Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended March 31, 2024
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number:001-34743

HALLADOR ENERGY COMPANY

(www.halladorenergy.com)

Colorado

(State of incorporation)

84-1014610

(IRS Employer Identification No.)

1183 East Canvasback Drive, Terre Haute, Indiana

(Address of principal executive offices)

47802

(Zip Code)

Registrant’s telephone number, including area code: 812.299.2800

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares, $.01 par value	HNRG	Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☑
Non-accelerated filer ☐		Smaller reporting company ☑
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 1, 2024, we had 37,027,196 shares of common stock outstanding.

Table of Contents

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION	1

ITEM 1. FINANCIAL STATEMENTS (Unaudited)	1

Condensed Consolidated Balance Sheets	1

Condensed Consolidated Statements of Operations	2

Condensed Consolidated Statements of Cash Flows	3

Condensed Consolidated Statements of Stockholders’ Equity	4

Notes to Condensed Consolidated Financial Statements	5

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	16

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	26

ITEM 4. CONTROLS AND PROCEDURES	26

PART II - OTHER INFORMATION	27

ITEM 4. MINE SAFETY DISCLOSURES	27

ITEM 6. EXHIBITS	27

SIGNATURES	28

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Hallador Energy Company

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

	*March 31,*			*December 31,*
	*2024*			*2023*
ASSETS
Current assets:
Cash and cash equivalents	$	1,635		$	2,842
Restricted cash		4,737			4,281
Accounts receivable		14,228			19,937
Inventory		29,688			23,075
Parts and supplies		40,360			38,877
Prepaid expenses		2,614			2,262
Total current assets		93,262			91,274
Property, plant and equipment:
Land and mineral rights		115,486			115,486
Buildings and equipment		537,921			537,131
Mine development		161,669			158,642
Finance lease right-of-use assets		16,178			12,346
Total property, plant and equipment		831,254			823,605
Less - accumulated depreciation, depletion and amortization		(348,783	)		(334,971	)
Total property, plant and equipment, net		482,471			488,634
Investment in Sunrise Energy		2,562			2,811
Other assets		7,125			7,061
Total assets	$	585,420		$	589,780

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of bank debt, net	$	24,438		$	24,438
Notes payable - related party		5,000			—
Accounts payable and accrued liabilities		47,125			62,908
Current portion of lease financing		4,958			3,933
Deferred revenue		41,242			23,062
Contract liability - power purchase agreement and capacity payment reduction		41,662			43,254
Total current liabilities		164,425			157,595
Long-term liabilities:
Bank debt, net		49,343			63,453
Convertible notes payable		10,000			10,000
Convertible notes payable - related party		1,000			9,000
Long-term lease financing		9,701			8,157
Deferred revenue		5,434			—
Deferred income taxes		8,625			9,235
Asset retirement obligations		14,934			14,538
Contract liability - power purchase agreement		36,229			47,425
Other		1,871			1,789
Total long-term liabilities		137,137			163,597
Total liabilities		301,562			321,192
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued		—			—
Common stock, $.01 par value, 100,000 shares authorized; 36,534 and 34,052 issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively		365			341
Additional paid-in capital		144,490			127,548
Retained earnings		139,003			140,699
Total stockholders’ equity		283,858			268,588
Total liabilities and stockholders’ equity	$	585,420		$	589,780

See accompanying notes to the condensed consolidated financial statements.

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Hallador Energy Company

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	*Three Months Ended March 31,*
	*2024*			*2023*
SALES AND OPERATING REVENUES:
Electric sales	$	58,755		$	92,392
Coal sales		49,630			94,602
Other revenues		1,287			1,340
Total sales and operating revenues		109,672			188,334
EXPENSES:
Operating expenses		85,083			133,521
Depreciation, depletion and amortization		15,443			17,976
Asset retirement obligations accretion		399			451
Exploration costs		70			206
General and administrative		5,944			6,947
Total operating expenses		106,939			159,101

INCOME FROM OPERATIONS		2,733			29,233

Interest expense (1)		(3,937	)		(3,899	)
Loss on extinguishment of debt		(853	)		—
Equity method investment (loss) income		(249	)		69
NET INCOME (LOSS) BEFORE INCOME TAXES		(2,306	)		25,403

INCOME TAX EXPENSE (BENEFIT):
Current		—			432
Deferred		(610	)		2,920
Total income tax expense (benefit)		(610	)		3,352

NET INCOME (LOSS)	$	(1,696	)	$	22,051

NET INCOME (LOSS) PER SHARE:
Basic	$	(0.05	)	$	0.67
Diluted	$	(0.05	)	$	0.61

WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		34,816			32,983
Diluted		34,816			36,740

(1) Interest Expense:
Interest on bank debt	$	2,805		$	2,255
Other interest		728			432
Amortization:
Amortization of debt issuance costs		404			1,212
Total amortization		404			1,212
Total interest expense	$	3,937		$	3,899

See accompanying notes to the condensed consolidated financial statements.

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Hallador Energy Company

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	*Three Months Ended March 31,*
	*2024*			*2023*
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(1,696	)	$	22,051
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes		(610	)		2,920
Equity loss (income) – Sunrise Energy		249			(69	)
Cash distribution - Sunrise Energy		—			625
Depreciation, depletion, and amortization		15,443			17,976
Loss on extinguishment of debt		853			—
Loss (gain) on sale of assets		(24	)		21
Amortization of debt issuance costs		404			1,212
Asset retirement obligations accretion		399			451
Cash paid on asset retirement obligation reclamation		(639	)		(365	)
Stock-based compensation		666			1,220
Amortization of contract asset and contract liabilities		(12,788	)		(15,569	)
Other		937			451
Change in operating assets and liabilities:
Accounts receivable		5,709			(3,269	)
Inventory		(6,613	)		(4,004	)
Parts and supplies		(1,483	)		(2,926	)
Prepaid expenses		(37	)		389
Accounts payable and accrued liabilities		(8,015	)		2,009
Deferred revenue		23,614			2,989
Net cash provided by operating activities		16,369			26,112
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(14,874	)		(13,482	)
Proceeds from sale of equipment		24			15
Net cash used in investing activities		(14,850	)		(13,467	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on bank debt		(26,500	)		(27,013	)
Payments on lease financing		(1,238	)		—
Borrowings of bank debt		12,000			17,000
Proceeds from sale and leaseback arrangement		1,927			—
Issuance of related party notes payable		5,000			—
Debt issuance costs		(38	)		(1,600	)
ATM offering		6,580			—
Taxes paid on vesting of RSUs		(1	)		(1,109	)
Net cash used in financing activities		(2,270	)		(12,722	)
Decrease in cash, cash equivalents, and restricted cash		(751	)		(77	)
Cash, cash equivalents, and restricted cash, beginning of period		7,123			6,426
Cash, cash equivalents, and restricted cash, end of period	$	6,372		$	6,349
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	1,635		$	2,441
Restricted cash		4,737			3,908
	$	6,372		$	6,349
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	3,083		$	3,116
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Change in capital expenditures included in accounts payable and prepaid expense	$	(5,290	)	$	120
Stock issued on redemption of convertible notes and interest	$	9,721		$	—

See accompanying notes to the condensed consolidated financial statements.

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Hallador Energy Company

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

							*Additional*						*Total*
	*Common Stock Issued*						*Paid-in*			*Retained*			*Stockholders'*
	*Shares*			*Amount*			*Capital*			*Earnings*			*Equity*
Balance, December 31, 2023		34,052		$	341		$	127,548		$	140,699		$	268,588
Stock-based compensation		—			—			666			—			666
Stock issued on vesting of RSUs		321			3			(3	)		—			—
Taxes paid on vesting of RSUs		(132	)		(1	)		—			—			(1	)
Stock issued on redemption of convertible notes		1,582			15			9,706			—			9,721
Stock issued in ATM offering		711			7			6,573			—			6,580
Net loss		—			—			—			(1,696	)		(1,696	)
Balance, March 31, 2024		36,534		$	365		$	144,490		$	139,003		$	283,858

							*Additional*					*Total*
	*Common Stock Issued*						*Paid-in*			*Retained*		*Stockholders'*
	*Shares*			*Amount*			*Capital*			*Earnings*		*Equity*
Balance, December 31, 2022		32,983		$	330		$	118,788		$	95,906	$	215,024
Stock-based compensation		—			—			1,220			—		1,220
Stock issued on vesting of RSUs		275			3			(3	)		—		—
Taxes paid on vesting of RSUs		(121	)		(1	)		(1,108	)		—		(1,109	)
Net income		—			—			—			22,051		22,051
Balance, March 31, 2023		33,137		$	332		$	118,897		$	117,957	$	237,186

See accompanying notes to the condensed consolidated financial statements.

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Hallador Energy Company

Notes to Condensed Consolidated Financial Statements

(unaudited)

(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 months ended March 31, 2024, are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2024.

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 2023 Annual Report on Form 10-K. This quarterly report should be read in conjunction with such Annual Report on Form 10-K.

The condensed consolidated financial statements include the accounts of Hallador Energy Company (hereinafter known as “we, us, or our”) and its wholly owned subsidiaries Sunrise Coal, LLC ("Sunrise"), Hallador Power Company, LLC ("Hallador Power"), as well as Sunrise and Hallador Power's wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

We strategically view and manage our operations through two reportable segments: Electric Operations and Coal Operations. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other and Eliminations" and primarily are comprised of unallocated corporate costs and activities, the elimination of coal sales from coal operations to electric operations, a 50% interest in Sunrise Energy, LLC, a private gas exploration company with operations in Indiana, which we account for using the equity method, and our wholly-owned subsidiary Summit Terminal LLC, a logistics transport facility located on the Ohio River.

The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant.

The Coal Operations reportable segment includes current operating mining complexes Oaktown 1 and 2 underground mines, Prosperity surface mine, Freelandville surface mine, and Carlisle wash plant. On February 23, 2024, our Coal Operations Segment committed to a reorganization effort designed to strengthen its financial and operational efficiency and create significant operational savings and higher margins. For further information, see “Note 16 – Organizational Restructuring” below.

(2)

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 primarily requires enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker ("CODM"), the amount and composition of other segment items, and the title and position of the CODM. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07, but do not expect it to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 primarily requires enhanced disclosures to (1) disclose specific categories in the rate reconciliation, (2) disclose the amount of income taxes paid and expensed disaggregated by federal, state, and foreign taxes, with further disaggregation by individual jurisdictions if certain criteria are met, and (3) disclose income (loss) from continuing operations before income tax (benefit) disaggregated between domestic and foreign. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09, but do not expect it to have a material effect on our consolidated financial statements.

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(3)

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 be recoverable. For the three-month periods ended March 31, 2024 and March 31, 2023, there were no impairment charges recorded for long-lived assets.

(4)

INVENTORY

Inventory is valued at a lower of cost or net realizable value (NRV). As of March 31, 2024, and December 31, 2023, coal inventory includes NRV adjustments of $1.3 million and $2.0 million, respectively.

(5)

BANK DEBT

On March 13, 2023, we executed an amendment to our credit agreement with PNC Bank, National Association (in its capacity as administrative agent, "PNC"), administrative agent for our lenders under our credit agreement, which was accounted for as a debt modification. The primary purpose of the amendment was to convert $35.0 million of the outstanding balance on the revolver into a new term loan with a maturity of March 31, 2024, and extend the maturity date of the revolver to May 31, 2024. The amendment reduced the total capacity under the revolver to $85.0 million from $120.0 million, waived the maximum annual capital expenditure covenant for 2022, and increased the covenant for 2023 to $75.0 million.

On August 2, 2023, we executed an additional amendment to our credit agreement with PNC, which was accounted for as a debt extinguishment. The primary purpose of the amendment was to convert $65.0 million of the outstanding funded debt into a new term loan with a maturity of March 31, 2026, and enter into a revolver of $75.0 million with a maturity of July 31, 2026. The amendment increased the maximum annual capital expenditure limit to $100.0 million.

Bank debt was reduced by $14.5 million during the three months ended March 31, 2024. Under the terms of the August 2, 2023 amendment, bank debt is comprised of term debt ($58.5 million as of March 31, 2024) and a $75.0 million revolver ($18.5 million borrowed as of March 31, 2024). The term debt requires quarterly payments of $6.5 million in April 2024 through maturity. Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by our assets.

Liquidity

As of March 31, 2024, we had an additional borrowing capacity of $37.9 million and total liquidity of $39.5 million. Our additional borrowing capacity is net of $18.6 million in outstanding letters of credit as of March 31, 2024, that were required to maintain surety bonds. Liquidity consists of our additional borrowing capacity and cash and cash equivalents.

