Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34743 | |
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 Shares, $.01 par value | |
Trading Symbol | HNRG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,142,403 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,573 | $ 3,009 |
Restricted cash | 4,143 | 3,417 |
Accounts receivable | 20,692 | 29,889 |
Inventory | 23,749 | 49,796 |
Parts and supplies | 37,012 | 28,295 |
Contract asset - coal purchase agreement | 0 | 19,567 |
Prepaid expenses | 4,158 | 4,546 |
Total current assets | 92,327 | 138,519 |
Property, plant and equipment: | ||
Land and mineral rights | 115,486 | 115,595 |
Buildings and equipment | 572,885 | 534,129 |
Mine development | 153,240 | 140,108 |
Total property, plant and equipment | 841,611 | 789,832 |
Less - accumulated depreciation, depletion and amortization | (358,944) | (309,370) |
Total property, plant and equipment, net | 482,667 | 480,462 |
Investment in Sunrise Energy | 3,038 | 3,988 |
Other assets | 7,154 | 7,585 |
Total Assets | 585,186 | 630,554 |
Current liabilities: | ||
Current portion of bank debt, net | 21,188 | 33,031 |
Accounts payable and accrued liabilities | 76,602 | 82,972 |
Deferred revenue | 25,712 | 35,485 |
Contract liability - power purchase agreement and capacity payment reduction | 48,087 | 88,114 |
Total current liabilities | 171,589 | 239,602 |
Long-term liabilities: | ||
Long-term bank debt, excluding current maturities, net | 36,482 | 49,713 |
Convertible note payable | 10,000 | 10,000 |
Convertible notes payable - related party | 9,000 | 9,000 |
Deferred income taxes | 12,244 | 4,606 |
Asset retirement obligations | 16,348 | 17,254 |
Contract liability - power purchase agreement | 55,439 | 84,096 |
Other | 2,395 | 1,259 |
Total long-term liabilities | 141,908 | 175,928 |
Total liabilities | 313,497 | 415,530 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 100,000 shares authorized; 33,142 and 32,983 issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively | 332 | 330 |
Additional paid-in capital | 120,410 | 118,788 |
Retained earnings | 150,947 | 95,906 |
Total stockholders’ equity | 271,689 | 215,024 |
Total liabilities and stockholders’ equity | $ 585,186 | $ 630,554 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | |
Preferred stock, shares outstanding (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) | 33,142 | 32,983 |
Common stock, shares outstanding (in shares) | 33,142 | 32,983 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
SALES AND OPERATING REVENUES: | |||||
Other revenues | $ 945 | $ 1,522 | $ 3,888 | $ 5,187 | |
Total revenue | 165,768 | 85,084 | 515,296 | 209,920 | |
EXPENSES: | |||||
Operating expenses | 119,042 | 64,557 | 367,983 | 170,552 | |
Depreciation, depletion and amortization | 16,230 | 11,187 | 51,375 | 31,882 | |
Asset retirement obligations accretion | 468 | 255 | 1,380 | 751 | |
Exploration costs | 171 | 121 | 682 | 393 | |
General and administrative | 6,054 | 3,569 | 18,596 | 10,440 | |
Total operating expenses | 141,965 | 79,689 | 440,016 | 214,018 | |
INCOME (LOSS) FROM OPERATIONS | 23,803 | 5,395 | 75,280 | (4,098) | |
Interest expense (1) | [1] | (3,030) | (3,355) | (10,470) | (7,476) |
Loss on extinguishment of debt | (1,491) | 0 | (1,491) | 0 | |
Equity method investment (loss) income | (177) | 168 | (325) | 506 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | 19,105 | 2,208 | 62,994 | (11,068) | |
INCOME TAX EXPENSE (BENEFIT): | |||||
Current | (178) | 0 | 315 | 0 | |
Deferred | 3,208 | 596 | 7,638 | 840 | |
Total income tax expense | 3,030 | 596 | 7,953 | 840 | |
NET INCOME (LOSS) | $ 16,075 | $ 1,612 | $ 55,041 | $ (11,908) | |
NET INCOME (LOSS) PER SHARE: | |||||
Basic (in dollars per share) | $ 0.49 | $ 0.05 | $ 1.66 | $ (0.38) | |
Diluted (in dollars per share) | $ 0.44 | $ 0.05 | $ 1.52 | $ (0.38) | |
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||
Basic (in shares) | 33,140 | 32,983 | 33,088 | 31,727 | |
Diluted (in shares) | 36,848 | 33,268 | 36,748 | 31,727 | |
(1) Interest Expense: | |||||
Interest on bank debt | $ 2,006 | $ 2,133 | $ 6,316 | $ 5,555 | |
Other interest | 422 | 227 | 1,316 | 285 | |
Amortization and swap-related interest: | |||||
Payments on interest rate swap, net of changes in value | 0 | 0 | 0 | (867) | |
Amortization of debt issuance costs | 602 | 995 | 2,838 | 2,503 | |
Total amortization and swap related interest | 602 | 995 | 2,838 | 1,636 | |
Total interest expense | [1] | 3,030 | 3,355 | 10,470 | 7,476 |
Coal Sales [Member] | |||||
SALES AND OPERATING REVENUES: | |||||
Revenues | 97,420 | 83,562 | 280,596 | 204,733 | |
Electric Sales [Member] | |||||
SALES AND OPERATING REVENUES: | |||||
Revenues | $ 67,403 | $ 230,812 | $ 0 | ||
[1]Interest Expense: |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES: | ||||
Net income (loss) | $ 16,075 | $ 1,612 | $ 55,041 | $ (11,908) |
Deferred income taxes | 3,208 | 596 | 7,638 | 840 |
Equity loss (income) – Sunrise Energy | 177 | (168) | 325 | (506) |
Cash distribution - Sunrise Energy | 625 | 0 | ||
Depreciation, depletion and amortization | 16,230 | 11,187 | 51,375 | 31,882 |
Loss (gain) on sale of assets | 78 | (367) | ||
Loss on extinguishment of debt | 1,491 | 0 | 1,491 | 0 |
Amortization of debt issuance costs | 602 | 995 | 2,838 | 2,503 |
Asset retirement obligations accretion | 468 | 255 | 1,380 | 751 |
Cash paid on asset retirement obligation reclamation | (2,286) | (2,483) | ||
Stock-based compensation | 2,774 | 230 | ||
Provision for loss on customer contracts | 0 | 159 | ||
Amortization of contract asset and contract liabilities | (32,444) | 0 | ||
Other | 914 | 943 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable | 9,197 | (3,160) | ||
Inventory | 14,874 | (6,035) | ||
Parts and supplies | (8,717) | (4,975) | ||
Prepaid expenses | 1,116 | (2,390) | ||
Accounts payable and accrued liabilities | (11,419) | 9,318 | ||
Deferred revenue | (15,273) | 0 | ||
Cash provided by operating activities | 79,527 | 13,935 | ||
INVESTING ACTIVITIES: | ||||
Capital expenditures | (48,746) | (38,344) | ||
Proceeds from sale of equipment | 62 | 758 | ||
Cash used in investing activities | (48,684) | (37,586) | ||
FINANCING ACTIVITIES: | ||||
