Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 03, 2018 | |
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 | 30,176,990 | |
Amendment Flag | false | |
Entity Central Index Key | 788,965 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HNRG |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 10,185 | $ 12,483 |
Restricted cash (Note 8) | 4,234 | 3,811 |
Certificates of deposit | 735 | 1,495 |
Marketable securities | 1,791 | 1,907 |
Accounts receivable | 11,627 | 16,762 |
Prepaid income taxes | 2,540 | 2,899 |
Coal inventory | 34,373 | 12,804 |
Parts and supply inventory | 11,487 | 10,043 |
Prepaid expenses | 15,633 | 9,433 |
Total current assets | 92,605 | 71,637 |
Property, plan and equipment, at cost: | ||
Land and mineral rights | 130,860 | 129,724 |
Buildings and equipment | 368,220 | 356,911 |
Mine development | 138,467 | 136,762 |
Total property, plan and equipment, at cost | 637,547 | 623,397 |
Less - accumulated DD&A | (225,231) | (203,391) |
Total property, plant and equipment, net | 412,316 | 420,006 |
Equity method investments (Note 4) | 3,697 | 11,890 |
Other assets (Note 5) | 14,798 | 14,660 |
Total assets | 523,416 | 518,193 |
Current liabilities: | ||
Current portion of bank debt, net (Note 3) | 21,749 | 33,171 |
Accounts payable and accrued liabilities (Note 6) | 25,785 | 21,115 |
Total current liabilities | 47,534 | 54,286 |
Long-term liabilities: | ||
Bank debt, net (Note 3) | 170,362 | 165,773 |
Deferred income taxes | 28,993 | 28,728 |
Asset retirement obligations (ARO) | 14,077 | 13,506 |
Other | 7,132 | 6,577 |
Total long-term liabilities | 220,564 | 214,584 |
Total liabilities | 268,098 | 268,870 |
Redeemable noncontrolling interests (Note 13) | 4,000 | |
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | ||
Common stock, $.01 par value, 100,000 shares authorized; 30,177 and 29,955 shares outstanding, respectively | 301 | 299 |
Additional paid-in capital | 100,228 | 97,873 |
Retained earnings | 150,789 | 150,236 |
Accumulated other comprehensive income (AOCI) | 915 | |
Total stockholders' equity | 251,318 | 249,323 |
Total liabilities, redeemable noncontrolling interests, and stockholders' equity | $ 523,416 | $ 518,193 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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 | 30,177,000 | 29,955,000 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenue: | |||||
Coal sales | $ 56,922 | $ 62,829 | $ 123,709 | $ 125,384 | |
Other income (Note 7) | 321 | 1,483 | 398 | 2,481 | |
Total revenue | 57,243 | 64,312 | 124,107 | 127,865 | |
Costs and expenses: | |||||
Operating costs and expenses | 38,874 | 44,079 | 85,514 | 83,771 | |
DD&A | 11,120 | 9,101 | 21,949 | 18,804 | |
ARO accretion | 291 | 214 | 573 | 421 | |
Exploration costs | 315 | 275 | 532 | 414 | |
SG&A | 2,474 | 6,578 | 6,364 | 9,236 | |
Interest | [1] | 4,315 | 3,342 | 7,023 | 6,433 |
Total costs and expenses | 57,389 | 63,589 | 121,955 | 119,079 | |
Income (loss) before income taxes | (146) | 723 | 2,152 | 8,786 | |
Income tax expense (benefit): | |||||
Current | (19) | 1,357 | (222) | 1,374 | |
Deferred | (104) | (1,023) | 265 | (391) | |
Total income tax expense (benefit) | (123) | 334 | 43 | 983 | |
Net income (loss) | [2] | $ (23) | $ 389 | $ 2,109 | $ 7,803 |
Net income (loss) per share (Note 9): | |||||
Basic and diluted (in Dollars per share) | $ 0 | $ 0.01 | $ 0.07 | $ 0.25 | |
Weighted average shares outstanding: | |||||
Basic and diluted (in Shares) | 29,980 | 29,503 | 29,968 | 29,458 | |
Net change in the estimated fair value of interest rate swap | $ 1,003 | $ (20) | $ 844 | $ (440) | |
[1] | Interest expense for the first six months of 2018 and 2017 includes $844 and $(440), respectively, for the net change in the estimated fair value of our interest rate swaps. Such amounts were $1,003 and $(20) for the second quarter of 2018 and 2017, respectively. | ||||
[2] | There is no material difference between net income and comprehensive income. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Operating activities: | |||||
Cash provided by operating activities | $ 15,865 | $ 23,961 | |||
Investing activities: | |||||
Capital expenditures | (19,683) | (11,855) | |||
Proceeds from sale of equipment | 29 | 343 | |||
Proceeds from maturities of certificates of deposit | 760 | 3,879 | |||
Proceeds from sale of equity method investments | 8,000 | ||||
Cash used in investing activities | (10,894) | (7,633) | |||
Financing activities: | |||||
Payments on bank debt | (21,767) | (13,125) | |||
Bank borrowings | 14,000 | ||||
Debt issuance cost | (608) | ||||
Proceeds from noncontrolling interests (Note 13) | 4,000 | ||||
Dividends | (2,471) | (2,409) | |||
Cash used in financing activities | (6,846) | (15,534) | |||
Increase (decrease) in cash, cash equivalents, and restricted cash | (1,875) | 794 | |||
Cash, cash equivalents, and restricted cash, beginning of period | 16,294 | 12,605 | |||
Cash, cash equivalents, and restricted cash, end of period | 14,419 | 13,399 | |||
Cash and cash equivalents | $ 10,185 | $ 12,483 | $ 10,079 | ||
