Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $.01 par value | |
Trading Symbol | HNRG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,612,572 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 3,863 | $ 8,041 |
Restricted cash | 3,771 | 4,030 |
Accounts receivable | 13,633 | 14,414 |
Inventory | 34,036 | 24,663 |
Parts and supplies | 9,288 | 8,903 |
Prepaid expenses | 1,631 | 3,282 |
Total current assets | 66,222 | 63,333 |
Property, plant and equipment, at cost: | ||
Land and mineral rights | 115,840 | 115,853 |
Buildings and equipment | 356,256 | 352,115 |
Mine development | 96,971 | 93,635 |
Total property, plant and equipment, at cost | 569,067 | 561,603 |
Less - accumulated depreciation, depletion and amortization | (262,523) | (252,245) |
Total property, plant and equipment, net | 306,544 | 309,358 |
Investment in Sunrise Energy | 3,181 | 3,181 |
Other assets | 8,261 | 8,258 |
Total Assets | 384,208 | 384,130 |
Current liabilities: | ||
Current portion of bank debt, net | 34,311 | 34,311 |
Current portion of PPP note | 8,871 | 5,490 |
Accounts payable and accrued liabilities | 35,166 | 31,409 |
Total current liabilities | 78,348 | 71,210 |
Long-term liabilities: | ||
Bank debt, net | 96,230 | 97,307 |
PPP note | 1,129 | 4,510 |
Deferred income taxes | 1,095 | 2,824 |
Asset retirement obligations | 16,537 | 16,177 |
Other | 2,361 | 2,842 |
Total long-term liabilities | 117,352 | 123,660 |
Total liabilities | 195,700 | 194,870 |
Redeemable noncontrolling interests | 4,000 | 4,000 |
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; 30,613 and 30,610 issued and outstanding, respectively | 306 | 306 |
Additional paid-in capital | 103,679 | 103,399 |
Retained earnings | 80,523 | 81,555 |
Total stockholders’ equity | 184,508 | 185,260 |
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity | $ 384,208 | $ 384,130 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
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) | 30,613 | 30,610 |
Common stock, shares outstanding (in shares) | 30,613 | 30,610 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
SALES AND OPERATING REVENUES: | |||
Coal sales | $ 45,879 | $ 61,932 | |
Other revenues | 816 | 551 | |
Total revenues | 46,695 | 62,483 | |
EXPENSES: | |||
Operating expenses | 34,009 | 48,469 | |
Depreciation, depletion and amortization | 10,307 | 10,627 | |
Asset retirement obligations accretion | 363 | 333 | |
Exploration costs | 58 | 253 | |
General and administrative | 2,821 | 2,978 | |
Total operating expenses | 47,558 | 62,660 | |
LOSS FROM OPERATIONS | (863) | (177) | |
Interest expense | [1] | (1,898) | (5,714) |
Equity method investment income | 0 | 55 | |
LOSS BEFORE INCOME TAXES | (2,761) | (5,836) | |
Current | 0 | (524) | |
Deferred | (1,729) | (1,652) | |
Total income tax benefit | (1,729) | (2,176) | |
NET LOSS | $ (1,032) | $ (3,660) | |
LOSS PER SHARE: | |||
Basic and diluted (in dollars per share) | $ (0.03) | $ (0.12) | |
WEIGHTED AVERAGE SHARES OUTSTANDING | |||
Basic and diluted (in shares) | 30,611 | 30,420 | |
(1) Bank interest | $ 2,135 | $ 2,654 | |
Non-cash interest: | |||
Change in fair value of interest rate swaps valuation | (848) | 2,593 | |
Amortization of debt issuance costs | 611 | 467 | |
Total non-cash interest | (237) | 3,060 | |
Total interest | [1] | $ 1,898 | $ 5,714 |
[1] | Bank interest |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,032) | $ (3,660) |
Deferred income taxes | (1,729) | (1,652) |
Equity income – Sunrise Energy | 0 | (55) |
Depreciation, depletion and amortization | 10,307 | 10,627 |
Unrealized gain on marketable securities | 0 | (14) |
Amortization of debt issuance costs | 611 | 467 |
Asset retirement obligations accretion | 363 | 333 |
Stock-based compensation | 282 | 319 |
Change in current assets and liabilities: | ||
Accounts receivable | 781 | 12,885 |
Inventory | (9,373) | (9,113) |
Parts and supplies | (385) | 889 |
Prepaid income taxes | 0 | 581 |
Prepaid expenses | (242) | 159 |
Accounts payable and accrued liabilities | 4,342 | (1,691) |
Other | 135 | 2,277 |
Cash provided by operating activities | 2,973 | 16,256 |
INVESTING ACTIVITIES: | ||
Investment in Sunrise Energy | 0 | (112) |
Capital expenditures | (5,720) | (6,022) |
Proceeds from sale of marketable securities | 0 | 2,310 |
Proceeds from maturities of certificates of deposit | 0 | 245 |
Cash used in investing activities | (5,720) | (3,579) |
FINANCING ACTIVITIES: | ||
