Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | ||||
Entity Central Index Key | 0000788965 | |||
Entity Registrant Name | HALLADOR ENERGY CO | |||
Amendment Flag | false | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
Document Transition Report | false | |||
Entity File Number | 001-3473 | |||
Entity Incorporation, State or Country Code | CO | |||
Entity Tax Identification Number | 84-1014610 | |||
Entity Address, Address Line One | 1183 East Canvasback Drive | |||
Entity Address, City or Town | Terre Haute | |||
Entity Address, State or Province | IN | |||
Entity Address, Postal Zip Code | 47802 | |||
City Area Code | 812 | |||
Local Phone Number | 299.2800 | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |||
Trading Symbol | HNRG | |||
Security Exchange Name | NASDAQ | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Accelerated Filer | |||
Entity Small Business | true | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ 116,685,277 | |||
Entity Common Stock, Shares Outstanding | 32,982,605 | |||
Auditor Firm ID | 248 | 166 | ||
Auditor Name | GRANT THORNTON LLP | PLANTE & MORAN, PLLC | ||
Auditor Location | Tulsa, Oklahoma | Denver, Colorado |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,009 | $ 2,546 |
Restricted cash | 3,417 | 3,283 |
Accounts receivable | 29,889 | 13,584 |
Inventory | 49,796 | 7,699 |
Parts and supplies | 28,295 | 10,015 |
Contract asset - coal purchase agreement | 19,567 | 0 |
Prepaid expenses | 4,546 | 2,112 |
Total current assets | 138,519 | 39,239 |
Property, plant and equipment: | ||
Land and mineral rights | 115,595 | 115,837 |
Buildings and equipment | 534,129 | 342,782 |
Mine development | 140,108 | 112,575 |
Total property, plant and equipment | 789,832 | 571,194 |
Less - accumulated depreciation, depletion and amortization | (309,370) | (268,370) |
Total property, plant and equipment, net | 480,462 | 302,824 |
Investment in Sunrise Energy | 3,988 | 3,545 |
Other assets | 7,585 | 8,372 |
Total assets | 630,554 | 353,980 |
Current liabilities: | ||
Current portion of bank debt, net | 33,031 | 23,098 |
Accounts payable and accrued liabilities | 82,972 | 41,528 |
Deferred revenue | 35,485 | 0 |
Contract liability - power purchase agreement and capacity payment reduction | 88,114 | 0 |
Total current liabilities | 239,602 | 64,626 |
Long-term liabilities: | ||
Bank debt, net | 49,713 | 84,667 |
Convertible notes payable | 10,000 | 0 |
Convertible notes payable - related party | 9,000 | 0 |
Deferred income taxes | 4,606 | 2,850 |
Asset retirement obligations | 17,254 | 14,025 |
Contract liability - power purchase agreement | 84,096 | 0 |
Other | 1,259 | 1,577 |
Total long-term liabilities | 175,928 | 103,119 |
Total liabilities | 415,530 | 167,745 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 0 | 4,000 |
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | 0 | 0 |
Common stock, $.01 par value, 100,000 shares authorized; 32,983 and 30,785 issued and outstanding, respectively | 330 | 308 |
Additional paid-in capital | 118,788 | 104,126 |
Retained earnings | 95,906 | 77,801 |
Total stockholders’ equity | 215,024 | 182,235 |
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity | $ 630,554 | $ 353,980 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 32,983 | 30,785 |
Common stock, shares outstanding (in shares) | 32,983 | 30,785 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
SALES AND OPERATING REVENUES: | |||
Other revenues | $ 6,363 | $ 3,763 | |
Total sales and operating revenues | 361,991 | 247,666 | |
OPERATING EXPENSES: | |||
Operating expenses | 266,608 | 198,840 | |
Depreciation, depletion and amortization | 46,875 | 39,973 | |
Asset impairment | 0 | 1,588 | |
Asset retirement obligations accretion | 1,010 | 1,504 | |
Asset retirement obligations change in estimate | 0 | (3,510) | |
Exploration costs | 651 | 482 | |
General and administrative | 16,417 | 14,833 | |
Total operating expenses | 331,561 | 253,710 | |
INCOME (LOSS) FROM OPERATIONS | 30,430 | (6,044) | |
Interest expense (1) | [1] | (11,012) | (8,048) |
Gain on extinguishment of debt | 0 | 10,000 | |
Equity method investment income | 443 | 364 | |
INCOME (LOSS) BEFORE INCOME TAXES | 19,861 | (3,728) | |
INCOME TAX EXPENSE: | |||
Current | 0 | 0 | |
Deferred | 1,756 | 26 | |
Total income tax expense | 1,756 | 26 | |
NET INCOME (LOSS) | $ 18,105 | $ (3,754) | |
NET INCOME (LOSS) PER SHARE: | |||
Basic (in dollars per share) | $ 0.57 | $ (0.12) | |
Diluted (in dollars per share) | $ 0.55 | $ (0.12) | |
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||
Basic (in shares) | 32,043 | 30,614 | |
Diluted (in shares) | 33,649 | 30,614 | |
(1) Interest Expense: | |||
Interest on bank debt | $ 7,563 | $ 8,510 | |
Other interest | 715 | 0 | |
Amortization and swap related interest: | |||
Payments on interest rate swap, net of changes in value | (867) | (3,026) | |
Amortization of debt issuance costs | 3,601 | 2,564 | |
Total amortization and swap related interest | 2,734 | (462) | |
Total interest expense | [1] | 11,012 | 8,048 |
Coal Sales [Member] | |||
SALES AND OPERATING REVENUES: | |||
Revenues | 289,376 | 243,903 | |
Electric Sales [Member] | |||
SALES AND OPERATING REVENUES: | |||
Revenues | $ 66,252 | $ 0 | |
[1]Interest Expense: |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 18,105 | $ (3,754) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Deferred income taxes | 1,756 | 26 |
Equity income – Sunrise Energy | (443) | (364) |
Depreciation, depletion and amortization | 46,875 | 39,973 |
Asset impairment | 0 | 1,588 |
Gain on extinguishment of debt | 0 | (10,000) |
Loss (gain) on sale of assets | (264) | 317 |
Amortization of debt issuance costs | 3,601 | 2,564 |
Asset retirement obligations accretion | 1,010 | 1,504 |
Asset retirement obligations change in estimate | 0 | (3,510) |
Cash paid on asset retirement obligation reclamation | (3,162) | 0 |
Stock-based compensation | 1,269 | 1,004 |
Provision for loss on customer contracts | 159 | 0 |
Amortization of contract asset and contract liabilities | (19,731) | 0 |
Change in current assets and liabilities: | ||
Accounts receivable | (16,305) | 830 |
Inventory | (25,863) | 16,964 |
Parts and supplies | (6,271) | (1,112) |
Prepaid expenses | (5,941) | (5,215) |
Accounts payable and accrued liabilities | 24,037 | 10,844 |
Deferred revenue | 35,485 | 0 |
Other | 719 | (362) |
Net cash provided by operating activities | 54,169 | 47,974 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (54,020) | (28,050) |
Proceeds from sale of equipment | 655 | 525 |
Net cash used in investing activities | (53,365) | (27,525) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on bank debt | (78,225) | (46,249) |
Borrowings of bank debt | 51,700 | 20,250 |
Issuance of convertible notes payable | 11,000 | 0 |
Debt issuance costs | (2,097) | (418) |
Distributions to redeemable noncontrolling interests | (585) | 0 |
Taxes paid on vesting of RSUs | 0 | (274) |
Net cash used in financing activities | (207) | (26,691) |
Increase (decrease) in cash, cash equivalents, and restricted cash | 597 | (6,242) |
Cash, cash equivalents, and restricted cash, beginning of year | 5,829 | 12,071 |
Cash, cash equivalents, and restricted cash, end of year | 6,426 | 5,829 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||
Cash and cash equivalents | 3,009 | 2,546 |
Restricted cash | 3,417 | 3,283 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | 6,426 | 5,829 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 8,123 | 8,720 |
SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||
Change in capital expenditures included in accounts payable and prepaid expenses | 3,440 | 8,520 |
Interest Rate Swap [Member] | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Change in fair value of derivative | (867) | (3,026) |
Fuel Hedge [Member] | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Change in fair value of derivative | 0 | (297) |
Senior Unsecured Convertible Notes [Member] | Four Board Members [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of related party convertible notes payable | $ 18,000 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Senior Unsecured Convertible Notes [Member] Non-affiliated Party [Member] Common Stock [Member] | Senior Unsecured Convertible Notes [Member] Non-affiliated Party [Member] Additional Paid-in Capital [Member] | Senior Unsecured Convertible Notes [Member] Non-affiliated Party [Member] Retained Earnings [Member] | Senior Unsecured Convertible Notes [Member] Non-affiliated Party [Member] | Senior Unsecured Convertible Notes [Member] Four Board Members [Member] Common Stock [Member] | Senior Unsecured Convertible Notes [Member] Four Board Members [Member] Additional Paid-in Capital [Member] | Senior Unsecured Convertible Notes [Member] Four Board Members [Member] Retained Earnings [Member] | Senior Unsecured Convertible Notes [Member] Four Board Members [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 30,610 | |||||||||||
Balance at Dec. 31, 2020 | $ 306 | $ 103,399 | $ 81,555 | $ 185,260 | ||||||||
Stock-based compensation | $ 0 | 1,004 | 0 | 1,004 | ||||||||
Stock issued on vesting of RSUs (in shares) | 296 | |||||||||||
Stock issued on vesting of RSUs | $ 3 | (3) | 0 | 0 | ||||||||
Taxes paid on vesting of RSUs (in shares) | (121) | |||||||||||
Taxes paid on vesting of RSUs | $ (1) | (274) | 0 | (275) | ||||||||
Net income (loss) | $ 0 | 0 | (3,754) | (3,754) | ||||||||
Balance (in shares) at Dec. 31, 2021 | 30,785 | |||||||||||