Restricted cash | 4,234 | 3,811 | 3,320 | ||
Total cash, cash equivalents, and restricted cash | 16,294 | $ 12,605 | $ 14,419 | $ 16,294 | $ 13,399 |
Liabilities assumed | $ 1,100 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total | |
Balance at Dec. 31, 2017 | $ 299 | $ 97,873 | $ 150,236 | $ 915 | $ 249,323 | |
Balance (in Shares) at Dec. 31, 2017 | 29,955 | |||||
Stock-based compensation | 2,366 | 2,366 | ||||
Stock issued on vesting of RSUs | $ 2 | 2 | ||||
Stock issued on vesting of RSUs (in Shares) | 223 | |||||
Taxes paid on vesting of RSU | (11) | (11) | ||||
Taxes paid on vesting of RSU (in Shares) | (1) | |||||
Dividends | (2,471) | (2,471) | ||||
Net income (loss) | 2,109 | 2,109 | [1] | |||
Balance at Jun. 30, 2018 | $ 301 | $ 100,228 | 150,789 | $ 251,318 | ||
Balance (in Shares) at Jun. 30, 2018 | 30,177 | |||||
Impact from adoption of ASU 2018-02 and ASU 2016-01 (Note 1) | $ 915 | $ (915) | ||||
[1] | There is no material difference between net income and comprehensive income. |
General Business
General Business | 6 Months Ended |
Jun. 30, 2018 | |
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 condensed consolidated 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 operati ons and cash flows for the six months ended June 30 , 2018 , are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2018. To maintain consistency and comparability , certain 2017 amounts have been reclassified to conform to the 2018 presentation. Our organization and business, the accounting policies we follow and other information, are contained in the notes to our condensed consolidated financial statements filed as part of our 2017 Form 10-K. This quarterly report should be read in conjunction with such 10-K. The condensed consolidated financial statements include the accounts of Hallador Energy Company (hereinafter known as , “we, us, or our”) and its wholly-owned subsidiaries Sunrise Coal, LLC (Sunrise) and Hourglass Sands, LLC (Hourglass), and Sunrise’s wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated . Sunrise is engaged in the production of steam coal from mines located in western Indiana. Hourglass is in the development stage and engages in the production of frac sand in the State of Colorado (see Note 13). New Accounting Standards Issued and 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 supersedes nearly all existing revenue recognition guidance under current U.S. GAAP and replaces it with a principle-based approach for determining revenue recognition. On January 1, 2018, we adopted the new accounting standard and all of the related amendments to all contracts using the modified retrospective method. Adoption of the new revenue standard did not result in a material cumulative effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We do not expect the adoption of the new revenue standard to have a material impact to our net income on an ongoing basis. See “ Note 12 – Revenue ” to these condensed consolidated f inancial statements for additional disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires equity investments that are not accounted for under the equity method of accounting or that do not result in consolidation of the investee to be measured at fair value with changes recognized in net earnings. ASU 2016-01 also eliminates the available-for- sale classification for equity investments that recognized changes in fair value as a component of other comprehensive income. We adopted ASU 2016-01 on January 1, 2018, using the modified retrospective method, which resulted in a $1.1 million (net of tax) cumulative-effect adjustment from accumulated other comprehensive income to retained earnings. Adoption of ASU 2016-01 did not have a material impact on our results of operations and/or cash flows. In November 2016, the FASB issued guidance regarding the presentation of restricted cash in the statement of cash flows (ASU 2016-18). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We have adopted the new standard as of January 1, 2018. Adoption of ASU 2016-18 did not have a material impact on the company’s results of operations and/or cash flows. In January 2017, the FASB issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (ASU 2017-01). It also provided a framework to assist entities in evaluating whether both an input and a substantive process are present, which at a minimum, must be present to be considered a business. We have adopted the new standard as of January 1, 2018. The standard does not have an impact on our historical recognition of asset acquisitions and business combinations. However, we expect there will be an impact on how we account for such acquisitions in the future. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 allows companies to reclassify stranded tax effects resulting from the 2017 Tax Act from accumulated other comprehensive income to retained earnings. The company elected to early adopt ASU 2018-02 on January 1, 2018, which resulted in a reclassification of $192,000 of stranded tax effects, related to our unrealized gain on marketable securities, from accumulated other comprehensive income to retained earnings. Adoption of ASU 2018-02 did not have a material impact on our results of operations and/or cash flows. New Accounting Standards Issued and Not Yet Adopted 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 condensed consolidated financial statements. We continue to monitor closely the activities of the FASB and various non-authoritative groups with respect to implementation issues that could affect our evaluation. |
