Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Registrant Name | Ramaco Resources, Inc. | |
Document Period End Date | Sep. 30, 2020 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 42,716,901 | |
Entity Central Index Key | 0001687187 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 6,360 | $ 5,532 |
Accounts receivable | 21,286 | 19,256 |
Inventories | 23,288 | 15,261 |
Prepaid expenses and other | 3,789 | 4,274 |
Total current assets | 54,723 | 44,323 |
Property, plant and equipment – net | 181,019 | 178,202 |
Advanced coal royalties | 4,605 | 3,271 |
Other | 965 | 1,017 |
Total Assets | 241,312 | 226,813 |
Current liabilities | ||
Accounts payable | 11,803 | 10,663 |
Accrued expenses | 9,325 | 11,740 |
Asset retirement obligations | 1,044 | 19 |
Current portion of long-term debt | 4,914 | 3,333 |
Other | 656 | |
Total current liabilities | 27,086 | 26,411 |
Asset retirement obligations | 14,147 | 14,586 |
Long-term debt, net | 21,022 | 9,614 |
Deferred tax liability | 5,228 | 5,265 |
Other long-term liabilities | 982 | 854 |
Total liabilities | 68,465 | 56,730 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock, $0.01 par value, 260,000,000 shares authorized, 42,621,869 and 40,933,831 shares issued and outstanding, respectively | 427 | 410 |
Additional paid-in capital | 157,866 | 154,957 |
Retained earnings | 14,554 | 14,716 |
Total stockholders' equity | 172,847 | 170,083 |
Total Liabilities and Stockholders' Equity | $ 241,312 | $ 226,813 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares issued (in shares) | 42,716,901 | 40,933,831 |
Common stock, shares outstanding (in shares) | 42,716,901 | 40,933,831 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 39,459 | $ 61,380 | $ 117,769 | $ 184,601 |
Cost and expenses | ||||
Cost of sales (exclusive of items shown separately below) | 35,689 | 44,983 | 96,758 | 129,208 |
Asset retirement obligation accretion | 128 | 128 | 428 | 383 |
Depreciation and amortization | 5,258 | 5,353 | 15,601 | 14,291 |
Selling, general and administrative | 5,966 | 4,464 | 15,723 | 13,127 |
Total cost and expenses | 47,041 | 54,928 | 128,510 | 157,009 |
Operating income (loss) | (7,582) | 6,452 | (10,741) | 27,592 |
Other income | 1,743 | 573 | 11,456 | 1,063 |
Interest expense, net | (344) | (342) | (915) | (951) |
Income before tax | (6,183) | 6,683 | (200) | 27,704 |
Income tax expense | (1,407) | 1,133 | (38) | 4,658 |
Net income | $ (4,776) | $ 5,550 | $ (162) | $ 23,046 |
Earnings per common share | ||||
Basic earnings (in dollars per share) | $ (0.11) | $ 0.14 | $ 0 | $ 0.56 |
Diluted earnings (in dollars per share) | $ (0.11) | $ 0.14 | $ 0 | $ 0.56 |
Weighted average common shares outstanding | ||||
Basic weighted average shares outstanding (in shares) | 42,647 | 40,936 | 42,373 | 40,804 |
Diluted weighted average shares outstanding (in shares) | 42,647 | 40,936 | 42,373 | 40,804 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital. | Retained Earnings. | Total |
Balance at Dec. 31, 2018 | $ 401 | $ 150,926 | $ (10,218) | $ 141,109 |
Stock-based compensation | 7 | 887 | 894 | |
Net income (loss) | 6,883 | 6,883 | ||
Balance at Mar. 31, 2019 | 408 | 151,813 | (3,335) | 148,886 |
Balance at Dec. 31, 2018 | 401 | 150,926 | (10,218) | 141,109 |
Net income (loss) | 23,046 | |||
Balance at Sep. 30, 2019 | 409 | 153,976 | 12,828 | 167,213 |
Balance at Mar. 31, 2019 | 408 | 151,813 | (3,335) | 148,886 |
Stock-based compensation | 1 | 1,059 | 1,060 | |
Net income (loss) | 10,613 | 10,613 | ||
Balance at Jun. 30, 2019 | 409 | 152,872 | 7,278 | 160,559 |
Stock-based compensation | 1,104 | 1,104 | ||
Net income (loss) | 5,550 | 5,550 | ||
Balance at Sep. 30, 2019 | 409 | 153,976 | 12,828 | 167,213 |
Balance at Dec. 31, 2019 | 410 | 154,957 | 14,716 | 170,083 |
Stock-based compensation | 17 | 906 | 923 | |
Net income (loss) | 1,962 | 1,962 | ||
Balance at Mar. 31, 2020 | 427 | 155,863 | 16,678 | 172,968 |
Balance at Dec. 31, 2019 | 410 | 154,957 | 14,716 | 170,083 |
Net income (loss) | (162) | |||
Balance at Sep. 30, 2020 | 427 | 157,866 | 14,554 | 172,847 |
Balance at Mar. 31, 2020 | 427 | 155,863 | 16,678 | 172,968 |
Restricted stock surrendered for withholding taxes payable | (1) | (192) | (193) | |
Stock-based compensation | 1,106 | 1,106 | ||
Net income (loss) | 2,652 | 2,652 | ||
Balance at Jun. 30, 2020 | 426 | 156,777 | 19,330 | 176,533 |
Stock-based compensation | 1 | 1,089 | 1,090 | |
Net income (loss) | (4,776) | (4,776) | ||
Balance at Sep. 30, 2020 | $ 427 | $ 157,866 | $ 14,554 | $ 172,847 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net income (loss) | $ (162) | $ 23,046 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Accretion of asset retirement obligations | 428 | 383 |
Depreciation and amortization | 15,601 | 14,291 |
Amortization of debt issuance costs | 43 | 43 |
Stock-based compensation | 3,119 | 3,058 |
Other income - PPP Loan | (8,444) | |
Deferred income taxes | (37) | 4,561 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,030) | (19,325) |
Prepaid expenses and other current assets | 630 | 625 |
Inventories | (8,027) | 1,541 |
Other assets and liabilities | (1,154) | 429 |
Accounts payable | 3,409 | (5,291) |
Accrued expenses | (2,429) | 3,062 |