Payments on bank debt | (56,463) | (35,713) | ||
Borrowings of bank debt | 33,000 | 37,700 | ||
Issuance of convertible note | 0 | 11,000 | ||
Issuance of related party convertible notes payable | 0 | 18,000 | ||
Debt issuance costs | (5,940) | (2,097) | ||
Distributions to redeemable noncontrolling interests | 0 | (585) | ||
Taxes paid on vesting of RSUs | (1,150) | 0 | ||
Cash (used in) provided by financing activities | (30,553) | 28,305 | ||
Increase in cash, cash equivalents, and restricted cash | 290 | 4,654 | ||
Cash, cash equivalents, and restricted cash, beginning of period | 6,426 | 5,829 | ||
Cash, cash equivalents, and restricted cash, end of period | 6,716 | 10,483 | 6,716 | 10,483 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CONSIST OF THE FOLLOWING: | ||||
Cash and cash equivalents | 2,573 | 7,000 | 2,573 | 7,000 |
Restricted cash | 4,143 | 3,483 | 4,143 | 3,483 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 6,716 | $ 10,483 | 6,716 | 10,483 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | 8,069 | 4,791 | ||
SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||||
Change in capital expenditures included in accounts payable and prepaid expense | 3,214 | 2,396 | ||
Convertible notes payable and related party convertible notes payable converted to common stock | 0 | 10,000 | ||
Interest Rate Swap [Member] | ||||
OPERATING ACTIVITIES: | ||||
Change in fair value of interest rate swaps | $ 0 | $ (867) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | 230 | 0 | 230 |
Net income (loss) | $ 0 | 0 | (11,908) | (11,908) |
Net income | (11,908) | |||
Balance (in shares) at Sep. 30, 2022 | 32,983 | |||
Balance at Sep. 30, 2022 | $ 330 | 117,749 | 65,893 | 183,972 |
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 Jun. 30, 2022 | 32,983 | |||
Balance at Jun. 30, 2022 | $ 330 | 114,212 | 64,281 | 178,823 |
Stock-based compensation | 0 | 122 | 0 | 122 |
Net income (loss) | $ 0 | 0 | 1,612 | 1,612 |
Net income | 1,612 | |||
Balance (in shares) at Sep. 30, 2022 | 32,983 | |||
Balance at Sep. 30, 2022 | $ 330 | 117,749 | 65,893 | 183,972 |
Cancellation of redeemable noncontrolling interests | $ 0 | 3,415 | 0 | 3,415 |
Stock issued on redemption of related party convertible notes (in shares) | 1,966 | |||
Balance (in shares) at Dec. 31, 2022 | 32,983 | |||
Balance at Dec. 31, 2022 | $ 330 | 118,788 | 95,906 | 215,024 |
Stock-based compensation | 0 | 2,774 | 0 | 2,774 |
Stock issued on vesting of RSUs | $ 3 | (3) | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (126) | |||
Taxes paid on vesting of RSUs | $ (1) | (1,149) | 0 | (1,150) |
Net income (loss) | 55,041 | |||
Net income | $ 0 | 0 | 55,041 | 55,041 |
Balance (in shares) at Sep. 30, 2023 | 33,142 | |||
Balance at Sep. 30, 2023 | $ 332 | 120,410 | 150,947 | 271,689 |
Balance (in shares) at Jun. 30, 2023 | 33,137 | |||
Balance at Jun. 30, 2023 | $ 332 | 119,678 | 134,872 | 254,882 |
Stock-based compensation | $ 0 | 773 | 0 | 773 |
Stock issued on vesting of RSUs (in shares) | 10 | |||
Stock issued on vesting of RSUs | $ 0 | 0 | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (5) | |||
Taxes paid on vesting of RSUs | $ 0 | (41) | 0 | (41) |
Net income (loss) | $ 0 | 0 | 16,075 | 16,075 |
Net income | 16,075 | |||
Balance (in shares) at Sep. 30, 2023 | 33,142 | |||
Balance at Sep. 30, 2023 | $ 332 | $ 120,410 | $ 150,947 | $ 271,689 |
Note 1 - General Business
Note 1 - General Business | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 GENERAL BUSINESS The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements included herein have been prepared pursuant to the Securities and Exchange Commission's (the "SEC") rules and regulations; accordingly, certain information and footnote disclosures normally included in generally accepted accounting principles ("GAAP") financial statements have been condensed or omitted. The results of operations and cash flows for the three nine September 30, 2023 not December 31, 2023 Our organization and business, the accounting policies we follow, and other information are contained in the notes to our consolidated financial statements filed as part of our 2022 Annual Report on Form 10 10 The condensed consolidated financial statements include the accounts of Hallador Energy Company (hereinafter known as “we, us, or our”) and its wholly owned subsidiaries Sunrise Coal, LLC ("Sunrise"), Hallador Power Company, LLC ("Hallador Power"), as well as Sunrise and Hallador Power's wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. As the result of Hallador Power’s acquisition of the Merom one October 21, 2022 ( Note 14, fourth 2022 two not The Coal Operations reportable segment includes current operating mining complexes Oaktown 1 2 The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant. |
Note 2 - Long-lived Asset Impai
Note 2 - Long-lived Asset Impairments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 2 LONG-LIVED ASSET IMPAIRMENTS Long-lived assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of the assets may not three nine September 30, 2023 three nine September 30, 2022, |
Note 3 - Inventory
Note 3 - Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 INVENTORY Inventory is valued at a lower of average cost or net realizable value (NRV). As of September 30, 2023 December 31, 2022 |
Note 4 - Bank Debt
Note 4 - Bank Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 4 BANK DEBT On March 13, 2023, March 31, 2024, May 31, 2024. 2022, 2023 On August 2, 2023, March 31, 2026, July 31, 2026. Bank debt was reduced by $23.5 million during the nine September 30, 2023. August 2, 2023 September 30, 2023 September 30, 2023). September 2023, March 2024 Liquidity As of September 30, 2023 September 30, 2023 Fees Unamortized bank fees and other costs incurred in connection with the initial facility and subsequent amendments totaled $2.5 million as of December 31, 2022. March 13, 2023 August 2, 2023 three nine September 30, 2022, August 2, 2023 September 30, 2023 December 31, 2022 Bank debt, less debt issuance costs, is presented below (in thousands): September 30, December 31, 2023 2022 Current bank debt $ 22,750 $ 35,500 Less unamortized debt issuance cost (1,562 ) (2,469 ) Net current portion $ 21,188 $ 33,031 Long-term bank debt $ 39,000 $ 49,713 Less unamortized debt issuance cost (2,518 ) — Net long-term portion $ 36,482 $ 49,713 Total bank debt $ 61,750 $ 85,213 Less total unamortized debt issuance cost (4,080 ) (2,469 ) Net bank debt $ 57,670 $ 82,744 Covenants The credit facility includes a Maximum Leverage Ratio (consolidated funded debt/trailing twelve twelve not Fiscal Periods Ending Ratio September 30, 2023, and each fiscal quarter thereafter 2.25 to 1.00 As of September 30, 2023 The credit facility requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA/annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve 1.00 As of September 30, 2023, As of September 30, 2023, Interest Rate The interest rate on the facility ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of September 30, 2023 |
