Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
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 | 30,244,599 | |
Entity Current Reporting Status | Yes | |
Trading Symbol | HNRG | |
Amendment Flag | false | |
Entity Central Index Key | 0000788965 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 8,690 | $ 15,502 |
Restricted cash (Note 7) | 4,657 | 4,592 |
Certificates of deposit | 488 | 488 |
Marketable securities | 2,047 | 1,842 |
Accounts receivable | 15,502 | 18,428 |
Prepaid income taxes | 1,266 | 2,606 |
Inventory | 23,181 | 20,507 |
Parts and supplies, net of allowance of $994 and $1,595, respectively | 10,729 | 9,645 |
Prepaid expenses | 9,667 | 11,368 |
Total current assets | 76,227 | 84,978 |
Property, plant and equipment, at cost: | ||
Land and mineral rights | 131,138 | 130,897 |
Buildings and equipment | 376,265 | 365,481 |
Mine development | 142,224 | 140,990 |
Total property, plant and equipment, at cost | 649,627 | 637,368 |
Less - accumulated DD&A | (236,440) | (224,730) |
Total property, plant and equipment, net | 413,187 | 412,638 |
Other assets (Note 7) | 14,123 | 14,217 |
Total assets | 507,169 | 515,499 |
Current liabilities: | ||
Current portion of bank debt, net (Note 3) | 27,230 | 25,392 |
Accounts payable and accrued liabilities (Note 6) | 29,527 | 26,421 |
Total current liabilities | 56,757 | 51,813 |
Long-term liabilities: | ||
Bank debt, net (Note 3) | 134,348 | 155,655 |
Deferred income taxes | 26,634 | 26,441 |
Asset retirement obligations (ARO) | 14,777 | 14,586 |
Other | 9,526 | 8,130 |
Total long-term liabilities | 185,285 | 204,812 |
Total liabilities | 242,042 | 256,625 |
Redeemable non-controlling interests (Note 14) | 4,000 | 4,000 |
Stockholders' equity: | ||
Common stock, $.01 par value, 100,000 shares authorized; 30,245 and 29,955 shares outstanding, respectively | 302 | 302 |
Additional paid-in capital | 101,236 | 100,742 |
Retained earnings | 159,589 | 153,830 |
Total stockholders' equity | 261,127 | 254,874 |
Total liabilities , redeemable noncontrolling interests, and stockholders' equity | 507,169 | 515,499 |
Sunrise Energy [Member] | ||
Property, plant and equipment, at cost: | ||
Investment in subsidiaries | $ 3,632 | $ 3,666 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for parts and supplies | $ 994 | $ 1,595 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, outstanding | 30,245,000 | 30,245,000 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenue: | |||
Revenue | $ 89,313 | $ 66,864 | |
Operating Costs and expenses: | |||
Operating costs and expenses | 62,419 | 46,640 | |
DD&A | 11,738 | 10,829 | |
ARO accretion | 309 | 282 | |
Exploration costs | 280 | 217 | |
SG&A | 2,984 | 3,890 | |
Interest | [1] | 4,619 | 2,708 |
Total costs and expenses | 82,349 | 64,566 | |
Income before income taxes | 6,964 | 2,298 | |
Income tax expense (benefit) | |||
Current | (229) | (203) | |
Deferred | 193 | 369 | |
Total income tax expense (benefit) | (36) | 166 | |
Net income | $ 7,000 | $ 2,132 | |
Net income per share: (Note 9) | |||
Basic and diluted (in Dollars per share) | $ 0.23 | $ 0.07 | |
Weighted average shares outstanding: | |||
Basic and diluted (in Shares) | 30,245 | 29,955 | |
Coal Sales [Member] | |||
Revenue: | |||
Revenue | $ 85,235 | $ 66,787 | |
Other Revenue [Member] | |||
Revenue: | |||
Revenue | $ 4,078 | $ 77 | |
[1] | Interest expense for the three months ended March 31, 2019 and 2018 includes $1,013 and $(158), respectively, for the net change in the estimated fair value of our interest rate swaps. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Increase (decrese) interest expense, interest rate swaps | $ 1,013 | $ (158) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Operating activities: | |||||
Cash provided by operating activities | $ 20,847 | $ 13,193 | |||
Investing activities: | |||||
Capital expenditures | (8,840) | (10,428) | |||
Proceeds from sale of royalty interests in oil properties | 2,500 | ||||
Proceeds from sale of business | 8,000 | ||||
Cash used in investing activities | (6,340) | (2,428) | |||
Financing activities: | |||||
Payments of bank debt | (20,013) | (16,255) | |||
Bank borrowings | 5,000 | ||||
Proceeds from noncontrolling interests (Note 15) | 4,000 | ||||
Taxes paid on vesting of RSUs | (4) | ||||
Dividends | (1,241) | (1,236) | |||
Cash used in financing activities | (21,254) | (8,495) | |||
Increase (decrease) in cash, cash equivalents, and restricted cash | (6,747) | 2,270 | |||