Net cash from operating activities | 947 | 26,423 |
Cash flow from investing activities: | ||
Purchases of property, plant and equipment | (20,515) | (34,043) |
Cash flows from financing activities | ||
Proceeds from PPP Loan | 8,444 | |
Proceeds from borrowings | 45,543 | 58,050 |
Repayment of borrowings | (32,597) | (50,801) |
Repayments of financed insurance payable | (656) | (287) |
Restricted stock surrendered for withholding taxes payable | (193) | |
Net cash from financing activities | 20,541 | 6,962 |
Net change in cash and cash equivalents and restricted cash | 973 | (658) |
Cash and cash equivalents and restricted cash, beginning of period | 6,865 | 7,380 |
Cash and cash equivalents and restricted cash, end of period | 7,838 | 6,722 |
Supplemental cash flow information: | ||
Cash paid for interest | 820 | 821 |
Non-cash investing and financing activities: | ||
Capital expenditures included in accounts payable and accrued expenses | 633 | 4,068 |
Additional asset retirement obligations incurred | $ 172 | $ 239 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
BUSINESS | Ramaco Resources, Inc. Notes to Unaudited Condensed Consolidated Financial Statements NOTE 1—BUSINESS Ramaco Resources, Inc. (the “Company,” “we,” “us” or “our,”) is a Delaware corporation formed in October 2016. Our principal corporate offices are located in Lexington, Kentucky. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. Response to the Coronavirus Disease 2019 (COVID-19) Pandemic on Our Business— The Company has been adversely affected by the deterioration and increased uncertainty in the macroeconomic outlook as a result of the impact of COVID-19. Two customers have notified us that their contractual obligations for the purchase of metallurgical coal from us will be delayed or curtailed because of COVID-19. These delays or curtailments are expected to reduce our total contracted sales volumes for 2020 by up to 10%. We are not able to estimate the impact of customer delays or curtailments of their contractual obligations or our ability to secure additional sales in spot markets. Since the initial outbreak of COVID-19, we have observed a declining demand for and reductions in the spot price of metallurgical coal as business and consumer activity decelerated across the globe. This weakness limited our ability to complete spot sales in the first nine months of 2020, leading to an increase in our inventories. In response, we have taken certain actions to limit our production and reduce capital expenditures. These actions have included : · an operational furlough of approximately 182 employees at the Elk Creek mining complex in West Virginia for most of the month of April 2020; · a one week operational furlough of approximately 157 employees at the Elk Creek mining complex in July 2020; · the partial closure of our Berwind low volatile development mine complex affecting approximately 44 jobs effective in July 2020; and · a reduction or deferral of non-essential capital expenditures to adapt to the current market conditions. To date we have not had significant issues with any of our critical suppliers, but we continue to communicate with them and closely monitor their developments to ensure we have access to the goods and services required to maintain our operations. The Company borrowed an additional $13.2 million under two promissory notes to further improve our liquidity, as further discussed in Notes 4 and 5. Securing this funding was key to limiting employee furloughs, retaining a greater number of employees and maintaining payroll. The Company had approximately $14.3 million available under its Revolving Credit Facility at September 30, 2020. We continue to actively monitor the situation and may take further actions altering our business operations that we determine are in the best interests of our employees, customers, suppliers, and stakeholders, or as required by federal, state, or local authorities. Additional measures we may take could include extensions of operational furloughs and temporary salary reductions for certain executives, staffing reductions and idling or realignment of additional mines as conditions might dictate. It is not clear what the potential effects any such alterations or modifications may have on our business. The impact on our results in future periods could be much more significant and cannot currently be quantified. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 31, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain reclassifications have been made to the prior period’s consolidated financial statements and related footnotes to conform them to the current period presentation. Intercompany balances and transactions between consolidated entities are eliminated. Cash and Cash Equivalents —We classify all highly-liquid instruments with an original maturity of three months or less to be cash equivalents. Restricted cash balances were $1.5 million at September 30, 2020 and $1.3 million at December 31, 2019, consisted of funds held in escrow for potential future workers’ compensation claims and were classified in other current assets in the consolidated balance sheets. Self-Insurance —We are self-insured for certain losses relating to workers’ compensation claims. