Disicontinued Operations Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

As part of a strategy to divest its non-core thermal coal assets, the Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel Company, LLC (Canyon Fuel), to Bowie Resources, LLC. Canyon Fuel operates two longwall mining complexes and a continuous miner operation in Utah. The purchase price is $435.0 million in cash, subject to customary adjustments for working capital and other items. The transaction is expected to close during the third quarter of 2013.

The following table summarizes the results of discontinued operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(In thousands)
Total Revenues	$	85,107		$	97,853		$	173,239		$	177,267
Income from discontinued operations before income taxes	$	9,748		$	7,909		$	28,737		$	34,193
Income tax expense	(1,603		)	(877		)	(6,325		)	(11,653		)
Income from discontinued operations, net of income taxes	$	8,145		$	7,032		$	22,412		$	22,540
Basic earnings per common share from discontinued operations	$	0.04		$	0.04		$	0.11		$	0.10
Diluted earnings per common share from discontinued operations	$	0.04		$	0.04		$	0.11		$	0.10

The following table summarizes the assets held for sale and the liabilities held for sale, as classified in the Company's condensed consolidated balance sheets:

	June 30,		December 31,
	2013		2012
	(In thousands)
Assets:
Current assets	$	59,604	$	61,281
Property, plant and equipment, net	269,303		280,400
Other assets	5,198		5,333
Total assets held for sale	$	334,105	$	347,014
Liabilities:
Current liabilities	$	28,111	$	24,763
Noncurrent liabilities	36,197		35,221
Total liabilities held for sale	$	64,308	$	59,984