Cash, cash equivalents, and restricted cash beginning of year | 20,094 | 16,294 | |||
Cash, cash equivalents, and restricted cash end of year | 13,347 | 18,564 | |||
Cash, cash equivalents, and restricted cash consists of the following: | |||||
Cash | $ 8,690 | $ 15,502 | $ 14,449 | ||
Restricted cash | 4,657 | 4,592 | 4,115 | ||
Cash, cash equivalents, and restricted cash, Total | 20,094 | 16,294 | $ 13,347 | $ 20,094 | $ 18,564 |
Supplemental cash flow information: | |||||
Capital expenditures included in accounts payable | 3,250 | $ (3,903) | |||
Right-to-use asset due to adoption of ASU 2016-02 | $ 426 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [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 | 1,972 | 1,972 | |||
Stock issued on vesting of RSUs (in Shares) | 2 | ||||
Taxes paid on vesting of RSUs | (4) | (4) | |||
Taxes paid on vesting of RSUs (in Shares) | 1 | ||||
Dividends | (1,236) | (1,236) | |||
Net income | 2,132 | 2,132 | |||
Balance at Mar. 31, 2018 | $ 299 | 99,841 | 152,047 | 252,187 | |
Balance (in Shares) at Mar. 31, 2018 | 29,956 | ||||
Impact from adoption of new accounting standards | 915 | $ (915) | |||
Balance at Dec. 31, 2018 | $ 302 | 100,742 | 153,830 | 254,874 | |
Balance (in Shares) at Dec. 31, 2018 | 30,245 | ||||
Stock-based compensation | 494 | 494 | |||
Dividends | (1,241) | (1,241) | |||
Net income | 7,000 | 7,000 | |||
Balance at Mar. 31, 2019 | $ 302 | $ 101,236 | $ 159,589 | $ 261,127 | |
Balance (in Shares) at Mar. 31, 2019 | 30,245 |
General Business
General Business | 3 Months Ended |
Mar. 31, 2019 | |
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 operations and cash flows for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2019. To maintain consistency and comparability , certain 2018 amounts have been reclassified to conform to the 2019 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 2018 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 is engaged in the production of frac sand in the State of Colorado (see Note 14). New Accounting Standards Issued and 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 disclose key information about lease arrangements. The new guidance classifies leases as either finance or operating, 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. The FASB issued clarifications, updates and implementation guidance to ASU 2016-02, such as ASU 2018-11, Leases (Topic 842) (ASU 2018-11) which provides practical expedients for transition to Topic 842. ASU 2018-11 provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented and permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. We adopted ASU 2016-02 effective January 1, 2019 and elected the option to not restate comparative periods in transition and also elected the practical expedients within the standard which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company made an election to not separate lease and non-lease components for all leases and will not use hindsight. The adoption of the standard had no impact on the Company’s consolidated income statement or statement of cash flows. Effective January 1, 2019, we recorded a right-to-use asset and corresponding lease liability of $0.5 million. New Accounting Standards Issued and Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require the use of a new forward-looking "expected loss" model that generally will result in earlier recognition of allowances for losses. The new standard will require disclosure of significantly more information related to these items. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for the fiscal year beginning after December 15, 2018, including interim periods. We are currently evaluating the effect of adopting ASU 2016-13, but do not anticipate it will have a material impact on our condensed consolidated financial statements. |
Asset Impairment Review
Asset Impairment Review | 3 Months Ended |
Mar. 31, 2019 | |
Asset Impairment Review [Abstract] | |
Asset Realization | (2 ) ASSET IMPAIRMENT REVIEW 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 March 31, 2019. Also, in October 2017, the Illinois Department of Natural Resources (ILDNR) notified us that our mine application, along with modifications, was acceptable. In October 2018, we paid the required fee and bond and the permit was issued in April 2019. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Bank Debt [Abstract] | |