Fees

Unamortized bank fees and other costs incurred in connection with the initial facility and subsequent amendments totaled $2.5 million as of December 31, 2022. During 2023, we recognized a loss on extinguishment of debt of $1.5 million for the write-off of unamortized loan fees related to the August 2, 2023 amendment to our credit agreement, which was accounted for as a debt extinguishment. Unamortized bank fees incurred with the March 13, 2023 and August 2, 2023 amendments totaled $1.6 million and $4.3 million, respectively. The remaining costs were deferred and are being amortized over the term of the loan. Unamortized costs as of March 31, 2024, and December 31, 2023, were $3.2 million and $3.6 million, respectively.

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Bank debt, less debt issuance costs, is presented below (in thousands):

	March 31,			December 31,
	2024			2023
Current bank debt	$	26,000		$	26,000
Less unamortized debt issuance cost		(1,562	)		(1,562	)
Net current portion	$	24,438		$	24,438

Long-term bank debt	$	51,000		$	65,500
Less unamortized debt issuance cost		(1,657	)		(2,047	)
Net long-term portion	$	49,343		$	63,453

Total bank debt	$	77,000		$	91,500
Less total unamortized debt issuance cost		(3,219	)		(3,609	)
Net bank debt	$	73,781		$	87,891

Covenants

The credit facility includes a Maximum Leverage Ratio (consolidated funded debt/trailing twelve months adjusted EBITDA), calculated as of the end of each fiscal quarter for the trailing twelve months, not to exceed 2.25 to 1.00.

As of March 31, 2024, our Leverage Ratio of 1.58 was in compliance with the requirements of the credit agreement.

The credit facility requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA/annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve months of 1.25 to 1.00 through the credit facility's maturity. As of March 31, 2024, our Debt Service Coverage Ratio of 2.88 was in compliance with the requirements of the credit agreement.

As of March 31, 2024, we were in compliance with all other covenants defined in the credit agreement.

Interest Rate

The interest rate on the facility ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of March 31, 2024, we were paying SOFR plus 4.50% on the outstanding bank debt which equates to an all in rate of 10.0%.

(6)

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)

	*March 31,*		*December 31,*
	*2024*		*2023*
Accounts payable	$	28,947	$	43,636
Accrued property taxes		3,458		2,987
Accrued payroll		4,620		6,575
Workers' compensation reserve		4,306		3,629
Group health insurance		2,200		2,300
Asset retirement obligation - current portion		1,514		2,150
Other		2,080		1,631
Total accounts payable and accrued liabilities	$	47,125	$	62,908

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(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 it is probable substantially all the consideration will be collected. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer.

Electric operations

We concluded that for a Power Purchase Agreement (“PPA”) that is not determined to be a lease or derivative, the definition of a contract and the criteria in ASC 606, Revenue from Contracts with Customers ("ASC 606"), is met at the time a PPA is executed by the parties, as this is the point at which enforceable rights and obligations are established. Accordingly, we concluded that a PPA that is not determined to be a lease or derivative constitutes a valid contract under ASC 606.

We recognize revenue daily, based on an output method of capacity made available as part of any stand-ready obligations for contract capacity performance obligations and daily, based on an output method of MWh of electricity delivered.

For the delivered energy performance obligation in the PPA with Hoosier, we recognize revenue daily for actual delivered electricity plus the amortization of the contract liability as a result of the Asset Purchase Agreement with Hoosier. For delivered energy to all other customers, we recognize revenue daily for the actual delivered electricity.

Coal operations

Our coal revenue is derived from sales to customers of coal produced at our facilities. Our customers typically purchase coal directly from our mine sites where the sale occurs and where title, risk of loss, and control pass to the customer at that point. Our customers arrange for and bear the costs of transporting their coal from our mines to their plants or other specified discharge points. Our customers are typically domestic utility companies. Our coal sales agreements with our customers are fixed-priced, fixed-volume supply contracts, or include a pre-determined escalation in price for each year. Price re-opener and index provisions may allow either party to commence a renegotiation of the contract price at a pre-determined time. Price re-opener provisions may automatically set a new price based on the prevailing market price or, in some instances, require us to negotiate a new price, sometimes within specified ranges of prices. The terms of our coal sales agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of these contracts vary by customer.

Coal sales agreements will typically contain coal quality specifications. With coal quality specifications in place, the raw coal sold by us to the customer at the delivery point must be substantially free of magnetic material and other foreign material impurities and crushed to a maximum size as set forth in the respective coal sales agreement. Price adjustments are made and billed in the month the coal sale was recognized based on quality standards that are specified in the coal sales agreement, such as Btu factor, moisture, ash, and sulfur content, and can result in either increases or decreases in the value of the coal shipped.

Disaggregation of Revenue

Revenue is disaggregated by revenue source for our electric operations and by primary geographic markets for our coal operations, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors.

Electric operations

For the three months ended March 31, 2024, electric sales revenue from delivered energy generation and capacity sales revenue was $47.0 million and $11.8 million, respectively. For the three months ended March 31, 2023, electric sales revenue from delivered energy generation and capacity sales revenue was $76.4 million and $16.0 million, respectively.

Coal operations

For the three months ended March 31, 2024 and 2023, 36% and 52%, respectively, of our coal revenue was sold to outside third-party customers in the State of Indiana with the remainder sold to customers in Florida, North Carolina, Georgia, and Alabama.

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Performance Obligations

Electric operations

We concluded that each megawatt-hour ("MWh") of delivered energy is capable of being distinct as a customer could benefit from each on its own by using/consuming it as a part of its operations. We also concluded that the stand-ready obligation to be available to provide electricity is capable of being distinct as each unit of capacity provides an economic benefit to the holder and could be sold by the customer.

During 2022, we entered into an Asset Purchase Agreement (“APA”) with Hoosier (“Hoosier APA”) in which Hallador Power shall sell, and Hoosier shall buy, at least 70% of the delivered energy quantities through 2025 at the contract price, which is $34.00 per MWh. We have remaining delivered energy obligations to Hoosier totaling $99.3 million through 2025 as of March 31, 2024. The agreement was amended August 31, 2023 to extend through 2028 with additional obligations to Hoosier of $186.6 million as of March 31, 2024.

In addition to delivered energy, under the Hoosier APA, Hallador Power shall provide a stand-ready obligation to provide electricity, also known as contract capacity. The contract capacity that Hallador Power shall provide to Hoosier is 917 megawatts (“MW”) for contract year one, and on average 300 MW for contract years two to four. Hoosier shall pay Hallador Power the capacity price of $5.80 per kilowatt month for the contract capacity. We have remaining capacity obligations to Hoosier through 2025 totaling $35.2 million as of March 31, 2024. The agreement was amended August 31, 2023 to extend through 2028 with additional capacity obligations to Hoosier of $60.9 million as of March 31, 2024.

We also have energy and capacity obligations outside of the Hoosier APA to customers through 2029 totaling $111.97 million and $163.51 million, respectively, as of March 31, 2024. We have $46.7 million of deferred revenue as of March 31, 2024, related to these obligations.

Coal operations

A performance obligation is a promise in a contract with a customer to provide distinct goods or services. Performance obligations are the unit of account for purposes of applying the revenue recognition standard and therefore determine when and how revenue is recognized. In most of our coal contracts, the customer contracts with us to provide coal that meets certain quality criteria. We consider each ton of coal a separate performance obligation and allocate the transaction price based on the base price per the contract, increased or decreased for quality adjustments.

We recognize revenue at a point in time as the customer does not have control over the asset at any point during the fulfillment of the contract. For substantially all of our customers, this is supported by the fact that title and risk of loss transfer to the customer upon loading of the truck or railcar at the mine. This is also the point at which physical possession of the coal transfers to the customer, as well as the right to receive substantially all benefits and the risk of loss in ownership of the coal.

We have remaining coal sales performance obligations relating to fixed priced contracts to third-party customers of approximately $270.2 million, which represents the average fixed prices on our committed contracts as of March 31, 2024. We expect to recognize approximately 47% of this coal sales revenue in 2024, with the remainder recognized through 2027.

We have remaining performance obligations relating to coal sales contracts with price reopeners of approximately $155.0 million, which represents our estimate of the expected reopener price on committed contracts as of March 31, 2024. We expect to recognize all of this coal sales revenue 2025 through 2027.

The coal tons used to determine the remaining performance obligations are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such an option exists in the customer contract.

Contract Balances

Under ASC 606, the timing of when a performance obligation is satisfied can affect the presentation of accounts receivable, contract assets, and contract liabilities. The main distinction between accounts receivable and contract assets is whether consideration is conditional on something other than the passage of time. A receivable is an entity’s right to consideration that is unconditional.

Under the typical payment terms of our contracts with customers, the customer pays us a base price for the coal, increased or decreased for any quality adjustments, electricity, or capacity. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our condensed consolidated balance sheets. As of January 1, 2023, accounts receivable for coal sales billed to customers was $16.3 million.

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INCOME TAXES

For the three months ended March 31, 2024 and 2023, we recorded 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. The effective tax rate for the three months ended March 31. 2024 and 2023, was ~26% and ~ 13%, respectively. Historically, our actual effective tax rates have differed from the statutory effective rate primarily due to the benefit received from statutory percentage depletion in excess of tax basis. The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income (loss) before income taxes.

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STOCK COMPENSATION PLANS

Non-vested grants as of December 31, 2023	858,363
Awarded - weighted average share price on award date was $8.41	1,500
Vested - weighted average share price on vested date was $5.33	(321,419	)
Forfeited	(28,000	)
Non-vested grants as of March 31, 2024	510,444

For the three months ended March 31, 2024 and 2023, our stock compensation was $0.7 million and $1.2 million, respectively.

Non-vested RSU grants will vest as follows:

Vesting Year	*RSUs Vesting*
2024		1,000
2025		509,444
		510,444

The outstanding RSUs have a value of $2.7 million based on the March 28, 2024 closing stock price of $5.33.

As of March 31, 2024, unrecognized stock compensation expense is $3.3 million, and we had 611,035 RSUs available for future issuance. RSUs are not allocated earnings and losses as they are considered non-participating securities.

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LEASES

We have operating leases for office space and processing facilities with remaining lease terms ranging from 4 months to 8 years. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date.

During the fourth quarter of 2023, we entered into three finance leases which were accounted for as failed sale-leaseback transactions. During the three months ended March 31, 2024, we entered into two finance leases with the same terms that were also accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the condensed consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the condensed consolidated balance sheets as applicable. Depreciation on our finance lease assets was $1.1 million for the three months ended March 31, 2024. Imputed interest expense on our lease liabilities was $0.3 million for the three months ended March 31, 2024. We deferred financing fees of $0.1 million at March 31, 2024 and December 31, 2023, respectively, in connection with entry into the finance leases. These deferred financing fees will be amortized on a straight-line basis over the term of the finance leases. We did not have finance leases during the three months ended March 31, 2023.

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The following table (in thousands) relates to our leases:

	*Three Months Ended March 31,*
	*2024*			*2023*
Operating lease information:
Operating cash outflows from operating leases	$	52		$	52
Weighted average remaining lease term in years		7.80			1.10
Weighted average discount rate		10.0	%		6.0	%
Finance lease information:
Financing cash outflows from finance leases	$	1,238			—
Proceeds from sale and leaseback arrangement	$	1,927			—
Weighted average remaining lease term in years		2.82			—
Weighted average discount rate		8.5	%		—	%

Future minimum lease payments under non-cancellable leases as of March 31, 2024, were as follows:

	Operating			Finance
	Leases			Leases
	(In thousands)
2024	$	33		$	4,569
2025		88			6,092
2026		121			5,780
2027		124			241
2028		128			—
Thereafter		516			—
Total minimum lease payments	$	1,010		$	16,682
Less imputed interest and deferred finance fees		(335	)		(2,023	)

Total lease liability	$	675		$	14,659

As reflected within the following balance sheet line items:

		*Three Months Ended March 31,*		*For the Year Ended December 31,*
		*2024*		*2023*
		(In thousands)

Operating lease assets	Buildings and equipment	$	675	$	712
Operating lease liabilities:
Current operating lease liabilities	Accounts payable and accrued liabilities	$	52	$	58
Non-current operating lease liabilities	Other long-term liabilities		623		654
Total operating lease liability		$	675	$	712

Finance lease assets	Finance lease right-of-use assets	$	16,178	$	12,346
Finance lease liabilities:
Current finance lease liabilities	Current portion of lease financing	$	4,958	$	3,933
Non-current finance lease liabilities	Long-term lease financing		9,701		8,157
Total finance lease liabilities		$	14,659	$	12,090

As of March 31, 2024 and December 31, 2023, we had approximately $0.7 million, respectively, of right-of-use operating lease assets recorded within “buildings and equipment” on the condensed consolidated balance sheets.