Balance at Dec. 31, 2021 | $ 308 | 104,126 | 77,801 | 182,235 | ||||||||
Stock-based compensation | 0 | 1,269 | 0 | 1,269 | ||||||||
Net income (loss) | 0 | 0 | 18,105 | 18,105 | ||||||||
Cancellation of redeemable noncontrolling interests | $ 0 | 3,415 | 0 | 3,415 | ||||||||
Stock issued on redemption of convertible note (in shares) | 232 | |||||||||||
Stock issued on redemption of convertible note | $ 2 | $ 998 | $ 0 | $ 1,000 | ||||||||
Stock issued on redemption of related party convertible notes | $ 20 | $ 8,980 | $ 0 | $ 9,000 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 32,983 | |||||||||||
Balance at Dec. 31, 2022 | $ 330 | $ 118,788 | $ 95,906 | $ 215,024 | ||||||||
Stock issued on redemption of related party convertible notes (in shares) | 1,966 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Basis of Presentation and Consolidation The 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"), Hallador Power Company, LLC ("Hallador Power") and Hourglass Sands, LLC ("Hourglass"), as well as Sunrise and Hallador Power'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. Segment Information As the result of Hallador Power’s acquisition of the Merom one October 21, 2022 ( 16, fourth 2022 two not The Coal Operations reportable segment includes currently operating mining complexes Oaktown 1 The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant. Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or as power is delivered or at periodic intervals in accordance with contractual terms. Invoices typically include customary adjustments for the resolution of price variability, such as coal quality thresholds. Payments are generally received within thirty December 31, 2022 2021. Inventory and Parts and Supplies Inventory and parts and supplies are valued at the lower of cost or net realizable value determined using the first first Contract Asset - Coal Purchase Agreement Contract Asset - Coal Purchase Agreement is the result of a coal purchase agreement with Hoosier whereby we are purchasing coal from Hoosier through May 31, 2023 December 31, 2022, October 22, 2022 May 31, 2023. Prepaid Expenses Prepaid expenses include prepaid insurance and other prepaid balances with vendors for various services paid for in advance of use. Advanced Royalties Coal leases that require minimum annual or advance payments and are recoverable from future production are generally deferred and charged to expense as the coal is subsequently produced. Advance royalties are included in other assets. Mining Properties and Plant Equipment Mining properties are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not three twenty-five The values of the property, plant and equipment acquired as part of the Merom Acquisition are recorded at relative fair value based on the consideration paid upon closing of the acquisition of the plant in October 2022. not four nine If facts and circumstances suggest that a long-lived asset may not 2 Mine Development Costs of developing new mines, including asset retirement obligation assets, or significantly expanding the capacity of existing mines, are capitalized and amortized using the units-of-production method over estimated recoverable reserves. Deferred Revenue Deferred revenue includes advance payments on electric capacity payments and prepayments on coal deliveries. The deferred revenue for each will be reversed to revenue on a monthly pro-rata basis for the capacity payments and as coal is delivered for the coal prepayments based upon the underlying contractual terms. All deferred revenue is expected to be recognized in revenue within one Asset Retirement Obligations (ARO) – Reclamation At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines and include reclamation of support facilities, refuse areas and slurry ponds. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they are incurred through the date they are extinguished. The ARO assets are amortized using the units-of-production method over estimated recoverable (proven and probable) reserves. We are using credit-adjusted risk-free discount rates ranging from 5.0% to 10% to discount the obligation, inflation rates anticipated during the time to reclamation, and cost estimates prepared by our engineers inclusive of market risk premiums. Federal and state laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds. We review our ARO at least annually and reflect revisions for permit changes, changes in our estimated reclamation costs and changes in the estimated timing of such costs. The change in estimate for the year ended December 31, 2021 first not The table below (in thousands) reflects the changes to our ARO: Year Ended December 31, 2022 2021 Balance, beginning of year $ 14,125 $ 16,277 Merom acquisition 7,230 — Freelandville addition 1,631 Accretion 1,010 1,504 Change in estimate — (3,510 ) Payments (3,162 ) (146 ) Balance, end of year 20,834 14,125 Less current portion (3,580 ) (100 ) Long-term balance, end of year $ 17,254 $ 14,025 Contract Liabilities - Power Purchase Agreement and Capacity Payment Reduction Contract Liabilities - Power Purchase Agreement and Capacity Payment Reduction is the result of a power purchase agreement with Hoosier whereby we are selling power to Hoosier through 2025 December 31, 2022, October 22, 2022 December 31, 2025. May 31, 2023 November 30, 2023 Interest Rate Swaps The Company generally utilizes derivative instruments to manage exposures to interest rate risk on long-term debt. The Company enters interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. These interest rate swaps have not December 31, 2022, not Commitments and Contingencies From time to time the Company is involved in legal proceedings and/or may Statement of Cash Flows Cash and cash equivalents include investments with maturities when purchased of three Income Taxes Income taxes are provided based on the liability method of accounting. The provision for income taxes is based on pretax financial income. Deferred tax assets and liabilities are recognized for the future expected tax consequences of temporary differences between income tax and financial reporting and principally relate to differences in the tax basis of assets and liabilities and their reported amounts, using enacted tax rates in effect for the year in which differences are expected to reverse. Net Income (Loss) per Share Basic earnings (loss) per share (“EPS”) are computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS attributable to common shareholders is computed by adjusting net earnings by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares of restricted stock units as if the units issued by the Company were vested and convertible debt. The Company applied the treasury stock method to account for the dilutive impact of its restricted stock units and the if converted method for its convertible notes. Anti-dilutive securities are excluded from diluted EPS. As a result of determining the effect of potentially dilutive securities, in certain periods, diluted net loss per share is the same as the basic net loss per share for the periods presented. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates. The most significant estimates included in the preparation of the financial statements relate to: (i) deferred income tax accounts, (ii) coal reserves, (iii) depreciation, depletion, and amortization, (iv) estimates related to the Merom Acquisition, (v) estimates used in our impairment analysis and measurement of impairments, and (vi) estimates used in the calculation of our asset retirement obligations. Long-term Contracts As of December 31, 2022 For 2022 five 10% four 10% December 31, 2022 For 2021 four 10% five 10% December 31, 2021 For 2022, December 31, 2022, May 31, 2023, June 1, 2023 December 31, 2025. Stock-based Compensation Stock-based compensation for restricted stock units is measured at the grant date based on the fair value of the award and is recognized as expense over the applicable vesting period of the stock award (generally two four |
Note 2 - Long-lived Asset Impai
Note 2 - Long-lived Asset Impairments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 2 Long-lived assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of the assets may not Prosperity Mine We recorded an impairment of $1.6 million as of December 31, 2021 fourth 2021. |
Note 3 - Inventory
Note 3 - Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 Inventory is valued at lower of cost or net realizable value (NRV). As of December 31, 2022 December 31, 2021 |
Note 4 - Other Long-term Assets
Note 4 - Other Long-term Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 4 December 31, 2022 2021 Advanced coal royalties $ 5,967 $ 6,678 Other 1,618 1,694 Total other assets $ 7,585 $ 8,372 |
Note 5 - Bank Debt