Bank Debt | (3) BANK DEBT Our bank debt is comprised of term debt and a $120 million revolver, both of which mature May 21, 2022 . Our debt is recorded at cost which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by Hallador’s assets. Liquidity Our bank debt at March 31, 2019, was $ 168 million (term - $ 125 million, revolver - $ 43 million). As of March 31, 2019, we had additional borrowing capacity of $ 77 million and total liquidity of $ 88 million. Fees Unamortized bank fees and other costs incurred in connection with the initial facility and a subsequent amendment totaled $ 8.8 million as of our most recent amendment in May 2018. These costs were deferred and are being amortized over the term of the loan. Unamortized costs as of March 31, 2019 and December 31, 2018 were $ 6.9 million and $ 7.4 million, respectively. Bank debt, less debt issuance costs, is presented below (in thousands): 2019 2018 Current bank debt $ 29,400 $ 27,563 Less unamortized debt issuance cost (2,170) (2,171) Net current portion $ 27,230 $ 25,392 Long-term bank debt $ 139,050 $ 160,900 Less unamortized debt issuance cost (4,702) (5,245) Net long-term portion $ 134,348 $ 155,655 Total bank debt $ 168,450 $ 188,463 Less total unamortized debt issuance cost (6,872) (7,416) Net bank debt $ 161,578 $ 181,047 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 the trailing twelve months, not to exceed the amounts below: Fiscal Periods Ending Ratio 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 As of March 31, 2019, our Leverage Ratio was 2. 12 , easily within our compliance limit of 3.75 . 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 March 31, 2019, our Debt Service Coverage Ratio was well within compliance at 2. 29 . 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 March 31, 2019, we are paying LIBOR of 2.51% plus 4.00% for a total interest rate of 6.51% . |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments [Abstract] | |
Equity Method Investment | (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. Our net proceeds were $7.5 million 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 period ended March 31, 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 March 31, 2019, and December 31, 2018, was $3.6 million and $3. 7 million, respectively. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | (5) OTHER ASSETS (in thousands) March 31, December 31, 2019 2018 Advanced coal royalties $ 9,903 $ 10,186 Marketable equity securities available for sale at fair value (restricted)* 2,113 1,909 Other 2,107 2,122 Total other assets $ 14,123 $ 14,217 ____________________ * Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company . |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | (6) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) March 31, December 31, 2019 2018 Accounts payable $ 7,079 $ 5,844 Goods received not yet invoiced 6,982 6,095 Accrued property taxes 3,149 2,763 Accrued payroll 2,345 1,825 Workers' compensation reserve 3,872 3,670 Group health insurance 2,400 2,200 Other 3,700 4,024 Total accounts payable and accrued liabilities $ 29,527 $ 26,421 |
Other Income
Other Income | 3 Months Ended |
Mar. 31, 2019 | |
Other Income | |
Other Income | (7) OTHER INCOME (in thousands) Three Months Ended March 31, 2019 2018 Equity loss - Sunrise Energy $ (34 ) $ (83 ) Loss on disposal of Savoy - (538 ) MSHA reimbursements 150 503 Gain on sale of royalty interests in oil properties 2,500 - Miscellaneous 1,462 195 Total other income $ 4,078 $ 77 |
Self Insurance
Self Insurance | 3 Months Ended |
Mar. 31, 2019 | |
Self Insurance [Abstract] | |
Self Insurance | (8) SELF-INSURANCE We self-insure our underground mining equipment. Such equipment is allocated among ten mining units dispersed over 22 miles. The historical cost of such equipment was approximately $260 million and $255 million as of March 31, 2019 and December 31, 2018, respectively. Restricted cash of $ 4.7 million and $ 4.6 million as of March 31, 2019 and December 31, 2018, respectively, 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 | 3 Months Ended |
Mar. 31, 2019 | |
Net Income per Share [Abstract] | |
Net Income per Share | (9) 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): Three Months Ended March 31, 2019 2018 Numerator: Net income $ 7,000 $ 2,132 Earnings allocated to RSUs (180 ) (50 ) Net income allocated to common shareholders $ 6,820 $ 2,082 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 and 2018 was ~ 0% and ~ 7% , 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 before income taxes. |