Asset Impairment Review
Asset Impairment Review | 6 Months Ended |
Jun. 30, 2018 | |
Asset Impairment Review [Abstract] | |
Asset Impairment Review | (2 ) ASSET IMPAIRMENT REVIEW Carlisle Mine During the second quarter of 2018 we began preparations to re-open the Carlisle Mine. In July 2018, we commenced production and began shipping coal to customers. We conducted a review of the Carlisle Mine assets as of June 30, 2018, based on estimated future net cash flows, and determined that no impairment to the aggregate net carrying value of $1 08 million was necessary. 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 Reserves 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 hold the rights to repurchase the property for eight years at the original sale price of $4.9 million plus interest. We are accounting for the sale as a financing transaction with the liability recorded in other long-term liabilities. The Bulldog Mine assets had an aggregate net carrying value of $15 million at June 30, 2018. 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 are required 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. |
Bank Debt
Bank Debt | 6 Months Ended |
Jun. 30, 2018 | |
Bank Debt [Abstract] | |
Bank Debt | (3) BANK DEBT On May 21, 2018, we executed the Third Amended and Restated Credit Agreement with PNC, as administrative agent for our lenders. The $267 million credit facility is a combination of a $147 term loan and $120 million revolver. The credit facility extends the term through May 21, 2022 , reduces the debt service requirements, changes the borrower from Sunrise Coal to Hallador, and allows for investments in Hourglass Sands. The credit facility is collateralized primarily by Hallador’s assets . Our borrowing capacity increased by $6 million as of the effective date of the amended agreement. Liquidity Our bank debt at June 30, 2018, w as $ 201 million (term - $ 142 million, revolver - $ 59 million) . As of June 30 , 2018, we had additional borrowing capacit y of $6 1 million and total liquidity of $ 74 million. Fees Bank fees and other costs incurred in connection with the amended credit agreement and unamortized costs incurred in connection with the initial facility and a subsequent amendment totale d $ 8.7 million. These costs were d eferred and are being amortized over the term of the loan. Covenants The credit facility includes a Maximum Leverage Ratio ( consolidated funded debt / trailing twelve months adjusted EBITDA) , calculated as of the end of each fiscal quarter for trailing twelve months, not to exceed the amounts below: Fiscal Periods Ending Ratio June 30, 2018 through March 31, 2019 3.75 to 1.00 June 30, 2019 and September 30, 2019 3.50 to 1.00 December 31, 2019 through September 30, 2020 3.25 to 1.00 December 31, 2020 through September 30, 2021 3.00 to 1.00 December 31, 2021 and each fiscal quarter thereafter 2.75 to 1.00 The credit facility also requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA / annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve months of 1.25 to 1 through the maturity of the credit facility. At June 30 , 2018, our Leverage Ratio was 2.64 , and our Debt Service Coverage Ratio was 2.2 8 . Th erefore, we were in compliance with those two ratios . Rate The interest rate on the facility ranges from LIBOR plus 3.00% to LIBOR plus 4.50% , 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 ~6% on the original term loan balance and on $ 53 million of the revolver. At June 30, 2018, we were paying LIBOR of 2.10% plus 4.00% for a total interest rate of 6.10% . Bank debt, less debt issuance costs, is presented below (in thousands): June 30, December 31, 2018 2017 Current debt $ 23,888 $ 35,000 Less debt issuance cost (2,139) (1,829) Net current portion $ 21,749 $ 33,171 Long-term debt $ 176,600 $ 166,992 Less debt issuance cost (6,238) (1,219) Net long-term portion $ 170,362 $ 165,773 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | (4) EQUITY METHOD INVESTMENTS Savoy Energy, L.P. On March 9, 2018 , we sold our entire 30.6% partnership interest to Savoy for $8 million. The carrying value of the investment included in our consolidated balance sheets as of December 31, 2017, was $8.0 mi llion. Our net proceeds were $7.5 m illion after commissions paid to a related party, which were applied to our bank debt as required under the agreement. The sale resulted in a loss of $538,000 for the three months an d six months ended March 31, 2018 and June 30, 2018. Sunrise Energy, LLC 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. The carrying value of the investment included in our consolidated balance sheets as of June 30, 2018, and December 31, 2017, was $3. 