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. At September 30, 2020, the estimated aggregate liability for uninsured claims totaled $1.2 million. Of this, $0.9 million is included in other long-term liabilities within the consolidated balance sheets. At December 31, 2019, the estimated aggregate liability for uninsured claims totaled $1.0 million including $0.7 million included in other long-term liabilities. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated liabilities are recorded in the period in which the change in estimate occurs. Deferred Income —We account for the SBA Paycheck Protection Program Loan (“PPP Loan”) as an in-substance government grant because we expect to meet the PPP Loan eligibility criteria and have concluded that the loan represents, in substance, a grant that is expected to be forgiven. Proceeds from the PPP Loan were initially recognized as a deferred income liability. Subsequently, we reduced this liability and recognized income on a systematic basis over the period in which the related costs for which the PPP Loan was intended were incurred. PPP Loan income is presented as other income within the consolidated statements of operations. Financial Instruments —Our financial assets and liabilities consist of cash, accounts receivable, accounts payable and indebtedness. The fair values of these instruments approximate their carrying amounts at each reporting date. Nonrecurring fair value measurements include asset retirement obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its reclamation liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, our credit adjusted discount rate, inflation rates and estimated date of reclamation. Concentrations— During the three months ended September 30, 2020, sales to four customers accounted for approximately 24%, 20%, 20% and 14% of our total revenue, respectively, aggregating to approximately 78% of our total revenue. During the nine months ended September 30, 2020, sales to three customers accounted for approximately 28%, 14% and 12% of our total revenue, respectively, aggregating to approximately 54% of our total revenue. The balance due from these three customers at September 30, 2020 was approximately 66% of total accounts receivable. During the three and nine months ended September 30, 2019, sales to three customers accounted for approximately 58% and 49% of total revenue, respectively. Recent Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses , which replaces the existing incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We adopted this standard effective January 1, 2020. The adoption of this ASU did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software , which addresses the accounting for implementation costs associated with a hosted service. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. We adopted this standard as of January 1, 2020 on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The standard will be effective for us in the first quarter of our fiscal year 2021. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 3—PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Plant and equipment $ 154,655 $ 142,773 Construction in process 6,882 11,986 Capitalized mine development costs 70,413 58,773 Less: accumulated depreciation and amortization (50,931) (35,330) Total property, plant and equipment, net $ 181,019 $ 178,202 Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $14.7 million as of September 30, 2020 and $12.7 million as of December 31, 2019. Depreciation and amortization included: Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Depreciation of plant and equipment $ 4,326 $ 3,706 $ 12,740 $ 10,142 Amortization of capitalized mine development costs 932 1,647 2,861 4,149 Total depreciation and amortization $ 5,258 $ 5,353 $ 15,601 $ 14,291 |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
DEBT | NOTE 4—DEBT Revolving Credit Facility and Term Loan— On November 2, 2018, we entered into a Credit and Security Agreement (as amended, the “Revolving Credit Facility”) with KeyBank National Association (“KeyBank”). The Revolving Credit Facility was amended on February 20, 2020 and consists of a $10.0 million term loan (the “Term Loan”) and up to $30.0 million revolving line of credit, including $3.0 million letter of credit availability. All personal property assets, including, but not limited to accounts receivable, coal inventory and certain mining equipment are pledged to secure the Revolving Credit Facility. The Revolving Credit Facility has a maturity date of December 31, 2023 and bears interest based on LIBOR + 2.0% or Base Rate + 1.5%. Base Rate is the highest of (i) KeyBank’s prime rate, (ii) Federal Funds Effective Rate + 0.5%, or (iii) LIBOR + 2.0%. Advances under the Revolving Credit Facility are made initially as base rate loans, but may be converted to LIBOR rate loans at certain times at our discretion. As of September 30, 2020, $14.3 million was outstanding on the Revolving Credit Facility and we had remaining availability of $14.3 million. The Term Loan is secured under a Master Security Agreement with a pledge of certain