Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
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 | 29,809,898 | |
Amendment Flag | false | |
Entity Central Index Key | 788,965 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HNRG |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,407 | $ 9,788 |
Restricted cash (Note 5) | 3,428 | 2,817 |
Certificates of deposit | 2,735 | 7,315 |
Marketable securities | 1,924 | 1,763 |
Accounts receivable | 16,776 | 22,307 |
Prepaid income taxes | 1,588 | |
Coal inventory | 15,121 | 10,100 |
Parts and supply inventory | 10,543 | 10,091 |
Purchased coal contracts | 2,045 | 8,922 |
Prepaid expenses | 10,401 | 9,647 |
Total current assets | 73,968 | 82,750 |
Coal properties, at cost: | ||
Land and mineral rights | 129,724 | 126,303 |
Buildings and equipment | 351,334 | 339,999 |
Mine development | 134,537 | 126,037 |
Total coal properities, at cost | 615,595 | 592,339 |
Less - accumulated DD&A | (196,805) | (169,579) |
Total coal properties, net | 418,790 | 422,760 |
Other assets (Note 4) | 14,271 | 14,114 |
Total assets | 518,981 | 531,323 |
Current liabilities: | ||
Current portion of bank debt, net (Note 2) | 33,171 | 28,796 |
Accounts payable and accrued liabilities | 19,822 | 19,773 |
Total current liabilities | 52,993 | 48,569 |
Long-term liabilities: | ||
Bank debt, net (Note 2) | 174,066 | 204,944 |
Deferred income taxes | 47,325 | 45,174 |
Asset retirement obligations (ARO) | 13,699 | 13,260 |
Other | 1,921 | 2,486 |
Total long-term liabilities | 237,011 | 265,864 |
Total liabilities | 290,004 | 314,433 |
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | ||
Common stock, $.01 par value, 100,000 shares authorized; 29,810 and 29,413 shares | 298 | 294 |
Additional paid-in capital | 97,738 | 93,816 |
Retained earnings | 130,120 | 122,052 |
Accumulated other comprehensive income | 821 | 728 |
Total stockholders' equity | 228,977 | 216,890 |
Total liabilities and stockholders' equity | 518,981 | 531,323 |
Savoy [Member] | ||
Coal properties, at cost: | ||
Investment in subsidiaries (Note 3) | 7,986 | 7,577 |
Sunrise Energy [Member] | ||
Coal properties, at cost: | ||
Investment in subsidiaries (Note 3) | $ 3,966 | $ 4,122 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 29,810,000 | 29,413,000 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenue: | |||||
Coal sales | $ 73,896 | $ 65,360 | $ 199,280 | $ 207,429 | |
MSHA reimbursement | 89 | 1,725 | 1,753 | ||
Other income | 314 | 487 | 901 | 1,340 | |
Total revenue | 74,468 | 65,767 | 202,333 | 210,216 | |
Costs and expenses: | |||||
Operating costs and expenses | 54,354 | 46,940 | 138,125 | 142,114 | |
DD&A | 9,729 | 7,942 | 28,533 | 26,180 | |
ARO accretion | 219 | 260 | 640 | 764 | |
Coal exploration costs | 152 | 354 | 566 | 1,168 | |
SG&A | 2,859 | 2,585 | 12,095 | 8,076 | |
Interest | [1] | 3,229 | 2,601 | 9,662 | 12,694 |
Total costs and expenses | 70,542 | 60,682 | 189,621 | 190,996 | |
Income before income taxes | 3,926 | 5,085 | 12,712 | 19,220 | |
Less income taxes: | |||||
Current | (2,532) | (270) | (1,158) | (270) | |
Deferred | 2,542 | 1,033 | 2,151 | 3,153 | |
Total income taxes | 10 | 763 | 993 | 2,883 | |
Net income | [2] | $ 3,916 | $ 4,322 | $ 11,719 | $ 16,337 |
Net income per share(Note 6): | |||||
Basic and diluted (in Dollars per share) | $ 0.13 | $ 0.14 | $ 0.38 | $ 0.54 | |
Weighted average shares outstanding: | |||||
Basic and diluted (in Shares) | 29,774 | 29,252 | 29,603 | 29,251 | |
Net change in the estimated fair value of interest rate swap | $ (36) | $ (955) | $ (476) | $ 793 | |
Savoy [Member] | |||||
Revenue: | |||||
Equity income (loss) | 153 | 26 | 409 | (42) | |
Sunrise Energy [Member] | |||||
Revenue: | |||||
Equity income (loss) | $ 16 | $ (106) | $ 18 | $ (264) | |
[1] | Interest expense for the first nine months of 2017 and 2016 includes $(476) and $793, respectively, for the net change in the estimated fair value of our interest rate swaps. Such amounts were $(36) and $(955) for Q3 2017 and 2016, respectively. | ||||