Restricted Stock Units (RSUs)
Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Stock Units (RSUs) [Abstract] | |
Restricted Stock Units (RSUs) | (11 ) RESTRICTED STOCK UNITS (RSUs) Non-vested grants at December 31, 2018 789,250 Granted - share price on grant date was $ 5.27 8,000 Vested - Forfeited - Non-vested grants at March 31, 2019 797,250 No shares vested during the three months ended March 31, 2019 . For the three months ended March 31, 2019 , and 2018, our stock-based compensation was $0.5 million and $ 2.0 million, respectively. With the passing of our Chairman, Victor Stabio, on March 7, 2018, the vesting of his 220,000 RSUs accelerated. The value of the accelerated RSUs was $1.5 million. Non-vested RSU grants will vest as follows: Vesting RSUs Year Vesting 2019 304,750 2020 176,250 2021 316,250 797,250 The outstanding RSUs have a value of $4.0 million based on the May 3 , 2019 , closing stock price of $5.07 . At March 31, 2019, we had 1,250,466 RSUs available for future issuance. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [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 74% of our coal revenue for the three months ended March 31, 2019 and 2018, respectively, was sold to customers in the State of Indiana with the remainder sold to customers in Florida, Georgia, North Carolina, Kentucky, Tennessee, and South Carolina. 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 truck or railcar at the mine. This is also the point at which physical possession of the coal transfers to the customer, as well as the right to receive substantially all benefits and the risk of loss in ownership of the coal. We have remaining performance obligations relating to fixed priced contracts of approximately $756 million, which represent the average fixed prices on our committed contracts as of March 31, 2019. We expect to recognize approximately 65% of this revenue through 20 20 , 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 March 31, 2019. 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. |
Leaes
Leaes | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | (13) Leases We have operating leases for office space and processing facilities with remaining lease terms ranging from less than 1 year to approximately 4 years. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding. Information related to leases was as follows: Three Months Ended March 31, 2019 (In thousands) Operating lease information: Operating cash flows from operating leases $ 79 Weighted average remaining lease term in years 4.26 Weighted average discount rate 6 % Future minimum lease payments under non-cancellable leases as of March 31, 2019 were as follows: Year Amount (In thousands) 2019 $ 89 2020 99 2021 103 2022 106 2023 72 Total minimum lease payments $ 469 Less imputed interest (43 ) Total operating lease liability $ 426 As reflected on balance sheet: Other long-term liabilities $ 426 Total operating lease liability $ 426 At March 31, 2019, we had approximately $426 ,000 right-of-use operating lease assets recorded within “buildings and equipment” on the Consolidated Balance Sheet. |
Hourglass Sands
Hourglass Sands | 3 Months Ended |
Mar. 31, 2019 | |
Acquisition [Abstract] | |
Hourglass Sands | (14) 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 in 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. Below are a condensed Hourglass balance sheet as of March 31, 2019 and December 31, 2018 and a condensed statement of operations for the three months ended March 31, 2019 and 2018. Current assets include cash totaling $ 2.3 million and sand inventory totaling $1.6 million as of March 31, 2019. Current assets include cash totaling $2.9 million and sand inventory totaling $1.3 million as of December 31, 2018. Expenses are included in operating costs and expenses, exploration costs, and SG&A in our consolidated statements of comprehensive income. Condensed Balance Sheet March 31, December 31, 2019 2018 Current assets $ 3,889 $ 4,241 Property and equipment 3,086 3,092 Total assets $ 6,975 $ 7,333 Total liabilities $ 395 $ 502 Redeemable noncontrolling interests 4,000 4,000 Members' equity 2,580 2,831 Total liabilities and equity $ 6,975 $ 7,333 Condensed Statement of Operations Three Months Ended March 31, 2019 2018 Revenue $ 63 $ - Expenses 314 136 Net loss $ (251 ) $ (136) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) SUBSEQUENT EVENTS On April 15, 2019 , we declared a dividend of $.04 per share to shareholders of record as of April 30, 2019 . The dividend is payable on May 17, 2019 . |