Note 5 - Bank Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 On March 25, 2022, December 31, 2021 September 30, 2022, March 31, 2022. On May 20, 2022, June 30, 2022, On August 5, 2022, September 30, 2022, On March 13, 2023, March 31, 2024 May 31, 2024. 2022 2023 December 31, 2022, The interest rate per the amendment will transition from LIBOR to SOFR based pricing with ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on the Company’s leverage ratio. The Company expects the interest rate to be SOFR plus 4.00% for the majority of 2023. Bank debt was reduced by $26.5 million during the year ended December 31, 2022. December 31, 2022) December 31, 2022). March 2023. September 2023. December 31, 2022) December 31, 2022). March 2023 2023 March 31, 2024. Liquidity As of December 31, 2022, December 31, 2022 We entered new contracts during the three June 30, 2022, three September 30, 2022. 2022 2023. Fees Unamortized bank fees and other costs incurred in connection with the initial facility and subsequent amendments totaled $4.0 million as of December 31, 2021. March 25, 2022, May 20, 2022, August 5, 2022 December 31, 2022, December 31, 2021, Bank debt, less debt issuance costs, is presented below (in thousands): December 31, 2022 2021 Current bank debt $ 35,500 $ 25,725 Less unamortized debt issuance cost (2,469 ) (2,627 ) Net current portion $ 33,031 $ 23,098 Long-term bank debt $ 49,713 $ 86,013 Less unamortized debt issuance cost — (1,346 ) Net long-term portion $ 49,713 $ 84,667 Total bank debt $ 85,213 $ 111,738 Less total unamortized debt issuance cost (2,469 ) (3,973 ) Net bank debt $ 82,744 $ 107,765 Covenants The credit facility includes a Maximum Leverage Ratio (consolidated funded debt / trailing twelve twelve not Fiscal Periods Ending Ratio December 31, 2022 2.50 to 1.00 March 31, 2023, and each fiscal quarter thereafter 2.25 to 1.00 As of December 31, 2022 Beginning December 31, 2022, 12 1.00 As of December 31, 2022 Interest Rate The interest rate on the facility ranges from LIBOR plus 2.75% to LIBOR plus 4.00%, depending on our Leverage Ratio, with a LIBOR floor of 0.50%. We entered into swap agreements to fix the LIBOR component of the interest rate at 2.92% on the declining term loan balance and on $52.7 million of the revolver. The swap agreements matured in May 2022. December 31 , 2022 Future Maturities (in thousands): 2023 35,500 2024 49,713 Total $ 85,213 Paycheck Protection Program As previously reported in the Current Report on Form 8 April 16, 2020, April 15, 2020, Under the terms of the CARES Act, PPP loan recipients can apply for forgiveness. The SBA can grant forgiveness of all, or a portion of, loans made under the PPP if the recipients use the PPP loan proceeds for eligible purposes, including payroll costs, mortgage interest, rent or utility costs, and meet other requirements regarding, among other things, the maintenance of employment and compensation levels. The Company used the PPP Loan proceeds for qualifying expenses and applied for the forgiveness of the PPP Loan in accordance with the terms of the CARES Act. On July 23, 2021, July 26, 2021. The SBA retains the right to review the Company's loan file for a period subsequent to the date the loan is forgiven, with the potential for the SBA to pursue legal remedies at its discretion. |
Note 6 - Accounts Payable and A
Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 6 December 31, 2022 2021 Accounts payable $ 62,306 $ 27,835 Accrued property taxes 1,917 2,529 Accrued payroll 5,933 2,413 Workers' compensation reserve 3,440 2,560 Group health insurance 2,250 1,800 Fair value of interest rate swaps — 867 Asset retirement obligation - current portion 3,580 100 Other 3,546 3,424 Total accounts payable and accrued liabilities $ 82,972 $ 41,528 |
Note 7 - Revenue
Note 7 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 7 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 it is probable substantially all of the consideration will be collected. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer. Coal operations Our coal revenue is derived from sales to customers of coal produced at our facilities. Our customers typically purchase coal directly from our mine sites or our rail facility in Princeton, Indiana, where the sale occurs and where title, risk of loss, and control 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 pre-determined escalation in price for each year. Price re-opener and index provisions may may 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. Electric operations The Company concluded that the definition of a contract and the criteria in ASC 606, Revenue from Contracts with Customers ("ASC 606" 606. The Company will recognize revenue daily for the actual capacity made available as part of its stand-ready obligation to provide electricity for the contract capacity performance obligation and daily for the actual delivered electricity plus the amortization of the contract liability as a result of the APA with Hoosier, for the Delivered Energy performance obligation. 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. Coal operations 74% and 73% of our coal revenue for the years ended December 31, 2022 2021, Electric operations 100% December 31, 2022 Performance Obligations Coal operations 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 coal 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 We have remaining coal sales performance obligations relating to fixed priced contracts of approximately $593 December 31, 2022 2023, We have remaining performance obligations relating to coal sales contracts with price reopeners of approximately $166 million, which represents our estimate of the expected re-opener price on committed contracts as of December 31, 2022 2024 The coal 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. Electric operations The Company concluded that each megawatt hour ("MWh") of delivered energy is capable of being distinct as a customer could benefit from each on its own by using/consuming it as a part of its operations. The Company also concluded that the stand-ready obligation to be available to provide electricity to Hoosier is capable of being distinct as each unit of capacity provides an economic benefit to the holder and could be sold by Hoosier. Hallador shall sell, and Hoosier shall buy, at least 70% of the delivered energy quantities through 2025 In addition to delivered energy, Hallador shall provide a stand-ready obligation to provide electricity, also known as contract capacity. The contract capacity that Hallador shall provide is 917 megawatts ("MW") for contract year 1, 2 4. Contract Balances Under ASC 606, 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, electricity, or capacity. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our consolidated balance sheets. As of January 1, 2021, not not |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 Our income tax is different than the expected amount computed using the applicable federal statutory income tax rate of 21%. The reasons for and effects of such differences for the years ended December 31 2022 2021 Expected amount $ 4,171 $ (783 ) State income taxes, net of federal benefit 391 (767 ) Percentage depletion (2,081 ) (1,725 ) Valuation allowance (970 ) 3,376 Stock-based compensation — 380 PPP loan forgiveness — (2,100 ) Return to provision adjustments 153 1,610 Other 92 35 $ 1,756 $ 26 The deferred tax assets and liabilities resulting from temporary differences between book and tax basis are comprised of the following at December 31 2022 2021 Deferred tax assets: Net operating loss $ 26,570 $ 32,659 Valuation allowance (3,681 ) (4,651 ) Stock-based compensation 163 — Other 471 — Total deferred tax assets 23,523 28,008 Deferred tax liabilities: Coal properties (26,446 ) (30,368 ) Investment in partnerships (1,480 ) (484 ) Other (203 ) (6 ) Total deferred tax liabilities (28,129 ) (30,858 ) Net deferred tax liability $ (4,606 ) $ (2,850 ) Our effective tax rate ("ETR") for 2022 2021 December 31, 2022 2021 not not We recognize deferred tax assets to the extent that we believe that these assets are more likely than not 3 not 80% not not December 31, 2022 2021, The federal NOLs generated in pre- 2018 100% 2017 80% 2018 2035 2037 not 20 2034 2041 not We have analyzed our filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, to determine whether the positions will be more likely than not not not not not not three |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 9 Restricted Stock Units (RSUs) The table below shows the number of RSUs available for issuance at December 31, 2022 Total authorized RSUs in Plan approved by shareholders 4,850,000 Stock issued out of the Plan from vested grants (3,265,829 ) Non-vested grants (1,056,937 ) RSUs available for future issuance 527,234 Non-vested grants at December 31, 2020 324,250 Granted – weighted average share price on grant date was $ 2.46 173,000 Vested – weighted average share price on vesting date was $ 2.27 (296,250 ) Forfeited (18,000 ) Non-vested grants at December 31, 2021 183,000 Granted – weighted average share price on grant date was $ 6.74 881,437 Vested — Forfeited (7,500 ) Non-vested grants at December 31, 2022 1,056,937 RSU Vesting Schedule Vesting Year RSUs Vesting 2023 457,721 2024 299,608 2025 299,608 Vested shares had a value of $0.7 million for 2021 The outstanding RSUs have a valu e of $8.1 million based on the March 1, 2023 For the years ended December 31, 2022 2021 As of December 31, 2022, not Stock Options We have no stock options outstanding. Stock Bonus Plan Our stock bonus plan was authorized in late 2009 |
Note 10 - Employee Benefits
Note 10 - Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 10 Our employee benefit expenses for the years ended December 31 2022 2021 Health benefits, including premiums $ 14,607 $ 13,084 401(k) matching 2,549 1,946 Deferred bonus plan 809 698 Total $ 17,965 $ 15,728 Of the amounts in the above table, $17.4 million and $15.2 million are recorded in operating expenses for 2022 2021 Our mine employees are also covered by workers’ compensation and such costs for 2022 2021 no |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 11 We have operating leases for office space and processing facilities with remaining lease terms ranging from less than one five not not Information related to leases was as follows as of December 31 ( 2022 Operating lease information: Operating cash outflows from operating leases $ 218 Weighted average remaining lease term in years 1.30 Weighted average discount rate 6.0 % Future minimum lease payments under non-cancellable leases as of December 31, 2022 Year Amount 2023 $ 173 2024 60 Total minimum lease payments $ 233 Less imputed interest (3 ) Total operating lease liability $ 230 As reflected on balance sheet: Other long-term liabilities $ 230 At December 31, 2022 2021, |