[2] | There is no material difference between net income and comprehensive income. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating activities: | |||
Cash provided by operating activities | $ 47,387 | $ 43,691 | |
Investing activities: | |||
Capital expenditures | [1] | (21,328) | (11,810) |
Proceeds from sale of equipment | 506 | ||
Proceeds from maturities of certificates of deposit | 4,580 | ||
Purchase of mining assets | (18,000) | ||
Other | 186 | ||
Cash used in investing activities | (16,242) | (29,624) | |
Financing activities: | |||
Payments on bank debt | (27,875) | (26,492) | |
Bank borrowings | 15,000 | ||
Debt issuance cost | (2,090) | ||
Dividends | (3,651) | (3,597) | |
Cash used in financing activities | (31,526) | (17,179) | |
Increase in cash and cash equivalents | (381) | (3,112) | |
Cash and cash equivalents, beginning of period | 9,788 | 15,930 | |
Cash and cash equivalents, end of period | 9,407 | $ 12,818 | |
Decrease in prepaid assets | $ (3,300) | ||
[1] | We acquired $3.3 million in capital equipment in the first nine months of 2017 that was prepaid in a prior period. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | [1] | Total | |
Balance at Dec. 31, 2016 | $ 294 | $ 93,816 | $ 122,052 | $ 728 | $ 216,890 | ||
Balance (in Shares) at Dec. 31, 2016 | 29,413 | ||||||
Stock-based compensation | 6,384 | 6,384 | |||||
Stock issued on vesting of RSUs | $ 4 | 4 | |||||
Stock issued on vesting of RSUs (in Shares) | 720 | ||||||
Taxes paid on vesting of RSU (in Shares) | (323) | ||||||
Taxes paid on RSU vesting | (2,462) | (2,462) | |||||
Dividends | (3,651) | (3,651) | |||||
Net income | 11,719 | 11,719 | [2] | ||||
Other | 93 | 93 | |||||
Balance at Sep. 30, 2017 | $ 298 | $ 97,738 | $ 130,120 | $ 821 | $ 228,977 | ||
Balance (in Shares) at Sep. 30, 2017 | 29,810 | ||||||
[1] | Accumulated Other Comprehensive Income | ||||||
[2] | There is no material difference between net income and comprehensive income. |
General Business
General Business | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017, are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2017. To maintain consistency and comparability, certain 2016 amounts have been reclassified to conform to the 2017 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 2016 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. New Accounting Standards Issued and Adopted In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard was applied prospectively and is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of ASU 2015-11 did not have a material impact on our consolidated financial statements. New Accounting Standards Issued and Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company’s primary source of revenue is from the sale of coal through both short-term and long-term contracts with utility companies whereby revenue is currently recognized when risk of loss has passed to the customer. Upon adoption of this new standard, the Company believes that the timing of revenue recognition related to our coal sales will remain consistent with our current practice. The Company is currently evaluating other revenue streams to determine the potential impact related to the adoption of the standard, as well as potential disclosures required by the standard. Because we do not anticipate a change in our pattern of revenue recognition, we anticipate that neither method of adoption will have a material impact on our consolidated financial statements, other than the additional disclosure requirements which will apply to us . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 increases transparency and comparability among organizations by requiring lessees to record right-to-use assets and corresponding lease liabilities on the balance sheet and disclosing key information about lease arrangements. The new guidance will classify leases as either finance or operating (similar to current standard’s “capital” or “operating” classification), with classification affecting the pattern of income recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are currently in the process of accumulating all contractual lease arrangements in order to determine the impact on our financial statements and do not believe we have significant amounts of off-balance sheet leases; accordingly, we do not expect the adoption of ASU 2016-02 to have a material impact on our consolidated financial statements. |
