10-Q

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 September 30, 2023
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 November 3, 2023, we had 33,142,403 shares of common stock outstanding.

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	24
ITEM 4. CONTROLS AND PROCEDURES	24
PART II - OTHER INFORMATION	25
ITEM 4. MINE SAFETY DISCLOSURES	25
ITEM 6. EXHIBITS	25
SIGNATURES	26

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS  

Hallador Energy Company 

Condensed Consolidated Balance Sheets 

(in thousands, except per share data) 

(unaudited) 

	September 30,			December 31,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	2,573		$	3,009
Restricted cash		4,143			3,417
Accounts receivable		20,692			29,889
Inventory		23,749			49,796
Parts and supplies		37,012			28,295
Contract asset - coal purchase agreement		—			19,567
Prepaid expenses		4,158			4,546
Total current assets		92,327			138,519
Property, plant and equipment:
Land and mineral rights		115,486			115,595
Buildings and equipment		572,885			534,129
Mine development		153,240			140,108
Total property, plant and equipment		841,611			789,832
Less - accumulated depreciation, depletion and amortization		(358,944	)		(309,370	)
Total property, plant and equipment, net		482,667			480,462
Investment in Sunrise Energy		3,038			3,988
Other assets		7,154			7,585
Total Assets	$	585,186		$	630,554
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of bank debt, net	$	21,188		$	33,031
Accounts payable and accrued liabilities		76,602			82,972
Deferred revenue		25,712			35,485
Contract liability - power purchase agreement and capacity payment reduction		48,087			88,114
Total current liabilities		171,589			239,602
Long-term liabilities:
Long-term bank debt, excluding current maturities, net		36,482			49,713
Convertible note payable		10,000			10,000
Convertible notes payable - related party		9,000			9,000
Deferred income taxes		12,244			4,606
Asset retirement obligations		16,348			17,254
Contract liability - power purchase agreement		55,439			84,096
Other		2,395			1,259
Total long-term liabilities		141,908			175,928
Total liabilities		313,497			415,530
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued and outstanding		—			—
Common stock, $.01 par value, 100,000 shares authorized; 33,142 and 32,983 issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively		332			330
Additional paid-in capital		120,410			118,788
Retained earnings		150,947			95,906
Total stockholders’ equity		271,689			215,024
Total liabilities and stockholders’ equity	$	585,186		$	630,554

See accompanying notes to the condensed consolidated financial statements.

1

Hallador Energy Company 

Condensed Consolidated Statements of Operations

(in thousands, except per share data) 

(unaudited) 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
SALES AND OPERATING REVENUES:
Coal sales	$	97,420		$	83,562		$	280,596		$	204,733
Electric sales		67,403					$	230,812			—
Other revenues		945			1,522			3,888			5,187
Total revenue		165,768			85,084			515,296			209,920
EXPENSES:
Operating expenses		119,042			64,557			367,983			170,552
Depreciation, depletion and amortization		16,230			11,187			51,375			31,882
Asset retirement obligations accretion		468			255			1,380			751
Exploration costs		171			121			682			393
General and administrative		6,054			3,569			18,596			10,440
Total operating expenses		141,965			79,689			440,016			214,018
INCOME (LOSS) FROM OPERATIONS		23,803			5,395			75,280			(4,098	)
Interest expense (1)		(3,030	)		(3,355	)		(10,470	)		(7,476	)
Loss on extinguishment of debt		(1,491	)		—			(1,491	)		—
Equity method investment (loss) income		(177	)		168			(325	)		506
NET INCOME (LOSS) BEFORE INCOME TAXES		19,105			2,208			62,994			(11,068	)
INCOME TAX EXPENSE (BENEFIT):
Current		(178	)		—			315			—
Deferred		3,208			596			7,638			840
Total income tax expense		3,030			596			7,953			840
NET INCOME (LOSS)	$	16,075		$	1,612		$	55,041		$	(11,908	)
NET INCOME (LOSS) PER SHARE:
Basic	$	0.49		$	0.05		$	1.66		$	(0.38	)
Diluted	$	0.44		$	0.05		$	1.52		$	(0.38	)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		33,140			32,983			33,088			31,727
Diluted		36,848			33,268			36,748			31,727
(1) Interest Expense:
Interest on bank debt	$	2,006		$	2,133		$	6,316		$	5,555
Other interest		422			227			1,316			285
Amortization and swap-related interest:
Payments on interest rate swap, net of changes in value		—			—			—			(867	)
Amortization of debt issuance costs		602			995			2,838			2,503
Total amortization and swap related interest		602			995			2,838			1,636
Total interest expense	$	3,030		$	3,355		$	10,470		$	7,476