Note 5 - Accounts Payable and A
Note 5 - Accounts Payable and Accrued Liabilities (In Thousands) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 5 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) September 30, December 31, 2023 2022 Accounts payable $ 52,491 $ 62,306 Accrued property taxes 3,008 1,917 Accrued payroll 7,373 5,933 Workers' compensation reserve 4,130 3,440 Group health insurance 2,300 2,250 Asset retirement obligation - current portion 3,580 3,580 Other 3,720 3,546 Total accounts payable and accrued liabilities $ 76,602 $ 82,972 |
Note 6 - Revenue
Note 6 - Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 6 REVENUE 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 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 for a Power Purchase Agreement (“PPA”) that is not 606, 606" not 606. The Company will recognize revenue daily, based on an output method of capacity made available as part of any stand-ready obligations for contract capacity performance obligations and daily, based on an output method of MWh of electricity delivered. For the delivered energy performance obligation in the PPA with Hoosier, the Company will recognize revenue daily for actual delivered electricity plus the amortization of the contract liability as a result of the Asset Purchase Agreement with Hoosier. Disaggregation of Revenue Revenue is disaggregated by primary geographic markets for our coal operations and by revenue source for our electric operations, 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 51% and 52% three nine September 30, 2023, three nine September 30, 2022, Electric operations 100% three nine September 30, 2023, 15 May 31, 2023, June 2023 September 2023 three nine September 30, 2023, three nine September 30, 2023, 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 $426.1 million, which represent the average fixed prices on our committed contracts as of September 30, 2023. 2023, 2024 2027. We have remaining performance obligations relating to 3.0 million tons of unpriced coal sales contracts of approximately $155 million, which represents our estimate of the expected price on committed contracts as of September 30, 2023. 2025. 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 an 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 the customer. We have remaining delivered energy obligations through 2028 September 30, 2023. In addition to delivered energy, Hallador provides stand-ready obligations to provide electricity, also known as contract capacity. We have remaining capacity obligations through 2028 September 30, 2023. 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 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, 2022, not not January 1, 2023, three nine September 30, 2023 three nine September 30, 2023, three December 31, 2023. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 INCOME TAXES For the nine September 30, 2023, 2022, nine September 30, 2023, 2022 ~13% not |
Note 8 - Stock Compensation Pla
Note 8 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 8 STOCK COMPENSATION PLANS Non-vested grants as of December 31, 2022 1,056,937 Awarded - weighted average share price on award date was $ 9.38 267,000 Vested - weighted average share price on vested date was $ 9.18 (285,221 ) Forfeited (10,000 ) Non-vested grants as of September 30, 2023 1,028,716 For the three nine September 30, 2023 three nine September 30, 2022, Non-vested RSU grants will vest as follows: Vesting Year RSUs Vesting 2023 189,000 2024 300,608 2025 539,108 1,028,716 The outstanding RSUs have a value of $14.8 million based on the September 30, 2023 As of September 30, 2023, not |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 9 LEASES We have operating leases for office space with remaining lease terms ranging from 10 months to 96 months. As most of the leases do not not The following table (in thousands) relates to our operating leases: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease information: Operating cash outflows from operating leases $ 52 $ 54 $ 156 $ 164 Weighted average remaining lease term in years 8.75 1.51 8.75 1.51 Weighted average discount rate 6.0 % 6.0 % 6.0 % 6.0 % Future minimum lease payments under non-cancellable leases as of September 30, 2023 Amount (In thousands) 2023 $ 85 2024 89 2025 121 2026 124 2027 128 After 2027 516 Total minimum lease payments $ 1,063 Less imputed interest (323 ) Total operating lease liability $ 740 As reflected within the following balance sheet line items: Accounts payable and accrued liabilities $ 85 Other long-term liabilities 655 Total operating lease liability $ 740 As of September 30, 2023 December 31, 2022 |
Note 10 - Self-Insurance
Note 10 - Self-Insurance | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Self Insurance [Text Block] | ( 10 SELF-INSURANCE We self-insure our underground mining equipment. Such equipment is allocated among seven September 30, 2023 December 31, 2022 Restricted cash of $4.1 million and $3.4 million as of September 30, 2023 December 31, 2022 third |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 11 FAIR VALUE MEASUREMENTS 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 no 3 |
Note 12 - Equity Method Investm
Note 12 - Equity Method Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 12 EQUITY METHOD INVESTMENTS We own a 50% i September 30, 2023 December 31, 2022 |