7 million and $3.9 million, respectively. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Other Assets | (5) OTHER ASSETS (in thousands) June 30, December 31, 2018 2017 Advanced coal royalties $ 10,396 $ 9,720 Marketable equity securities at fair value (restricted)* 2,017 2,148 Other 2,385 2,792 Total other assets $ 14,798 $ 14,660 ____________________ * Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company . |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | (6) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) June 30, December 31, 2018 2017 Accounts payable $ 6,924 $ 4,008 Goods received not yet invoiced 5,005 5,574 Accrued property taxes 2,782 2,751 Workers' compensation 3,800 2,969 Other 7,274 5,813 Total accounts payable and accrued liabilities $ 25,785 $ 21,115 |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2018 | |
Other Income [Abstract] | |
Other Income | (7) OTHER INCOME (in thousands) Six Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Equity income - Savoy $ - $ 256 $ - $ 44 Equity income (loss) - Sunrise Energy (156) 2 (73) (17) Loss on disposal of Savoy (538) - - MSHA reimbursements 653 1,636 150 1,250 Other 439 587 244 206 Total other income $ 398 $ 2,481 $ 321 $ 1,483 |
Self-Insurance
Self-Insurance | 6 Months Ended |
Jun. 30, 2018 | |
Self-Insurance [Abstract] | |
Self-Insurance | (8) SELF-INSURANCE We self-i nsure our underground mining equipment. Such equipment is allocated among e leven mining units spread out over 18 miles. The historical cost of such equipment was approximately $26 7 million and $258 million for the periods ended June 30, 2018 and December 31, 2017, respectively. Restricted cash of $4. 2 million and $3.8 milli on for the periods ended June 30, 2018 and December 31, 2017, respectively, represents cash held and controlled by a third party and is restricted for future workers’ compensation claim payments. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2018 | |
Net Income (Loss) per Share [Abstract] | |
Net Income (Loss) per Share | (9) 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. The following table sets forth the computation of net income (loss) allocated to common shareholders (in thousands): Six Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income (loss) $ 2,109 $ 7,803 $ (23) $ 389 (E arnings ) loss allocated to RSUs (49) (304) 1 (16) Net income (loss) allocated to common shareholders $ 2,060 $ 7,499 $ (22) $ 373 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | (10) INCOME TAXES For interim period reporting, we record income taxes using an estimated annual effective tax rate based upon projected annual income, forecasted permanent tax differences, discrete items and statutory rates in states in which we operate. Our effective tax rate for the six months ended June 30, 2018 and June 30, 2017 was 2% and 11% , respectively. Historically, our actual effective tax rates have differed from the statutory effective rate primarily due to the benefit received from statutory percentage depletion in excess of tax basis . The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income (loss) before income taxes. |
Restricted Stock Units (RSUs)
Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2018 | |
Restricted Stock Units (RSUs) [Abstract] | |
Restricted Stock Units (RSUs) | (11 ) RESTRICTED STOCK UNITS (RSUs) Non-vested grants at December 31, 2017 944,500 Granted - Vested - weighted average share price on vesting date was $6.65 (223,500 ) Forfeited (8,000 ) Non-vested grants at June 30, 2018 713,000 The 223,500 shares that vested during the six months ended June 30, 2018, had a v alue of $ 1.5 million. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes. For the six months ended June 30, 2018, and 2017, our stock-based compensation was $2. 4 million and $ 5.4 million, respectively. For the three months ended June 30, 2018 and 2017, our stock based compensation was $.4 and $4.6 million, respectively. Non-vested RSU grants will vest as follows: Vesting RSUs Year Vesting 2018 121,250 2019 309,250 2020 176,250 2021 106,250 713,000 The outstanding RSUs have a value of $ 5.1 million based on the June 29, 2018 , closing stock price of $ 7.14 . At June 30, 2018, we had 1,402, 325 RSUs available for future issuance. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Revenue | ( 12) REVENUE Effective January 1, 2018, we adopted ASU 2014-09. The adoption of this standard did not impact the timing of revenue recognition on our consolidated balance sheets or condensed consolidated statements of comprehensive income. Revenue from Contracts with Customers We account for a contract with a customer when the parties have approved the contract and are committed to performing their respective obligations, the rights of each party are identified , payment terms are identified , the contract has commercial substance, and collectability of consideration is probable. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer. Our revenue is derived from sales to customers of coal produced at our facilities. Our customers purchase coal directly from our mine sites and our Princeton Loop, where the sale occurs and where title , risk of loss, and control typically pass to the customer at that point. Our customers arrange for and bear the costs of transporting their coal from our mines to their plants or other specified discharge points. Our customers are typically domestic utility companies. Our coal sales agreements with our customers are fixed-priced , fixed-volume supply contracts, or include a predetermined escalation in price for each year. Price re-opener and index provisions may allow either party to commence a renegotiation of the contract price at a pre-determined time. Price re-opener provisions may automatically set a new price based on prevailing market price or, in some instances, require us to negotiate a new price, sometimes within specified ranges of prices. The terms of our coal sales agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of these contracts vary by customer. Coal sales agreements will typically contain coal quality specifications. With coal quality specifications in place, the raw coal sold by us to the customer at the delivery point must be substantially free of magnetic material and other foreign material impurities and crushed to a maximum size as set forth in the respective coal sales agreement. Price adjustments are made and billed in the month the coal sale was recognized based on quality standards that are specified in the coal sales agreement, such as Btu factor, moisture, ash, and sulfur content and can result in either increases or decreases in the value of the coal shipped. Disaggregation of Revenue Revenue is disaggregated by primary geographic markets, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. 72% and 70% of our coal revenue for the six months and three months ending June 30, 2018, respectively, was sold to customers in the State of Indiana with the remainder sold to customers in Kentucky, North Carolina, and Florida. 67% and 64% of our coal revenue for the six months and three months ending June 30, 2017, respectively, was sold to customers in the State of Indiana with the remainder sold to customers in Kentucky and Florida. Performance Obligations A performance obligation is a promise in a contract with a customer to provide distinct goods or services. Performance obligations are the unit of account for purposes of applying the revenue recognition standard and therefore determine when and how revenue is recognized. In most of our contracts, the customer contracts with us to provide coal that meets certain quality criteria. We consider each ton of coal a separate performance obligation and allocate the transaction price based on the base price per the contract, increased or decreased for quality adjustments. We recognize revenue at a point in time as the customer does not have control over the asset at any point during the fulfillment of the contract. For substantially all of our customers, this is supported by the fact that title and risk of loss transfer to the customer upon loading of the railcar at the mine. This is also the point at which physical possession of the coal transfers to the customer, as well as the significant risks and rewards in ownership of the coal. We have remaining performance obligations relating to fixed priced contracts of approximately $542 million, which represent the average fixed prices on our committed contracts as of June 30, 2018. We expect to recognize approximately 68% of this revenue through 2019 , with the remainder recognized thereafter . We have remaining performance obligations relating to index priced contracts or contracts with price reopeners of approximately $330 million, which represents our estimate of the expected re-opener/indexed price on committed contracts as of June 30, 2018. We expect to recognize all of this income beginning in 2020 . The tons used to determine the remaining performance obligations are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such option exists in the customer contract. Contract Balances Under ASC 606, the timing of when a performance obligation is satisfied can affect the presentation of accounts receivable, contract assets, and contract liabilities. The main distinction between accounts receivable and contract assets is whether consideration is conditional on something other than the passage of time. A receivable is an entity’s right to consideration that is unconditional. Under the typical payment terms of our contracts with customers, the customer pays us a base price for the coal, increased or decreased for any quality adjustments. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our consolidated balance sheets. We do not currently have any contracts in place where we would transfer coal in advance of knowing the final price of the coal sold, and thus do not have any contract assets recorded. Contract liabilities arise when consideration is received in advance of performance . This deferred revenue is included in accounts payable and accrued liabilities in our consolidated balance sheets when consideration is received, and revenue is not recognized until the performance obligation is satisfied. We are rarely paid in advance of performance and do not currently have any deferred revenue recorded in our consolidated balance sheets. |