Note 12 - Self-Insurance
Note 12 - Self-Insurance | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Self Insurance [Text Block] | ( 12 We self-insure our underground mining equipment. Such equipment is allocated among seven December 31, 2022 December 31, 2021 Restricted cash of $3.4 million and $3.3 million as of December 31, 2022 December 31, 2021 third |
Note 13 - Net Income (Loss) Per
Note 13 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 13 The following table (in thousands, except per share amounts) sets forth the computation of basic net income (loss) per share: Year Ended December 31, 2022 2021 Basic earnings per common share: Net income (loss) - basic $ 18,105 $ (3,754 ) Weighted average shares outstanding - basic 32,043 30,614 Basic earnings (loss) per common share $ 0.57 $ (0.12 ) The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Year Ended December 31, 2022 2021 Diluted earnings per common share: Net income (loss) - basic $ 18,105 $ (3,754 ) Add: Convertible Notes interest expense, net of tax 527 - Net income (loss) - diluted $ 18,632 $ (3,754 ) Weighted average shares outstanding - basic $ 32,043 $ 30,614 Add: Dilutive effects of if converted Convertible Notes 1,398 - Add: Dilutive effects of Restricted Stock Units 208 - Weighted average shares outstanding - diluted 33,649 30,614 Diluted net income (loss) per share $ 0.55 $ (0.12 ) |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 14 We account for certain assets and liabilities at fair value. The hierarchy below lists three one three Level 1: no 1 Level 2: not no 2 Level 3: no 3 third not 2. Q4 2021 3 2. 3 1. 3 The following table summarizes our financial assets and liabilities measured on a recurring basis at fair value at December 31, 2022 2021 Level 1 Level 2 Level 3 Total December 31, 2021 Liabilities: Interest rate swaps $ — $ — $ 867 $ 867 The table below highlights the change in fair value of the fuel hedges and interest rate swaps which are based on a discounted future cash flow model (in thousands): Ending balance, December 31, 2021 867 Settlements (1,058 ) Unrealized loss 191 Ending balance, December 31, 2022 $ — |
Note 15 - Equity Method Investm
Note 15 - Equity Method Investments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 15 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 December 31, 2022 2021 |
Note 16 - Merom Acquisition
Note 16 - Merom Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 16 On February 14, 2022, Under the APA, Hallador acquired the Merom power plant, along with: equipment and machinery in the power plant; materials inventory; a coal purchase agreement; a coal combustion certified coal ash landfill, certain Generation Interconnection Agreements, and coal inventory (collectively, the “Acquired Assets”). Additionally, contemporaneous with entering into the APA, Hallador entered into three 1 2 3 no October 21, 2022. The acquisition is being accounted for as an asset acquisition under ASC 805 50 The following table summarizes the final relative fair value allocation of assets acquired and liabilities assumed and incurred as of the Merom acquisition date. Consideration: (in thousands) Direct transaction costs $ 2,855 Contract liability - PPA 184,500 Contract liability - Capacity payment reduction 11,000 Contract asset - Coal purchase agreement (34,300 ) Coal inventory purchased 5,400 Deferred coal inventory payment 11,600 Total consideration $ 181,055 Relative fair value of assets acquired: Plant $ 165,816 Materials and supplies 12,009 Coal inventory 10,460 Amount attributable to assets acquired $ 188,285 Fair value of liabilities assumed: Asset retirement obligations $ 7,230 Amount attributable to liabilities assumed $ 7,230 |
Note 17 - Convertible Notes
Note 17 - Convertible Notes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Convertible Notes Disclosure [Text Block] | ( 17 On May 2, 2022, May 20, 2022, five December 29, 2028, may June 1, 2022, May 31, 2027, 30 June 1, 2025, may, 30 not 100% may, no 5 In June 2022, four one On July 29, 2022, December 29, 2028. August 18, 2022 August 17, 2024, August 18, 2025, may 100% may On August 8, 2022, December 29, 2028. August 18, 2022 August 17, 2024, August 8, 2025, may 100% may On August 12, 2022, December 31, 2026. August 18, 2022 August 12, 2025, may 100% may The funds received from the issuance of the various notes described above in this note 17 |
Note 18 - Segments Business
Note 18 - Segments Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 18 At December 31, 2022, not Year Ended December 31, (in millions) 2022 2021 Operating Revenues Coal Operations $ 293,344 $ 246,396 Electric Operations $ 66,316 $ - Corporate and Other and Eliminations $ 2,331 $ 1,270 Consolidated Operating Revenues $ 361,991 $ 247,666 Income (Loss) from Operations Coal Operations $ 3,736 $ 1,992 Electric Operations $ 31,505 $ - Corporate and Other and Eliminations $ (4,811 ) $ (8,036 ) Consolidated Income (Loss) from Operations $ 30,430 $ (6,044 ) Depreciation, Depletion and Amortization Coal Operations $ 43,612 $ 39,829 Electric Operations $ 3,117 $ - Corporate and Other and Eliminations $ 146 $ 144 Consolidated Depreciation, Depletion and Amortization $ 46,875 $ 39,973 Assets Coal Operations $ 376,228 $ 346,201 Electric Operations $ 266,730 $ - Corporate and Other and Eliminations $ (12,404 ) $ 7,779 Consolidated Assets $ 630,554 $ 353,980 Capital Expenditures Coal Operations $ 50,367 $ 28,050 Electric Operations $ 3,653 $ - Corporate and Other and Eliminations $ - $ - Consolidated Capital Expenditures $ 54,020 $ 28,050 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 On March 13, 2023, 5 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Consolidation The 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"), Hallador Power Company, LLC ("Hallador Power") and Hourglass Sands, LLC ("Hourglass"), as well as Sunrise and Hallador Power'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. |
Segment Reporting, Policy [Policy Text Block] | Segment Information As the result of Hallador Power’s acquisition of the Merom one October 21, 2022 ( 16, fourth 2022 two not The Coal Operations reportable segment includes currently operating mining complexes Oaktown 1 The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or as power is delivered or at periodic intervals in accordance with contractual terms. Invoices typically include customary adjustments for the resolution of price variability, such as coal quality thresholds. Payments are generally received within thirty December 31, 2022 2021. |
Inventory Supplies, Policy [Policy Text Block] | Inventory and Parts and Supplies Inventory and parts and supplies are valued at the lower of cost or net realizable value determined using the first first |
Coal Purchase Agreements [Policy Text Block] | Contract Asset - Coal Purchase Agreement Contract Asset - Coal Purchase Agreement is the result of a coal purchase agreement with Hoosier whereby we are purchasing coal from Hoosier through May 31, 2023 December 31, 2022, October 22, 2022 May 31, 2023. |
Receivables and Portions of Securitizations that can be Prepaid at Potential Loss, Policy [Policy Text Block] | Prepaid Expenses Prepaid expenses include prepaid insurance and other prepaid balances with vendors for various services paid for in advance of use. |
Advance Royalties [Policy Text Block] | Advanced Royalties Coal leases that require minimum annual or advance payments and are recoverable from future production are generally deferred and charged to expense as the coal is subsequently produced. Advance royalties are included in other assets. |
Mining Properties [Policy Text Block] | Mining Properties and Plant Equipment Mining properties are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not three twenty-five The values of the property, plant and equipment acquired as part of the Merom Acquisition are recorded at relative fair value based on the consideration paid upon closing of the acquisition of the plant in October 2022. not four nine If facts and circumstances suggest that a long-lived asset may not 2 |
Mine Development [Policy Text Block] | Mine Development Costs of developing new mines, including asset retirement obligation assets, or significantly expanding the capacity of existing mines, are capitalized and amortized using the units-of-production method over estimated recoverable reserves. |