Note 13 - Convertible Notes
Note 13 - Convertible Notes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Convertible Notes Disclosure [Text Block] | ( 13 CONVERTIBLE NOTES On May 2, 2022, May 20, 2022, five December 29, 2028, June 1, 2022, May 31, 2027, 30 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 notes described above were used to provide additional working capital to the Company. Each Conversion Share will consist of one |
Note 14 - Merom Acquisition
Note 14 - Merom Acquisition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 14 MEROM ACQUISITION 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 was accounted for as an asset acquisition under ASC 805 50 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 Operating revenue for the Electric Operations segment includes revenue derived from a power purchase agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices below market prices on the date we closed the transaction. The power purchase agreement expires in 2025 three nine September 30, 2023, September 30, 2023, Operating expenses for the Electric Operations segment include coal purchased under an agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices which were below market prices at the date we entered into the agreement. The coal purchase agreement expired in May 2023 three six June 30, 2023, June 30, 2023. |
Note 15 - Segments of Business
Note 15 - Segments of Business | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 SEGMENTS OF BUSINESS As of September 30, 2023, not Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Operating Revenues Coal Operations $ 134,896 $ 84,530 $ 343,267 $ 208,190 Electric Operations 67,544 - 231,141 - Corporate and Other and Eliminations (36,672 ) 554 (59,112 ) 1,730 Consolidated Operating Revenues $ 165,768 $ 85,084 $ 515,296 $ 209,920 Income (Loss) from Operations Coal Operations $ 24,764 $ 6,098 $ 64,215 $ 580 Electric Operations (2,676 ) (991 ) 25,285 (991 ) Corporate and Other and Eliminations 1,715 288 (14,220 ) (3,687 ) Consolidated Income (Loss) from Operations $ 23,803 $ 5,395 $ 75,280 $ (4,098 ) Depreciation, Depletion and Amortization Coal Operations $ 11,508 $ 11,149 $ 37,249 $ 31,772 Electric Operations 4,695 - 14,045 - Corporate and Other and Eliminations 27 38 81 110 Consolidated Depreciation, Depletion and Amortization $ 16,230 $ 11,187 $ 51,375 $ 31,882 Assets Coal Operations $ 375,682 $ 374,223 $ 375,682 $ 374,223 Electric Operations 209,455 351 209,455 351 Corporate and Other and Eliminations 49 8,787 49 8,787 Consolidated Assets $ 585,186 $ 383,361 $ 585,186 $ 383,361 Capital Expenditures Coal Operations $ 11,570 $ 15,097 $ 38,654 $ 38,000 Electric Operations 6,566 344 10,092 344 Corporate and Other and Eliminations - - - - Consolidated Capital Expenditures $ 18,136 $ 15,441 $ 48,746 $ 38,344 |
Note 16 - Net Income (Loss) Per
Note 16 - Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 16 NET INCOME (LOSS) PER SHARE The following table (in thousands, except per share amounts) sets forth the computation of basic net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic earnings per common share: Net income (loss) - basic $ 16,075 $ 1,612 $ 55,041 $ (11,908 ) Weighted average shares outstanding - basic 33,140 32,983 33,088 31,727 Basic earnings (loss) per common share $ 0.49 $ 0.05 $ 1.66 $ (0.38 ) The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Diluted earnings per common share: Net income (loss) - basic $ 16,075 $ 1,612 $ 55,041 $ (11,908 ) Add: Convertible Notes interest expense, net of tax 303 - 898 - Net income (loss) - diluted $ 16,378 $ 1,612 $ 55,939 $ (11,908 ) Weighted average shares outstanding - basic 33,140 32,983 33,088 31,727 Add: Dilutive effects of if converted Convertible Notes 3,162 - 3,164 - Add: Dilutive effects of Restricted Stock Units 546 285 496 - Weighted average shares outstanding - diluted 36,848 33,268 36,748 31,727 Diluted net income (loss) per share $ 0.44 $ 0.05 $ 1.52 $ (0.38 ) |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 SUBSEQUENT EVENTS On October 2, 2023, one October. not second December not |
Note 4 - Bank Debt (Tables)
Note 4 - Bank Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2023 2022 Current bank debt $ 22,750 $ 35,500 Less unamortized debt issuance cost (1,562 ) (2,469 ) Net current portion $ 21,188 $ 33,031 Long-term bank debt $ 39,000 $ 49,713 Less unamortized debt issuance cost (2,518 ) — Net long-term portion $ 36,482 $ 49,713 Total bank debt $ 61,750 $ 85,213 Less total unamortized debt issuance cost (4,080 ) (2,469 ) Net bank debt $ 57,670 $ 82,744 |
Schedule of Line of Credit Facilities [Table Text Block] | Fiscal Periods Ending Ratio September 30, 2023, and each fiscal quarter thereafter 2.25 to 1.00 |
Note 5 - Accounts Payable and_2
Note 5 - Accounts Payable and Accrued Liabilities (In Thousands) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, December 31, 2023 2022 Accounts payable $ 52,491 $ 62,306 Accrued property taxes 3,008 1,917 Accrued payroll 7,373 5,933 Workers' compensation reserve 4,130 3,440 Group health insurance 2,300 2,250 Asset retirement obligation - current portion 3,580 3,580 Other 3,720 3,546 Total accounts payable and accrued liabilities $ 76,602 $ 82,972 |
Note 8 - Stock Compensation P_2
Note 8 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Non-vested grants as of December 31, 2022 1,056,937 Awarded - weighted average share price on award date was $ 9.38 267,000 Vested - weighted average share price on vested date was $ 9.18 (285,221 ) Forfeited (10,000 ) Non-vested grants as of September 30, 2023 1,028,716 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Year RSUs Vesting 2023 189,000 2024 300,608 2025 539,108 1,028,716 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease information: Operating cash outflows from operating leases $ 52 $ 54 $ 156 $ 164 Weighted average remaining lease term in years 8.75 1.51 8.75 1.51 Weighted average discount rate 6.0 % 6.0 % 6.0 % 6.0 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Amount (In thousands) 2023 $ 85 2024 89 2025 121 2026 124 2027 128 After 2027 516 Total minimum lease payments $ 1,063 Less imputed interest (323 ) Total operating lease liability $ 740 As reflected within the following balance sheet line items: Accounts payable and accrued liabilities $ 85 Other long-term liabilities 655 Total operating lease liability $ 740 |