General Business (Policy)
General Business (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
General Business [Abstract] | |
New Accounting Pronouncements | New Accounting Standards Issued and 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 disclose key information about lease arrangements. The new guidance classifies leases as either finance or operating, 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. The FASB issued clarifications, updates and implementation guidance to ASU 2016-02, such as ASU 2018-11, Leases (Topic 842) (ASU 2018-11) which provides practical expedients for transition to Topic 842. ASU 2018-11 provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented and permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. We adopted ASU 2016-02 effective January 1, 2019 and elected the option to not restate comparative periods in transition and also elected the practical expedients within the standard which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company made an election to not separate lease and non-lease components for all leases and will not use hindsight. The adoption of the standard had no impact on the Company’s consolidated income statement or statement of cash flows. Effective January 1, 2019, we recorded a right-to-use asset and corresponding lease liability of $0.5 million. New Accounting Standards Issued and Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require the use of a new forward-looking "expected loss" model that generally will result in earlier recognition of allowances for losses. The new standard will require disclosure of significantly more information related to these items. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for the fiscal year beginning after December 15, 2018, including interim periods. We are currently evaluating the effect of adopting ASU 2016-13, but do not anticipate it will have a material impact on our condensed consolidated financial statements. |
Bank Debt (Tables)
Bank Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Bank Debt [Abstract] | |
Schedule of Debt | Bank debt, less debt issuance costs, is presented below (in thousands): 2019 2018 Current bank debt $ 29,400 $ 27,563 Less unamortized debt issuance cost (2,170) (2,171) Net current portion $ 27,230 $ 25,392 Long-term bank debt $ 139,050 $ 160,900 Less unamortized debt issuance cost (4,702) (5,245) Net long-term portion $ 134,348 $ 155,655 Total bank debt $ 168,450 $ 188,463 Less total unamortized debt issuance cost (6,872) (7,416) Net bank debt $ 161,578 $ 181,047 |
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 the trailing twelve months, not to exceed the amounts below: Fiscal Periods Ending Ratio 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 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | OTHER ASSETS (in thousands) March 31, December 31, 2019 2018 Advanced coal royalties $ 9,903 $ 10,186 Marketable equity securities available for sale at fair value (restricted)* 2,113 1,909 Other 2,107 2,122 Total other assets $ 14,123 $ 14,217 ____________________ * Held by Sunrise Indemnity, Inc., our wholly-owned captive insurance company |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) March 31, December 31, 2019 2018 Accounts payable $ 7,079 $ 5,844 Goods received not yet invoiced 6,982 6,095 Accrued property taxes 3,149 2,763 Accrued payroll 2,345 1,825 Workers' compensation reserve 3,872 3,670 Group health insurance 2,400 2,200 Other 3,700 4,024 Total accounts payable and accrued liabilities $ 29,527 $ 26,421 |
Other Income (Tables)
Other Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income | |
Schedule of Other Income | OTHER INCOME (in thousands) Three Months Ended March 31, 2019 2018 Equity loss - Sunrise Energy $ (34 ) $ (83 ) Loss on disposal of Savoy - (538 ) MSHA reimbursements 150 503 Gain on sale of royalty interests in oil properties 2,500 - Miscellaneous 1,462 195 Total other income $ 4,078 $ 77 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Net Income per Share [Abstract] | |
Computation of Earnings per Share | Three Months Ended March 31, 2019 2018 Numerator: Net income $ 7,000 $ 2,132 Earnings allocated to RSUs (180 ) (50 ) Net income allocated to common shareholders $ 6,820 $ 2,082 |