Revenue from Contract with Customer [Policy Text Block] | Deferred Revenue Deferred revenue includes advance payments on electric capacity payments and prepayments on coal deliveries. The deferred revenue for each will be reversed to revenue on a monthly pro-rata basis for the capacity payments and as coal is delivered for the coal prepayments based upon the underlying contractual terms. All deferred revenue is expected to be recognized in revenue within one |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations (ARO) – Reclamation At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines and include reclamation of support facilities, refuse areas and slurry ponds. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they are incurred through the date they are extinguished. The ARO assets are amortized using the units-of-production method over estimated recoverable (proven and probable) reserves. We are using credit-adjusted risk-free discount rates ranging from 5.0% to 10% to discount the obligation, inflation rates anticipated during the time to reclamation, and cost estimates prepared by our engineers inclusive of market risk premiums. Federal and state laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds. We review our ARO at least annually and reflect revisions for permit changes, changes in our estimated reclamation costs and changes in the estimated timing of such costs. The change in estimate for the year ended December 31, 2021 first not The table below (in thousands) reflects the changes to our ARO: Year Ended December 31, 2022 2021 Balance, beginning of year $ 14,125 $ 16,277 Merom acquisition 7,230 — Freelandville addition 1,631 Accretion 1,010 1,504 Change in estimate — (3,510 ) Payments (3,162 ) (146 ) Balance, end of year 20,834 14,125 Less current portion (3,580 ) (100 ) Long-term balance, end of year $ 17,254 $ 14,025 |
Contract Liabilities [Policy Text Block] | Contract Liabilities - Power Purchase Agreement and Capacity Payment Reduction Contract Liabilities - Power Purchase Agreement and Capacity Payment Reduction is the result of a power purchase agreement with Hoosier whereby we are selling power to Hoosier through 2025 December 31, 2022, October 22, 2022 December 31, 2025. May 31, 2023 November 30, 2023 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swaps The Company generally utilizes derivative instruments to manage exposures to interest rate risk on long-term debt. The Company enters interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. These interest rate swaps have not December 31, 2022, not |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies From time to time the Company is involved in legal proceedings and/or may |
Statement of Cash Flows [Policy Text Block] | Statement of Cash Flows Cash and cash equivalents include investments with maturities when purchased of three |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are provided based on the liability method of accounting. The provision for income taxes is based on pretax financial income. Deferred tax assets and liabilities are recognized for the future expected tax consequences of temporary differences between income tax and financial reporting and principally relate to differences in the tax basis of assets and liabilities and their reported amounts, using enacted tax rates in effect for the year in which differences are expected to reverse. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic earnings (loss) per share (“EPS”) are computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS attributable to common shareholders is computed by adjusting net earnings by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares of restricted stock units as if the units issued by the Company were vested and convertible debt. The Company applied the treasury stock method to account for the dilutive impact of its restricted stock units and the if converted method for its convertible notes. Anti-dilutive securities are excluded from diluted EPS. As a result of determining the effect of potentially dilutive securities, in certain periods, diluted net loss per share is the same as the basic net loss per share for the periods presented. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates. The most significant estimates included in the preparation of the financial statements relate to: (i) deferred income tax accounts, (ii) coal reserves, (iii) depreciation, depletion, and amortization, (iv) estimates related to the Merom Acquisition, (v) estimates used in our impairment analysis and measurement of impairments, and (vi) estimates used in the calculation of our asset retirement obligations. |
Insurance, Long-Duration Contract [Policy Text Block] | Long-term Contracts As of December 31, 2022 For 2022 five 10% four 10% December 31, 2022 For 2021 four 10% five 10% December 31, 2021 For 2022, December 31, 2022, May 31, 2023, June 1, 2023 December 31, 2025. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation Stock-based compensation for restricted stock units is measured at the grant date based on the fair value of the award and is recognized as expense over the applicable vesting period of the stock award (generally two four |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Year Ended December 31, 2022 2021 Balance, beginning of year $ 14,125 $ 16,277 Merom acquisition 7,230 — Freelandville addition 1,631 Accretion 1,010 1,504 Change in estimate — (3,510 ) Payments (3,162 ) (146 ) Balance, end of year 20,834 14,125 Less current portion (3,580 ) (100 ) Long-term balance, end of year $ 17,254 $ 14,025 |
Note 4 - Other Long-term Asse_2
Note 4 - Other Long-term Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2022 2021 Advanced coal royalties $ 5,967 $ 6,678 Other 1,618 1,694 Total other assets $ 7,585 $ 8,372 |
Note 5 - Bank Debt (Tables)
Note 5 - Bank Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2022 2021 Current bank debt $ 35,500 $ 25,725 Less unamortized debt issuance cost (2,469 ) (2,627 ) Net current portion $ 33,031 $ 23,098 Long-term bank debt $ 49,713 $ 86,013 Less unamortized debt issuance cost — (1,346 ) Net long-term portion $ 49,713 $ 84,667 Total bank debt $ 85,213 $ 111,738 Less total unamortized debt issuance cost (2,469 ) (3,973 ) Net bank debt $ 82,744 $ 107,765 |
Schedule of Line of Credit Facilities [Table Text Block] | Fiscal Periods Ending Ratio December 31, 2022 2.50 to 1.00 March 31, 2023, and each fiscal quarter thereafter 2.25 to 1.00 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Future Maturities (in thousands): 2023 35,500 2024 49,713 Total $ 85,213 Paycheck Protection Program |
Note 6 - Accounts Payable and_2
Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2022 2021 Accounts payable $ 62,306 $ 27,835 Accrued property taxes 1,917 2,529 Accrued payroll 5,933 2,413 Workers' compensation reserve 3,440 2,560 Group health insurance 2,250 1,800 Fair value of interest rate swaps — 867 Asset retirement obligation - current portion 3,580 100 Other 3,546 3,424 Total accounts payable and accrued liabilities $ 82,972 $ 41,528 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Expected amount $ 4,171 $ (783 ) State income taxes, net of federal benefit 391 (767 ) Percentage depletion (2,081 ) (1,725 ) Valuation allowance (970 ) 3,376 Stock-based compensation — 380 PPP loan forgiveness — (2,100 ) Return to provision adjustments 153 1,610 Other 92 35 $ 1,756 $ 26 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Deferred tax assets: Net operating loss $ 26,570 $ 32,659 Valuation allowance (3,681 ) (4,651 ) Stock-based compensation 163 — Other 471 — Total deferred tax assets 23,523 28,008 Deferred tax liabilities: Coal properties (26,446 ) (30,368 ) Investment in partnerships (1,480 ) (484 ) Other (203 ) (6 ) Total deferred tax liabilities (28,129 ) (30,858 ) Net deferred tax liability $ (4,606 ) $ (2,850 ) |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Total authorized RSUs in Plan approved by shareholders 4,850,000 Stock issued out of the Plan from vested grants (3,265,829 ) Non-vested grants (1,056,937 ) RSUs available for future issuance 527,234 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Non-vested grants at December 31, 2020 324,250 Granted – weighted average share price on grant date was $ 2.46 173,000 Vested – weighted average share price on vesting date was $ 2.27 (296,250 ) Forfeited (18,000 ) Non-vested grants at December 31, 2021 183,000 Granted – weighted average share price on grant date was $ 6.74 881,437 Vested — Forfeited (7,500 ) Non-vested grants at December 31, 2022 1,056,937 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Year RSUs Vesting 2023 457,721 2024 299,608 2025 299,608 |
Note 10 - Employee Benefits (Ta
Note 10 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | 2022 2021 Health benefits, including premiums $ 14,607 $ 13,084 401(k) matching 2,549 1,946 Deferred bonus plan 809 698 Total $ 17,965 $ 15,728 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2022 Operating lease information: Operating cash outflows from operating leases $ 218 Weighted average remaining lease term in years 1.30 Weighted average discount rate 6.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount 2023 $ 173 2024 60 Total minimum lease payments $ 233 Less imputed interest (3 ) Total operating lease liability $ 230 As reflected on balance sheet: Other long-term liabilities $ 230 |
Note 13 - Net Income (Loss) P_2
Note 13 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 Basic earnings per common share: Net income (loss) - basic $ 18,105 $ (3,754 ) Weighted average shares outstanding - basic 32,043 30,614 Basic earnings (loss) per common share $ 0.57 $ (0.12 ) The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Year Ended December 31, 2022 2021 Diluted earnings per common share: Net income (loss) - basic $ 18,105 $ (3,754 ) Add: Convertible Notes interest expense, net of tax 527 - Net income (loss) - diluted $ 18,632 $ (3,754 ) Weighted average shares outstanding - basic $ 32,043 $ 30,614 Add: Dilutive effects of if converted Convertible Notes 1,398 - Add: Dilutive effects of Restricted Stock Units 208 - Weighted average shares outstanding - diluted 33,649 30,614 Diluted net income (loss) per share $ 0.55 $ (0.12 ) |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2021 Liabilities: Interest rate swaps $ — $ — $ 867 $ 867 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Ending balance, December 31, 2021 867 Settlements (1,058 ) Unrealized loss 191 Ending balance, December 31, 2022 $ — |