Note 14 - Merom Acquisition (Ta
Note 14 - Merom Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 15 - Segments of Business
Note 15 - Segments of Business (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" 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;"><b><em style="font: inherit;"><em style="font: inherit;">Three Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" 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;"><b><em style="font: inherit;"><em style="font: inherit;">Nine Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</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 colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> <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><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; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-indent: 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">134,896</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">84,530</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">343,267</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">208,190</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">67,544</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: 9%; 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><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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">231,141</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: 9%; 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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(36,672</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">554</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(59,112</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,730</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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">165,768</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">85,084</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; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">515,296</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">209,920</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(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><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><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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">24,764</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,098</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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">64,215</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">580</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(2,676</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">25,285</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,715</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">288</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(14,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,687</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; 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 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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">23,803</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,395</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">75,280</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,098</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</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><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><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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,508</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,149</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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,249</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">31,772</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,695</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: 9%; 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><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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">14,045</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: 9%; 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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">27</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">81</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">110</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-si" 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;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" 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;"><b><em style="font: inherit;"><em style="font: inherit;">Three Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" 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;"><b><em style="font: inherit;"><em style="font: inherit;">Nine Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </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;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</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 colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> <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><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; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-indent: 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">134,896</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">84,530</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">343,267</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">208,190</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">67,544</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: 9%; 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><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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">231,141</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: 9%; 