Bank Debt
Bank Debt | 9 Months Ended |
Sep. 30, 2017 | |
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, for the primary purpose of increasing liquidity and maintaining 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 September 30, 2017 , was $211 million (term- $80 million , revolver- $131 million ). As of September 30, 2017 , we had additional borrowing capacity of $69 million and total liquidity of $83 million. 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 the term of the loan . The credit facility is collateralized by substantially all of Sunrise’s assets, and we are the guarantor. The amended credit facility increased the M aximum L everage R atio (Sunrise total funded debt/ trailing 12 months adjusted EBITDA) to those listed below: Fiscal Periods Ending Ratio September 30, 2017 through March 31, 2018 4.25X June 30, 2018 and September 30, 2018 4.00X December 31, 2018 3.75X March 31, 2019 and June 30, 2019 3.50X The amended credit facility also requires a D ebt S ervice C overage R atio minimum of 1.25X through the maturity of the credit facility. The amendment defines the D ebt service C overage as Sunrise ’s trailing 12 months adjusted EBITDA/annual debt service. At September 30, 2017 , our M aximum L everage R atio was 2.42, and our debt service coverage ratio was 2.19. Therefore, we were in compliance with those two ratios. The interest rate on the facility ranges from LIBOR plus 2.25% to LIBOR plus 4% , depending on our leverage ratio. We entered into swap agreements to fix the LIBOR component of the interest rate to achieve an effective fixed rate of ~5% on the original term loan balance and on $100 million of the revolver. The revolver swap notional value step s down 10% each quarter which commenced on March 31, 2016. At September 30, 2017 , we were paying LIBOR of 1.24% plus 3.50% for a total interest rate of 4.74% . We anticipate this stepping down to LIBOR plus 3.00% in November, 2017. Bank debt less debt issuance costs are presented below (in thousands): September 30, December 31, 2017 2016 Current debt $ 35,000 $ 30,625 Less debt issuance cost (1,829) (1,829) Net current portion $ 33,171 $ 28,796 Long-term debt $ 175,742 $ 207,992 Less debt issuance cost (1,676) (3,048) Net long-term portion $ 174,066 $ 204,944 |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | (3) Equity Method Investments We own a 30.6% interest in Savoy Energy, L.P., a private company engaged in the oil and gas business primarily in the S tate of Michigan. We also 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 . |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2017 | |
Other Assets [Abstract] | |
Other Assets | (4 ) Other Assets (in thousands) September 30, December 31, 2017 2016 Other assets: Advanced coal royalties $ 9,629 $ 9,296 Marketable equity securities available for sale, at fair value (restricted)* 2,005 2,036 Other 2,637 2,782 Total other assets $ 14,271 $ 14,114 ____________________ * Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company . |
Self-Insurance
Self-Insurance | 9 Months Ended |
Sep. 30, 2017 | |
Self-Insurance [Abstract] | |
Self-Insurance | (5) Self-Insurance We self-insure our underground mining equipment. Such equipment is allocated among ten mining units spread out over 18 miles. The historical cost of such equipment is approximately $256 million. Restricted cash of $3. 4 million represents cash held and controlled by a third party and is restricted for future workers’ compensation claim payments. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2017 | |
Net Income per Share [Abstract] | |
Net Income per Share | (6) 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 allocated to common shareholders (in thousands): . Nine Months Ended Three Months Ended 2017 2016 2017 2016 Numerator: Net income $ 11,719 $ 16,337 $ 3,916 $ 4,322 Less earnings allocated to RSUs (444) (429) (153) (115) Net income allocated to common shareholders $ 11,275 $ 15,908 $ 3,763 $ 4,207 |