Note 16 - Merom Acquisition (Ta
Note 16 - Merom Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Asset Acquisition [Table Text Block] | Consideration: (in thousands) Direct transaction costs $ 2,855 Contract liability - PPA 184,500 Contract liability - Capacity payment reduction 11,000 Contract asset - Coal purchase agreement (34,300 ) Coal inventory purchased 5,400 Deferred coal inventory payment 11,600 Total consideration $ 181,055 Relative fair value of assets acquired: Plant $ 165,816 Materials and supplies 12,009 Coal inventory 10,460 Amount attributable to assets acquired $ 188,285 Fair value of liabilities assumed: Asset retirement obligations $ 7,230 Amount attributable to liabilities assumed $ 7,230 |
Note 18 - Segments Business (Ta
Note 18 - Segments Business (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
<tbody>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt; width: 70%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Year Ended December 31, (in millions)</p> </td>
<td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">2022</em></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">2021</em></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Operating Revenues</b></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">293,344</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">246,396</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">66,316</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,331</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,270</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Operating Revenues</b></p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">361,991</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">247,666</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income (Loss) from Operations</b></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,736</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,992</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">31,505</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,811</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(8,036</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Income (Loss) from Operations</b></p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,430</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(6,044</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Depreciation, Depletion and Amortization</b></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">43,612</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">39,829</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,117</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">146</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">144</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Depreciation, Depletion and Amortization</b></p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">46,875</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,973</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Assets</b></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">376,228</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">346,201</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">266,730</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(12,404</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,779</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Assets</b></p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">630,554</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">353,980</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Capital Expenditures</b></p> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">50,367</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">28,050</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,653</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td>
<td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family:" id="sjs-B4" xml:space="preserve"> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"> <tbody> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 70%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Year Ended December 31, (in millions)</p> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">2022</em></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">2021</em></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Operating Revenues</b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">293,344</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">246,396</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">66,316</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,331</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,270</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Operating Revenues</b></p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">361,991</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">247,666</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income (Loss) from Operations</b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,736</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,992</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">31,505</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,811</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(8,036</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Income (Loss) from Operations</b></p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,430</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(6,044</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">)</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Depreciation, Depletion and Amortization</b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">43,612</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">39,829</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,117</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">146</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">144</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Depreciation, Depletion and Amortization</b></p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">46,875</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,973</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Assets</b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">376,228</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">346,201</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">266,730</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(12,404</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,779</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Assets</b></p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">630,554</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">353,980</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Capital Expenditures</b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">50,367</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">28,050</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,653</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, T in Millions | 5 Months Ended | 12 Months Ended | 31 Months Ended | |||
May 31, 2023 USD ($) | May 31, 2022 | Dec. 31, 2022 USD ($) T | Dec. 31, 2021 USD ($) | Dec. 31, 2025 | Nov. 30, 2023 USD ($) | |
Number of Reportable Segments | 2 | |||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | ||||
Regulatory Asset, Total | $ 36,900 | |||||
Coal Supply Commitment (US Ton) | T | 14.8 | |||||
Year Supply Commitments End | 2027 | |||||
Priced Coal Supply Commitment (US Ton) | T | 10.8 | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Coal [Member] | ||||||
Number of Major Customers | 5 | 4 | ||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Coal [Member] | Five Customers [Member] | ||||||
Concentration Risk, Percentage | 90% | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Coal [Member] | Four Customers [Member] | ||||||
Concentration Risk, Percentage | 95% | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Electric Distribution [Member] | ||||||
Number of Major Customers | 1 | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Electric Distribution [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 100% | |||||
Revenue, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | Electricity, Generation [Member] | ||||||
Concentration Risk, Percentage | 100% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Coal [Member] | ||||||
Number of Major Customers | 4 | 5 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Coal [Member] | Five Customers [Member] | ||||||
Concentration Risk, Percentage | 86% | 99% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Electric Distribution [Member] | ||||||
Number of Major Customers | 1 | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Electric Distribution [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 100% | |||||
Forecast [Member] | ||||||
Capacity Payment Reductions | $ 7,500 | $ 7,500 | ||||
Forecast [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Energy Output [Member] | ||||||
Concentration Risk, Percentage | 22% | |||||
Forecast [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Energy Capacity [Member] | ||||||