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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(36,672</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">554</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(59,112</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,730</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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">165,768</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">85,084</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; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">515,296</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">209,920</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(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><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><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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">24,764</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,098</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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">64,215</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">580</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(2,676</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">25,285</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,715</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">288</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(14,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,687</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; 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 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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">23,803</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,395</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </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: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">75,280</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,098</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</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><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><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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,508</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,149</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;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,249</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">31,772</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,695</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: 9%; 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><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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">14,045</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: 9%; 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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">27</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">81</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: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">110</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-si |
Note 16 - Net Income (Loss) P_2
Note 16 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic earnings per common share: Net income (loss) - basic $ 16,075 $ 1,612 $ 55,041 $ (11,908 ) Weighted average shares outstanding - basic 33,140 32,983 33,088 31,727 Basic earnings (loss) per common share $ 0.49 $ 0.05 $ 1.66 $ (0.38 ) The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Diluted earnings per common share: Net income (loss) - basic $ 16,075 $ 1,612 $ 55,041 $ (11,908 ) Add: Convertible Notes interest expense, net of tax 303 - 898 - Net income (loss) - diluted $ 16,378 $ 1,612 $ 55,939 $ (11,908 ) Weighted average shares outstanding - basic 33,140 32,983 33,088 31,727 Add: Dilutive effects of if converted Convertible Notes 3,162 - 3,164 - Add: Dilutive effects of Restricted Stock Units 546 285 496 - Weighted average shares outstanding - diluted 36,848 33,268 36,748 31,727 Diluted net income (loss) per share $ 0.44 $ 0.05 $ 1.52 $ (0.38 ) |
Note 1 - General Business (Deta
Note 1 - General Business (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 2 |
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 2 - Long-lived Asset Imp_2
Note 2 - Long-lived Asset Impairments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Adjustments | $ 1.1 | $ 4.9 |
Note 4 - Bank Debt (Details Tex
Note 4 - Bank Debt (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 13, 2023 USD ($) | Mar. 31, 2024 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Aug. 02, 2023 USD ($) | Jun. 30, 2023 | Dec. 31, 2022 USD ($) | |
Long-Term Debt, Gross | $ 61,750 | $ 61,750 | $ 85,213 | |||||
Debt Issuance Costs, Net, Total | 4,080 | 4,080 | 2,469 | |||||
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000 | |||||||
Credit Agreement [Member] | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 63,800 | 63,800 | ||||||
Debt Instrument, Liquidity | 66,400 | 66,400 | ||||||
Letters of Credit Outstanding, Amount | 11,200 | 11,200 | ||||||
Debt Issuance Costs, Net, Total | $ 1,600 | $ 4,100 | $ 4,100 | $ 4,300 | 2,500 | |||
Leverage Ratio | 0.71 | 0.71 | ||||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 2.25 | 2.25 | ||||||
Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | |||||||
Credit Agreement [Member] | Minimum [Member] | ||||||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 1.25 | |||||||
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | |||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 3.75 | 3.75 | ||||||
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 5% | |||||||
Credit Agreement [Member] | Term Loan [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | $ 75,000 | ||||||
Debt Instrument, Increase (Decrease), Net | 23,500 | |||||||
Long-Term Debt, Gross | 61,800 | 61,800 | ||||||
Proceeds from Issuance of Debt | 0 | |||||||
Debt Instrument, Periodic Payment | 3,300 | |||||||
Credit Agreement [Member] | Term Loan [Member] | Forecast [Member] | ||||||||