Asset Impairment Review
Asset Impairment Review | 9 Months Ended |
Sep. 30, 2017 | |
Asset Impairment Review [Abstract] | |
Asset Impairment Review | (7 ) Asset Impairment Review Carlisle Mine In December 2016, the deterioration of the North End of the Carlisle Mine (the North End), coupled with lower coal prices led us to determine that the North End could no longer be mined safely and profitably. The sealing of the North End was completed in March 2017. With the Carlisle Mine remaining in hot idle status, we conducted a review of the Carlisle Mine assets as of September 30, 2017, based on estimated future net cash flows, and determined that no impairment was necessary. The Carlisle Mine assets had an aggregate net carrying value of $112 million at September 30, 2017. If in future periods, 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. Bulldog Mine In October 2017, we entered into an agreement to sell land associated with the Bulldog Mine for $4.9 million. As part of the transaction, we will hold the rights to repurchase the property for 8 years . Because of the likelihood of exercising the repurchase option, we will account for the sale as a financing transaction. The Bulldog Mine assets had an aggregate net carrying value of $15 million at September 30, 2017. Also in October 2017, the Illinois Department of Natural Resources (ILDNR) notified us that our mine application, along with modifications, was acceptable. The permit will be issued upon submittal of a fee and bond which is required to be submitted within 12 months of the notification. We have determined that no impairment is necessary. If estimates inherent in the assessment change, it may result in future impairment of the assets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes Our effective tax rate (ETR) was estimated at 8% and 15% for the nine months ended September 30, 2017 and 2016 , respectively . Assuming no changes in our expected results of operations, we expect our ETR for the remainder of 2017 to be about the same as the first nine months of 2017. Our ETR differs from the statutory rate due primarily to statutory depletion in excess of tax basis, which is a permanent difference. |
Restricted Stock Units (RSUs)
Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2017 | |
Restricted Stock Units (RSUs) [Abstract] | |
Restricted Stock Units (RSUs) | ( 9) Restricted Stock Units (RSUs) Non-vested grants at December 31, 2016 733,000 Granted - average weighted price per share on grant date $7.99 1,210,000 Vested - average weighted price per share on vesting date was $7.59 (720,500) Forfeited (8,000) Non-vested grants at September 30, 2017 (1) 1,214,500 (1) Following is the vesting schedule of RSUs . Vesting Year RSUs Vesting 2017 270,000 2018 178,250 2019 373,750 2020 231,250 2021 161,250 1,214,500 On May 25, 2017, the Hallador Energy Company 2008 Restricted Stock Unit Plan (the Plan) was amended and restated to extend the term of the Plan to May 25, 2027 and add 1,000,000 shares to the Plan. At September 30, 2017 , we had 1,267,917 RSUs available for future issuance. Upon vesting, the shares noted above had a value of $5.5 million for the nine months ended September 30, 2017, of which $438,000 was for the three months ended September 30, 2017. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes. For the nine months ended September 30, 2017 and 2016, our stock - based compensation was $ 6.4 million and $1.8 million, respectively. For the three months ended September 30, 2017 and 2016, our stock - based compensation was $1.0 million and $.6 million, respectively. The outstanding RSUs have a value of $6.1 million based on the November 3 , 2017 , closing stock price of $5.02 . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | (10) Subsequent Events In October 2017 , we declared a dividend of $.04 per share to shareholders of record as of October 31, 2017 . The dividend is payable on November 17, 2017 . |