Hourglass Sands
Hourglass Sands | 6 Months Ended |
Jun. 30, 2018 | |
Hourglass Sands [Abstract] | |
Hourglass Sands | (13) HOURGLASS SANDS In February 2018 , we invested $4 million in Hourglass Sands, LLC (Hourglass), a permitted frac sand mining company in the State of Colorado. We own 100% of the Class A units and are consolidating the activity of Hourglass in these statements. Class A units are entitled to 100% of profit until our capital investment and interest is returned , then 90% of profits are allocated to us with remainder to Class B units. We do not own any Class B units. In February 2018 , a Yorktown company associated with one of our directors also invested $4 million in Hourglass in return for a royalty interest in Hourglass. This investment coupled with our $4 million investment brings the initial capitalization of Hourglass to $8 million. We report the royalty interest as a redeemable noncontrolling interest on the consolidated balance sheets. A representative of the Yorktown company holds a seat on the board of managers, and, with a change of control, the Yorktown company may be entitled to receive a portion of the net proceeds realized, as prescribed in the Hourglass operating agreement. As of June 30, 2018, we have expensed costs totaling $557,000 wh ich are included in operating costs and expenses, exploration costs, and SG&A in our consolidated statements of comprehensive income (loss). |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) SUBSEQUENT EVENTS On July 16, 2018 , we declared a dividend of $.04 per share to shareholders of record as of July 31, 2018 . The dividend is payable on August 17, 2018 . |
Bank Debt (Tables)
Bank Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Bank Debt [Abstract] | |
Amended Credit Facility Maximum Leverage Ratio | The credit facility includes a Maximum Leverage Ratio ( consolidated funded debt / trailing twelve months adjusted EBITDA) , calculated as of the end of each fiscal quarter for trailing twelve months, not to exceed the amounts below: Fiscal Periods Ending Ratio June 30, 2018 through March 31, 2019 3.75 to 1.00 June 30, 2019 and September 30, 2019 3.50 to 1.00 December 31, 2019 through September 30, 2020 3.25 to 1.00 December 31, 2020 through September 30, 2021 3.00 to 1.00 December 31, 2021 and each fiscal quarter thereafter 2.75 to 1.00 |
Schedule of Debt | Bank debt, less debt issuance costs, is presented below (in thousands): June 30, December 31, 2018 2017 Current debt $ 23,888 $ 35,000 Less debt issuance cost (2,139) (1,829) Net current portion $ 21,749 $ 33,171 Long-term debt $ 176,600 $ 166,992 Less debt issuance cost (6,238) (1,219) Net long-term portion $ 170,362 $ 165,773 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Schedule of Long-Term Assets | OTHER ASSETS (in thousands) June 30, December 31, 2018 2017 Advanced coal royalties $ 10,396 $ 9,720 Marketable equity securities at fair value (restricted)* 2,017 2,148 Other 2,385 2,792 Total other assets $ 14,798 $ 14,660 ____________________ * Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company |
Accounts Payable and Accrued 23
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) June 30, December 31, 2018 2017 Accounts payable $ 6,924 $ 4,008 Goods received not yet invoiced 5,005 5,574 Accrued property taxes 2,782 2,751 Workers' compensation 3,800 2,969 Other 7,274 5,813 Total accounts payable and accrued liabilities $ 25,785 $ 21,115 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Income [Abstract] | |
Schedule of Other Income | OTHER INCOME (in thousands) Six Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Equity income - Savoy $ - $ 256 $ - $ 44 Equity income (loss) - Sunrise Energy (156) 2 (73) (17) Loss on disposal of Savoy (538) - - MSHA reimbursements 653 1,636 150 1,250 Other 439 587 244 206 Total other income $ 398 $ 2,481 $ 321 $ 1,483 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Net Income (Loss) per Share [Abstract] | |
Computation of Earnings per Share | The following table sets forth the computation of net income (loss) allocated to common shareholders (in thousands): Six Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income (loss) $ 2,109 $ 7,803 $ (23) $ 389 (E arnings ) loss allocated to RSUs (49) (304) 1 (16) Net income (loss) allocated to common shareholders $ 2,060 $ 7,499 $ (22) $ 373 |
Restricted Stock Units (RSUs) (
Restricted Stock Units (RSUs) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restricted Stock Units (RSUs) [Abstract] | |