Payments on bank debt | (9,188) | (12,100) |
Borrowings of bank debt | 7,500 | 0 |
Taxes paid on vesting of RSUs | (2) | 0 |
Dividends paid | 0 | (1,236) |
Cash used in financing activities | (1,690) | (13,336) |
Decrease in cash, cash equivalents, and restricted cash | (4,437) | (659) |
Cash, cash equivalents, and restricted cash, beginning of period | 12,071 | 13,311 |
Cash, cash equivalents, and restricted cash, end of period | 7,634 | 12,652 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CONSIST OF THE FOLLOWING: | ||
Cash and cash equivalents | 3,863 | 7,918 |
Restricted cash | 3,771 | 4,734 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 7,634 | 12,652 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 2,145 | 2,707 |
SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||
Change in capital expenditures included in accounts payable and prepaid expense | 1,872 | 3,516 |
Interest Rate Swap [Member] | ||
OPERATING ACTIVITIES: | ||
Change in fair value of derivative | (848) | 2,593 |
Fuel Hedge [Member] | ||
OPERATING ACTIVITIES: | ||
Change in fair value of derivative | $ (239) | $ 1,311 |
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, 2019 | 30,420 | |||
Balance at Dec. 31, 2019 | $ 304 | $ 102,215 | $ 89,011 | $ 191,530 |
Stock-based compensation | 0 | 319 | 0 | 319 |
Net income (loss) | 0 | 0 | (3,660) | (3,660) |
Dividends | $ 0 | 0 | (1,236) | (1,236) |
Balance (in shares) at Mar. 31, 2020 | 30,420 | |||
Balance at Mar. 31, 2020 | $ 304 | 102,534 | 84,115 | 186,953 |
Balance (in shares) at Dec. 31, 2020 | 30,610 | |||
Balance at Dec. 31, 2020 | $ 306 | 103,399 | 81,555 | 185,260 |
Stock-based compensation | $ 0 | 282 | 0 | 282 |
Stock issued on vesting of RSUs (in shares) | 4 | |||
Stock issued on vesting of RSUs | $ 0 | 0 | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (1) | |||
Taxes paid on vesting of RSUs | $ 0 | (2) | 0 | (2) |
Net income (loss) | $ 0 | 0 | (1,032) | (1,032) |
Balance (in shares) at Mar. 31, 2021 | 30,613 | |||
Balance at Mar. 31, 2021 | $ 306 | $ 103,679 | $ 80,523 | $ 184,508 |
Note 1 - General Business
Note 1 - General Business | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 not December 31, 2021 2020 2021 no 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 2020 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) and Hourglass Sands, LLC (Hourglass), and Sunrise’s wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Sunrise is engaged in the production of steam coal from mines located in western Indiana. Subsequent Events We have evaluated all subsequent events through the date the financial statements were issued. There are no |
Note 2 - Long-lived Asset Impai
Note 2 - Long-lived Asset Impairments | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 no Hourglass Sands We recorded an impairment of $2.9 million as of December 31, 2019 December 31, 2019 August 2020 September 30, 2020, |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 INVENTORY Inventory is valued at lower of average cost or net realizable value (NRV). As of March 31, 2021 December 31, 2020 |
Note 4 - Other Long-term Assets
Note 4 - Other Long-term Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 4 OTHER LONG-TERM ASSETS (in thousands) March 31, December 31, 2021 2020 Advanced coal royalties $ 6,481 $ 6,449 Other 1,780 1,809 Total other assets $ 8,261 $ 8,258 |
Note 5 - Bank Debt
Note 5 - Bank Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 BANK DEBT Bank debt is comprised of term debt ($58.8 million as of March 31, 2021 March 31, 2021 March 2023. September 2023. Liquidity As of March 31, 2021 March 31, 2021 Fees Unamortized bank fees and other costs incurred in connection with the initial facility and subsequent amendments totaled $7.9 million as of our amendment in April 2020. March 31, 2021 December 31, 2020 Bank debt, less debt issuance costs, is presented below (in thousands): March 31, December 31, 2021 2020 Current bank debt $ 36,750 $ 36,750 Less unamortized debt issuance costs (2,439 ) (2,439 ) Net current portion $ 34,311 $ 34,311 Long-term bank debt $ 99,300 $ 100,988 Less unamortized debt issuance costs (3,070 ) (3,681 ) Net long-term portion $ 96,230 $ 97,307 Total bank debt $ 136,050 $ 137,738 Less total unamortized debt issuance costs (5,509 ) (6,120 ) Net bank debt $ 130,541 $ 131,618 Covenants The credit facility includes a Maximum Leverage Ratio (consolidated funded debt/trailing twelve twelve not Fiscal Periods Ending Ratio March 