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SELF-INSURANCE

We self-insure our non-leased underground mining equipment. Such equipment is allocated among seven mining units dispersed over eleven miles. The historical cost of such equipment was approximately $262.0 million as of March 31, 2024, and December 31, 2023.

Restricted cash of $4.7 million and $4.3 million as of March 31, 2024, and December 31, 2023, respectively, represents cash held and controlled by a third party and is restricted for future workers’ compensation claim payments.

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FAIR VALUE MEASUREMENTS

We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. We have no Level 1 instruments.

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. We have no Level 2 instruments.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). ARO liabilities use Level 3 non-recurring fair value measures.

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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, LLC, also plans to develop and explore for oil, natural 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, 2024, and December 31, 2023, was $2.6 million and $2.8 million, respectively.

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CONVERTIBLE NOTES

On July 29, 2022, we issued $5.0 million of senior unsecured convertible notes (collectively, with the subsequent 2022 issuances, the ("Notes”)) to a related party affiliated with an independent member of our board of directors. The Note carries an interest rate of 8% per annum with a maturity date of December 29, 2028. For the period August 18, 2022, through August 17, 2024, the holder has the option to convert the Note into shares of the Company's common stock at a conversion price of $6.254. During the three months ended March 31, 2024, the holders of the $5.0 million senior unsecured convertible notes converted them into 799,488 shares of common stock of the Company and, in connection with such early conversion, we elected to pay interest through August 2025 with 112,570 shares of common stock on the conversion date. We recorded a loss on extinguishment of debt in the condensed consolidated statements of operations in the amount of $0.55 million during the three months ended March 31, 2024.

On August 8, 2022, we issued an additional $4.0 million of senior unsecured convertible notes to related parties affiliated with independent members of our board of directors. The Notes carry an interest rate of 8% per annum with a maturity date of December 29, 2028. For the period August 18, 2022, through August 17, 2024, the holder has the option to convert the Notes into shares of the Company's common stock at a conversion price of $6.254. Beginning August 8, 2025, we may elect to redeem the Note and the holder shall be obligated to surrender the Note at 100% of the outstanding principal balance together with any accrued unpaid interest. Upon receipt of the redemption notice from the Company, the holder may elect to convert the principal balance and accrued interest into the Company's common stock. During the three months ended March 31, 2024, the holders converted $3.0 million senior unsecured convertible notes into 479,693 shares of common stock of the Company and, in connection with such early conversion, we elected to pay interest through August 2025 with 67,542 shares of common stock on the conversion date. During the same period, the holders also converted accrued interest into 57,564 shares of the Company's common stock. We recorded a loss on extinguishment of debt in the condensed consolidated statements of operations in the amount of $0.30 million during the three months ended March 31, 2024.

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On August 12, 2022, we issued an additional $10.0 million senior unsecured convertible note to an unrelated party. The Note carries an interest rate of 8% per annum with a maturity date of December 31, 2026. For the period August 18, 2022, through the maturity date, the holder has the option to convert the Note into shares of the Company's common stock at a conversion price of $6.15. Beginning August 12, 2025, we may elect to redeem the Note and the holder shall be obligated to surrender the Note at 100% of the outstanding principal balance together with any accrued unpaid interest. Upon receipt of the redemption notice from the Company, the holder may elect to convert the principal balance and accrued interest into the Company's common stock. During the three months ended March 31, 2024, the holder converted accrued interest into 65,041 shares of the Company's common stock.

The funds received from the issuance of the various Notes described above were used to provide additional working capital to the Company. The conversion price and number of shares of the Company's common stock issuable upon conversion of the above notes are subject to adjustment from time to time for any subdivision or consolidation of our shares of common stock and other standard dilutive events.

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NOTES PAYABLE - RELATED PARTIES

In March 2024, we issued unsecured promissory notes, having a 12-month maturity date and 12% per annum interest rate, to (i) Charles R. Wesley IV Revocable Trust (in which our director Charles R. Wesley IV has a pecuniary interest) in the principal amount of $2,000,000, (ii) Lubar Opportunities Fund I, LLC (in which are our director David J. Lubar has a pecuniary interest) in the principal amount of $2,500,000, and (iii) Hallador Alternative Investment Advisors LLC (in which our director David C. Hardie has a pecuniary interest) in the principal amount of $500,000.

At March 31, 2024, accrued interest associated with the notes payable – related party on the condensed consolidated balance sheets was $0.1 million.

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ORGANIZATIONAL RESTRUCTURING

On February 23, 2024, (the "Effective Date"), we committed to a reorganization effort in the Coal Operations Segment (the "Reorganization Plan") that included a workforce reduction of approximately 110 employees, or approximately 12% of the workforce. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Reorganization Plan is designed to strengthen our financial and operational efficiency and create significant operational savings and higher margins in our coal segment. This step will help to advance our transition from a company primarily focused on coal production to a more resilient and diversified integrated independent power producer ("IPP"). As part of this initiative, we substantially idled production at our higher cost surface mines, Prosperity Mine, and Freelandville Mine, with minimal production. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. In connection with the Reorganization Plan, we incurred an aggregate of $1.9 million one-time charges, of which $0.8 million were included in accounts payable and accrued liabilities in the condensed consolidated balance sheets and $1.1 million were included in operating expenses in the condensed consolidated statements of operations. The one-time charges were related to compensation, tax, professional, and insurance related expenses.

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AT MARKET AGREEMENT

On December 18, 2023, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”), pursuant to which we may issue and sell, from time to time, shares (the “Shares”) of our common stock, par value $0.01 per share (the “Common Stock”), with aggregate gross proceeds of up to $50.0 million through an “at-the-market” equity offering program under which the Agent will act as sales agent (the “ATM Program”). Under the Sales Agreement, each of us have the right, by giving five (5) days’ notice, to terminate the Sales Agreement in its sole discretion. The Agent may also terminate the Agreement, by notice to us, upon the occurrence of certain events described in the Sales Agreement.

During December 2023, we issued 794,000 shares of Common Stock under the ATM Program for net proceeds of $7.3 million. During the three months ended March 31, 2024, we issued 710,623 shares of Common Stock under the ATM Program for net proceeds of $6.6 million.

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SEGMENTS OF BUSINESS

As of March 31, 2024, our operations are divided into two primary reportable segments, the Electric Operations and Coal Operations segments. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other and Eliminations" and primarily are comprised of unallocated corporate costs and activities, including a 50% interest in Sunrise Energy, LLC, which the Company accounts for using the equity method and our wholly-owned subsidiary Summit Terminal LLC, a logistics transport facility located on the Ohio River.

	*Three Months Ended March 31,*
	*2024*			*2023*
	(in thousands)
Operating revenues
Electric operations	$	58,912		$	92,494
Coal operations		66,870			95,273
Corporate and other and eliminations		(16,110	)		567
Consolidated operating revenues	$	109,672		$	188,334

Income (loss) from operations
Electric operations	$	15,247		$	18,705
Coal operations		(11,457	)		13,088
Corporate and other and eliminations		(1,057	)		(2,560	)
Consolidated income (loss) from operations	$	2,733		$	29,233

Depreciation, depletion and amortization
Electric operations	$	4,697		$	4,675
Coal operations		10,728			13,275
Corporate and other and eliminations		18			26
Consolidated depreciation, depletion and amortization	$	15,443		$	17,976

Assets
Electric operations	$	211,116		$	218,132
Coal operations		370,292			391,248
Corporate and other and eliminations		4,012			7,247
Consolidated assets	$	585,420		$	616,627

Capital expenditures
Electric operations	$	6,242		$	843
Coal operations		8,632			12,639
Corporate and other and eliminations		—			—
Consolidated capital expenditures	$	14,874		$	13,482

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NET INCOME (LOSS) PER SHARE

The following table (in thousands, except per share amounts) sets forth the computation of basic earnings per share for the periods presented:

	*Three Months Ended March 31,*
	*2024*			*2023*
Basic earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Weighted average shares outstanding - basic		34,816			32,983
Basic earnings (loss) per common share	$	(0.05	)	$	0.67


The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:

	*Three Months Ended March 31,*
	*2024*			*2023*
Diluted earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Add: Convertible Notes interest expense, net of tax		—			293
Net income (loss) - diluted	$	(1,696	)	$	22,344

Weighted average shares outstanding - basic		34,816			32,983
Add: Dilutive effects of if converted Convertible Notes		—			3,163
Add: Dilutive effects of Restricted Stock Units		—			594
Weighted average shares outstanding - diluted		34,816			36,740

Diluted net income (loss) per share	$	(0.05	)	$	0.61

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

THE FOLLOWING DISCUSSION UPDATES THE MD&A SECTION OF OUR 2023 ANNUAL REPORT ON FORM 10-K AND SHOULD BE READ IN CONJUNCTION THEREWITH.

Our condensed consolidated financial statements should be read in conjunction with this discussion. The following analysis includes a discussion of metrics on a per mega-watt hour (MWh) and a per ton basis as derived from the condensed consolidated financial statements, which are considered non-GAAP measurements. These metrics are significant factors in assessing our operating results and profitability.

Throughout the first quarter, we continued our progress on transitioning the focus of Hallador from a coal production company to an integrated independent power producer (“IPP”). During the first three months of 2024, our Electric Operation's revenue exceeded that of our Coal Operation's revenue. Additionally, we were successful in adding approximately $138.0 million in forward energy and capacity sales, growing our Electric Operation’s forward sales book to approximately $657.0 million as of March 31, 2024. This represents 44% of Hallador’s $1.5 billion in total forward energy, capacity, and coal sales through 2029 (on a segment basis). However, we truly believe future sales from our Electric Operations will soon eclipse our sales revenues from our Coal Operations. Since January, we have evaluated and continue to evaluate several major power and capacity sales opportunities, including one proposal that if contracted would result in more than a billion dollars’ worth of potential forward power sales. We continue to see strong indicators that demand, and pricing remain on an upward trend, and this direction is paramount to our ongoing evaluations of these sales opportunities. Monitoring the equity markets strengthens our belief that investors in other IPPs are also anticipating similar increases in power demand, demonstrated most clearly through the more than doubling of market capitalizations of several of those IPPs across the previous twelve months. In support of our expectation that Hallador Power sales will continue to exceed our traditional Sunrise Coal subsidiary, we anticipate changing Hallador's SIC code to 4911 (electric services) from 1220 (bituminous coal producer) in the future.

While we have seen continued weakness in spot power prices thus far in 2024, indicators for future power pricing appear much healthier. We believe these indicators are supported by both our forward power book pricing and the most recent future power curves. Additionally, natural gas future’s prices are in contango, meaning future gas prices exceed spot gas prices that have been depressing overall power prices for the last several quarters. As we discussed last quarter, the dynamics of the natural gas market paired with the non-standard mild weather throughout the Midwest impacted pricing and our power plant dispatch rates. Future prices seem to indicate easing on both these fronts which we view as a positive for our go-forward operations.

This quarter, we also launched a targeted request for proposal for power demand supporting new development at our Merom Power Plant. Reponses are due in mid-May, but early indications point to a high level of interest. The RFP is available on our website for any interested parties that did not already receive the information.

Our goal is for Hallador Power to generate approximately 1.5 million MWh on a quarterly basis, which equates to approximately 6 million MWh annually. During the first quarter, Hallador Power generated 816,000 MWh, or 54% of our target, despite an average price of $41.90. The favorable pricing is a result of experiencing sales prices as high as $250 per MWh for limited times during the quarter, balanced against several days of pricing below our variable cost to produce. These fluctuations led to an inconsistent dispatch schedule, which we expect to level out as we anticipate demand and pricing increases with seasonal weather changes and reduced gas stores.

During the first quarter, Hallador Power generated 816,000 MWh at the following cost structure (on a segment basis):

	In Millions		Per MWh
Revenue:
Capacity	$	11.80	$	14.46
Delivered Energy and PPA		47.00		57.60
Total Electric Revenue	$	58.80	$	72.06

Operating Expense:
Fixed Cost	$	11.80	$	14.46
Variable Cost		26.00		31.86
Total Electric Operating Expense	$	37.80	$	46.32

Margin:	$	21.00	$	25.74

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When forward selling capacity, we target annual sales of around $65 million to offset our fixed annual costs at the plant of approximately $60 million. Our forward sales table demonstrates that we have already sold a large portion of our future capacity, which we believe makes our forward capacity sales goals attainable.