underground and surface mining equipment, bears interest at LIBOR + 5.15% and is required to be repaid in monthly installments of $278 thousand including accrued interest. The outstanding principal balance of the Term Loan was $7.5 million at September 30, 2020. The Revolving Credit Facility contains usual and customary covenants including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants. As of September 30, 2020, we were in compliance with all debt covenants. Equipment Financing Loan — On April 16, 2020, we entered into an equipment loan with Key Equipment Finance, a division of KeyBank, as lender, in the principal amount of approximately $4.7 million for the financing of existing underground and surface equipment (the “ Equipment Financing Loan”) . The loan bears interest at 7.45% per annum and is payable in 36 monthly installments of $147 thousand. There is a 3% premium for prepayment of the loan within the first 12 months. This premium declines by 1% during each successive 12-month period. The outstanding principal balance of the Equipment Financing Loan was $4.1 million at September 30, 2020. |
Note 5 - SBA Paycheck Protectio
Note 5 - SBA Paycheck Protection Program | 9 Months Ended |
Sep. 30, 2020 | |
SBA Paycheck Protection Program Loan | |
SBA Paycheck Protection Program | NOTE 5— On April 20, 2020, we received proceeds from the PPP Loan in the amount of approximately $8.4 million from KeyBank, as lender, pursuant to the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The purpose of the PPP is to encourage the continued employment of workers. Based upon receipt of this funding, we elected to recall our furloughed workers at our Elk Creek complex. We are using all proceeds from the PPP Loan to retain employees, maintain payroll and make lease, interest and utility payments. The PPP Loan matures on April 16, 2022 and bears interest at a rate of 1% per annum. Pursuant to the subsequently enacted Paycheck Protection Flexibility Act of 2020 , we are permitted to defer required monthly payments of principal and interest until such time as an approval or denial of foregiveness is received from the U.S. Small Business Administration (“SBA”) . The PPP Loan is evidenced by a promissory note dated April 17, 2020, which contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. The PPP Loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. All or a portion of the PPP Loan and accrued interest thereon may be forgiven by the SBA upon documentation of expenditures in accordance with the SBA requirements and proper application by the Company. Paycheck Protection Flexibility Act of 2020 , loan forgiveness is available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during either the eight week period or 24-week period beginning on the date of loan funding. For purposes of the PPP Loan, payroll costs exclude cash compensation of an individual employee in excess of $100 thousand, prorated annually. Not more than 40% of the forgiven amount may be for non-payroll costs. Forgiveness could be reduced if full-time headcount declines, or if salaries and wages for employees with salaries of $100 thousand or less annually are reduced by more than 25%. During the period from loan funding through September 30, 2020, we used the PPP Loan proceeds for eligible payroll expenses, lease, interest and utility payments totaling approximately $8.4 million. We anticipate that the full amount of the PPP Loan principal, together with accrued interest thereon, will be forgiven. Accordingly, we have recognized $1.1 million and $7.3 million as other income in the consolidated statement of operations for the three and nine months ended September 30, 2020, respectively. |
Note 6 - Equity
Note 6 - Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes To Financial Statements [Abstract] | |
EQUITY | NOTE 6—EQUITY Stock-Based Compensation— We have a stock-based compensation plan under which stock options, restricted stock, performance shares and other stock-based awards may be granted. At September 30, 2020, 3.2 million shares were available under the current plan for future awards. Options for the purchase of a total of 937,424 shares of our common stock for $5.34 per share were granted to two executives on August 31, 2016. The options have a ten-year term from the grant date and are fully vested. The options remain outstanding and unexercised and were not in-the-money at September 30, 2020. We grant shares of restricted stock to certain senior executives, key employees and directors. The shares vest over up to four years from the date of grant. During the vesting period, the participants have voting rights and may receive dividends, but the shares may not be sold, assigned, transferred, pledged or otherwise encumbered. Additionally, granted but unvested shares are forfeited upon termination of employment, unless an employee enters into another written arrangement. The fair value of the restricted shares on the date of the grant is amortized ratably over the service period. Compensation expense related to these awards totaled $1.1 million and $3.1 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2020, there was $7.0 million of total unrecognized compensation cost related to unvested restricted stock to be recognized over a weighted-average period of 2.1 years. The following table summarizes restricted awards outstanding, as well as activity for the period: Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2019 1,628,241 $ 6.32 Granted 1,867,477 3.05 Vested (427,315) 6.16 Forfeited (9,273) 3.49 Outstanding at September 30, 2020 3,059,130 4.36 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes To Financial Statements [Abstract] | |