See accompanying notes to the condensed consolidated financial statements.

2

Hallador Energy Company 

Condensed Consolidated Statements of Cash Flows 

(in thousands) 

(unaudited)

	Nine Months Ended September 30,
	2023			2022
OPERATING ACTIVITIES:
Net income (loss)	$	55,041		$	(11,908	)
Deferred income taxes		7,638			840
Equity loss (income) – Sunrise Energy		325			(506	)
Cash distribution - Sunrise Energy		625			—
Depreciation, depletion, and amortization		51,375			31,882
Loss (gain) on sale of assets		78			(367	)
Change in fair value of interest rate swaps		—			(867	)
Loss on extinguishment of debt		1,491			—
Amortization of debt issuance costs		2,838			2,503
Asset retirement obligations accretion		1,380			751
Cash paid on asset retirement obligation reclamation		(2,286	)		(2,483	)
Stock-based compensation		2,774			230
Provision for loss on customer contracts		—			159
Amortization of contract asset and contract liabilities		(32,444	)		—
Other		914			943
Change in operating assets and liabilities:
Accounts receivable		9,197			(3,160	)
Inventory		14,874			(6,035	)
Parts and supplies		(8,717	)		(4,975	)
Prepaid expenses		1,116			(2,390	)
Accounts payable and accrued liabilities		(11,419	)		9,318
Deferred revenue		(15,273	)		—
Cash provided by operating activities		79,527			13,935
INVESTING ACTIVITIES:
Capital expenditures		(48,746	)		(38,344	)
Proceeds from sale of equipment		62			758
Cash used in investing activities		(48,684	)		(37,586	)
FINANCING ACTIVITIES:
Payments on bank debt		(56,463	)		(35,713	)
Borrowings of bank debt		33,000			37,700
Issuance of convertible note		—			11,000
Issuance of related party convertible notes payable		—			18,000
Debt issuance costs		(5,940	)		(2,097	)
Distributions to redeemable noncontrolling interests		—			(585	)
Taxes paid on vesting of RSUs		(1,150	)		—
Cash (used in) provided by financing activities		(30,553	)		28,305
Increase in cash, cash equivalents, and restricted cash		290			4,654
Cash, cash equivalents, and restricted cash, beginning of period		6,426			5,829
Cash, cash equivalents, and restricted cash, end of period	$	6,716		$	10,483
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CONSIST OF THE FOLLOWING:
Cash and cash equivalents	$	2,573		$	7,000
Restricted cash		4,143			3,483
	$	6,716		$	10,483
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	8,069		$	4,791
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Change in capital expenditures included in accounts payable and prepaid expense	$	3,214		$	2,396
Convertible notes payable and related party convertible notes payable converted to common stock	$	—		$	10,000

See accompanying notes to the condensed consolidated financial statements.

3

 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, June 30, 2023		33,137		$	332		$	119,678		$	134,872	$	254,882
Stock-based compensation		—			—			773			—		773
Stock issued on vesting of RSUs		10			—			—			—		—
Taxes paid on vesting of RSUs		(5	)		—			(41	)		—		(41	)
Net income		—			—			—			16,075		16,075
Balance, September 30, 2023		33,142		$	332		$	120,410		$	150,947	$	271,689
Balance, December 31, 2022		32,983		$	330		$	118,788		$	95,906	$	215,024
Stock-based compensation		—			—			2,774			—		2,774
Stock issued on vesting of RSUs		285			3			(3	)		—		—
Taxes paid on vesting of RSUs		(126	)		(1	)		(1,149	)		—		(1,150	)
Net income		—			—			—			55,041		55,041
Balance, September 30, 2023		33,142		$	332		$	120,410		$	150,947	$	271,689