As a condition of acquiring the Merom Power Plant, we agreed to sell 1.66 million MWh of energy in 2024 and 1.60 million MWh in 2025 at $34 per MWh to the plant seller, representing 27% of our annual 6 million MWh goal. Since this original transaction, we have been successful in selling over 5 million MWh of energy to third parties at an average price of approximately $52 per MWh over the years 2024-2029 as illustrated in the table below.

During the first quarter, our variable costs were $31.88 per MWh. The low energy prices during the quarter necessitated that we run our plant at slower speeds resulting in more frequent than normal starts and stops to avoid selling below cost energy. Running in this manner is less fuel efficient than if we were able to consistently generate at a 6 million MWh pace, which could lower cost by as much as 10%.

On February 23, 2024, our Coal Operations Segment undertook an initiative designed to strengthen our financial and operational efficiency and to create significant operational savings and higher margins in our coal segment. This step helps to advance our transition from a company primarily focused on coal production to a more resilient and diversified IPP. As part of this initiative, we idled production at our higher cost Prosperity Mine, and substantially idled production at the Freelandville Mine with minimal production until reclamation is finished on approximately May 31, 2024. This should reduce our capital reinvestment for coal production in 2024 by approximately $10 million. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. As part of the initiative, we reduced our workforce by approximately 110 employees.

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Mining costs for the quarter were $53.38 per ton. However, at Oaktown, we saw mining costs in March decrease into the low $30s on a per ton basis. While there are several factors that impacted this cost reduction, we continue to monitor operations and strategic initiatives to better understand the longevity of these favorable conditions.

Historically, Sunrise Coal has generated approximately six million tons of coal annually. Following the restructuring, we expect Sunrise to produce roughly 3.5 million tons of coal on an annualized basis for 2024. If market conditions warrant, our current operations are capable of producing at a 4.5 million ton annualized pace. In 2024, we have also secured supplemental coal from third party suppliers at favorable prices. This allows us to diversify self-production supply risk and provides us with additional flexibility in our sales portfolio. The optionality to obtain low-cost tons either internally or from third parties while capturing upward swings in the commodities markets for coal should further maximize margins while optimizing fuel costs at our Merom facility.

We continued our build out of what we consider to be a best-in-class management team as we welcomed Marjorie Hargrave as our new CFO with broad-based experience in power production and capital markets. Adding Marjorie to our previous hires over the last two years, including expertise within the positions of our President of Hallador Power, our Chief Legal Officer (with Data communications expertise), our SVP of Power Marketing, and a Manager of Environmental Engineering, will accelerate our continued development of Hallador’s operational and future power acquisition capabilities. These prospects and our strong future sales have us very excited about the future of our company.

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OVERVIEW

Q1 2024 Net Loss of $1.7 million.

1.2 million tons of coal were shipped at an average sales price of $54.40 on a segment basis during the quarter, with approximately 0.3 million tons of that being shipped to the Merom Power Plant for $16.4 million. This is a decline of 0.2 million tons of coal from Q4 2023, primarily due to decreased demand from a mild winter and low natural gas prices. The average sales price of coal was $55.64 per ton on a consolidated basis.

The sales price for remaining tons to ship for 2024 is expected to average $50.65 per ton on a consolidated basis (not including coal shipped to Merom).

In Q1 2024, Hallador's coal operating costs were $53.38 per ton on a segment basis, which represents a $0.41 per ton decrease from Q4 2023. This decrease is a result of the reduction in production of our higher cost surface mines.

We recorded coal margins for the quarter at $1.02 per ton on a segment basis. This is a decline of $7.97 per ton from Q4 2023 margins, due primarily to the reduction in contract average sales prices.

II.

Q1 2024 Activity

Cash Flow & Debt

During Q1 2024, our operating cash flow was $16.4 million, and we decreased our bank debt by $14.5 million.

ii.

As of March 31, 2024, our bank debt was $77.0 million, liquidity was $39.5 million, and our leverage ratio came in at 1.58X, within our covenant of 2.25X.

iii.

During Q1 2024, we issued unsecured one-year notes from related parties affiliated with certain members of the Board of Directors in the amount of $5.0 million.

iv.

An ATM raised $6.6 million through the issuance of 0.7 million shares of our common stock.

We converted $8.0 million of senior unsecured convertible notes, including interest through August 2025 with 1,459,293 shares of our Company common stock. We converted $0.8 million of accrued interest with 122,605 shares of our Company's common stock.

Power & Coal

Power production was 0.8 million MWh for the quarter, an increase of 0.2 million from Q4 2023.

ii.

We initiated a Reorganization Plan in our Coal Operations designed to increase margins and adjust to current market conditions. Our production was 1.3 million tons for the quarter, 0.1 million less than Q4 2023. Approximately 0.3 million tons of that production were shipped to the Merom Power Plant in Q1 2024.

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III.

Solid Forward Sales Position - Segment Basis, Before Intercompany Eliminations

	2024			2025			2026			2027			2028			2029			Total
Power
Energy
Contracted MWh (in millions)		1.60			1.90			1.83			1.78			1.09			0.27			8.47
Contracted price per MWh	$	37.02		$	36.06		$	55.37		$	54.65		$	52.98		$	51.00
Contracted revenue (in millions)	$	59.23		$	68.51		$	101.33		$	97.28		$	57.75		$	13.77		$	397.87
% Energy Sold*		27	%		32	%		31	%		30	%		18	%		5	%

Capacity
Average monthly contracted capacity		818			801			744			623			454			100
% Capacity Contracted**		106	%		82	%		77	%		64	%		47	%		10	%
Average contracted capacity price per MWd	$	209		$	198		$	230		$	226		$	225		$	230
Contracted capacity revenue (in millions)	$	47.01		$	57.89		$	62.46		$	51.39		$	37.39		$	3.47		$	259.61

Total Energy & Capacity Revenue
Contracted Power Revenue (in millions)	$	106.24		$	126.40		$	163.79		$	148.67		$	95.14		$	17.24		$	657.48
Contracted Power Revenue per MWh*	$	44.39		$	47.76		$	68.96		$	68.00		$	66.31		$	56.62

2024 average cost per MWh was $31.88 for the three months ended March 31, 2024 ($30.41 assuming intercompany sales of coal were sold at cost)

2024 Power Capex Budget (in millions) excluding ELG requirements	$	18.00

Coal
Priced tons - 3rd party (in millions)		2.48			1.78			0.50			0.50			—			—			5.26
Average price per ton - 3rd party	$	50.65		$	50.04		$	55.50		$	55.50		$	—		$	—
Priced tons (in millions) - Hallador Power		1.20			2.30			2.30			2.30			2.30			—			10.40
Average price per ton - Hallador Power	$	51.00		$	51.00		$	51.00		$	51.00		$	51.00		$	—
Contracted coal revenue (in millions)	$	186.81		$	206.37		$	145.05		$	145.05		$	117.30		$	—		$	800.58
% Priced		82	%		91	%		62	%		62	%		51	%		0	%

Committed & unpriced tons (in millions) - 3rd party		—			1.00			1.00			1.00			—			—			3.00
Committed & unpriced tons (in millions) - Hallador Power		—			—			—			—			—			—			—
Total contracted tons (in millions)		3.68			5.08			3.80			3.80			2.30			—			18.66

% Coal Sold*		82	%		113	%		84	%		84	%		51	%		0	%

Average cost per ton of coal was $53.38 for the three months ended March 31, 2024

2024 Coal Capex Budget (in millions)	$	25.00

TOTAL CONTRACTED REVENUE (IN MILLIONS)	$	293.05		$	332.77		$	308.84		$	293.72		$	212.44		$	17.24		$	1,458.06

*Based on coal production capacity of 4.5 million tons and 6.0 million MWh annually.

**Based on a MISO accreditation of 769 MW per day through 2024, up to 971 MW per day for 2025. Accreditations are adjusted annually based on 3-year rolling performance metrics.

Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

Liquidity and Capital Resources

As set forth in our condensed consolidated statements of cash flows, cash provided by operations was $16.4 million and $26.1 million for the three months ended March 31, 2024 and 2023, respectively.

Operating margins for electric, which we define as operating revenues less operating expenses on a segment basis, were $21.1 million. Operating margins were $22.1 million on a consolidated basis.

ii.

Operating margins from coal sales, which we define as coal sales less operating expenses, were $1.2 million on a segment basis, during the first three months of 2024, down from $28.9 million during the first three months of 2023. Tons shipped in the first three months of 2024 to the Merom Power Plant were sold at break-even, however due to timing of the usage of the coal in the Plant, we had negative operating margins of $1.2 million which were eliminated in consolidation.

Our operating margins from coal sales were $1.02 per ton on a segment basis in the first three months of 2024 compared to $17.07 in the first three months of 2023.

We shipped 1.2 million tons of coal in the first three months of 2024, with 0.3 million tons of that being shipped to the Merom Power Plant.

Our projected electric capital expenditure budget for the remainder of 2024 is $11.8 million. Our projected coal operations capital expenditure budget for the remainder of 2024 is $16.3 million, of which approximately one-half is anticipated for maintenance capex.

We paid down bank debt of $14.5 million in the first three months of 2024. As of March 31, 2024, our bank debt was $77.0 million.

In March of 2024, we issued unsecured promissory notes, having a 12-month maturity date and 12% per annum interest rate to related parties affiliated with certain members of our Board of Directors. The primary purpose of this issuance was to support liquidity and accelerate strategic initiatives.

We expect cash from operations generated primarily to fund our capital expenditures and our debt service. As of March 31, 2024, we also had an additional borrowing capacity of $37.9 million.

II.

Material Off-Balance Sheet Arrangements

Other than our surety bonds for reclamation, we have no material off-balance sheet arrangements. We have recorded the present value of reclamation obligations of $16.4 million, including $5.4 million at Merom, presented as asset retirement obligations (“ARO”) and accounts payable and accrued liabilities in our accompanying condensed consolidated balance sheets. In the event we are not able to perform reclamation, we have surety bonds in place totaling $37.5 million to cover ARO.

CAPITAL EXPENDITURES (capex)

For the first three months of 2024, capex was $14.9 million allocated as follows (in millions):

Oaktown – maintenance capex	$	5.7
Oaktown – investment		3.0
Freelandville Mine		—
Merom Plant		6.2
Other		—
Capex per the Condensed Consolidated Statements of Cash Flows	$	14.9

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Results of Operations

Presentation of Segment Information

Our operations are divided into two primary reportable segments: Electric Operations and Coal Operations. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other and Eliminations" within the Notes to the Condensed Consolidated Financial Statements and primarily are comprised of unallocated corporate costs and activities, including a 50% interest in Sunrise Energy, LLC, a private gas exploration company with operations in Indiana, which we account for using the equity method, and our wholly-owned subsidiary Summit Terminal LLC, a logistics transport facility located on the Ohio River.

Electric Operations

	Three Months Ended March 31,
	2024		2023
	(in thousands)
OPERATING REVENUES:	$	58,912	$	92,494

EXPENSES:
Operating expenses		37,799		67,682
Depreciation, depletion and amortization		4,697		4,675
Asset retirement obligations accretion		111		153
General and administrative		1,058		1,279
Total operating expenses		43,665		73,789

INCOME FROM OPERATIONS	$	15,247	$	18,705

Operating revenues from electric operations decreased $33.6 million, or 36%, compared to the first quarter of 2023 due to reduced production of power as a result of a mild winter and decreased natural gas prices.

Operating expenses decreased $29.9 million, or 44%, compared to the first quarter of 2023 due to a decrease in production as well as costs related to the coal purchase agreement signed with Hoosier related to the Merom Acquisition in 2022. The coal purchase agreement included fixed prices which were below market prices at the date we entered into the agreement. As a result of the below-market contract, there were $17.8 million in additional operating expenses for coal purchased as a result of amortizing the contract asset during the first quarter of 2023.

Quarterly electric sales and cost data (in thousands, except per MWh data) are provided below. Fixed costs in the table are considered "non-GAAP" and are a component of operating expenses, the most comparable GAAP measure. We consider fixed costs to be costs associated with the plant whether or not the plant is in operation.