COMMITMENTS AND CONTINGENCIES. | NOTE 7—COMMITMENTS AND CONTINGENCIES Surety Bonds— As of September 30, 2020, we had total reclamation bonding requirements of $14.9 million which were supported by surety bonds. Additionally, we had $0.3 million of surety bonds that secured performance obligations. Contingent Transportation Purchase Commitments— We secure the ability to transport coal through rail contracts and export terminal services contracts that are sometimes funded through take-or-pay arrangements. As of September 30, 2020, contingent liabilities under these take-or-pay arrangements expiring March 31, 2021 totaled $2.4 million. The level of these take or pay liabilities will be reduced at a per ton rate as such rail and export terminal services are utilized against the required minimum tonnage amounts over the contracts term stipulated in such rail and export terminal contracts. Litigation— From time to time, the Company may be subject to various litigation and other claims in the normal course of business. No amounts have been accrued in the consolidated financial statements with respect to any matters. On November 5, 2018, one of three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of the plant capacity. We completed a permanent belt workaround and reactivated the two remaining silos, which restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy and therefore on August 21, 2019 we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and to require coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. Currently, the case is scheduled for trial beginning December 8, 2020, in Charleston, WV. |
Note 8 - Revenues
Note 8 - Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
REVENUES. | NOTE 8—REVENUE Our revenue is derived from contracts for the sale of coal which is recognized at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts and pricing can either be by fixed-price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below: Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Coal Sales Domestic revenues $ 13,546 $ 50,382 $ 64,764 $ 126,498 Export revenues 25,913 10,998 53,005 58,103 Total revenues $ 39,459 $ 61,380 $ 117,769 $ 184,601 As of September 30, 2020, we had outstanding performance obligations for the remainder of 2020 of approximately 0.6 million tons for contracts with fixed sales prices averaging $88/ton and 0.2 million tons for contracts with index-based pricing mechanisms. Of the 0.6 million tons, 0.2 million at $91/ton may not ship in 2020 due to material adverse change and force majeure notices we have received to date. We intend to work with our customers in order to mitigate the impacts of these reductions and preserve the value of these contracts as much as possible, while taking into account the challenges of operating in the midst of a global pandemic. We cannot be certain whether additional volumes may be delayed or curtailed due to COVID-19. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
INCOME TAXES | NOTE 9—INCOME TAXES Income tax provisions for interim quarterly periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items related specifically to interim periods. We used a discrete effective tax rate to calculate taxes for the three and nine months ended September 30, 2020 since small changes in estimated income would result in significant changes in the estimated annual effective income tax rate. During the nine months ended September 30, 2020, we recognized $0.4 million of tax expense for the excess of book expense over the tax deduction for vested restricted stock awards. The effective tax rate for the three and nine months ended September 30, 2020 was approximately 23% and approximately 19%, respectively. Our effective tax rate for the three and nine months ended September 30, 2019 was approximately 17% each period. The primary difference from the federal statutory rate of 21% each period is related to state taxes, permanent differences for non-deductible expenses and the difference in depletion expense between U.S. GAAP and federal income tax purposes. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