31, 2021 and June 30, 2021 3.25 to 1.00 September 30, 2021 and December 31, 2021 3.00 to 1.00 March 31, 2022 and each fiscal quarter thereafter 2.50 to 1.00 As of March 31, 2021 The credit facility also requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA / annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve 1.00 December 31, 2021, 1.00 As of March 31, 2021 Interest Rate The interest rate on the facility ranges from LIBOR plus 2.75% to LIBOR plus 4.00%, depending on our Leverage Ratio, with a LIBOR floor of 0.50%. We entered into swap agreements to fix the LIBOR component of the interest rate at 2.92% on the declining term loan balance and on $53 million of the revolver. At March 31, 2021 Paycheck Protection Program On April 16, 2020, The annual interest rate on the PPP Note is 1.00%. six 2021. not ~$1.1 August 2021 April 2022. may Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any covered payments of mortgage interest, rent, and utilities. In the event the PPP Loan, or any portion thereof, is forgiven pursuant to the PPP, the amount forgiven is applied to outstanding principal. The Company used all proceeds from the PPP Loan to maintain payroll and utility payments. If the SBA determines that the Company was not not At March 31, 2021 In December 2020, January 8, 2021, no April 8, 2021, |
Note 6 - Accounts Payable and A
Note 6 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 6 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands) March 31, December 31, 2021 2020 Accounts payable $ 16,067 $ 14,785 Accrued property taxes 2,953 2,566 Accrued payroll 2,838 1,621 Workers' compensation reserve 3,111 2,988 Group health insurance 1,800 1,800 Fair value of interest rate swaps 2,551 2,793 Other 5,846 4,856 Total accounts payable and accrued liabilities $ 35,166 $ 31,409 |
Note 7 - Revenue
Note 7 - Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 7 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 collectability of consideration is probable. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer. We utilize the normal purchase normal sales exception for all long-term sales contracts. Our 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 Princeton Loop, 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 predetermined 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. Disaggregation of Revenue Revenue is disaggregated by primary geographic markets, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. 77% and 78% of our coal revenue for the three March 31, 2021 three March 31, 2020 Performance Obligations A performance obligation is a promise in a contract with a customer to provide distinct goods or services. Performance obligations are the unit of account for purposes of applying the revenue recognition standard and therefore determine when and how revenue is recognized. In most of our contracts, the customer contracts with us to provide coal that meets certain quality criteria. We consider each ton of coal a separate performance obligation and allocate the transaction price based on the base price per the contract, increased or decreased for quality adjustments. We recognize revenue at a point in time, as the customer does not We have remaining performance obligations relating to fixed priced contracts of approximately $455 million, which represent the average fixed prices on our committed contracts as of March 31, 2021 2021 2022, We have remaining performance obligations relating to contracts with price reopeners of approximately $237 million, which represents our estimate of the expected re-opener price on committed contracts as of March 31, 2021 2022. The tons used to determine the remaining performance obligations are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such option exists in the customer contract. Contract Balances Under ASC 606, not not not March 31, 2021 one |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 INCOME TAXES For interim period reporting, we record income taxes using an estimated annual effective tax rate based upon projected annual income, forecasted permanent tax differences, discrete items and statutory rates in states in which we operate. Our effective tax rate for the three March 31, 2021 2020 ~63% ~37%, not |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 9 STOCK COMPENSATION PLANS Non-vested grants at December 31, 2020 324,250 Vested – average weighted share price on vesting date was $1.63 (3,500 ) Forfeited (9,000 ) Non-vested grants at March 31, 2021 311,750 For the three March 31, 2021 2020, Non-vested RSU grants will vest as follows: Vesting Year RSUs Vesting 2021 301,750 2022 — 2023 10,000 311,750 The outstanding RSUs have a value of $0.6 million based on the March 31, 2021, At March 31, 2021 |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 10 LEASES We have operating leases for office space and processing facilities with remaining lease terms ranging from less than one five not not Information related to leases was as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease information: Operating cash outflows from operating leases $ 47 $ 87 Weighted average remaining lease term in years 2.94 3.92 Weighted average discount rate 6.0 % 6.0 % Future minimum lease payments under non-cancellable leases as of March 31, 2021 Year Amount (In thousands) 2021 $ 152 2022 206 2023 173 2024 60 Total minimum lease payments $ 591 Less imputed interest (33 ) Total operating lease liabilities $ 558 As reflected on balance sheet: Other long-term liabilities $ 558 At March 31, 2021 December 31, 2020 |
Note 11 - Self-insurance
Note 11 - Self-insurance | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Self Insurance [Text Block] | ( 11 SELF-INSURANCE We self-insure our underground mining equipment. Such equipment is allocated among seven March 31, 2021 December 31, 2020 Restricted cash of $3.8 million and $4.0 million as of March 31, 2021 December 31, 2020 third |
Note 12 - Net Loss Per Share
Note 12 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 NET LOSS PER SHARE We compute net loss per share using the two The following table (in thousands, except per share amounts) sets forth the computation of net loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (1,032 ) $ (3,660 ) Less loss allocated to RSUs 11 59 Net loss allocated to common shareholders $ (1,021 ) $ (3,601 ) |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 13 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 3 two March 31, 2021 May 2022. $1.79/gallon $2.00/gallon December 2021. third not 2. Q3 2020 3 Note 2 The following table summarizes our financial assets and liabilities measured on a recurring basis at fair value at March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total December 31, 2020 Liabilities: Fuel hedge $ — $ — $ 297 $ 297 Interest rate swaps — — 3,893 3,893 $ — $ — $ 4,190 $ 4,190 March 31, 2021 Liabilities: Fuel hedge — — 58 58 Interest rate swaps — — 3,045 3,045 $ — $ — $ 3,103 $ 3,103 The table below highlights the change in fair value of the fuel hedges and interest rate swaps which are based on a discounted future cash flow model (in thousands): Ending balance, December 31, 2020* $ (4,190 ) Change in estimated fair value 1,087 Ending balance, March 31, 2021* $ (3,103 ) *Recorded in accounts payable and accrued liabilities and other liabilities in the Condensed Consolidated Balance Sheets. |
Note 14 - Equity Method Investm
Note 14 - Equity Method Investments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 14 EQUITY METHOD INVESTMENTS We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy also plans to develop and explore for oil, gas, and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in our condensed consolidated balance sheets as of March 31, 2021 December 31, 2020 |
Note 15 - Hourglass Sands
Note 15 - Hourglass Sands | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 15 HOURGLASS SANDS In February 2018, not In February 2018, one may In December 2019, August 2020, Note 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated all subsequent events through the date the financial statements were issued. There are no |
Note 4 - Other Long-term Asse_2
Note 4 - Other Long-term Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, December 31, 2021 2020 Advanced coal royalties $ 6,481 $ 6,449 Other 1,780 1,809 Total other assets $ 8,261 $ 8,258 |
Note 5 - Bank Debt (Tables)
Note 5 - Bank Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2021 2020 Current bank debt $ 36,750 $ 36,750 Less unamortized debt issuance costs (2,439 ) (2,439 ) Net current portion $ 34,311 $ 34,311 Long-term bank debt $ 99,300 $ 100,988 Less unamortized debt issuance costs (3,070 ) (3,681 ) Net long-term portion $ 96,230 $ 97,307 Total bank debt $ 136,050 $ 137,738 Less total unamortized debt issuance costs (5,509 ) (6,120 ) Net bank debt $ 130,541 $ 131,618 |