Debt Instrument, Periodic Payment | $ 6,500 | |||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Amount to be Converted | $ 35,000 | 65,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | $ 85,000 | ||||||
Debt Instrument, Covenant, Maximum Annual Capital Expenditures | $ 1,500 | $ 1,500 | $ 75,000 | $ 100,000 |
Note 4 - Bank Debt - Bank Debt,
Note 4 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current bank debt | $ 22,750 | $ 35,500 |
Less unamortized debt issuance cost | (1,562) | (2,469) |
Net current portion | 21,188 | 33,031 |
Long-term bank debt | 39,000 | 49,713 |
Less unamortized debt issuance cost | (2,518) | 0 |
Net long-term portion | 36,482 | 49,713 |
Total bank debt | 61,750 | 85,213 |
Less total unamortized debt issuance cost | (4,080) | (2,469) |
Net bank debt | $ 57,670 | $ 82,744 |
Note 4 - Bank Debt - Maximum Le
Note 4 - Bank Debt - Maximum Leverage Ratio (Details) | Sep. 30, 2023 |
Credit Agreement [Member] | |
Maximum Leverage Ratio | 2.25 |
Note 5 - Accounts Payable and_3
Note 5 - Accounts Payable and Accrued Liabilities (In Thousands) - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts payable | $ 52,491 | $ 62,306 |
Accrued property taxes | 3,008 | 1,917 |
Accrued payroll | 7,373 | 5,933 |
Workers' compensation reserve | 4,130 | 3,440 |
Group health insurance | 2,300 | 2,250 |
Asset retirement obligation - current portion | 3,580 | 3,580 |
Other | 3,720 | 3,546 |
Total accounts payable and accrued liabilities | $ 76,602 | $ 82,972 |
Note 6 - Revenue 1 (Details Tex
Note 6 - Revenue 1 (Details Textual) $ in Thousands, T in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) T | Sep. 30, 2022 | Sep. 30, 2023 USD ($) T | Sep. 30, 2022 | Jan. 01, 2023 USD ($) | Jan. 01, 2021 USD ($) | |
Revenue, Remaining Performance Obligation, Amount of Coal Included in Unpriced Sales Contracts (US Ton) | T | 3 | 3 | |||||||
Coal [Member] | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 12,800 | ||||||||
Contract with Customer, Liability | $ 8,900 | ||||||||
Contract with Customer, Liability, Revenue Recognized | $ 2,500 | $ 7,500 | |||||||
Coal [Member] | Forecast [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | $ 1,300 | ||||||||
Coal [Member] | Geographic Concentration Risk [Member] | INDIANA | Revenue from Contract with Customer Benchmark [Member] | |||||||||
Concentration Risk, Percentage | 51% | 70% | 52% | 79% | |||||
Electric Operations [Member] | |||||||||
Contract with Customer, Liability | $ 26,600 | ||||||||
Increase (Decrease) in Contract with Customer, Liability | $ 0 | $ 43,800 | |||||||
Contract with Customer, Liability, Revenue Recognized | 12,900 | 46,000 | |||||||
Electric Operations [Member] | Forecast [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | $ 8,300 | ||||||||
Electric Operations [Member] | Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Midcontinent Independent System Operator [Member] | |||||||||
Concentration Risk, Percentage | 32% | 100% | |||||||
Delivered Energy [Member] | Electric Operations [Member] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,400 | 184,700 | |||||||
Capacity Payments [Member] | Electric Operations [Member] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 13,000 | $ 46,100 |
Note 6 - Revenue 2 (Details Tex
Note 6 - Revenue 2 (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Fixed-Price Contract [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 426.1 |
Revenue, Remaining Performance Obligation, Percentage | 0.25% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Energy Obligations [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 312 |
Revenue, Remaining Performance Obligation, Percentage | 31% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2028 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Contract Capacity [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 204 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2028 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed-Price Contract [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Coal Sales [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 155 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 13% | 8% |
Note 8 - Stock Compensation P_3
Note 8 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 0.8 | $ 0.1 | $ 2.8 | $ 0.2 |
Share Price (in dollars per share) | $ 14.42 | $ 14.42 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 14.8 | $ 14.8 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4.7 | $ 4.7 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 395,657 | 395,657 |
Note 8 - Stock Compensation P_4
Note 8 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2023 shares | |
Non-vested grants (in shares) | 1,056,937 |
Awarded (in shares) | 267,000 |
Vested - weighted average share price on vested date was $9.18 (in shares) | (285,221) |
Forfeited (in shares) | (10,000) |
Non-vested grants (in shares) | 1,028,716 |
Note 8 - Stock Compensation P_5
Note 8 - Stock Compensation Plans - RSU Activity (Details) (Parentheticals) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Share price on grant date, awarded (in dollars per share) | $ 9.38 |
Share price on vesting date (in dollars per share) | $ 9.18 |
Note 8 - Stock Compensation P_6
Note 8 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details) - Restricted Stock Units (RSUs) [Member] | Sep. 30, 2023 shares |
RSUs vesting (in shares) | 1,028,716 |
Vesting in 2023 [Member] | |
RSUs vesting (in shares) | 189,000 |
Vesting in 2024 [Member] | |
RSUs vesting (in shares) | 300,608 |
Represents vesting in 2025 [Member] | |
RSUs vesting (in shares) | 539,108 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Buildings and Equipment [Member] | ||
Operating Lease, Right-of-Use Asset | $ 0.7 | $ 0.2 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 10 months | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 96 months |
Note 9 - Leases - Information R
Note 9 - Leases - Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating cash outflows from operating leases | $ 52 | $ 54 | $ 156 | $ 164 |
Weighted average remaining lease term in years (Year) | 8 years 9 months | 1 year 6 months 3 days | 8 years 9 months | 1 year 6 months 3 days |