EARNINGS PER SHARE. | NOTE 10—EARNINGS PER SHARE The following is the computation of basic and diluted EPS: Three months ended September 30, Nine months ended September 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator Net income (loss) $ (4,776) $ 5,550 $ (162) $ 23,046 Denominator Weighted average shares used to compute basic EPS 42,647 40,936 42,373 40,804 Dilutive effect of share-based awards — — — — Weighted average shares used to compute diluted EPS 42,647 40,936 42,373 40,804 Earnings (loss) per share Basic $ (0.11) $ 0.14 $ (0.00) $ 0.56 Diluted $ (0.11) $ 0.14 $ (0.00) $ 0.56 Diluted EPS in each of the three and nine months ended September 30, 2020 excludes 937,424 options to purchase our common stock because their effect would be anti-dilutive. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 11—RELATED PARTY TRANSACTIONS Much of the coal reserves and surface rights that we control were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, LLC, a related party. Production royalty payables totaling $0.4 million and $0.5 million at September 30, 2020 and December 31, 2019, respectively, were included in accounts payable in the consolidated balance sheets. Royalties paid to Ramaco Coal, LLC in the three and nine months ended September 30, 2020 totaled $1.0 million and $3.3 million, respectively. In the three and nine months ended September 30, 2019, royalties paid to Ramaco Coal, LLC totaled $2.1 million and $7.4 million, respectively. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 31, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain reclassifications have been made to the prior period’s consolidated financial statements and related footnotes to conform them to the current period presentation. Intercompany balances and transactions between consolidated entities are eliminated. |
Cash and cash equivalents | Cash and Cash Equivalents —We classify all highly-liquid instruments with an original maturity of three months or less to be cash equivalents. Restricted cash balances were $1.5 million at September 30, 2020 and $1.3 million at December 31, 2019, consisted of funds held in escrow for potential future workers’ compensation claims and were classified in other current assets in the consolidated balance sheets. |
Self-Insurance | Self-Insurance —We are self-insured for certain losses relating to workers’ compensation claims. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. At September 30, 2020, the estimated aggregate liability for uninsured claims totaled $1.2 million. Of this, $0.9 million is included in other long-term liabilities within the consolidated balance sheets. At December 31, 2019, the estimated aggregate liability for uninsured claims totaled $1.0 million including $0.7 million included in other long-term liabilities. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated liabilities are recorded in the period in which the change in estimate occurs. |
Deferred income | Deferred Income —We account for the SBA Paycheck Protection Program Loan (“PPP Loan”) as an in-substance government grant because we expect to meet the PPP Loan eligibility criteria and have concluded that the loan represents, in substance, a grant that is expected to be forgiven. Proceeds from the PPP Loan were initially recognized as a deferred income liability. Subsequently, we reduced this liability and recognized income on a systematic basis over the period in which the related costs for which the PPP Loan was intended were incurred. PPP Loan income is presented as other income within the consolidated statements of operations. |
Financial Instruments | Financial Instruments —Our financial assets and liabilities consist of cash, accounts receivable, accounts payable and indebtedness. The fair values of these instruments approximate their carrying amounts at each reporting date. Nonrecurring fair value measurements include asset retirement obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its reclamation liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, our credit adjusted discount rate, inflation rates and estimated date of reclamation. |
Concentrations | Concentrations— During the three months ended September 30, 2020, sales to four customers accounted for approximately 24%, 20%, 20% and 14% of our total revenue, respectively, aggregating to approximately 78% of our total revenue. During the nine months ended September 30, 2020, sales to three customers accounted for approximately 28%, 14% and 12% of our total revenue, respectively, aggregating to approximately 54% of our total revenue. The balance due from these three customers at September 30, 2020 was approximately 66% of total accounts receivable. During the three and nine months ended September 30, 2019, sales to three customers accounted for approximately 58% and 49% of total revenue, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses , which replaces the existing incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We adopted this standard effective January 1, 2020. The adoption of this ASU did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software , which addresses the accounting for implementation costs associated with a hosted service. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. We adopted this standard as of January 1, 2020 on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The standard will be effective for us in the first quarter of our fiscal year 2021. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment | (In thousands) September 30, 2020 December 31, 2019 Plant and equipment $ 154,655 $ 142,773 Construction in process 6,882 11,986 Capitalized mine development costs 70,413 58,773 Less: accumulated depreciation and amortization (50,931) (35,330) Total property, plant and equipment, net $ 181,019 $ 178,202 |