Restricted Stock Units (RSUs) (
Restricted Stock Units (RSUs) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Stock Units (RSUs) [Abstract] | |
Schedule of Restricted Stock Units | Non-vested grants at December 31, 2018 789,250 Granted - share price on grant date was $ 5.27 8,000 Vested - Forfeited - Non-vested grants at March 31, 2019 797,250 |
Restricted Stock Unit Vesting | Non-vested RSU grants will vest as follows: Vesting RSUs Year Vesting 2019 304,750 2020 176,250 2021 316,250 797,250 |
Leaes (Tables)
Leaes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of information related to leases | Information related to leases was as follows: Three Months Ended March 31, 2019 (In thousands) Operating lease information: Operating cash flows from operating leases $ 79 Weighted average remaining lease term in years 4.26 Weighted average discount rate 6 % |
Schedule of future minimum lease payments and balance sheet locations | Future minimum lease payments under non-cancellable leases as of March 31, 2019 were as follows: Year Amount (In thousands) 2019 $ 89 2020 99 2021 103 2022 106 2023 72 Total minimum lease payments $ 469 Less imputed interest (43 ) Total operating lease liability $ 426 As reflected on balance sheet: Other long-term liabilities $ 426 Total operating lease liability $ 426 |
Hourglass Sands (Tables)
Hourglass Sands (Tables) - Hourglass Sands LLC [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Condensed Balance Sheet | Condensed Balance Sheet March 31, December 31, 2019 2018 Current assets $ 3,889 $ 4,241 Property and equipment 3,086 3,092 Total assets $ 6,975 $ 7,333 Total liabilities $ 395 $ 502 Redeemable noncontrolling interests 4,000 4,000 Members' equity 2,580 2,831 Total liabilities and equity $ 6,975 $ 7,333 |
Condensed Statement of Operations | Condensed Statement of Operations Three Months Ended March 31, 2019 2018 Revenue $ 63 $ - Expenses 314 136 Net loss $ (251 ) $ (136) |
General Business (Narrative) (D
General Business (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 15, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 |
Revenue, Major Customer [Line Items] | ||||
DD&A | $ 11,738 | $ 10,829 | ||
Revenue | 89,313 | $ 66,864 | ||
Right-of-use asset | 426 | |||
Operating lease liabilities | $ 426 | |||
Subsequent Event [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Dividends payable, amount per share | $ 0.04 | |||
Dividends payable, date of record | Apr. 30, 2019 | |||
Dividends payable, date to be paid | May 17, 2019 | |||
Sunrise Energy [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Restatement Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Right-of-use asset | $ 500 | |||
Operating lease liabilities | $ 500 |
Asset Impairment Review (Narrat
Asset Impairment Review (Narrative) (Details) - Bulldog Mine [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Oct. 31, 2017 | Mar. 31, 2019 | |
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset impairment | $ 0 | |
Proceeds from Bulldog property | $ 4,900 | |
Period of rights to repurchase the property | P8Y | |
Assets with repurchase agreement aggregate net carrying value | $ 15,000 |
Bank Debt (Narrative) (Details)
Bank Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | May 21, 2018 | |
Debt Instrument [Line Items] | |||
Leverage ratio | 212.00% | ||
Debt service coverage ratio | 229.00% | ||
Interest rate effective percentage | 6.51% | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Closing costs of debt | $ 8.8 | ||
Deferred financing costs expensed | 6.9 | $ 7.4 | |
Credit agreement, amount outstanding | 168 | ||
Borrowing capacity | 77 | ||
Liquidity | $ 88 | ||
Debt, interest rate spread on variable rate | 4.00% | ||
Interest rate effective percentage | 6.00% | ||
Minimum [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt service coverage ratio | 125.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 3.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate spread on variable rate | 4.50% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Amount of debt with maximum interest rate | $ 53 | ||
Revolving Credit Facility [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 43 | $ 120 | |
Debt maturity date | May 21, 2022 | ||
Term Loan [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Credit agreement, amount outstanding | $ 125 |
Bank Debt (Schedule of Debt) (D