Weighted average discount rate | 6% | 6% | 6% | 6% |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 85 |
2024 | 89 |
2025 | 121 |
2026 | 124 |
2027 | 128 |
After 2027 | 516 |
Total minimum lease payments | 1,063 |
Less imputed interest | (323) |
Accounts Payable and Accrued Liabilities and Other Noncurrent Liabilities [Member] | |
Total operating lease liability | 740 |
Accounts Payable and Accrued Liabilities [Member] | |
Accounts payable and accrued liabilities | 85 |
Other Noncurrent Liabilities [Member] | |
Other long-term liabilities | $ 655 |
Note 10 - Self-Insurance (Detai
Note 10 - Self-Insurance (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) | Jun. 30, 2023 item | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) |
Restricted Cash and Cash Equivalents | $ 4,143 | $ 3,417 | $ 3,483 | |
Future Workers' Compensation Claim Payments [Member] | ||||
Restricted Cash and Cash Equivalents | 4,100 | 3,400 | ||
Mining Properties and Mineral Rights [Member] | ||||
Number of Mining Units | 7 | |||
Area of Real Estate Property | item | 10 | |||
Operating Lease, Liability | $ 299,000 | $ 280,000 |
Note 12 - Equity Method Inves_2
Note 12 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Equity Method Investments | $ 3,038 | $ 3,988 |
Sunrise Energy, LLC [Member] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Equity Method Investments | $ 3,000 | $ 4,000 |
Note 13 - Convertible Notes (De
Note 13 - Convertible Notes (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Aug. 12, 2022 USD ($) $ / shares | Aug. 08, 2022 USD ($) $ / shares | Jul. 29, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) shares | May 20, 2022 USD ($) $ / shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Proceeds from Convertible Debt | $ 0 | $ 11,000 | |||||
Proceeds from Related Party Debt | $ 0 | $ 18,000 | |||||
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) | $ / shares | $ 3.33 | ||||||
Conversion Share to Common Stock, Ratio | 1 | ||||||
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 | ||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 1,965,841 | ||||||
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 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) | $ / shares | $ 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) | $ / shares | $ 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) | $ / shares | $ 6.254 |
Note 14 - Merom Acquisition (De
Note 14 - Merom Acquisition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Feb. 14, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Expenses | $ 23,803 | $ 5,395 | $ 75,280 | $ (4,098) | |||
Merom Acquisition [Member] | |||||||
Capacity Payment Reductions | $ 15,000 | ||||||
Purchase Obligation, Total | 7,200 | ||||||
Business Acquisition, Purchase of Coal Inventory | 17,000 | ||||||
Business Acquisition, Purchase of Coal Inventory, Initial Payment | 5,400 | ||||||
Business Acquisition, Transaction Costs | 2,900 | ||||||
Contract with Customer, Liability | 184,500 | 98,000 | 98,000 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 10,300 | $ 63,200 | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 34,300 | ||||||
Operating Expenses | $ 13,000 | $ 30,700 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 6,800 | $ 11,200 |
Note 14 - Merom Acquisition - S
Note 14 - Merom Acquisition - Summary of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 21, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Plant | $ 482,667 | $ 480,462 | ||
Coal inventory | 23,749 | 49,796 | ||
Amount attributable to assets acquired | 585,186 | 630,554 | $ 383,361 | |
Amount attributable to liabilities assumed | $ 313,497 | $ 415,530 | ||
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 15 - Segments of Busines_2
Note 15 - Segments of Business (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 2 |
Sunrise Energy, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 15 - Segment of Business -
Note 15 - Segment of Business - Summary of Reportable Segments Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue | $ 165,768 | $ 85,084 | $ 515,296 | $ 209,920 | |
Operating Expense | 23,803 | 5,395 | 75,280 | (4,098) | |
Depreciation | 16,230 | 11,187 | 51,375 | 31,882 | |
Amount attributable to assets acquired | 585,186 | 383,361 | 585,186 | 383,361 | $ 630,554 |
Capital Expenditures | 18,136 | 15,441 | 48,746 | 38,344 | |
Coal Operations [Member] | |||||
Revenue | 134,896 | 84,530 | 343,267 | 208,190 | |
Operating Expense | 24,764 | 6,098 | 64,215 | 580 | |
Depreciation | 11,508 | 11,149 | 37,249 | 31,772 | |
Amount attributable to assets acquired | 375,682 | 374,223 | 375,682 | 374,223 | |
Capital Expenditures | 11,570 | 15,097 | 38,654 | 38,000 | |
Electric Operations [Member] | |||||
Revenue | 67,544 | 0 | 231,141 | 0 | |
Operating Expense | (2,676) | (991) | 25,285 | (991) | |
Depreciation | 4,695 | 0 | 14,045 | 0 | |
Amount attributable to assets acquired | 209,455 | 351 | 209,455 | 351 | |
Capital Expenditures | 6,566 | 344 | 10,092 | 344 | |
Corporate and Other [Member] | |||||
Revenue | (36,672) | 554 | (59,112) | 1,730 | |
Operating Expense | 1,715 | 288 | (14,220) | (3,687) | |
Depreciation | 27 | 38 | 81 | 110 | |
Amount attributable to assets acquired | 49 | 8,787 | 49 | 8,787 | |
Capital Expenditures | $ 0 | $ 0 | $ 0 | $ 0 |
Note 16 - Net Income (Loss) P_3
Note 16 - Net Income (Loss) Per Share - Computation of Net Income (Loss) Allocated to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) - basic | $ 16,075 | $ 1,612 | $ 55,041 | $ (11,908) |
Weighted average shares outstanding - basic (in shares) | 33,140 | 32,983 | 33,088 | 31,727 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.49 | $ 0.05 | $ 1.66 | $ (0.38) |
Add: Convertible Notes interest expense, net of tax | $ 303 | $ 0 | $ 898 | $ 0 |
Net income (loss) - diluted | $ 16,378 | $ 1,612 | $ 55,939 | $ (11,908) |
Add: Dilutive effects of if converted Convertible Notes (in shares) | 3,162 | 0 | 3,164 | 0 |
Add: Dilutive effects of Restricted Stock Units (in shares) | 546 | 285 | 496 | 0 |
Weighted average shares outstanding - diluted (in shares) | 36,848 | 33,268 | 36,748 | 31,727 |
Diluted net income (loss) per share (in dollars per share) | $ 0.44 | $ 0.05 | $ 1.52 | $ (0.38) |