Schedule of depreciation and amortization | Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Depreciation of plant and equipment $ 4,326 $ 3,706 $ 12,740 $ 10,142 Amortization of capitalized mine development costs 932 1,647 2,861 4,149 Total depreciation and amortization $ 5,258 $ 5,353 $ 15,601 $ 14,291 |
Note 6 - Equity (Tables)
Note 6 - Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity | |
Schedule of restricted awards outstanding | Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2019 1,628,241 $ 6.32 Granted 1,867,477 3.05 Vested (427,315) 6.16 Forfeited (9,273) 3.49 Outstanding at September 30, 2020 3,059,130 4.36 |
Note 8 - Revenues (Tables)
Note 8 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Coal Sales Domestic revenues $ 13,546 $ 50,382 $ 64,764 $ 126,498 Export revenues 25,913 10,998 53,005 58,103 Total revenues $ 39,459 $ 61,380 $ 117,769 $ 184,601 |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule computation of basic and diluted EPS | Three months ended September 30, Nine months ended September 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator Net income (loss) $ (4,776) $ 5,550 $ (162) $ 23,046 Denominator Weighted average shares used to compute basic EPS 42,647 40,936 42,373 40,804 Dilutive effect of share-based awards — — — — Weighted average shares used to compute diluted EPS 42,647 40,936 42,373 40,804 Earnings (loss) per share Basic $ (0.11) $ 0.14 $ (0.00) $ 0.56 Diluted $ (0.11) $ 0.14 $ (0.00) $ 0.56 |
Note 1 - Business (Details)
Note 1 - Business (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020USD ($)customer | Jul. 31, 2020employee | Apr. 30, 2020employee | |
Furloughed employees | employee | 157 | 182 | |
Number of jobs affected | employee | 44 | ||
Two promissory notes | |||
Debt Instrument, Face Amount | $ | $ 13.2 | ||
Revenue Benchmark | Contractual obligations for purchases | |||
Number of Major Customers | customer | 2 | ||
Percent of commitments for the remaninder of the year that could be delayed | 10.00% | ||
Revolving Credit Facility | KeyBank National Association | |||
Outstanding on Revolving Credit Facility | $ | $ 14.3 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash | ||
Restricted Cash | $ 1.5 | $ 1.3 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentAssets | us-gaap:OtherCurrentAssets |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Self-Insurance (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Self-Insurance | ||
Estimated aggregate liability for uninsured claims | $ 1.2 | $ 1 |
Estimated aggregate liability for uninsured claims included in other long-term liabilities | $ 0.9 | $ 0.7 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Concentrations (Details) - Customer Concentration Risk - customer | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue Benchmark | ||||
Concentrations | ||||
Number of Major Customers | 4 | 3 | ||
Concentration Risk, Percentage | 78.00% | 54.00% | ||
Revenue Benchmark | Customer A | ||||
Concentrations | ||||
Concentration Risk, Percentage | 24.00% | 28.00% | ||
Revenue Benchmark | Customer B | ||||
Concentrations | ||||
Concentration Risk, Percentage | 20.00% | 14.00% | ||
Revenue Benchmark | Customer C | ||||
Concentrations | ||||
Concentration Risk, Percentage | 20.00% | 12.00% | ||
Revenue Benchmark | Customer D | ||||
Concentrations | ||||
Concentration Risk, Percentage | 14.00% | |||
Accounts Receivable. | ||||
Concentrations | ||||
Number of Major Customers | 3 | |||
Concentration Risk, Percentage | 58.00% | 66.00% | 49.00% |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, plant, and equipment | ||
Less: Accumulated depreciation and amortization | $ (50,931) | $ (35,330) |
Total property, plant and equipment, net | 181,019 | 178,202 |
Plant and Equipment | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 154,655 | 142,773 |
Construction in Progress | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 6,882 | 11,986 |
Capitalized mine development cost | ||
Property, plant, and equipment | ||
Property, plant and equipment, gross | 70,413 | 58,773 |
Coal Properties | ||
Property, plant, and equipment | ||
Capitalized amounts related to coal reserves at properties where the Company is not currently engaged in mining operations | $ 14,700 | $ 12,700 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation of plant and equipment | $ 4,326 | $ 3,706 | $ 12,740 | $ 10,142 |
Amortization of capitalized mine development costs | 932 | 1,647 | 2,861 | 4,149 |
Total depreciation and amortization | $ 5,258 | $ 5,353 | $ 15,601 | $ 14,291 |
Note 4 - Debt (Details)
Note 4 - Debt (Details) - USD ($) $ in Millions | Apr. 16, 2020 | Nov. 02, 2018 | Sep. 30, 2020 |
Equipment Loan | |||
Debt | |||
Long-term Debt, Total | $ 4.1 | ||
KeyBank National Association | Revolving Credit Facility | |||
Debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | ||
Amount of remaining availability | 14.3 | ||
Outstanding on Revolving Credit Facility | 14.3 | ||
KeyBank National Association | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Debt | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
KeyBank National Association | Revolving Credit Facility | Base Rate | |||