Bank Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Bank Debt [Abstract] | |||
Current debt | $ 29,400 | $ 27,563 | |
Less debt issuance cost, current | (2,170) | (2,171) | |
Net current portion | 27,230 | $ 25,392 | 25,392 |
Long-term debt | 139,050 | 160,900 | |
Less debt issuance cost, long-term | (4,702) | (5,245) | |
Net bank debt | 134,348 | $ 155,655 | 155,655 |
Total bank debt | 168,450 | 188,463 | |
Less debt issuance cost, long-term | (6,872) | (7,416) | |
Net bank debt | $ 161,578 | $ 181,047 |
Bank Debt (Amended Credit Facil
Bank Debt (Amended Credit Facility Maximum Leverage Ratio) (Details) | Mar. 31, 2019 | Sep. 30, 2018 |
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 212.00% | |
Maximum [Member] | March 31, 2019 [Member] | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 375.00% | |
Maximum [Member] | June 30, 2019 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 [Member] | ||
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% |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 09, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Savoy [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Value of equity method investment sold in period | $ 8,000 | ||||
Gain (loss) on sale of equity method investment | $ (538) | $ (538) | |||
Sale of Stock, Transaction Date | Mar. 9, 2018 | ||||
Sale of Stock, Consideration Received on Transaction | $ 7,500 | ||||
Sale of Stock, Percentage of Ownership before Transaction | 30.60% | ||||
Sunrise Energy [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 50.00% | ||||
Equity method investment | $ 3,600 | $ 3,700 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term assets: | ||
Advance coal royalties | $ 9,903 | $ 10,186 |
Marketable equity securities available for sale at fair value (restricted)* | 2,113 | 1,909 |
Other | 2,107 | 2,122 |
Total other assets | $ 14,123 | $ 14,217 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 7,079 | $ 5,844 |
Goods received not yet invoiced | 6,982 | 6,095 |
Accrued property taxes | 3,149 | 2,763 |
Accrued payroll | 2,345 | 1,825 |
Workers' compensation reserve | 3,872 | 3,670 |
Group health insurance | 2,400 | 2,200 |
Other | 3,700 | 4,024 |
Total accounts payable and accrued liabilities | $ 29,527 | $ 26,421 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
MSHA reimbursement | $ 150 | $ 503 | |
Gain on sale of royalty interests in oil properties | 2,500 | ||
Miscellaneous | 1,462 | 195 | |
Total Other Income | 4,078 | 77 | |
Savoy [Member] | |||
Loss on disposal of equity method investment | (538) | $ (538) | |
Sunrise Energy [Member] | |||
Equity income (loss) | $ (34) | $ (83) |
Self Insurance (Details)
Self Insurance (Details) $ in Thousands | Mar. 31, 2019USD ($)misite | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) |
Self Insurance [Abstract] | |||
Number of mining units with self-insured equipment | site | 10 | ||
Area of self-insured mining units | mi | 22 | ||
Mining equipment at historical cost | $ 260,000 | $ 255,000 | |
Restricted cash | $ 4,657 | $ 4,592 | $ 4,115 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income | $ 7,000 | $ 2,132 |
Net income (loss) available to common shareholders | $ 6,820 | $ 2,082 |
Weighted average number of common shares outstanding | 30,245 | 29,955 |
Basic and diluted | $ 0.23 | $ 0.07 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Less: earnings allocated to RSUs | $ (180) | $ (50) |
Income Taxes (Expected Income T
Income Taxes (Expected Income Tax) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective tax rate | 0.00% | 7.00% |
Restricted Stock Units (RSUs)_2
Restricted Stock Units (RSUs) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 07, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | May 03, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price (in dollars per share) | $ 5.07 | |||
Restricted Stock or Unit Expense (in Dollars) | $ 0.5 | $ 2 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding value | $ 4 | |||
Shares available in stock bonus plan | 1,250,466 | |||
Accelerated shares | 220,000 | |||
Accelerated shares expense | $ 1.5 |
Restricted Stock Units (RSUs)_3
Restricted Stock Units (RSUs) (Schedule of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested grants, beginning balance | 789,250 |
Granted | 8,000 |
Non-vested grants, ending balance | 797,250 |
Weighted average share price, vested | $ / shares | $ 5.27 |