					Additional					Total
	Common Stock Issued				Paid-in		Retained			Stockholders'
	Shares		Amount		Capital		Earnings			Equity
Balance, June 30, 2022		32,983	$	330	$	114,212	$	64,281		$	178,823
Stock-based compensation		—		—		122		—			122
Cancellation of redeemable noncontrolling interests		—		—		3,415		—			3,415
Net income		—		—		—		1,612			1,612
Balance, September 30, 2022		32,983	$	330	$	117,749	$	65,893		$	183,972
Balance, December 31, 2021		30,785	$	308	$	104,126	$	77,801		$	182,235
Stock-based compensation		—		—		230		—			230
Cancellation of redeemable noncontrolling interests		—		—		3,415		—			3,415
Stock issued on redemption of convertible note		232		2		998		—			1,000
Stock issued on redemption of related party convertible notes		1,966		20		8,980		—			9,000
Net loss		—		—		—		(11,908	)		(11,908	)
Balance, September 30, 2022		32,983	$	330	$	117,749	$	65,893		$	183,972

See accompanying notes to the condensed consolidated financial statements.

4

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 and nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2023.

Our organization and business, the accounting policies we follow, and other information are contained in the notes to our consolidated financial statements filed as part of our 2022 Annual Report on Form 10-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. 

As the result of Hallador Power’s acquisition of the Merom one gigawatt power plant in Sullivan County, Indiana (the “Merom Power Plant”) from Hoosier Energy Rural Electric Cooperative, Inc. (“Hoosier”) on  October 21, 2022 (the “Merom Acquisition”), as further described in Note 14, beginning in the fourth quarter of 2022 we began to strategically view and manage our operations through two reportable segments:  Coal Operations and Electric 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.  Prior periods have been recast to reflect Corporate and Other and Eliminations apart from Coal Operations, which previously were aggregated into a single reportable segment.

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.

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

(2) LONG-LIVED ASSET IMPAIRMENTS

Long-lived assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of the assets may not be recoverable.  For the three and nine-month periods ended September 30, 2023 and for the three and nine-month periods ended September 30, 2022, no impairment charges were recorded for long-lived assets.

(3) INVENTORY

Inventory is valued at a lower of average cost or net realizable value (NRV).  As of September 30, 2023, and December 31, 2022, coal inventory includes NRV adjustments of $1.1 million and $4.9 million, respectively.

5

  

(4) 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 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 million from $120 million, waived the maximum annual capital expenditure covenant for 2022, and increased the covenant for 2023 to $75 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 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 million with a maturity of July 31, 2026. The amendment increased the maximum annual capital expenditure limit to $100 million.

Bank debt was reduced by $23.5 million during the nine months ended September 30, 2023.  Under the terms of the August 2, 2023 amendment, bank debt is comprised of term debt ($61.8 million as of September 30, 2023) and a $75 million revolver ($0.0 million borrowed as of September 30, 2023).  The term debt requires payments of $3.3 million each quarter, which commenced in September 2023, increasing to $6.5 million in March 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 September 30, 2023, we had an additional borrowing capacity of $63.8 million and total liquidity of $66.4 million.  Our additional borrowing capacity is net of $11.2 million in outstanding letters of credit as of September 30, 2023, 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. Additional costs incurred with the March 13, 2023 and August 2, 2023 amendments totaled $1.6 million and $4.3 million, respectively.  During the three and nine months ended September 30, 2022, 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. The remaining costs were deferred and are being amortized over the term of the loan. Unamortized costs as of September 30, 2023, and December 31, 2022, were $4.1 million and $2.5 million, respectively. 