Schedule of Line of Credit Facilities [Table Text Block] | Fiscal Periods Ending Ratio March 31, 2021 and June 30, 2021 3.25 to 1.00 September 30, 2021 and December 31, 2021 3.00 to 1.00 March 31, 2022 and each fiscal quarter thereafter 2.50 to 1.00 |
Note 6 - Accounts Payable and_2
Note 6 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2021 2020 Accounts payable $ 16,067 $ 14,785 Accrued property taxes 2,953 2,566 Accrued payroll 2,838 1,621 Workers' compensation reserve 3,111 2,988 Group health insurance 1,800 1,800 Fair value of interest rate swaps 2,551 2,793 Other 5,846 4,856 Total accounts payable and accrued liabilities $ 35,166 $ 31,409 |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Non-vested grants at December 31, 2020 324,250 Vested – average weighted share price on vesting date was $1.63 (3,500 ) Forfeited (9,000 ) Non-vested grants at March 31, 2021 311,750 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Year RSUs Vesting 2021 301,750 2022 — 2023 10,000 311,750 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Operating lease information: Operating cash outflows from operating leases $ 47 $ 87 Weighted average remaining lease term in years 2.94 3.92 Weighted average discount rate 6.0 % 6.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount (In thousands) 2021 $ 152 2022 206 2023 173 2024 60 Total minimum lease payments $ 591 Less imputed interest (33 ) Total operating lease liabilities $ 558 As reflected on balance sheet: Other long-term liabilities $ 558 |
Note 12 - Net Loss Per Share (T
Note 12 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (1,032 ) $ (3,660 ) Less loss allocated to RSUs 11 59 Net loss allocated to common shareholders $ (1,021 ) $ (3,601 ) |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2020 Liabilities: Fuel hedge $ — $ — $ 297 $ 297 Interest rate swaps — — 3,893 3,893 $ — $ — $ 4,190 $ 4,190 March 31, 2021 Liabilities: Fuel hedge — — 58 58 Interest rate swaps — — 3,045 3,045 $ — $ — $ 3,103 $ 3,103 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Ending balance, December 31, 2020* $ (4,190 ) Change in estimated fair value 1,087 Ending balance, March 31, 2021* $ (3,103 ) |
Note 2 - Long-lived Asset Imp_2
Note 2 - Long-lived Asset Impairments (Details Textual) - Hourglass Sands [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Asset Impairment Charges, Total | $ 1.8 | $ 2.9 | $ 1.8 | $ 2.9 |
Mineral Properties, Net, Total | $ 1.9 | $ 1.9 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Adjustments, Total | $ 1.1 | $ 1.6 |
Note 4 - Other Long-term Asse_3
Note 4 - Other Long-term Assets - Other Long-term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Advanced coal royalties | $ 6,481 | $ 6,449 |
Other | 1,780 | 1,809 |
Total other assets | $ 8,261 | $ 8,258 |
Note 5 - Bank Debt (Details Tex
Note 5 - Bank Debt (Details Textual) $ in Thousands | Jan. 08, 2021USD ($) | Apr. 16, 2020USD ($) | Apr. 15, 2020 | Apr. 30, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) |
Long-term Debt, Gross | $ 136,050 | $ 137,738 | |||||
Debt Issuance Costs, Net, Total | $ 5,509 | 6,120 | |||||
Leverage Ratio | 2.78 | ||||||
Debt Service Coverage Ratio | 1.13 | ||||||
Interest Rate Swap [Member] | |||||||
Derivative, Fixed Interest Rate | 2.92% | ||||||
Derivative, Variable Interest Rate | 6.92% | ||||||
Derivative, Amount of Hedged Item | $ 111,800 | ||||||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage Unhedged Amount | 4.00% | ||||||
London Interbank Offered Rate (LIBOR) Swap Rate [Member] | Interest Rate Swap [Member] | |||||||
Derivative, Basis Spread on Variable Rate | 4.00% | ||||||
Credit Agreement [Member] | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 24,000 | ||||||
Debt Instrument, Liquidity | 27,900 | ||||||
Letters of Credit Outstanding, Amount | 5,700 | ||||||
Debt Issuance Costs, Net, Total | 5,500 | $ 6,100 | $ 7,900 | ||||
Debt Instrument, Unhedged Portion | 24,300 | ||||||
Credit Agreement [Member] | Interest Rate Swap [Member] | |||||||
Derivative, Fixed Interest Rate | 2.92% | ||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Variable Rate Floor | 0.50% | ||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||
Credit Agreement [Member] | Through December 31, 2021 [Member] | |||||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.05 | ||||||
Credit Agreement [Member] | After December 31, 2021 [Member] | |||||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.25 | ||||||
Credit Agreement [Member] | Term Loan [Member] | |||||||