	1st 2024			1st 2023
MWh sold		816			1,262
Capacity revenue	$	11,773		$	15,970
Delivered energy and PPA revenue		46,982			76,422
Total electric sales		58,755			92,392
Less amortization of contract liability		(12,788	)		(33,347	)
Total electric sales less amortization of contract liability	$	45,967		$	59,045
Average price/MWh of delivered energy and PPA revenue less amortization of contract liability	$	41.90		$	34.13

Operating expenses (on a segment basis)	$	37,799		$	67,682
Less fixed costs		(11,782	)		(12,807	)
Less amortization of contract asset		—			(17,778	)
Operating expenses less fixed costs and amortization of contract asset	$	26,017		$	37,097
Average variable cost/MWh of operating expenses less fixed costs and amortization of contract asset	$	31.88		$	29.40

Energy and PPA margin less fixed costs and amortization of contract asset and liabilities	$	8,177		$	5,978
Energy and PPA margin/MWh less fixed costs amortization of contract asset and liabilities	$	10.02		$	4.74

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Coal Operations

	Three Months Ended March 31,
	2024			2023
	(in thousands)
OPERATING REVENUES:	$	66,870		$	95,273

EXPENSES:
Operating expenses		64,803			65,700
Depreciation, depletion and amortization		10,728			13,275
Asset retirement obligations accretion		288			298
Exploration costs		70			206
General and administrative		2,438			2,706
Total operating expenses		78,327			82,185

(LOSS) INCOME FROM OPERATIONS	$	(11,457	)	$	13,088

Operating revenues from coal operations decreased $28.4 million, or 30%, from the first quarter of 2023 due to reductions in volume and average sales price for our coal. Our average sales price decreased $1.48 per ton and we sold 0.5 million tons less compared to the first quarter of 2023. Operating revenues for the first quarter of 2024 include $16.4 million in sales to the Merom plant which were eliminated in the consolidation.

Operating expenses increased by $14.57 per ton sold over the first quarter of 2023. This increase was due to one-time termination benefits of $1.1 million related to the Reorganization Plan disclosed in “Note 16 — Organizational Restructuring” to the Condensed Consolidated Financial Statements, the addition of the higher-cost Prosperity surface mine, poor temporary mining conditions at Oaktown, and continued significant inflationary pressures that have continued to elevate the costs.

Depreciation, depletion, and amortization decreased $2.5 million, or 19%, from the first quarter of 2023 due to decreases in coal production and the remaining useful lives of the mine development assets.

Quarterly coal sales and cost data on a segment basis are as follows (in thousands, except per ton data and wash plant recovery percentage):

All Mines	2nd 2023			3rd 2023			4th 2023			1st 2024			T4Qs
Tons produced		1,723			1,594			1,331			1,271			5,919
Tons sold		1,714			2,054			1,461			1,214			6,443
Coal sales	$	112,171		$	134,400		$	91,714		$	66,036		$	404,321
Average price per ton	$	65.44		$	65.43		$	62.77		$	54.40		$	62.75
Wash plant recovery in %		67	%		65	%		62	%		60	%
Operating costs	$	71,168		$	95,592		$	78,581		$	64,803		$	310,144
Average cost per ton	$	41.52		$	46.54		$	53.79		$	53.38		$	48.14
Margin	$	41,003		$	38,808		$	13,133		$	1,233		$	94,177
Margin per ton	$	23.92		$	18.89		$	8.99		$	1.02		$	14.62
Capex	$	14,445		$	11,570		$	17,867		$	8,632		$	52,514
Maintenance capex	$	9,754		$	7,938		$	13,567		$	8,085		$	39,344
Maintenance capex per ton	$	5.69		$	3.86		$	9.29		$	6.66		$	6.11

Table of Contents

All Mines	2nd 2022			3rd 2022			4th 2022			1st 2023			T4Qs
Tons produced		1,762			1,663			1,721			2,006			7,152
Tons sold		1,595			1,705			1,664			1,693			6,657
Coal sales	$	64,161		$	83,563		$	84,641		$	94,602		$	326,967
Average price per ton	$	40.23		$	49.01		$	50.87		$	55.88		$	49.12
Wash plant recovery in %		71	%		69	%		68	%		70	%
Operating costs	$	50,776		$	63,876		$	67,319		$	65,700		$	247,671
Average cost per ton	$	31.83		$	37.46		$	40.46		$	38.81		$	37.20
Margin	$	13,385		$	19,687		$	17,322		$	28,902		$	79,296
Margin per ton	$	8.39		$	11.55		$	10.41		$	17.07		$	11.91
Capex	$	13,821		$	15,096		$	12,368		$	12,639		$	53,924
Maintenance capex	$	7,600		$	6,625		$	5,748		$	7,778		$	27,751
Maintenance capex per ton	$	4.76		$	3.89		$	3.45		$	4.59		$	4.17

Presentation of Consolidated Information

EARNINGS (LOSS) PER SHARE

	2nd 2023		3rd 2023		4th 2023			1st 2024
Basic	$	0.51	$	0.49	$	(0.31	)	$	(0.05	)
Diluted	$	0.47	$	0.44	$	(0.31	)	$	(0.05	)

	2nd 2022			3rd 2022		4th 2022		1st 2023
Basic	$	(0.11	)	$	0.05	$	0.91	$	0.67
Diluted	$	(0.11	)	$	0.05	$	0.83	$	0.61

INCOME TAXES

Our effective tax rate (ETR) is estimated at ~26% and ~13% for the three months ended March 31, 2024, and 2023, respectively. For the three months ended March 31, 2024, we recorded 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 ETR differs from the statutory rate due primarily to statutory depletion in excess of tax basis and changes in the valuation allowance. The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income (loss) before income taxes.

RESTRICTED STOCK GRANTS

See “Item 1. Financial Statements - Note 9. Stock Compensation Plans” for a discussion of RSUs.

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CRITICAL ACCOUNTING ESTIMATES

We believe that the estimates of coal reserves, asset retirement obligation liabilities, deferred tax accounts, valuation of inventory, and the estimates used in impairment analysis are our critical accounting estimates.

The reserve estimates are used in the depreciation, depletion, and amortization calculations and our internal cash flow projections. If these estimates turn out to be materially under or over-stated, our depreciation, depletion and amortization expense and impairment test may be affected. The process of estimating reserves is complex, requiring significant judgment in the evaluation of all available geological, geophysical, engineering and economic data. The reserve estimates are prepared by professional engineers, both internal and external, and are subject to change over time as more data becomes available. Changes in the reserves estimates from the prior year were nominal.

SMCRA and similar state statutes require, among other things, that surface disturbance be restored in accordance with specified standards and approved reclamation plans. SMCRA requires us to restore affected surface areas to approximate the original contours as contemporaneously as practicable with the completion of surface mining operations. Federal law and some states impose on mine operators the responsibility for replacing certain water supplies damaged by mining operations and repairing or compensating for damage to certain structures occurring on the surface as a result of mine subsidence, a consequence of longwall mining and possibly other mining operations.

Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they are incurred through the date they are extinguished. The ARO assets are amortized using the units-of-production method over estimated recoverable (proven and probable) reserves. We use credit-adjusted risk-free discount rates ranging from 7% to 10% to discount the obligation, inflation rates anticipated during the time to reclamation, and cost estimates prepared by its engineers inclusive of market risk premiums. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds.

Accretion expense is recognized on the obligation through the expected settlement date. On at least an annual basis, we review our entire reclamation liability and make necessary adjustments for permit changes as granted by state authorities, changes in the timing and extent of reclamation activities, and revisions to cost estimates and productivity assumptions, to reflect current experience. Any difference between the recorded amount of the liability and the actual cost of reclamation will be recognized as a gain or loss when the obligation is settled.

We have analyzed our filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We identified our federal tax return and our Indiana state tax return as “major” tax jurisdictions. We believe that our income tax filing positions and deductions would be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position. We have not taken any significant uncertain tax positions, and our tax provisions and returns are prepared by a large public accounting firm with significant experience in energy related industries. Changes to the estimates from reported amounts in the prior year were not significant.

Inventory is valued at a lower of cost or net realizable value (NRV). Anticipated utilization of low sulfur, higher-cost coal from our Freelandville, and Prosperity mines has the potential to create NRV adjustments as our estimated needs change. The NRV adjustments are subject to change as our costs may fluctuate due to higher or lower production and our NRV may fluctuate based on sales contracts we enter into from time to time. There were no significant changes to our NRV adjustment estimates from the prior year.

Long-lived assets used in operations are depreciated and assessed for impairment annually or whenever changes in facts and circumstances indicate a possible significant deterioration in future cash flows is expected to be generated by an asset group. For impairment assessments, management groups individual assets based on a judgmental assessment of the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. The determination of the lowest level of cash flows is largely based on nature of production, common infrastructure, common sales points, common regulation and management oversight to make such determinations. These determinations could impact the determination and measurement of a potential asset impairment. Management evaluates assets for impairment through an established process in which changes to significant assumptions such as prices, volumes and future development plans are reviewed. If, upon review, the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future volumes, commodity prices, operating costs and capital investment plans, considering all available information at the date of review. Changes to any of the market-based assumptions can significantly affect estimates of undiscounted and discounted pre-tax cash flows and impact the recognition and amount of impairments.

Table of Contents

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

No material changes from the disclosure in our 2023 Annual Report on Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS

We maintain a system of disclosure controls and procedures that are designed for the purpose of ensuring that information required to be disclosed in our SEC reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our CEO and CFO and as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our CEO and CFO of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures are effective.

There have been no changes to our internal control over financial reporting during the quarter ended March 31, 2024, that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

Table of Contents

PART II - OTHER INFORMATION

ITEM 4. MINE SAFETY DISCLOSURES

See Exhibit 95.1 to this Form 10-Q for a listing of our mine safety violations.

ITEM 6. EXHIBITS

Exhibit No.		Document
31.1		SOX 302 Certification - Chief Executive Officer
31.2		SOX 302 Certification - Chief Financial Officer
32		SOX 906 Certification
95.1		Mine Safety Disclosures
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Schema Document
101.CAL		Inline XBRL Calculation Linkbase Document
101.LAB		Inline XBRL Labels Linkbase Document
101.PRE		Inline XBRL Presentation Linkbase Document
101.DEF		Inline XBRL Definition Linkbase Document
104		Cover Page Interactive Data File (embedded with the Inline XBRL document)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		HALLADOR ENERGY COMPANY



Date: May 7, 2024		/s/ MARJORIE HARGRAVE
		Marjorie Hargrave, CFO (Principal Financial Officer and Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION

I, Brent K. Bilsland, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hallador Energy Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 7, 2024		/s/ BRENT K. BILSLAND
		Brent K. Bilsland, Chairman, President and CEO

Exhibit 31.2

CERTIFICATION

I, Marjorie Hargrave, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hallador Energy Company;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 7, 2024		/s/ MARJORIE HARGRAVE
		Marjorie Hargrave, CFO

Exhibit 32

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report (the "Report"), of Hallador Energy Company (the "Company"), on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof the undersigned, in the capacities and date indicated below, each hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 7, 2024	By:	/s/ BRENT K. BILSLAND
		Brent K. Bilsland, Chairman, President and CEO


	By:	/s/ MARJORIE HARGRAVE
		Marjorie Hargrave, CFO

Exhibit 95.1

MINE SAFETY DISCLOSURES

Our principles at Sunrise Coal, LLC are safety, honesty, and compliance. We firmly believe that these values compose a dedicated workforce and with that, come high production. The core to this is our strong training programs that include accident prevention, workplace inspection and examination, emergency response and compliance. We work with the Federal and State regulatory agencies to help eliminate safety and health hazards from our workplace and increase safety and compliance awareness throughout the mining industry.

We are regulated by the Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (“Mine Act”). MSHA inspects our mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. We present information below regarding certain violations which MSHA has issued with respect to our mines. While assessing this information please consider that the number and cost of violations will vary depending on the MSHA inspector and can be contested and appealed, and in that process, are often reduced in severity and amount, and are sometimes dismissed.

The disclosures listed below are provided pursuant to the Dodd-Frank Act. We believe that the following disclosures comply with the requirements of the Dodd-Frank Act; however, it is possible that future SEC rule making may require disclosures to be filed in a different format than the following.

The table that follows outline required disclosures and citations/orders issued to us by MSHA during the 1st Quarter 2024. The citations and orders outlined below may differ from MSHA`s data retrieval system due to timing, special assessed citations, and other factors.

Definitions:

Section 104(a) Significant and Substantial Citations “S&S”: An alleged violation of a mining safety or health standard or regulation where there exists a reasonable likelihood that the hazard outlined will result in an injury or illness of a serious nature.