Concentration Risk, Percentage | 32% | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||||
ARO measurement input | 0.050 | |||||
Minimum [Member] | Surface and Underground Mining Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Minimum [Member] | Power Plant Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||||
ARO measurement input | 0.10 | |||||
Maximum [Member] | Surface and Underground Mining Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 25 years | |||||
Maximum [Member] | Power Plant Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 9 years | |||||
Coal Purchase Agreement [Member] | ||||||
Contract with Customer, Asset, Amortized Expense | $ 14,700 | |||||
Coal Purchase Agreement [Member] | Operating Expense [Member] | ||||||
Contract with Customer, Asset, Amortized Expense | 3,600 | |||||
Power Purchase Agreement [Member] | ||||||
Contract with Customer, Liability, Amortization Expense | $ 23,300 | |||||
Southwestern Indiana [Member] | ||||||
Number of Underground Mines Included in the Significant Operating Segment | 2 | |||||
Sunrise Energy, LLC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of year | $ 14,125 | $ 16,277 |
Merom acquisition | 7,230 | 0 |
Freelandville addition | 1,631 | |
Accretion | 1,010 | 1,504 |
Change in estimate | 0 | (3,510) |
Payments | (3,162) | (146) |
Balance, end of year | 20,834 | 14,125 |
Less current portion | (3,580) | (100) |
Long-term balance, end of year | $ 17,254 | $ 14,025 |
Note 2 - Long-lived Asset Imp_2
Note 2 - Long-lived Asset Impairments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Impairment Charges, Total | $ 0 | $ 1,588 |
Prosperity Mine [Member] | ||
Asset Impairment Charges, Total | $ 1,600 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Adjustments, Total | $ 4.9 | $ 3.8 |
Note 4 - Other Long-term Asse_3
Note 4 - Other Long-term Assets - Other Long-term Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Advanced coal royalties | $ 5,967 | $ 6,678 |
Other | 1,618 | 1,694 |
Total other assets | $ 7,585 | $ 8,372 |
Note 5 - Bank Debt (Details Tex
Note 5 - Bank Debt (Details Textual) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 13, 2023 USD ($) | Apr. 15, 2020 USD ($) | Mar. 31, 2023 USD ($) | Mar. 12, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 25, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 23, 2021 USD ($) | |
Long-Term Debt, Gross | $ 85,213 | $ 111,738 | |||||||||
Debt Issuance Costs, Net, Total | $ 2,469 | 3,973 | |||||||||
Leverage Ratio | 2.05 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member] | |||||||||||
Derivative, Basis Spread on Variable Rate | 4% | ||||||||||
Credit Agreement [Member] | |||||||||||
Debt Instrument, Increase (Decrease), Net, Total | $ 26,500 | ||||||||||
Debt Instrument, Liquidity | 32,100 | ||||||||||
Letters of Credit Outstanding, Amount | 11,200 | ||||||||||
Debt Issuance Costs, Net, Total | $ 2,500 | $ 2,100 | $ 4,000 | ||||||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 1.49 | ||||||||||
Credit Agreement [Member] | Interest Rate Swap [Member] | |||||||||||
Derivative, Fixed Interest Rate | 2.92% | ||||||||||
Credit Agreement [Member] | Term Loan [Member] | |||||||||||
Long-Term Debt, Gross | $ 5,500 | ||||||||||
Credit Agreement [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 1.25 | ||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Variable Rate Floor | 0.50% | ||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||||
Credit Agreement [Member] | Forecast [Member] | Term Loan [Member] | |||||||||||
Debt Instrument, Periodic Payment, Total | $ 5,000 | $ 10,000 | |||||||||
Credit Agreement [Member] | Forecast [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||||
Credit Agreement [Member] | Post Amendment [Member] | Term Loan [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | ||||||||||
Long-Term Debt, Gross | 40,500 | ||||||||||
Proceeds from Issuance of Debt | 44,700 | ||||||||||
Credit Agreement [Member] | Subsequent Event [Member] | Term Loan [Member] | |||||||||||
Debt Instrument, Periodic Payment, Total | $ 5,500 | ||||||||||
Credit Agreement [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||||
Credit Agreement [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5% | ||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000 | ||||||||||
Long-Term Line of Credit, Total | 79,700 | ||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 29,100 | ||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Interest Rate Swap [Member] | |||||||||||
Derivative, Notional Amount | $ 52,700 | ||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Forecast [Member] | |||||||||||
Debt Instrument, Covenant, Maximum Annual Capital Expenditures | $ 75,000 | ||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument, Amount to be Converted | $ 35,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | ||||||||||
Proceeds from Lines of Credit, Total | $ 17,000 | ||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||
Proceeds from Notes Payable, Total | $ 10,000 | ||||||||||
Notes Payable, Total | $ 10,000 |
Note 5 - Bank Debt - Bank Debt,
Note 5 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current bank debt | $ 35,500 | $ 25,725 |
Less unamortized debt issuance cost | (2,469) | (2,627) |
Net current portion | 33,031 | 23,098 |
Long-term bank debt | 49,713 | 86,013 |
Less unamortized debt issuance cost | 0 | (1,346) |
Net long-term portion | 49,713 | 84,667 |
Total | 85,213 | 111,738 |
Less total unamortized debt issuance cost | (2,469) | (3,973) |
Net bank debt | $ 82,744 | $ 107,765 |
Note 5 - Bank Debt - Maximum Le
Note 5 - Bank Debt - Maximum Leverage Ratio (Details) - Credit Agreement [Member] | Dec. 31, 2022 |
Maximum Leverage Ratio | 2.25 |
Period Ending June 30, 2022 [Member] | |
Maximum Leverage Ratio | 2.50 |
Note 5 - Bank Debt - Schedule o
Note 5 - Bank Debt - Schedule of Future Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 35,500 | |
2024 | 49,713 | |
Total | $ 85,213 | $ 111,738 |
Note 6 - Accounts Payable and_3
Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts payable | $ 62,306 | $ 27,835 |
Accrued property taxes | 1,917 | 2,529 |
Accrued payroll | 5,933 | 2,413 |
Workers' compensation reserve | 3,440 | 2,560 |
Group health insurance | 2,250 | 1,800 |
Fair value of interest rate swaps | 0 | 867 |
Asset retirement obligation - current portion | 3,580 | 100 |
Other | 3,546 | 3,424 |
Total accounts payable and accrued liabilities | $ 82,972 | $ 41,528 |
Note 7 - Revenue 1 (Details Tex
Note 7 - Revenue 1 (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Coal [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 12,800,000 | ||
Coal [Member] | INDIANA | Revenue from Contract with Customer Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk, Percentage | 74% | 73% | |
Electricity, Purchased [Member] | Hoosier Energy [Member] | |||
Long-Term Purchase Commitment, Minimum Quantity Required, Percentage | 70% | ||
Long-term Purchase Commitment, Minimum Quantity Required, Price Per Megawatt Hour | $ 34 | ||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year One | 917 | ||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year Two Through Four | 300 | ||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Price Per Kilowatts-month | $ 5.80 |
Note 7 - Revenue 2 (Details Tex
Note 7 - Revenue 2 (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Fixed-Price Contract [Member] | |
Revenue, Remaining Performance Obligation, Percentage | 75% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Contracts with Price Reopeners [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 166 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Effective Income Tax Rate Reconciliation, Percent, Total | 9% | 1% |
Deferred Tax Assets, Valuation Allowance | $ 3,681 | $ 4,651 |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 4,700 | |
Domestic Tax Authority [Member] | Pre-2018 [Member] | ||
Operating Loss Carryforwards | 40,300 | |
Domestic Tax Authority [Member] | Post 2017 [Member] | ||
Operating Loss Carryforwards | $ 60,700 |
Note 8 - Income Taxes - Differe
Note 8 - Income Taxes - Difference Between Expected Amount and Actual Amount, Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expected amount | $ 4,171 | $ (783) |
State income taxes, net of federal benefit | 391 | (767) |
Percentage depletion | (2,081) | (1,725) |
Valuation allowance | (970) | 3,376 |
Stock-based compensation | 0 | 380 |
PPP loan forgiveness | 0 | (2,100) |
Return to provision adjustments | 153 | 1,610 |
Other | 92 | 35 |
Total income tax expense | $ 1,756 | $ 26 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss | $ 26,570 | $ 32,659 |
Valuation allowance | (3,681) | (4,651) |
Stock-based compensation | 163 | 0 |
Other | 471 | 0 |
Total deferred tax assets | 23,523 | 28,008 |
Coal properties | (26,446) | (30,368) |
Investment in partnerships | (1,480) | (484) |
Other | (203) | (6) |
Total deferred tax liabilities | (28,129) | (30,858) |
Net deferred tax liability | $ (4,606) | $ (2,850) |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 01, 2022 | Dec. 31, 2009 | |
Share Price (in dollars per share) | $ 7.65 | |||
Share-Based Payment Arrangement, Expense | $ 1.3 | $ 1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 86,383 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.7 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 8.1 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5.1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 527,234 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,850,000 |