Bank Debt (Tables)
Bank Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Bank Debt [Abstract] | |
Amended Credit Facility Maximum Leverage Ratio | The amended credit facility increased the M aximum L everage R atio (Sunrise total funded debt/ trailing 12 months adjusted EBITDA) to those listed below: Fiscal Periods Ending Ratio September 30, 2017 through March 31, 2018 4.25X June 30, 2018 and September 30, 2018 4.00X December 31, 2018 3.75X March 31, 2019 and June 30, 2019 3.50X |
Schedule of Debt | Bank debt less debt issuance costs are presented below (in thousands): September 30, December 31, 2017 2016 Current debt $ 35,000 $ 30,625 Less debt issuance cost (1,829) (1,829) Net current portion $ 33,171 $ 28,796 Long-term debt $ 175,742 $ 207,992 Less debt issuance cost (1,676) (3,048) Net long-term portion $ 174,066 $ 204,944 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Assets [Abstract] | |
Schedule of Long-Term Assets | Other Assets (in thousands) September 30, December 31, 2017 2016 Other assets: Advanced coal royalties $ 9,629 $ 9,296 Marketable equity securities available for sale, at fair value (restricted)* 2,005 2,036 Other 2,637 2,782 Total other assets $ 14,271 $ 14,114 ____________________ * Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Net Income per Share [Abstract] | |
Computation of Earnings per Share | The following table sets forth the computation of net income allocated to common shareholders (in thousands): . Nine Months Ended Three Months Ended 2017 2016 2017 2016 Numerator: Net income $ 11,719 $ 16,337 $ 3,916 $ 4,322 Less earnings allocated to RSUs (444) (429) (153) (115) Net income allocated to common shareholders $ 11,275 $ 15,908 $ 3,763 $ 4,207 |
Restricted Stock Units (RSUs) (
Restricted Stock Units (RSUs) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restricted Stock Units (RSUs) [Abstract] | |
Schedule of Restricted Stock Units | Restricted Stock Units (RSUs) Non-vested grants at December 31, 2016 733,000 Granted - average weighted price per share on grant date $7.99 1,210,000 Vested - average weighted price per share on vesting date was $7.59 (720,500) Forfeited (8,000) Non-vested grants at September 30, 2017 (1) 1,214,500 (1) Following is the vesting schedule of RSUs . Vesting Year RSUs Vesting 2017 270,000 2018 178,250 2019 373,750 2020 231,250 2021 161,250 1,214,500 |
Bank Debt (Narrative) (Details)
Bank Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Nov. 30, 2017 | Sep. 30, 2017 | Mar. 18, 2016 | Mar. 17, 2016 | |
Debt Instrument [Line Items] | ||||
Closing costs of debt | $ 9.1 | |||
Credit agreement, amount outstanding | $ 211 | |||
Credit facility, maximum borrowing capacity | $ 200 | $ 250 | ||
Maximum leverage ratio | 242.00% | |||
Debt service coverage ratio | 219.00% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 125.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, interest rate spread on variable rate | 3.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, interest rate spread on variable rate | 3.00% | |||
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 | $ 131 | |||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, unused borrowing capacity | 69 | |||
Liquidity | $ 83 | |||
Debt maturity date | Aug. 1, 2019 | |||
Debt instrument, interest rate, effective percentage | 4.74% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit agreement, amount outstanding | $ 80 | |||
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% | |||
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 |
Bank Debt (Amended Credit Facil
Bank Debt (Amended Credit Facility Maximum Leverage Ratio) (Details) - Maximum [Member] | Sep. 30, 2017 |
September 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Bank Debt [Abstract] | ||
Current debt | $ 35,000 | $ 30,625 |
Less debt issuance cost, current | (1,829) | (1,829) |
Current portion of bank debt, net (Note 2) | 33,171 | 28,796 |
Long-term debt | 175,742 | 207,992 |
Less debt issuance cost, long-term | (1,676) | (3,048) |