Long-term Debt, Gross | 58,800 | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000 | ||||||
Long-term Line of Credit, Total | 77,300 | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Interest Rate Swap [Member] | |||||||
Derivative, Notional Amount | $ 53,000 | ||||||
Paycheck Protection Program CARES Act [Member] | |||||||
Proceeds from Notes Payable, Total | $ 10,000 | ||||||
Notes Payable, Total | $ 10,000 | ||||||
Notes Payable, Amount of Forgiveness Applied For | $ 10,000 | ||||||
Notes Payable, Amount of Forgiveness Pending | $ 10,000 | ||||||
Forgiveness of Notes Payable, Period from Receipt of Forgiveness Application During Which Lender Will Determine Forgiveness Amount (Day) | 90 days | ||||||
Paycheck Protection Program CARES Act [Member] | Forecast [Member] | |||||||
Debt Instrument, Monthly Payment if Debt Instrument is Not Forgiven | $ 1,100 |
Note 5 - Bank Debt - Bank Debt,
Note 5 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current bank debt | $ 36,750 | $ 36,750 |
Less unamortized debt issuance costs | (2,439) | (2,439) |
Net current portion | 34,311 | 34,311 |
Long-term bank debt | 99,300 | 100,988 |
Less unamortized debt issuance costs | (3,070) | (3,681) |
Net long-term portion | 96,230 | 97,307 |
Total bank debt | 136,050 | 137,738 |
Less total unamortized debt issuance costs | (5,509) | (6,120) |
Net bank debt | $ 130,541 | $ 131,618 |
Note 5 - Bank Debt - Maximum Le
Note 5 - Bank Debt - Maximum Leverage Ratio (Details) - Credit Agreement [Member] | Mar. 31, 2021 |
Periods Ended March 31, 2021 and June 30, 2021 [Member] | |
Maximum Leverage Ratio | 3.25 |
Periods Ended September 30, 2021 and December 31, 2021 [Member] | |
Maximum Leverage Ratio | 3 |
Period Ended March 31, 2022 and Thereafter [Member] | |
Maximum Leverage Ratio | 2.50 |
Note 6 - Accounts Payable and_3
Note 6 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts payable | $ 16,067 | $ 14,785 |
Accrued property taxes | 2,953 | 2,566 |
Accrued payroll | 2,838 | 1,621 |
Workers' compensation reserve | 3,111 | 2,988 |
Group health insurance | 1,800 | 1,800 |
Fair value of interest rate swaps | 2,551 | 2,793 |
Other | 5,846 | 4,856 |
Total accounts payable and accrued liabilities | $ 35,166 | $ 31,409 |
Note 7 - Revenue 1 (Details Tex
Note 7 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Contract with Customer, Liability, Current | $ 0.2 | |
Coal [Member] | INDIANA | Revenue from Contract with Customer Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Concentration Risk, Percentage | 77.00% | 78.00% |
Note 7 - Revenue 2 (Details Tex
Note 7 - Revenue 2 (Details Textual) $ in Millions | Mar. 31, 2021USD ($) |
Fixed-price Contract [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 455 |
Revenue, Remaining Performance Obligation, Percentage | 76.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year 9 months |
Contracts with Price Reopeners [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 237 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 63.00% | 37.00% |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 0.3 | $ 0.3 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0.6 | |
Share Price (in dollars per share) | $ 1.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,444,916 |
Note 9 - Stock Compensation P_4
Note 9 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021shares | |
Non-vested grants (in shares) | 324,250 |
Vested – average weighted share price on vesting date was $1.63 (in shares) | (3,500) |
Forfeited (in shares) | (9,000) |
Non-vested grants (in shares) | 311,750 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details) - Restricted Stock Units (RSUs) [Member] | Mar. 31, 2021shares |
RSUs vesting (in shares) | 311,750 |
Vesting in 2021 [Member] | |
RSUs vesting (in shares) | 301,750 |
Vesting in 2022 [Member] | |
RSUs vesting (in shares) | 0 |
Vesting in 2023 [Member] | |
RSUs vesting (in shares) | 10,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Buildings and Equipment [Member] | ||
Operating Lease, Right-of-Use Asset | $ 558,000 | $ 602,000 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years |
Note 10 - Leases - Information
Note 10 - Leases - Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating cash outflows from operating leases | $ 47 | $ 87 |
Weighted average remaining lease term in years (Year) | 2 years 11 months 8 days | 3 years 11 months 1 day |