Debt | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
KeyBank National Association | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | |||
Debt | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
KeyBank National Association | Letter of Credit | |||
Debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3 | ||
KeyBank National Association | Term Loan | |||
Debt | |||
Debt Instrument, Face Amount | $ 10 | ||
Debt Instrument, Monthly Installment, Amount | 278 | ||
Long-term Debt, Total | $ 7.5 | ||
KeyBank National Association | Term Loan | London Interbank Offered Rate (LIBOR) | |||
Debt | |||
Debt Instrument, Basis Spread on Variable Rate | 5.15% | ||
KeyBank National Association | Equipment Loan | |||
Debt | |||
Debt Instrument, Face Amount | $ 4.7 | ||
Debt Instrument, Monthly Installment, Amount | $ 147 | ||
Number Of Monthly Installments | 36 months | ||
Annual percent of premium prepayment | 3.00% | ||
Annual premium decline in premium prepayment | 1.00% | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.45% |
Note 5 - SBA Paycheck Protect_2
Note 5 - SBA Paycheck Protection Program (Details) - USD ($) $ in Thousands | Apr. 20, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Other income | $ 1,743 | $ 573 | $ 11,456 | $ 1,063 | |
PPP Loan | |||||
Proceeds from loan | $ 8,400 | 8,400 | |||
Other income | $ 1,100 | $ 7,300 |
Note 6 - Equity (Details)
Note 6 - Equity (Details) $ / shares in Units, $ in Millions | Aug. 31, 2016employee$ / sharesshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2020USD ($)shares |
EQUITY | |||
Granted (in shares) | shares | 3,200,000 | 3,200,000 | |
Restricted Stock | |||
EQUITY | |||
Compensation costs | $ | $ 1.1 | $ 3.1 | |
Unrecognized compensation cost | $ | $ 7 | $ 7 | |
Weighted-average period | 2 years 1 month 6 days | ||
Vesting period | 4 years | ||
Stock Options | |||
EQUITY | |||
Granted (in shares) | shares | 937,424 | ||
Number of individuals | employee | 2 | ||
Purchase price (per share) | $ / shares | $ 5.34 | ||
Expiration period | 10 years |
Note 6 - Equity - Summary of Re
Note 6 - Equity - Summary of Restricted Awards Activity (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
EQUITY | |
Outstanding, shares (in shares) | shares | 1,628,241 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.32 |
Granted, shares (in shares) | shares | 1,867,477 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.05 |
Vested, shares (in shares) | shares | (427,315) |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.16 |
Forfeited, shares (in shares) | shares | (9,273) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.49 |
Outstanding, shares (in shares) | shares | 3,059,130 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.36 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
COMMITMENTS AND CONTINGENCIES | |
Asset Retirement Obligation | $ 14.9 |
Reclamation bonding requirements | 0.3 |
Take-or-pay Purchase Commitments | |
COMMITMENTS AND CONTINGENCIES | |
Commitments | $ 2.4 |
Note 8 - Revenue - Domestic Rev
Note 8 - Revenue - Domestic Revenues an Export Revenues (Details) $ in Thousands, T in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)T | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)T$ / T | Sep. 30, 2019USD ($) | |
REVENUES | ||||
Revenues | $ | $ 39,459 | $ 61,380 | $ 117,769 | $ 184,601 |
Term of domestic sales contracts | 1 year | |||
Domestic Coal Revenues | ||||
REVENUES | ||||
Revenues | $ | 13,546 | 50,382 | $ 64,764 | 126,498 |
Export Revenues | ||||
REVENUES | ||||
Revenues | $ | $ 25,913 | $ 10,998 | $ 53,005 | $ 58,103 |
Fixed Priced Contracts | ||||
REVENUES | ||||
Outstanding performance obligation, mass | T | 0.6 | 0.6 | ||
Average per ton | $ / T | 88 | |||
Fixed Priced Contracts | Plan | ||||
REVENUES | ||||
Outstanding performance obligation, mass | T | 0.2 | 0.2 | ||
Average per ton | $ / T | 91 | |||
Contracts with Indexed Based Pricing Mechanisms | ||||
REVENUES | ||||
Outstanding performance obligation, mass | T | 0.2 | 0.2 |
Note 9 - Income Taxes (Details)
Note 9 - Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Taxes. | ||||
Amount of tax deduction for vested restricted stock awards | $ 0.4 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 23.00% | 17.00% | 19.00% | |
Statutory rate | 21.00% |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
EARNINGS PER SHARE | ||||||||
Net income | $ (4,776) | $ 2,652 | $ 1,962 | $ 5,550 | $ 10,613 | $ 6,883 | $ (162) | $ 23,046 |
Weighted average shares used to compute basic EPS (in shares) | 42,647 | 40,936 | 42,373 | 40,804 | ||||
Weighted average shares used to compute diluted EPS (in shares) | 42,647 | 40,936 | 42,373 | 40,804 | ||||
Basic (in dollars per share) | $ (0.11) | $ 0.14 | $ 0 | $ 0.56 | ||||
Diluted (in dollars per share) | $ (0.11) | $ 0.14 | $ 0 | $ 0.56 | ||||
Antidilutive shares | 937,424 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details) - Ramaco Coal, LLC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |||||
Royalties paid | $ 1 | $ 2.1 | $ 3.3 | $ 7.4 | |
Accounts Payable and Accrued Liabilities | Mineral Lease and Surface Rights Agreements | |||||
RELATED PARTY TRANSACTIONS | |||||
Due to Related Parties, Total | $ 0.4 | $ 0.4 | $ 0.5 |