Net long-term portion | $ 174,066 | $ 204,944 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) | Sep. 30, 2017 |
Sunrise Energy [Member] | |
Equity method investment ownership percentage | 50.00% |
Savoy [Member] | |
Equity method investment ownership percentage | 30.60% |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Long-term assets: | |||
Advance coal royalties | $ 9,629 | $ 9,296 | |
Marketable equity securities available for sale, at fair value (restricted) | [1] | 2,005 | 2,036 |
Other | 2,637 | 2,782 | |
Long-term assets | $ 14,271 | $ 14,114 | |
[1] | Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company. |
Self-Insurance (Details)
Self-Insurance (Details) $ in Thousands | Sep. 30, 2017USD ($)sitemi | Dec. 31, 2016USD ($) | Aug. 31, 2010USD ($) |
Self-Insurance [Abstract] | |||
Number of mining units with self-insured equipment | site | 10 | ||
Area of self-insured mining units | mi | 18 | ||
Mining equipment at historical cost | $ 256,000 | ||
Restricted cash | $ 3,428 | $ 2,817 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net Income per Share [Abstract] | |||||
Net income | [1] | $ 3,916 | $ 4,322 | $ 11,719 | $ 16,337 |
Less earnings allocated to RSUs | (153) | (115) | (444) | (429) | |
Net income available to common shareholders | $ 3,763 | $ 4,207 | $ 11,275 | $ 15,908 | |
[1] | There is no material difference between net income and comprehensive income. |
Asset Impairment Review (Narrat
Asset Impairment Review (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
Oct. 31, 2017 | Sep. 30, 2017 | |
Subsequent Event [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Proceeds from sale of land | $ 4,900 | |
Carlisle Assets [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Mine carrying value | $ 112,000 | |
Asset impairment charge | 0 | |
Bulldog Mine [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Aggregate net carrying value of land | $ 15,000 | |
Bulldog Mine [Member] | Subsequent Event [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset impairment charge | $ 0 | |
Land buy-back option period | 8 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Abstract] | ||
Effective tax rate | 8.00% | 15.00% |
Restricted Stock Units (RSUs)30
Restricted Stock Units (RSUs) (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 03, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1,000,000 | $ 600,000 | $ 6,384,000 | $ 1,800,000 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation plan expiration date | May 25, 2027 | ||||
Additional shares added to plan | 1,000,000 | ||||
Shares available for future issuance | 1,267,917 | 1,267,917 | |||
Value of shares vested in period | $ 438,000 | $ 5,500,000 | |||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of outstanding shares | $ 6,100,000 | ||||
Share price | $ 5.02 |
Restricted Stock Units (RSUs)31
Restricted Stock Units (RSUs) (Schedule of Restricted Stock Units) (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Restricted Stock Units (RSUs) [Abstract] | |
Non-vested grants, beginning balance | 733,000 |
Granted | 1,210,000 |
Vested | (720,500) |
Forfeited | (8,000) |
Non-vested grants, ending balance | 1,214,500 |
Share price on grant date | $ / shares | $ 7.99 |
Share price on vesting date | $ / shares | $ 7.59 |
Restricted Stock Units (RSUs)32
Restricted Stock Units (RSUs) (Schedule of Nonvested Share Vesting Activity) (Details) - Restricted Stock Units (RSUs) [Member] | Sep. 30, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 1,214,500 |
2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 270,000 |
2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 178,250 |
2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 373,750 |
2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 231,250 |
2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 161,250 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
Oct. 31, 2017$ / shares | |
Subsequent Event [Line Items] | |
Dividends payable, date declared | 2017-10 |
Dividends payable, amount per share | $ 0.04 |
Dividends payable, date of record | Oct. 31, 2017 |
Dividends payable, date to be paid | Nov. 17, 2017 |