016USD ($) |
Assets received: | |
Purchased coal contract | $ 6,407 |
Advance royalties | 1,690 |
Minerals | 9,903 |
Total | $ 18,000 |
Asset Realization (Narrative) (
Asset Realization (Narrative) (Details) - Carlisle Assets [Member] $ in Thousands, T in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)T | |
Impairment Effects on Earnings Per Share [Line Items] | |
Mine carring value | $ 137,000 |
Asset impairment charge | $ 0 |
Asset impairment assumption, normal production capacity per year | T | 3.3 |