Weighted average discount rate | 6.00% | 6.00% |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 152 |
2022 | 206 |
2023 | 173 |
2024 | 60 |
Total minimum lease payments | 591 |
Less imputed interest | (33) |
Other Noncurrent Liabilities [Member] | |
Total operating lease liabilities | 558 |
Other long-term liabilities | $ 558 |
Note 11 - Self-insurance (Detai
Note 11 - Self-insurance (Details Textual) $ in Thousands | Mar. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Restricted Cash and Cash Equivalents, Total | $ 3,771 | $ 4,030 | $ 4,734 |
Future Workers' Compensation Claim Payments [Member] | |||
Restricted Cash and Cash Equivalents, Total | $ 3,800 | 4,000 | |
Mining Properties and Mineral Rights [Member] | |||
Number of Mining Units | 7 | ||
Area of Real Estate Property | item | 10 | ||
Operating Lease, Liability, Total | $ 273,000 | $ 269,000 |
Note 12 - Net Loss Per Share -
Note 12 - Net Loss Per Share - Computation of Net Income(Loss) Allocated to Common Shareholders (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (1,032) | $ (3,660) |
Less loss allocated to RSUs | 11 | 59 |
Net loss allocated to common shareholders | $ (1,021) | $ (3,601) |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) gal in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / galgal | |
Interest Rate Swap [Member] | |
Derivative, Number of Instruments Held, Total | 2 |
Interest Rate Swap, One [Member] | |
Derivative, Notional Amount | $ | $ 53 |
Interest Rate Swap, Two [Member] | |
Derivative, Notional Amount | $ | $ 58 |
Fuel Hedge [Member] | |
Derivative, Nonmonetary Notional Amount, Volume (Gallon) | gal | 0.7 |
Fuel Hedge [Member] | Minimum [Member] | |
Underlying, Derivative Volume (in USD per Gallon) | $ / gal | 1.79 |
Fuel Hedge [Member] | Maximum [Member] | |
Underlying, Derivative Volume (in USD per Gallon) | $ / gal | 2 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivate liabilities | $ 4,190 | |
Assets, Fair Value Disclosure | $ 3,103 | |
Fuel Hedge [Member] | ||
Derivate liabilities | 297 | |
Fuel hedge | 58 | |
Interest Rate Swap [Member] | ||
Derivate liabilities | 3,045 | 3,893 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivate liabilities | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fuel Hedge [Member] | ||
Derivate liabilities | 0 | |
Fuel hedge | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivate liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivate liabilities | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fuel Hedge [Member] | ||
Derivate liabilities | 0 | |
Fuel hedge | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivate liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivate liabilities | 4,190 | |
Assets, Fair Value Disclosure | 3,103 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fuel Hedge [Member] | ||
Derivate liabilities | 297 | |
Fuel hedge | 58 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivate liabilities | $ 3,045 | $ 3,893 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Change in Fair Value of the Fuel Hedges and Interest Rate Swaps (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Balance | $ (4,190) | [1] |
Change in estimated fair value | 1,087 | |
Balance | $ (3,103) | [1] |
[1] | Recorded in accounts payable and accrued liabilities and other liabilities in the Condensed Consolidated Balance Sheets. |
Note 14 - Equity Method Inves_2
Note 14 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Equity Method Investments | $ 3,181 | $ 3,181 |
Sunrise Energy, LLC [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments | $ 3,200 | $ 3,200 |
Note 15 - Hourglass Sands (Deta
Note 15 - Hourglass Sands (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2018 | Feb. 28, 2018 | Sep. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Hourglass Sands [Member] | |||||||
Asset Impairment Charges, Total | $ 1.8 | $ 2.9 | $ 1.8 | $ 2.9 | |||
Hourglass Sands [Member] | |||||||
Capitalization, Long-term Debt and Equity, Total | $ 8 | $ 8 | |||||
Capital Unit, Class A [Member] | Hourglass Sands [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Percentage of Profit Until Capital Investment and Interest is Returned | 100.00% | ||||||
Percentage of Profit After Capital Investment and Interest is Returned | 90.00% | ||||||
Hourglass Sands LLC [Member] | |||||||
Business Combination, Consideration Transferred, Total | 4 | $ 4 | |||||
Hourglass Sands LLC [Member] | Director [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 4 |