Section 104(b) Orders: Failure to abate a 104(a) citation within the period of time prescribed by MSHA. The result of which is an order of immediate withdraw of non-essential persons from the affected area until MSHA determines the violation has been corrected.

Section 104(d) Citations and Orders: An alleged unwarrantable failure to comply with mandatory health and safety standards.

Section 107(a) Orders: An order of withdraw for situations where MSHA has determined that an imminent danger exists.

Section 110(b)(2) Violations: An alleged flagrant violation issued by MSHA under section 110(b)(2) of the Mine Act.

Pattern or Potential Pattern of Violations: A pattern of violations of mandatory health or safety standards that are of such a nature as could have significantly and substantially contributed to the cause and effect of coal mine health or safety hazards under section 104(e) of the Mine Act or a potential to have such a pattern.

Contest of Citations, Orders, or Proposed Penalties: A contest proceeding may be filed with the Commission by the operator or miners/miner’s representative to challenge the issuance or penalty of a citation or order issued by MSHA.

MSHA Federal Mine ID#`s:

12-02465 – Carlisle Preparation Plant

12-02460 – Ace in the Hole Mine

12-02394 – Oaktown Fuels No. 1

12-02418 – Oaktown Fuels No. 2

12-02462 – Oaktown Fuels Preparation Plant

12-02249 – Prosperity Mine

12-02339 - Freelandville East, Center Pit Mine

	1st Quarter 2024

	Section		Section		Section		Section		Section		Proposed
	104(a)		104(b)		104(d)		107(a)		110(b)(2)		MSHA
	Citations		Orders		Citations/Orders		Orders		Violations		Assessments
											(In thousands)
Mine ID#
12‐02465		—		—		—		—		—	$	—
12‐02394		22		—		—		—		—	$	19.30
12‐02418		5		—		—		—		—	$	8.70
12‐02462		—		—		—		—		—	$	—
12‐02249		—		—		—		—		—	$	—
12-02339		—		—		—		—		—	$	—


	Section		Section
	104(e)		104(e)		Mining		Legal		Legal		Legal
	Notice		POV		Related		Actions		Actions		Actions
	Yes/No		Yes/No		Fatalities		Pending		Initiated		Resolved
Mine ID#
12‐02465	No		No			—		—		—		—
12‐02394	No		No			—		1		—		1
12‐02418	No		No			—		1		—		—
12‐02462	No		No			—		—		—		—
12‐02249	No		No			—		—		—		—
12-02339	No		No			—		—		—		—


	Contest of		Contest		Complaints		Complaints		Applications		Appeals of
	Citations/		of		of		of Discharge/		of Temp.		Decisions/
	Orders		Penalties		Compensation		Discrimination		Relief		Orders
Mine ID#
12‐02465		—		—		—		—		—		—
12‐02460		—		—		—		—		—		—
12‐02394		—		—		—		—		—		—
12‐02418		—		—		—		—		—		—
12‐02462		—		—		—		—		—		—
12‐02249		—		—		—		—		—		—
12-02339		—		—		—		—		—		—

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 01, 2024
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	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34743
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-1014610
Entity Address, Address Line One	1183 East Canvasback Drive
Entity Address, City or Town	Terre Haute
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47802
City Area Code	812
Local Phone Number	299.2800
Title of 12(b) Security	Common Shares, $.01 par value
Trading Symbol	HNRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,027,196

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,635	$ 2,842
Restricted cash	4,737	4,281
Accounts receivable	14,228	19,937
Inventory	29,688	23,075
Parts and supplies	40,360	38,877
Prepaid expenses	2,614	2,262
Total current assets	93,262	91,274
Property, plant and equipment:
Land and mineral rights	115,486	115,486
Buildings and Equipment, Gross	537,921	537,131
Mine development	161,669	158,642
Finance lease right-of-use assets	16,178	12,346
Total property, plant and equipment	831,254	823,605
Less - accumulated depreciation, depletion and amortization	(348,783)	(334,971)
Total property, plant and equipment, net	482,471	488,634
Investment in Sunrise Energy	2,562	2,811
Other assets	7,125	7,061
Total assets	585,420	589,780
Current liabilities:
Current portion of bank debt, net	24,438	24,438
Accounts payable and accrued liabilities	47,125	62,908
Current portion of lease financing	4,958	3,933
Deferred revenue	41,242	23,062
Contract liability - power purchase agreement and capacity payment reduction	41,662	43,254
Total current liabilities	164,425	157,595
Long-term liabilities:
Bank debt, net	49,343	63,453
Convertible notes payable	10,000	10,000
Convertible notes payable - related party	1,000	9,000
Long-term lease financing	9,701	8,157
Deferred revenue	5,434	0
Deferred income taxes	8,625	9,235
Asset retirement obligations	14,934	14,538
Contract liability - power purchase agreement	36,229	47,425
Other	1,871	1,789
Total long-term liabilities	137,137	163,597
Total liabilities	301,562	321,192
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 100,000 shares authorized; 36,534 and 34,052 issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively	365	341
Additional paid-in capital	144,490	127,548
Retained earnings	139,003	140,699
Total stockholders’ equity	283,858	268,588
Total liabilities and stockholders’ equity	585,420	589,780
Related Party [Member]
Current liabilities:
Notes payable - related party	$ 5,000	$ 0

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.1	$ 0.1
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000	100,000
Common stock, issued (in shares)	36,534	34,052
Common stock, outstanding (in shares)	36,534	34,052

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

SALES AND OPERATING REVENUES:

Other revenues

$ 1,287

$ 1,340

Total sales and operating revenues

109,672

188,334

EXPENSES:

Operating expenses

85,083

133,521

Depreciation, depletion and amortization

15,443

17,976

Asset retirement obligations accretion

399

451

Exploration costs

206

General and administrative

5,944

6,947

Total operating expenses

106,939

159,101

INCOME FROM OPERATIONS

2,733

29,233

Interest expense (1)

^[1]

(3,937)

(3,899)

Loss on extinguishment of debt

(853)

Equity method investment (loss) income

(249)

NET INCOME (LOSS) BEFORE INCOME TAXES

(2,306)

25,403

INCOME TAX EXPENSE (BENEFIT):

Current

432

Deferred

(610)

2,920

Total income tax expense (benefit)

(610)

3,352

NET INCOME (LOSS)

$ (1,696)

$ 22,051

NET INCOME (LOSS) PER SHARE:

Basic (in dollars per share)

$ (0.05)

$ 0.67

Diluted (in dollars per share)

$ (0.05)

$ 0.61

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic (in shares)

34,816

32,983

Diluted (in shares)

34,816

36,740

(1) Interest Expense:

Interest on bank debt

$ 2,805

$ 2,255

Other interest

728

432

Amortization:

Amortization of debt issuance costs

404

1,212

Total amortization

404

1,212

Total interest expense

^[1]

3,937

3,899

Electric Sales [Member]

SALES AND OPERATING REVENUES:

Revenues

58,755

92,392

Coal Sales [Member]

SALES AND OPERATING REVENUES:

Revenues

$ 49,630

$ 94,602

[1]	Interest Expense:

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,696)	$ 22,051	$ 22,051
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(610)	2,920
Equity loss (income) – Sunrise Energy	249	(69)
Cash distribution - Sunrise Energy	0	625
Depreciation, depletion and amortization	15,443	17,976
Loss on extinguishment of debt	853	0
Loss (gain) on sale of assets	(24)	21
Amortization of debt issuance costs	404	1,212
Asset retirement obligations accretion	399	451
Cash paid on asset retirement obligation reclamation	(639)	(365)
Stock-based compensation	666	1,220
Amortization of contract asset and contract liabilities	(12,788)	(15,569)
Other	937	451
Change in operating assets and liabilities:
Accounts receivable	5,709	(3,269)
Inventory	(6,613)	(4,004)
Parts and supplies	(1,483)	(2,926)
Prepaid expenses	(37)	389
Accounts payable and accrued liabilities	(8,015)	2,009
Deferred revenue	23,614	2,989
Net cash provided by operating activities	16,369	26,112
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(14,874)	(13,482)
Proceeds from sale of equipment	24	15
Net cash used in investing activities	(14,850)	(13,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on bank debt	(26,500)	(27,013)
Payments on lease financing	(1,238)	0
Borrowings of bank debt	12,000	17,000
Proceeds from sale and leaseback arrangement	1,927	0
Issuance of related party notes payable	5,000	0
Debt issuance costs	(38)	(1,600)
ATM offering	6,580	0
Taxes paid on vesting of RSUs	(1)	(1,109)
Net cash used in financing activities	(2,270)	(12,722)
Decrease in cash, cash equivalents, and restricted cash	(751)	(77)
Cash, cash equivalents, and restricted cash, beginning of period	7,123	6,426
Cash, cash equivalents, and restricted cash, end of period	6,372	6,349	$ 6,426
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	1,635	2,441
Restricted cash	4,737	3,908
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	6,372	6,349
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	3,083	3,116
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Change in capital expenditures included in accounts payable and prepaid expense	(5,290)	(120)
Change in capital expenditures included in accounts payable and prepaid expense	5,290	120
Stock issued on redemption of convertible notes and interest	$ 9,721	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	32,983
Balance at Dec. 31, 2021	$ 330	$ 118,788	$ 95,906	$ 215,024
Stock-based compensation	0	1,220	0	1,220
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 0	0	22,051	22,051
Balance (in shares) at Dec. 31, 2022	33,137
Balance at Dec. 31, 2022	$ 332	118,897	117,957	237,186
Stock issued on vesting of RSUs (in shares)	275
Stock issued on vesting of RSUs	$ 3	(3)	0	0
Taxes paid on vesting of RSUs (in shares)	(121)
Taxes paid on vesting of RSUs	$ (1)	(1,108)	0	(1,109)
Balance (in shares) at Dec. 31, 2023	34,052
Balance at Dec. 31, 2023	$ 341	127,548	140,699	268,588
Stock-based compensation	$ 0	666	0	666
Stock issued on vesting of RSUs (in shares)	321
Stock issued on vesting of RSUs	$ 3	(3)	0	0
Taxes paid on vesting of RSUs (in shares)	(132)
Taxes paid on vesting of RSUs	$ (1)	0	0	(1)
Stock issued on redemption of convertible notes (in shares)	1,582
Stock issued on redemption of convertible notes	$ 15	9,706	0	9,721
Stock issued in ATM offering (in shares)	711
Stock issued in ATM offering	$ 7	6,573	0	6,580
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 0	0	(1,696)	(1,696)
Balance (in shares) at Mar. 31, 2024	36,534
Balance at Mar. 31, 2024	$ 365	$ 144,490	$ 139,003	$ 283,858

Note 1 - General Business

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(1)

GENERAL BUSINESS

The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant.

Note 2 - Recent Accounting Pronouncements Not yet Adopted

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

(2)

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

Note 3 - Long-lived Asset Impairments

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Asset Impairment Charges [Text Block]

(3)

LONG-LIVED ASSET IMPAIRMENTS

Note 4 - Inventory

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

(4)

INVENTORY

Note 5 - Bank Debt

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

(5)

BANK DEBT

Liquidity

Fees

Bank debt, less debt issuance costs, is presented below (in thousands):

	March 31,			December 31,
	2024			2023
Current bank debt	$	26,000		$	26,000
Less unamortized debt issuance cost		(1,562	)		(1,562	)
Net current portion	$	24,438		$	24,438

Long-term bank debt	$	51,000		$	65,500
Less unamortized debt issuance cost		(1,657	)		(2,047	)
Net long-term portion	$	49,343		$	63,453

Total bank debt	$	77,000		$	91,500
Less total unamortized debt issuance cost		(3,219	)		(3,609	)
Net bank debt	$	73,781		$	87,891

Covenants

As of March 31, 2024, our Leverage Ratio of 1.58 was in compliance with the requirements of the credit agreement.

As of March 31, 2024, we were in compliance with all other covenants defined in the credit agreement.