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

	September 30,			December 31,
	2023			2022
Current bank debt	$	22,750		$	35,500
Less unamortized debt issuance cost		(1,562	)		(2,469	)
Net current portion	$	21,188		$	33,031
Long-term bank debt	$	39,000		$	49,713
Less unamortized debt issuance cost		(2,518	)		—
Net long-term portion	$	36,482		$	49,713
Total bank debt	$	61,750		$	85,213
Less total unamortized debt issuance cost		(4,080	)		(2,469	)
Net bank debt	$	57,670		$	82,744

6

 

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 the amounts below:

Fiscal Periods Ending	Ratio
September 30, 2023, and each fiscal quarter thereafter	2.25 to 1.00

As of September 30, 2023, our Leverage Ratio of 0.71 was in compliance with the 2.25 covenant defined in 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 September 30, 2023, our Debt Service Coverage Ratio of 3.75 was in compliance with the requirements of the credit agreement.

As of September 30, 2023, 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  September 30, 2023, we are paying SOFR plus 4.25% on the outstanding bank debt.

(5) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands)

	September 30,		December 31,
	2023		2022
Accounts payable	$	52,491	$	62,306
Accrued property taxes		3,008		1,917
Accrued payroll		7,373		5,933
Workers' compensation reserve		4,130		3,440
Group health insurance		2,300		2,250
Asset retirement obligation - current portion		3,580		3,580
Other		3,720		3,546
Total accounts payable and accrued liabilities	$	76,602	$	82,972

(6) REVENUE 

Revenue from Contracts with Customers

We account for a contract with a customer when the parties have approved the contract and are committed to performing their respective obligations, the rights of each party are identified, payment terms are identified, the contract has commercial substance, and it is probable substantially all the consideration will be collected. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer.

Coal operations

Our coal revenue is derived from sales to customers of coal produced at our facilities. Our customers typically purchase coal directly from our mine sites or our rail facility in Princeton, Indiana, where the sale occurs and where title, risk of loss, and control pass to the customer at that point. Our customers arrange for and bear the costs of transporting their coal from our mines to their plants or other specified discharge points. Our customers are typically domestic utility companies. Our coal sales agreements with our customers are fixed-priced, fixed-volume supply contracts or include a pre-determined escalation in price for each year. Price re-opener and index provisions  may 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.

7

 

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

Electric operations

The Company concluded that for a Power Purchase Agreement (“PPA”) that is not 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, the Company concluded that a PPA that is not determined to be a lease or derivative constitutes a valid contract under ASC 606.

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

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

Disaggregation of Revenue

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

Coal operations

51% and 52% of our coal revenue for the three and nine months ended September 30, 2023, was sold to customers in the State of Indiana, with the remainder sold to customers in Florida, North Carolina, Georgia, and Alabama.  70% and 79% of our coal revenue for the three and nine months ended September 30, 2022, respectively, was sold to customers in the State of Indiana, with the remainder sold to customers in Florida, Georgia, and North Carolina.

Electric operations

100% of our electric revenue for the three and nine months ended September 30, 2023, was sold to Hoosier or the Midcontinent Independent System Operator ("MISO") wholesale market.  MISO is the independent system operator managing the flow of high-voltage electricity across 15 U.S. states and the Canadian province of Manitoba.  100% of our electric revenue through May 31, 2023, was sold to Hoosier in the state of Indiana.  32% of our electric revenue for the months of June 2023 to September 2023 was sold to Hoosier.  For the three and nine months ended September 30, 2023, revenue from delivered energy was $54.4 million and $184.7 million, respectively.  For the three and nine months ended September 30, 2023, revenue from capacity payments was $13.0 million and $46.1 million, respectively.

Performance Obligations

Coal operations

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

We recognize revenue at a point in time as the customer does not have control over the asset during the contract's fulfillment. 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 of approximately $426.1 million, which represent the average fixed prices on our committed contracts as of September 30, 2023. Approximately 31% of this relates to committed obligations in 2023, with the remainder committed in 2024 through 2027.

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We have remaining performance obligations relating to 3.0 million tons of unpriced coal sales contracts of approximately $155 million, which represents our estimate of the expected price on committed contracts as of September 30, 2023. We expect to recognize all of this coal sales revenue beginning in 2025.

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

Electric operations

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

We have remaining delivered energy obligations through 2028 totaling $312 million as of September 30, 2023.