Note 9 - Stock Compensation P_4
Note 9 - Stock Compensation Plans - Schedule of Restricted Stock Units (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2009 |
Total authorized RSUs in Plan approved by shareholders (in shares) | 250,000 | |||
RSUs available for future issuance (in shares) | 86,383 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Total authorized RSUs in Plan approved by shareholders (in shares) | 4,850,000 | |||
Stock issued out of the Plan from vested grants (in shares) | (3,265,829) | |||
Non-vested grants (in shares) | (1,056,937) | (183,000) | (324,250) | |
RSUs available for future issuance (in shares) | 527,234 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-vested grants (in shares) | 183,000 | 324,250 |
Granted (in shares) | 881,437 | 173,000 |
Vested (in shares) | (296,250) | |
Forfeited (in shares) | (7,500) | (18,000) |
Non-vested grants (in shares) | 1,056,937 | 183,000 |
Note 9 - Stock Compensation P_6
Note 9 - Stock Compensation Plans - RSU Activity (Details) (Parentheticals) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share price on grant date (in dollars per share) | $ 6.74 | $ 2.46 |
Share price on vesting date (in dollars per share) | $ 2.27 |
Note 9 - Stock Compensation P_7
Note 9 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details) - Restricted Stock Units (RSUs) [Member] | Dec. 31, 2022 shares |
Vesting in 2023 [Member] | |
RSUs vesting (in shares) | 457,721 |
Vesting in 2024 [Member] | |
RSUs vesting (in shares) | 299,608 |
Represents vesting in 2025 [Member] | |
RSUs vesting (in shares) | 299,608 |
Note 10 - Employee Benefits (De
Note 10 - Employee Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Costs | $ 17,965 | $ 15,728 | |
Other Labor-related Expenses | 4,900 | 2,900 | |
Insured Maximum Exposure Per Employee | 1,000 | ||
Aggregate Insurance Deductible for Employees | $ 4,000 | ||
Operating Expense [Member] | |||
Employee Benefit Costs | $ 17,400 | $ 15,200 |
Note 10 - Employee Benefits - E
Note 10 - Employee Benefits - Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Health benefits, including premiums | $ 14,607 | $ 13,084 |
401(k) matching | 2,549 | 1,946 |
Deferred bonus plan | 809 | 698 |
Total | $ 17,965 | $ 15,728 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Buildings and Equipment [Member] | ||
Operating Lease, Right-of-Use Asset | $ 230 | $ 424 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years |
Note 11 - Leases - Information
Note 11 - Leases - Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Operating cash outflows from operating leases | $ 218 |
Weighted average remaining lease term in years (Year) | 1 year 3 months 18 days |
Weighted average discount rate | 6% |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 173 |
2024 | 60 |
Total minimum lease payments | 233 |
Less imputed interest | (3) |
Accounts Payable and Accrued Liabilities and Other Noncurrent Liabilities [Member] | |
Total operating lease liability | 230 |
Other Noncurrent Liabilities [Member] | |
Other long-term liabilities | $ 230 |
Note 12 - Self-Insurance (Detai
Note 12 - Self-Insurance (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) |
Restricted Cash and Cash Equivalents, Total | $ 3,417 | $ 3,283 |
Future Workers' Compensation Claim Payments [Member] | ||
Restricted Cash and Cash Equivalents, Total | $ 3,400 | 3,300 |
Mining Properties and Mineral Rights [Member] | ||
Number of Mining Units | 7 | |
Area of Real Estate Property | item | 10 | |
Operating Lease, Liability, Total | $ 280,000 | $ 260,000 |
Note 13 - Net Income (Loss) P_3
Note 13 - Net Income (Loss) Per Share - Computation of Net Income(Loss) Allocated to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) - basic | $ 18,105 | $ (3,754) |
Weighted average shares outstanding - basic (in shares) | 32,043 | 30,614 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.57 | $ (0.12) |
Add: Convertible Notes interest expense, net of tax | $ 527 | $ 0 |
Net income (loss) - diluted | $ 18,632 | $ (3,754) |
Add: Dilutive effects of if converted Convertible Notes (in shares) | 1,398 | 0 |
Add: Dilutive effects of Restricted Stock Units (in shares) | 208 | 0 |
Weighted average shares outstanding - diluted (in shares) | 33,649 | 30,614 |
Diluted net income (loss) per share (in dollars per share) | $ 0.55 | $ (0.12) |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis at Fair Value (Details) - Interest Rate Swap [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Derivate liabilities | $ 867 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Derivate liabilities | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Derivate liabilities | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Derivate liabilities | $ 867 |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Change in Fair Value of the Fuel Hedges and Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Balance | $ 867 |
Settlements | (1,058) |
Unrealized loss | 191 |
Balance | $ 0 |
Note 15 - Equity Method Inves_2
Note 15 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Equity Method Investments | $ 3,988 | $ 3,545 |
Sunrise Energy, LLC [Member] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Equity Method Investments | $ 4,000 | $ 3,500 |
Note 16 - Merom Acquisition (De
Note 16 - Merom Acquisition (Details Textual) - Merom Acquisition [Member] $ in Millions | Feb. 14, 2022 USD ($) |
Capacity Payment Reductions | $ 15 |
Purchase Obligation, Total | 7.2 |
Business Acquisition, Purchase of Coal Inventory | 17 |
Business Acquisition, Purchase of Coal Inventory, Initial Payment | 5.4 |
Business Acquisition, Transaction Costs | $ 2.9 |
Note 16 - Merom Acquisition - S
Note 16 - Merom Acquisition - Summary of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 21, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Plant | $ 480,462 | $ 302,824 | ||
Coal inventory | 49,796 | 7,699 | ||
Amount attributable to assets acquired | 630,554 | 353,980 | ||
Asset retirement obligations | 20,834 | 14,125 | $ 16,277 | |
Amount attributable to liabilities assumed | $ 415,530 | $ 167,745 | ||
Merom Acquisition [Member] | ||||
Direct transaction costs | $ 2,855 | |||
Contract liability - PPA | 184,500 | |||
Contract liability - Capacity payment reduction | 11,000 | |||
Contract asset - Coal purchase agreement | (34,300) | |||
Coal inventory purchased | 5,400 | |||
Deferred coal inventory payment | 11,600 | |||
Total consideration | 181,055 | |||
Plant | 165,816 | |||
Materials and supplies | 12,009 | |||
Coal inventory | 10,460 | |||
Amount attributable to assets acquired | 188,285 | |||
Asset retirement obligations | 7,230 | |||
Amount attributable to liabilities assumed | $ 7,230 |
Note 17 - Convertible Notes (De
Note 17 - Convertible Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 12, 2022 | Aug. 08, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | May 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Convertible Debt | $ 11,000 | $ 0 | |||||
Senior Unsecured Convertible Notes [Member] | |||||||
Proceeds from Convertible Debt | $ 10,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 3.33 | ||||||
Senior Unsecured Convertible Notes [Member] | Four Affiliated Individuals [Member] | |||||||
Convertible Debt, Total | $ 9,000 | ||||||
Senior Unsecured Convertible Notes [Member] | Affiliated Individual [Member] | |||||||
Convertible Debt, Total | $ 1,000 | ||||||
Senior Unsecured Convertible Notes [Member] | Four Board Members [Member] | |||||||
Proceeds from Related Party Debt | $ 9,000 | $ 18,000 | $ 0 | ||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,965,841 | ||||||
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 231,697 | ||||||
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member] | Conversion Price 6 Point 254, Maturity Date December 2026 [Member] | |||||||
Proceeds from Related Party Debt | $ 10,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.15 | ||||||
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 254, Maturity Date December 2028 [Member] | |||||||
Proceeds from Related Party Debt | $ 5,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.254 | ||||||
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 15, Maturity Date December 2028 [Member] | |||||||
Proceeds from Related Party Debt | $ 4,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.254 |
Note 18 - Segments Business (De
Note 18 - Segments Business (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 2 |
Sunrise Energy, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 18 - Segment of Business -
Note 18 - Segment of Business - Summary of Reportable Segments Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 361,991 | $ 247,666 |
Operating Expense | 30,430 | (6,044) |
Depreciation | 46,875 | 39,973 |
Amount attributable to assets acquired | 630,554 | 353,980 |
Capital Expenditures | 54,020 | 28,050 |
Coal Operations [Member] | ||
Revenue | 293,344 | 246,396 |
Operating Expense | 3,736 | 1,992 |
Depreciation | 43,612 | 39,829 |
Amount attributable to assets acquired | 376,228 | 346,201 |
Capital Expenditures | 50,367 | 28,050 |
Electric Operations [Member] | ||
Revenue | 66,316 | 0 |
Operating Expense | 31,505 | 0 |
Depreciation | 3,117 | 0 |
Amount attributable to assets acquired | 266,730 | 0 |
Capital Expenditures | 3,653 | 0 |
Corporate and Other [Member] | ||
Revenue | 2,331 | 1,270 |
Operating Expense | (4,811) | (8,036) |
Depreciation | 146 | 144 |
Amount attributable to assets acquired | (12,404) | 7,779 |
Capital Expenditures | $ 0 | $ 0 |