Interest Rate

Note 6 - Accounts Payable and Accrued Liabilities (In Thousands)

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(6)

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)

	*March 31,*		*December 31,*
	*2024*		*2023*
Accounts payable	$	28,947	$	43,636
Accrued property taxes		3,458		2,987
Accrued payroll		4,620		6,575
Workers' compensation reserve		4,306		3,629
Group health insurance		2,200		2,300
Asset retirement obligation - current portion		1,514		2,150
Other		2,080		1,631
Total accounts payable and accrued liabilities	$	47,125	$	62,908

Note 7 - Revenue

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(7)

REVENUE

Revenue from Contracts with Customers

Electric operations

Coal operations

Disaggregation of Revenue

Electric operations

Coal operations

Performance Obligations

Electric operations

Coal operations

Contract Balances

Note 8 - Income Taxes

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(8)

INCOME TAXES

Note 9 - Stock Compensation Plans

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(9)

STOCK COMPENSATION PLANS

Non-vested grants as of December 31, 2023	858,363
Awarded - weighted average share price on award date was $8.41	1,500
Vested - weighted average share price on vested date was $5.33	(321,419	)
Forfeited	(28,000	)
Non-vested grants as of March 31, 2024	510,444

For the three months ended March 31, 2024 and 2023, our stock compensation was $0.7 million and $1.2 million, respectively.

Non-vested RSU grants will vest as follows:

Vesting Year	*RSUs Vesting*
2024		1,000
2025		509,444
		510,444

The outstanding RSUs have a value of $2.7 million based on the March 28, 2024 closing stock price of $5.33.

Note 10 - Leases - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Assets [Abstract]

Buildings and Equipment, Gross

$ 537,921

$ 537,131

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(10)

LEASES

The following table (in thousands) relates to our leases:

	*Three Months Ended March 31,*
	*2024*			*2023*
Operating lease information:
Operating cash outflows from operating leases	$	52		$	52
Weighted average remaining lease term in years		7.80			1.10
Weighted average discount rate		10.0	%		6.0	%
Finance lease information:
Financing cash outflows from finance leases	$	1,238			—
Proceeds from sale and leaseback arrangement	$	1,927			—
Weighted average remaining lease term in years		2.82			—
Weighted average discount rate		8.5	%		—	%

Future minimum lease payments under non-cancellable leases as of March 31, 2024, were as follows:

	Operating			Finance
	Leases			Leases
	(In thousands)
2024	$	33		$	4,569
2025		88			6,092
2026		121			5,780
2027		124			241
2028		128			—
Thereafter		516			—
Total minimum lease payments	$	1,010		$	16,682
Less imputed interest and deferred finance fees		(335	)		(2,023	)

Total lease liability	$	675		$	14,659

As reflected within the following balance sheet line items:

		*Three Months Ended March 31,*		*For the Year Ended December 31,*
		*2024*		*2023*
		(In thousands)

Operating lease assets	Buildings and equipment	$	675	$	712
Operating lease liabilities:
Current operating lease liabilities	Accounts payable and accrued liabilities	$	52	$	58
Non-current operating lease liabilities	Other long-term liabilities		623		654
Total operating lease liability		$	675	$	712

Finance lease assets	Finance lease right-of-use assets	$	16,178	$	12,346
Finance lease liabilities:
Current finance lease liabilities	Current portion of lease financing	$	4,958	$	3,933
Non-current finance lease liabilities	Long-term lease financing		9,701		8,157
Total finance lease liabilities		$	14,659	$	12,090

Note 11 - Self-Insurance

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Self Insurance [Text Block]

(11)

SELF-INSURANCE

Note 12 - Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(12)

FAIR VALUE MEASUREMENTS

Note 13 - Equity Method Investments

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

(13)

EQUITY METHOD INVESTMENTS

Note 14 - Convertible Notes

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Convertible Notes Disclosure [Text Block]

(14)

CONVERTIBLE NOTES

Note 15 - Notes Payable - Related Parties

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

(15)

NOTES PAYABLE - RELATED PARTIES

At March 31, 2024, accrued interest associated with the notes payable – related party on the condensed consolidated balance sheets was $0.1 million.

Note 16 - Organizational Restructuring

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(16)

ORGANIZATIONAL RESTRUCTURING

Note 17 - At Market Agreement

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Equity [Text Block]

(17)

AT MARKET AGREEMENT

Note 18 - Segments of Business

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(18)

SEGMENTS OF BUSINESS

	*Three Months Ended March 31,*
	*2024*			*2023*
	(in thousands)
Operating revenues
Electric operations	$	58,912		$	92,494
Coal operations		66,870			95,273
Corporate and other and eliminations		(16,110	)		567
Consolidated operating revenues	$	109,672		$	188,334

Income (loss) from operations
Electric operations	$	15,247		$	18,705
Coal operations		(11,457	)		13,088
Corporate and other and eliminations		(1,057	)		(2,560	)
Consolidated income (loss) from operations	$	2,733		$	29,233

Depreciation, depletion and amortization
Electric operations	$	4,697		$	4,675
Coal operations		10,728			13,275
Corporate and other and eliminations		18			26
Consolidated depreciation, depletion and amortization	$	15,443		$	17,976

Assets
Electric operations	$	211,116		$	218,132
Coal operations		370,292			391,248
Corporate and other and eliminations		4,012			7,247
Consolidated assets	$	585,420		$	616,627

Capital expenditures
Electric operations	$	6,242		$	843
Coal operations		8,632			12,639
Corporate and other and eliminations		—			—
Consolidated capital expenditures	$	14,874		$	13,482

Note 19 - Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

(19)

NET INCOME (LOSS) PER SHARE

The following table (in thousands, except per share amounts) sets forth the computation of basic earnings per share for the periods presented:

	*Three Months Ended March 31,*
	*2024*			*2023*
Basic earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Weighted average shares outstanding - basic		34,816			32,983
Basic earnings (loss) per common share	$	(0.05	)	$	0.67


The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:

	*Three Months Ended March 31,*
	*2024*			*2023*
Diluted earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Add: Convertible Notes interest expense, net of tax		—			293
Net income (loss) - diluted	$	(1,696	)	$	22,344

Weighted average shares outstanding - basic		34,816			32,983
Add: Dilutive effects of if converted Convertible Notes		—			3,163
Add: Dilutive effects of Restricted Stock Units		—			594
Weighted average shares outstanding - diluted		34,816			36,740

Diluted net income (loss) per share	$	(0.05	)	$	0.61

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	PART II - OTHER INFORMATION
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 5 - Bank Debt (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Debt [Table Text Block]

	March 31,			December 31,
	2024			2023
Current bank debt	$	26,000		$	26,000
Less unamortized debt issuance cost		(1,562	)		(1,562	)
Net current portion	$	24,438		$	24,438

Long-term bank debt	$	51,000		$	65,500
Less unamortized debt issuance cost		(1,657	)		(2,047	)
Net long-term portion	$	49,343		$	63,453

Total bank debt	$	77,000		$	91,500
Less total unamortized debt issuance cost		(3,219	)		(3,609	)
Net bank debt	$	73,781		$	87,891

Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
Accounts payable	$	28,947	$	43,636
Accrued property taxes		3,458		2,987
Accrued payroll		4,620		6,575
Workers' compensation reserve		4,306		3,629
Group health insurance		2,200		2,300
Asset retirement obligation - current portion		1,514		2,150
Other		2,080		1,631
Total accounts payable and accrued liabilities	$	47,125	$	62,908

Note 9 - Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

Non-vested grants as of December 31, 2023	858,363
Awarded - weighted average share price on award date was $8.41	1,500
Vested - weighted average share price on vested date was $5.33	(321,419	)
Forfeited	(28,000	)
Non-vested grants as of March 31, 2024	510,444

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

Vesting Year	*RSUs Vesting*
2024		1,000
2025		509,444
		510,444

Note 10 - Leases (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Lease, Cost [Table Text Block]

	*Three Months Ended March 31,*
	*2024*			*2023*
Operating lease information:
Operating cash outflows from operating leases	$	52		$	52
Weighted average remaining lease term in years		7.80			1.10
Weighted average discount rate		10.0	%		6.0	%
Finance lease information:
Financing cash outflows from finance leases	$	1,238			—
Proceeds from sale and leaseback arrangement	$	1,927			—
Weighted average remaining lease term in years		2.82			—
Weighted average discount rate		8.5	%		—	%

		*Three Months Ended March 31,*		*For the Year Ended December 31,*
		*2024*		*2023*
		(In thousands)

Operating lease assets	Buildings and equipment	$	675	$	712
Operating lease liabilities:
Current operating lease liabilities	Accounts payable and accrued liabilities	$	52	$	58
Non-current operating lease liabilities	Other long-term liabilities		623		654
Total operating lease liability		$	675	$	712

Finance lease assets	Finance lease right-of-use assets	$	16,178	$	12,346
Finance lease liabilities:
Current finance lease liabilities	Current portion of lease financing	$	4,958	$	3,933
Non-current finance lease liabilities	Long-term lease financing		9,701		8,157
Total finance lease liabilities		$	14,659	$	12,090

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	Operating			Finance
	Leases			Leases
	(In thousands)
2024	$	33		$	4,569
2025		88			6,092
2026		121			5,780
2027		124			241
2028		128			—
Thereafter		516			—
Total minimum lease payments	$	1,010		$	16,682
Less imputed interest and deferred finance fees		(335	)		(2,023	)

Total lease liability	$	675		$	14,659

Note 18 - Segments of Business (Tables)	3 Months Ended
Note 18 - Segments of Business (Tables)	Mar. 31, 2024
Notes Tables
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">Three Months Ended March 31,</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2024</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(in thousands)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Operating revenues</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">58,912</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">92,494</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">66,870</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">95,273</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and other and eliminations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(16,110</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">567</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated operating revenues</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">109,672</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">188,334</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income (loss) from operations</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,247</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">18,705</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(11,457</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">13,088</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and other and eliminations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,057</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,560</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated income (loss) from operations</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,733</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">29,233</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Depreciation, depletion and amortization</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,697</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,675</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,728</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">13,275</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and other and eliminations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">18</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">26</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated depreciation, depletion and amortization</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15,443</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">17,976</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Assets</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">211,116</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">218,132</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">370,292</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">391,248</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and other and eliminations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">4,012</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,247</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated assets</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">585,420</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">616,627</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Capital expenditures</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,242</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">843</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,632</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">12,639</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and other and eliminations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated capital expenditures</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">14,874</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13,482</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> </tbody></table>

Note 19 - Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended March 31,*
	*2024*			*2023*
Basic earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Weighted average shares outstanding - basic		34,816			32,983
Basic earnings (loss) per common share	$	(0.05	)	$	0.67


The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:

	*Three Months Ended March 31,*
	*2024*			*2023*
Diluted earnings per common share:
Net income (loss) - basic	$	(1,696	)	$	22,051
Add: Convertible Notes interest expense, net of tax		—			293
Net income (loss) - diluted	$	(1,696	)	$	22,344

Weighted average shares outstanding - basic		34,816			32,983
Add: Dilutive effects of if converted Convertible Notes		—			3,163
Add: Dilutive effects of Restricted Stock Units		—			594
Weighted average shares outstanding - diluted		34,816			36,740

Diluted net income (loss) per share	$	(0.05	)	$	0.61

Note 1 - General Business (Details Textual)	3 Months Ended
Note 1 - General Business (Details Textual)	Mar. 31, 2024
Number of Reportable Segments	2
Southwestern Indiana [Member]
Number of Underground Mines Included in the Significant Operating Segment	2
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%

Note 3 - Long-lived Asset Impairments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Impairment Charges	$ 0	$ 0

Note 4 - Inventory (Details Textual) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Adjustments	$ 1.3	$ 2.0

Note 5 - Bank Debt (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended
Note 5 - Bank Debt (Details Textual) $ in Thousands	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 02, 2023 USD ($)	Jun. 30, 2023	Mar. 13, 2023 USD ($)	Mar. 12, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long-Term Debt, Gross		$ 77,000	$ 91,500
Debt Issuance Costs, Net, Total		$ 3,219	3,609
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Term Loan [Member] \| Revolving Credit Facility [Member] \| Post March 2023 Amendment [Member]
Long-Term Debt, Gross						$ 35,000
Term Loan [Member] \| Revolving Credit Facility [Member] \| Post August 2023 Amendment [Member]
Long-Term Debt, Gross		$ 58,500
Credit Agreement [Member]
Debt Instrument, Unused Borrowing Capacity, Amount		37,900
Debt Instrument, Liquidity		39,500
Letters of Credit Outstanding, Amount		18,600
Debt Issuance Costs, Net, Total		$ 3,200	3,600	$ 4,300		1,600		$ 2,500
Leverage Ratio		2.25
Debt Instrument, Covenant, Debt Service Coverage Ratio		1.58
Debt Instrument, Basis Spread on Variable Rate		4.50%
Debt Instrument, Interest Rate, Effective Percentage		10.00%
Credit Agreement [Member] \| Minimum [Member]
Debt Instrument, Covenant, Debt Service Coverage Ratio					1.25
Debt Instrument, Basis Spread on Variable Rate		4.00%
Credit Agreement [Member] \| Maximum [Member]
Debt Instrument, Covenant, Debt Service Coverage Ratio		2.88
Debt Instrument, Basis Spread on Variable Rate		5.00%
Credit Agreement [Member] \| Forecast [Member] \| Term Loan [Member]
Debt Instrument, Periodic Payment	$ 6,500
Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				75,000		$ 120,000	$ 85,000
Debt Instrument, Covenant, Maximum Annual Capital Expenditures		$ 75,000	$ 1,500	100,000
Debt Instrument, Amount to be Converted				$ 65,000
Credit Agreement [Member] \| Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity		75,000
Debt Instrument, Increase (Decrease), Net		14,500
Proceeds from Issuance of Debt		$ 18,500