Schedule of Restricted Stock Units | Non-vested grants at December 31, 2017 944,500 Granted - Vested - weighted average share price on vesting date was $6.65 (223,500 ) Forfeited (8,000 ) Non-vested grants at June 30, 2018 713,000 |
Schedule of Nonvested Share Vesting Activity | Non-vested RSU grants will vest as follows: Vesting RSUs Year Vesting 2018 121,250 2019 309,250 2020 176,250 2021 106,250 713,000 |
General Business (Details)
General Business (Details) | Jan. 01, 2018USD ($) |
Accounting Standards Update 2016-01 [Member] | |
Impact from adoption of ASU | $ 1,100,000 |
Accounting Standards Update 2018 02 [Member] | |
Impact from adoption of ASU | $ 192,000 |
Asset Impairment Review (Narrat
Asset Impairment Review (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Oct. 31, 2017 | Jun. 30, 2018 | |
Carlisle Assets [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Mine carrying value | $ 108,000 | |
Asset impairment charge | 0 | |
Bulldog Mine [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset impairment charge | 0 | |
Land buy-back option period | 8 years | |
Proceeds from sale of land | $ 4,900 | |
Aggregate net carrying value of land | $ 15,000 |
Bank Debt (Narrative) (Details)
Bank Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
May 31, 2018 | Jun. 30, 2018 | May 21, 2018 | |
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 4.00% | ||
Debt instrument, interest rate, effective percentage | 6.10% | ||
Leverage ratio | 264.00% | ||
Debt service coverage ratio | 228.00% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Amount of debt with maximum interest rate | $ 53 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Closing costs of debt | 8.7 | ||
Credit agreement, amount outstanding | 201 | $ 267 | |
Debt, unused borrowing capacity | 61 | ||
Liquidity | $ 74 | ||
Debt instrument, interest rate, effective percentage | 6.00% | ||
Credit Agreement [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt service coverage ratio | 125.00% | ||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 3.00% | ||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 4.50% | ||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 59 | 120 | |
Credit facility, maximum borrowing capacity increase during period | $ 6 | ||
Debt maturity date | May 21, 2022 | ||
Term Loan [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 142 | $ 147 |
Bank Debt (Amended Credit Facil
Bank Debt (Amended Credit Facility Maximum Leverage Ratio) (Details) | Jun. 30, 2018 |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 264.00% |
Maximum [Member] | June 30, 2018 through March 31, 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 375.00% |
Maximum [Member] | June 30, 2018 and September 30, 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 350.00% |
Maximum [Member] | December 31, 2019 through September 30, 2020 [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 325.00% |
Maximum [Member] | December 31, 2020 through September 30, 2021 | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 300.00% |
Maximum [Member] | December 31, 2021 and each fiscal quarter thereafter [Member] | |
Line of Credit Facility [Line Items] | |
Leverage Ratio | 275.00% |
Bank Debt (Schedule of Debt) (D
Bank Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Bank Debt [Abstract] | ||
Current debt | $ 23,888 | $ 35,000 |
Less debt issuance cost, current | (2,139) | (1,829) |
Net current portion | 21,749 | 33,171 |
Long-term debt | 176,600 | 166,992 |
Less debt issuance cost, long-term | (6,238) | (1,219) |
Net long-term portion | $ 170,362 | $ 165,773 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 09, 2018 | Mar. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Equity method investment | $ 3,697 | $ 11,890 | |||
Sunrise Energy [Member] | |||||
Equity method investment ownership percentage | 50.00% | ||||
Equity method investment | $ 3,700 | 3,900 | |||
Savoy [Member] | |||||
Sale of stock, transaction date | Mar. 9, 2018 | ||||
Ownership interest percentage before sale of stock | 30.60% | ||||
Cash received after equity investment sale of stock | $ 7,500 | ||||
Gain (loss) on sale of equity method investment | $ (538) | $ (538) | |||
Value of equity method investment sold in period | $ 8,000 | ||||
Equity method investment | $ 8,000 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Long-term assets: | ||
Advance coal royalties | $ 10,396 | $ 9,720 |
Marketable equity securities at fair value (restricted) | 2,017 | 2,148 |
Other | 2,385 | 2,792 |
Long-term assets | $ 14,798 | $ 14,660 |
Accounts Payable and Accrued 34
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 6,924 | $ 4,008 |
Goods received not yet invoiced | 5,005 | 5,574 |
Accrued property taxes | 2,782 | 2,751 |
Workers' compensation | 3,800 | 2,969 |
Other | 7,274 | 5,813 |
Total accounts payable and accrued liabilities | $ 25,785 | $ 21,115 |
Other Income (Schedule of Other
Other Income (Schedule of Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other income: | |||||
MSHA reimbursement | $ 150 | $ 1,250 | $ 653 | $ 1,636 | |
Other | 244 | 206 | 439 | 587 | |
Other income | 321 | 1,483 | 398 | 2,481 | |