In addition to delivered energy, Hallador provides stand-ready obligations to provide electricity, also known as contract capacity.  We have remaining capacity obligations through 2028 totaling $204 million as of September 30, 2023.

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 quality adjustments, electricity, or capacity. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our consolidated balance sheets. As of  January 1, 2022, accounts receivable for coal sales billed to customers was $12.8 million. We do not currently have any contracts in place where we would transfer coal, electricity, or capacity in advance of knowing the final price, and thus do not have any contract assets recorded. Contract liabilities also arise when consideration is received in advance of performance. As of January 1, 2023, deferred revenue for payments related to coal operations in advance of performance was $8.9 million, and deferred revenue for payments related to electric operations in advance of performance was $26.6 million.  Additional payments for electric operations in advance of performance for the three and nine months ended September 30, 2023 were $0.0 million and $43.8 million, respectively.  For the three and nine months ended  September 30, 2023, we recognized revenue from coal operations of $2.5 million and $7.5 million, respectively, as tons of outstanding coal delivery obligations were fulfilled, and we recognized revenue from electric operations of $12.9 million and $46.0 million, respectively, as outstanding capacity obligations were fulfilled.  Pursuant to the terms of the underlying contracts, performance obligations representing $1.3 million and $8.3 million will be satisfied and recognized as revenue related to our coal operations and electric operations, respectively, during the three-month period ending December 31, 2023.

(7) INCOME TAXES

For the nine months ended September 30, 2023, and 2022, 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 nine months ended September 30, 2023, and 2022 was ~13% and ~ (8%), 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.

(8) STOCK COMPENSATION PLANS

Non-vested grants as of December 31, 2022	1,056,937
Awarded - weighted average share price on award date was $9.38	267,000
Vested - weighted average share price on vested date was $9.18	(285,221	)
Forfeited	(10,000	)
Non-vested grants as of September 30, 2023	1,028,716

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For the three and nine months ended September 30, 2023, our stock compensation was $0.8 million and $2.8 million, respectively. For the three and nine months ended September 30, 2022, our stock compensation was $0.1 million and $0.2 million, respectively.  

Non-vested RSU grants will vest as follows:

Vesting Year	RSUs Vesting
2023		189,000
2024		300,608
2025		539,108
		1,028,716

The outstanding RSUs have a value of $14.8 million based on the September 30, 2023 closing stock price of $14.42.

As of September 30, 2023, unrecognized stock compensation expense is $4.7 million, and we had 395,657 RSUs available for future issuance.  RSUs are not allocated earnings and losses as they are considered non-participating securities.

(9) LEASES

We have operating leases for office space with remaining lease terms ranging from 10 months to 96 months. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease information:
Operating cash outflows from operating leases	$	52		$	54		$	156		$	164
Weighted average remaining lease term in years		8.75			1.51			8.75			1.51
Weighted average discount rate		6.0	%		6.0	%		6.0	%		6.0	%

Future minimum lease payments under non-cancellable leases as of September 30, 2023, were as follows:

	Amount
	(In thousands)
2023	$	85
2024		89
2025		121
2026		124
2027		128
After 2027		516
Total minimum lease payments	$	1,063
Less imputed interest		(323	)
Total operating lease liability	$	740
As reflected within the following balance sheet line items:
Accounts payable and accrued liabilities	$	85
Other long-term liabilities		655
Total operating lease liability	$	740

As of  September 30, 2023 and December 31, 2022, we had approximately $0.7 million and $0.2 million, respectively, of right-of-use operating lease assets recorded within “buildings and equipment” on the condensed consolidated balance sheets.

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(10) SELF-INSURANCE

We self-insure our underground mining equipment. Such equipment is allocated among seven mining units dispersed over ten miles. The historical cost of such equipment was approximately $299 million and $280 million as of September 30, 2023, and December 31, 2022, respectively.

Restricted cash of $4.1 million and $3.4 million as of September 30, 2023, and December 31, 2022, respectively, represents cash held and controlled by a third party and is restricted for future workers’ compensation claim payments and cash collateral to provide power in the MISO grid.