Note 5 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current bank debt	$ 26,000	$ 26,000
Less unamortized debt issuance cost	(1,562)	(1,562)
Net current portion	24,438	24,438
Long-term bank debt	51,000	65,500
Less unamortized debt issuance cost	(1,657)	(2,047)
Net long-term portion	49,343	63,453
Total bank debt	77,000	91,500
Less total unamortized debt issuance cost	(3,219)	(3,609)
Net bank debt	$ 73,781	$ 87,891

Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts payable	$ 28,947	$ 43,636
Accrued property taxes	3,458	2,987
Accrued payroll	4,620	6,575
Workers' compensation reserve	4,306	3,629
Group health insurance	2,200	2,300
Asset retirement obligation - current portion	1,514	2,150
Other	2,080	1,631
Total accounts payable and accrued liabilities	$ 47,125	$ 62,908

Note 7 - Revenue 1 (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
Note 7 - Revenue 1 (Details Textual) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Contract Capacity [Member]
Contract with Customer, Liability	$ 46,700,000
Delivered Energy [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	47,000,000	$ 76,400,000
Capacity Payments [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 11,800,000	$ 16,000,000
Coal [Member]
Accounts Receivable, after Allowance for Credit Loss				$ 16,300,000
Coal [Member] \| INDIANA \| Revenue from Contract with Customer Benchmark [Member] \| Geographic Concentration Risk [Member]
Concentration Risk, Percentage	36.00%	52.00%
Electricity, Purchased [Member] \| Hoosier [Member]
Long-Term Purchase Commitment, Minimum Quantity Required, Percentage			70.00%
Long-term Purchase Commitment, Minimum Quantity Required, Price Per Megawatt Hour			$ 34
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year One	917
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year Two Through Four	300
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Price Per Kilowatts-month	$ 5.8

Note 7 - Revenue 2 (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Energy Obligations [Member]
Revenue, Remaining Performance Obligation, Amount	$ 111,970
Revenue, Remaining Performance Obligation, Percentage	47.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Amount	$ 163,510
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	2029 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Fixed-Price Contract [Member]
Revenue, Remaining Performance Obligation, Amount	$ 270,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Coal Sales [Member]
Revenue, Remaining Performance Obligation, Amount	$ 155,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	2027 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Amount	$ 186,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Energy Obligations [Member]
Revenue, Remaining Performance Obligation, Amount	$ 99,300
Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Amount	$ 35,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Amount	$ 60,900

Note 8 - Income Taxes (Details Textual)	3 Months Ended
Note 8 - Income Taxes (Details Textual)	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	26.00%	13.00%

Note 9 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 28, 2024
Share-Based Payment Arrangement, Expense	$ 0.7	$ 1.2
Share Price (in dollars per share)			$ 5.33
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding			$ 2.7
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 3.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	611,035

Note 9 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 shares
Non-vested grants (in shares)	858,363
Awarded (in shares)	1,500
Vested (in shares)	(321,419)
Forfeited (in shares)	(28,000)
Non-vested grants (in shares)	510,444

Note 9 - Stock Compensation Plans - RSU Activity (Details) (Parentheticals) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares
Share price on grant date, awarded (in dollars per share)	$ 8.41
Share price on vesting date (in dollars per share)	$ 5.33

Note 9 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details)	Mar. 31, 2024 shares
RSUs vesting (in shares)	510,444
Vesting in 2024 [Member] \| Restricted Stock Units (RSUs) [Member]
RSUs vesting (in shares)	1,000
Represents vesting in 2025 [Member] \| Restricted Stock Units (RSUs) [Member]
RSUs vesting (in shares)	509,444

Note 10 - Leases (Details Textual) $ in Thousands	3 Months Ended
Note 10 - Leases (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023
Assets [Abstract]
Buildings and Equipment, Gross	$ 537,921	$ 537,131
Number of Financing Leases		3
Number of Operating Leases			2
Financing Leases, Depreciation Expense	1,100
Finance Lease, Interest Payment on Liability	300
Deferred Costs, Leasing, Net	100
Operating Lease, Right-of-Use Asset	$ 675	$ 712
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Buildings and Equipment, Gross	Buildings and Equipment, Gross
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	4 months
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	8 years

Note 10 - Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Assets [Abstract]
Buildings and Equipment, Gross	$ 537,921		$ 537,131
Current liabilities:
Accounts payable and accrued liabilities	47,125		62,908
Long-term liabilities:
Liabilities, Noncurrent	137,137		163,597
Other	1,871		$ 1,789
Operating cash outflows from operating leases	$ 52	$ 52
Operating Lease, Weighted Average Remaining Lease Term (Year)	7 years 9 months 18 days	1 year 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	10.00%	6.00%
Financing cash outflows from finance leases	$ 1,238	$ (0)
Proceeds from sale and leaseback arrangement	$ 1,927	$ 0
Finance Lease, Weighted Average Remaining Lease Term (Year)	2 years 9 months 25 days
Finance Lease, Weighted Average Discount Rate, Percent	8.50%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Buildings and Equipment, Gross		Buildings and Equipment, Gross
Operating Lease, Right-of-Use Asset	$ 675		$ 712
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities
Current operating lease liabilities	$ 52		58
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other
Non-current operating lease liabilities	$ 623		654
Operating Lease, Liability	675		712
Finance lease assets	16,178		12,346
Current finance lease liabilities	4,958		3,933
Non-current finance lease liabilities	9,701		8,157
Total finance lease liabilities	$ 14,659		$ 12,090

Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2024, operating leases	$ 33
2024, financing leases	4,569
2025, operating leases	88
2025, financing leases	6,092
2026, operating leases	121
2026, financing leases	5,780
2027, operating leases	124
2027, financing leases	241
2028, operating leases	128
2028, financing leases	0
Thereafter, operating leases	516
Thereafter, financing leases	0
Total minimum lease payments	1,010
Total minimum lease payments	16,682
Less imputed interest and deferred finance fees	(335)
Less imputed interest and deferred finance fees	(2,023)
Operating Lease, Liability	675	$ 712
Total lease liability	$ 14,659	$ 12,090

Note 11 - Self-Insurance (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Operating Lease, Liability	$ 675	$ 712
Restricted Cash and Cash Equivalents	4,737	4,281	$ 3,908
Future Workers' Compensation Claim Payments [Member]
Restricted Cash and Cash Equivalents	$ 4,700	4,300
Mining Properties and Mineral Rights [Member]
Number of Mining Units	7
Geographic Spread of Mining Units, in Miles	11
Operating Lease, Liability	$ 262,000	$ 262,000

Note 13 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments	$ 2,562	$ 2,811
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investments	$ 2,600	$ 2,800

Note 14 - Convertible Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 12, 2022	Jul. 29, 2022	Mar. 31, 2024	Mar. 31, 2023	Aug. 08, 2022
Proceeds from Related Party Debt			$ 5,000	$ 0
Gain (Loss) on Extinguishment of Debt			(853)	0
Debt Conversion, Original Debt, Amount			9,721	$ 0
Senior Unsecured Convertible Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Senior Unsecured Convertible Notes [Member] \| Director [Member] \| Conversion Price 6 Point 254, Maturity Date December 2028 [Member]
Proceeds from Related Party Debt		$ 5,000	$ 5,000
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 6.254
Debt Conversion, Converted Instrument, Shares Issued (in shares)			799,488
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares)			112,570
Gain (Loss) on Extinguishment of Debt			$ (550)
Senior Unsecured Convertible Notes [Member] \| Director [Member] \| Conversion Price 6 Point 15, Maturity Date December 2028 [Member]
Proceeds from Related Party Debt	$ 4,000
Debt Instrument, Interest Rate, Stated Percentage					8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share)					$ 6.254
Debt Conversion, Converted Instrument, Shares Issued (in shares)			479,693
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares)			67,542
Gain (Loss) on Extinguishment of Debt			$ (300)
Debt Conversion, Original Debt, Amount			$ 3,000
Senior Unsecured Convertible Notes [Member] \| Director [Member] \| Holder Conversion of Accrued Interest to Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares)			57,564
Senior Unsecured Convertible Notes [Member] \| Non-affiliated Party [Member] \| Holder Conversion of Accrued Interest to Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares)			65,041
Senior Unsecured Convertible Notes [Member] \| Non-affiliated Party [Member] \| Conversion Price 6 Point 254, Maturity Date December 2026 [Member]
Proceeds from Related Party Debt	$ 10,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 6.15

Note 15 - Notes Payable - Related Parties (Details Textual)	Mar. 31, 2024 USD ($)
Related Party [Member]
Interest Payable	$ 100,000
Unsecured Promissory Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Unsecured Promissory Notes [Member] \| Director Charles R. Wesley IV [Member]
Debt Instrument, Face Amount	$ 2,000,000
Unsecured Promissory Notes [Member] \| Director David J. Lubar [Member]
Debt Instrument, Face Amount	2,500,000
Unsecured Promissory Notes [Member] \| Director David C. Hardie [Member]
Debt Instrument, Face Amount	$ 500,000

Note 16 - Organizational Restructuring (Details Textual) $ in Millions	Feb. 23, 2024 USD ($)
Number Of Employees	110
Percentage of Workforce	12.00%
Restructuring Charges	$ 1.9
Accounts Payable and Accrued Liabilities [Member]
Restructuring Reserve	0.8
Operating Expenses [Member]
Restructuring Reserve	$ 1.1

Note 17 - At Market Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 18, 2023	Mar. 04, 2024	Mar. 31, 2024	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.01	$ 0.01
Stock Issued During Period, Value, New Issues			$ 6,580
At Market Offering [Member] \| B. Riley Securities, Inc. [Member]
Equity Sales Agreement, Maximum Aggregate Gross Proceeds	$ 50,000
ATM Offering, Notice for Termination (Day)	5 days
Stock Issued During Period, Shares, New Issues (in shares)	794,000	710,623
Stock Issued During Period, Value, New Issues		$ 6,600		$ 7,300

Note 18 - Segments of Business (Details Textual)	3 Months Ended
Note 18 - Segments of Business (Details Textual)	Mar. 31, 2024
Number of Reportable Segments	2
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%

Note 18 - Segment of Business - Summary of Reportable Segments Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue	$ 109,672	$ 188,334
Operating Expense	2,733	29,233
Depreciation	15,443	17,976
Assets	585,420	616,627	$ 589,780
Capital Expenditures	14,874	13,482
Electric Operations [Member]
Revenue	58,912	92,494
Operating Expense	15,247	18,705
Depreciation	4,697	4,675
Assets	211,116	218,132
Capital Expenditures	6,242	843
Coal Operations [Member]
Revenue	66,870	95,273
Operating Expense	(11,457)	13,088
Depreciation	10,728	13,275
Assets	370,292	391,248
Capital Expenditures	8,632	12,639
Corporate Segment and Other Operating Segment [Member]
Revenue	(16,110)	567
Operating Expense	(1,057)	(2,560)
Depreciation	18	26
Assets	4,012	7,247
Capital Expenditures	$ 0	$ 0

Note 19 - Net Income Per Share - Computation of Net Income Allocated to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss) - basic	$ (1,696)	$ 22,051
Weighted average shares outstanding - basic (in shares)	34,816	32,983
Basic earnings (loss) per common share (in dollars per share)	$ (0.05)	$ 0.67
Add: Convertible Notes interest expense, net of tax	$ 0	$ 293
Net income (loss) - diluted	$ (1,696)	$ 22,344
Add: Dilutive effects of if converted Convertible Notes (in shares)	0	3,163
Add: Dilutive effects of Restricted Stock Units (in shares)	0	594
Weighted average shares outstanding - diluted (in shares)	34,816	36,740
Diluted net income (loss) per share (in dollars per share)	$ (0.05)	$ 0.61