Restricted Stock Units (RSUs)_4
Restricted Stock Units (RSUs) (Restricted Stock Unit Vesting) (Details) - Restricted Stock Units (RSUs) [Member] | Mar. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 797,250 |
2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting in future period | 304,750 |
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 | 316,250 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Sales Revenue, Net [Member] | Indiana [Member] | |||
Percentage of revenue | 72.00% | 74.00% | |
Fixed-price Contract [Member] | |||
Performance obligation | $ 756 | ||
Percentage of revenue expected to be recognized by set date | 65.00% | ||
Revenue, remaining performance obligation, expected timing of satisfaction, year | 2020 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | We expect to recognize approximately 65% of this revenue through 2020, with the remainder recognized thereafter. | ||
Index Priced Contracts [Member] | |||
Performance obligation | $ 330 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, year | 2020 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | We expect to recognize all of this income beginning in 2020. |
Leaes (Narrative) (Details)
Leaes (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 426 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentGross |
Minimum [Member] | |
Contract term, operating lessee | 1 year |
Maximum [Member] | |
Contract term, operating lessee | 4 years |
Leaes (Schedule of information
Leaes (Schedule of information related to leases) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 79 |
Weighted average remaining lease term in years | 4 years 3 months 4 days |
Weighted average discount rate | 6.00% |
Leaes (Schedule of future minim
Leaes (Schedule of future minimum lease payments and balance sheet locations) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 89 |
2020 | 99 |
2021 | 103 |
2022 | 106 |
2023 | 72 |
Total minimum lease payments | 469 |
Less imputed interest | (43) |
Total operating lease liability | 426 |
Operating Lease, Liability, Noncurrent | $ 426 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Hourglass Sands (Narrative) (De
Hourglass Sands (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||||
Operating costs and expenses | $ 62,419 | $ 46,640 | |||
Cash and cash equivalents | 8,690 | $ 14,449 | $ 15,502 | ||
Hourglass [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of profit after capital investment and interest is returned | 90.00% | ||||
Capitalization | $ 8,000 | ||||
Cash and cash equivalents | 2,300 | 2,900 | |||
Sand inventory | $ 1,600 | $ 1,300 | |||
Hourglass [Member] | Director [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition purchase price | $ 4,000 | ||||
Capital Unit, Class A [Member] | Hourglass [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of profit until capital investment and interest is returned | 100.00% | ||||
Hourglass Sands LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | Feb. 1, 2018 | ||||
Business acquisition purchase price | $ 4,000 | ||||
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% |
Hourglass Sands (Condensed Bala
Hourglass Sands (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Current assets | $ 76,227 | $ 84,978 |
Total assets | 507,169 | 515,499 |
Total liabilities | 242,042 | 256,625 |
Total liabilities , redeemable noncontrolling interests, and stockholders' equity | 507,169 | 515,499 |
Hourglass Sands LLC [Member] | ||
Business Acquisition [Line Items] | ||
Current assets | 3,889 | 4,241 |
Property and equipment | 3,086 | 3,092 |
Total assets | 6,975 | 7,333 |
Total liabilities | 395 | 502 |
Redeemable noncontrolling interests | 4,000 | 4,000 |
Members' equity | 2,580 | 2,831 |
Total liabilities , redeemable noncontrolling interests, and stockholders' equity | $ 6,975 | $ 7,333 |
Hourglass Sands (Condensed Stat
Hourglass Sands (Condensed Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Expenses | $ 82,349 | $ 64,566 |
Net income | 7,000 | 2,132 |
Hourglass Sands LLC [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 63 | |
Expenses | 314 | 136 |
Net income | $ (251) | $ (136) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Apr. 15, 2019 | Mar. 31, 2019 |
Subsequent Event [Line Items] | ||
Dividends Payable, Date Declared | Apr. 15, 2019 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Date of Record | Apr. 30, 2019 | |
Dividends Payable, Date to be Paid | May 17, 2019 |