Savoy [Member] | |||||
Other income: | |||||
Equity income (loss) | 44 | 256 | |||
Loss on disposal of equity method investment | $ (538) | (538) | |||
Sunrise Energy [Member] | |||||
Other income: | |||||
Equity income (loss) | $ (73) | $ (17) | $ (156) | $ 2 |
Self-Insurance (Details)
Self-Insurance (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)sitemi | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | |
Self-Insurance [Abstract] | |||
Number of mining units with self-insured equipment | site | 11 | ||
Area of self-insured mining units | mi | 18 | ||
Historical cost of self-insured equipment | $ 267,000 | $ 258,000 | |
Restricted cash | $ 4,234 | $ 3,811 | $ 3,320 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net Income (Loss) per Share [Abstract] | |||||
Net income (loss) | [1] | $ (23) | $ 389 | $ 2,109 | $ 7,803 |
(Earnings) loss allocated to RSUs | 1 | (16) | (49) | (304) | |
Net income (loss) available to common shareholders | $ (22) | $ 373 | $ 2,060 | $ 7,499 | |
[1] | There is no material difference between net income and comprehensive income. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Abstract] | ||
Effective tax rate | 2.00% | 11.00% |
Restricted Stock Units (RSUs)39
Restricted Stock Units (RSUs) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 400 | $ 4,600 | $ 2,366 | $ 5,400 | |
Share price | $ 7.14 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future issuance | 1,402,325 | 1,402,325 | |||
Shares vested in period | 223,500 | ||||
Share price on vesting date | $ 6.65 | ||||
Value of shares vested in period | $ 1,500 | ||||
Value of outstanding shares | $ 5,100 |
Restricted Stock Units (RSUs)40
Restricted Stock Units (RSUs) (Schedule of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested grants, beginning balance | 944,500 |
Granted | |
Vested | (223,500) |
Forfeited | (8,000) |
Non-vested grants, ending balance | 713,000 |
Share price on vesting date | $ / shares | $ 6.65 |
Restricted Stock Units (RSUs)41
Restricted Stock Units (RSUs) (Schedule of Nonvested Share Vesting Activity) (Details) - Restricted Stock Units (RSUs) [Member] | Jun. 30, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 713,000 |
2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 121,250 |
2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 309,250 |
2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 176,250 |
2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 106,250 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fixed-price Contract [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Performance obligation | $ 542 | $ 542 | ||
Percentage of revenue expected to be recognized by set date | 68.00% | 68.00% | ||
Revenue, remaining performance obligation, expected timing of satisfaction, year | 2,019 | |||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | We expect to recognize approximately 68% of this revenue through 2019, with the remainder recognized thereafter. | |||
Index Priced Contracts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Performance obligation | $ 330 | $ 330 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, year | 2,020 | |||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | We expect to recognize all of this income beginning in 2020. | |||
Sales Revenue, Net [Member] | Indiana [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 70.00% | 64.00% | 72.00% | 67.00% |
Hourglass Sands (Narrative) (De
Hourglass Sands (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | |||||
Operating costs and expenses | $ 38,874,000 | $ 44,079,000 | $ 85,514,000 | $ 83,771,000 | |
Hourglass [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of profit after capital investment and interest is returned | 90.00% | 90.00% | |||
Capitalization | $ 8,000,000 | $ 8,000,000 | |||
Hourglass [Member] | Director [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition purchase price | $ 4,000,000 | ||||
Capital Unit, Class A [Member] | Hourglass [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of profit until capital investment and interest is returned | 100.00% | 100.00% | |||
Hourglass Sands, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | Feb. 1, 2018 | ||||
Business acquisition purchase price | $ 4,000,000 | ||||
Operating costs and expenses | $ 557,000 | ||||
Hourglass Sands, LLC [Member] | Hourglass [Member] | Director [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | Feb. 1, 2018 | ||||
Hourglass Sands, LLC [Member] | Capital Unit, Class A [Member] | Hourglass [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity method investment ownership percentage | 100.00% | 100.00% |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Jul. 16, 2018$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Jul. 16, 2018 |
Dividends payable, amount per share | $ 0.04 |
Dividends payable, date of record | Jul. 31, 2018 |
Dividends payable, date to be paid | Aug. 17, 2018 |
Uncategorized Items - hnrg-2018
Label | Element | Value |
Payments of Financing Costs | us-gaap_PaymentsOfFinancingCosts | $ 5,700,000 |