(11) 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). We have no Level 3 instruments.

(12) EQUITY METHOD INVESTMENTS

We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment and generates revenue from gas sales. Sunrise Energy plans to continue developing and exploring for oil, gas, and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in our condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022, was $3.0 million and $4.0 million, respectively.

(13) CONVERTIBLE NOTES

On May 2, 2022, and May 20, 2022, we issued senior unsecured convertible notes (the "Notes") to five parties, in the aggregate principal amount of $10 million, with $9 million going to related parties affiliated with independent members of our board of directors and the remainder to a non-affiliated party. The Notes were scheduled to mature on December 29, 2028, and accrue interest at 8% per annum, with interest payable on the date of maturity. Pursuant to the terms of the Notes, the holders of the Notes were entitled to convert the entire principal balance and all accrued and unpaid interest then outstanding during the period beginning June 1, 2022, and ending on May 31, 2027, into shares of the Company Common Stock at a conversion price the greater of (i)$3.33 and (ii) the 30-day trailing volume-weighted average sales price for the Common Stock on the Nasdaq Capital Market ending on and including the date on which the Note was converted.

In June 2022, the four holders of the $9 million related party Notes converted them into 1,965,841 shares of common stock of the Company, and the one holder of the $1 million Note converted it into 231,697 shares of common stock pursuant to the terms of the Notes and their related agreements.

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On July 29, 2022, we issued $5 million of a senior unsecured convertible note 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 notes into shares of the Company's common stock at a conversion price of $6.254.  Beginning August 18, 2025, the Company 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.

On August 8, 2022, we issued $4 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, the Company 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.

On August 12, 2022, we issued a $10 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 notes into shares of the Company's common stock at a conversion price of $6.15.  Beginning August 12, 2025, the Company 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.

The funds received from the notes described above were used to provide additional working capital to the Company.  Each Conversion Share will consist of one share of our common stock. The conversion price and number of shares of the Company’s Common Stock issuable upon conversion of the notes are subject to adjustment from time to time for any subdivision or consolidation of the Company’s shares and other standard dilutive events.

(14) MEROM ACQUISITION

On February 14, 2022, Hallador Power signed an Asset Purchase Agreement (“APA”) with Hoosier, a rural electric membership corporation organized and existing under the laws of the state of Indiana.

Under the APA, Hallador acquired the Merom power plant, along with equipment and machinery in the power plant; materials inventory; a coal purchase agreement; a coal combustion certified coal ash landfill, certain Generation Interconnection Agreements, and coal inventory (collectively, the “Acquired Assets”). Additionally, contemporaneous with entering into the APA, Hallador entered into three other agreements with Hoosier comprised of (1) a Power Purchase Agreement (the "PPA”), (2) a Coal Supply Purchase Agreement (the "Coal Purchase Agreement"), and (3) a Closing Side Letter agreeing to a reduction in future capacity payments of $15.0 million (“Capacity Payment Reduction”).  The purchase price for the Acquired Assets also consists of the assumption of the power plant’s closure and post-closure remediation, valued at approximately $7.2 million; no cash will be paid by Hallador to Hoosier to effectuate the APA other than payments totaling approximately $17.0 million for coal inventory on hand, with an initial payment of $5.4 million and subsequent periodic payments over time, subject to post-close adjustments based on actual on-site inventories. The acquisition closed on October 21, 2022.

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The acquisition was accounted for as an asset acquisition under ASC 805-50 as substantially all of the fair value of the gross assets acquired are concentrated in a group of similar identifiable assets. As such, the total purchase consideration (which includes $2.9 million of transaction costs) was allocated to the assets acquired on a relative fair value basis.

Consideration:	(in thousands)
Direct transaction costs	$	2,855
Contract liability - PPA		184,500
Contract liability - Capacity payment reduction		11,000
Contract asset - Coal purchase agreement		(34,300	)
Coal inventory purchased		5,400
Deferred coal inventory payment		11,600
Total consideration	$	181,055
Relative fair value of assets acquired:
Plant	$	165,816
Materials and supplies		12,009
Coal inventory		10,460
Amount attributable to assets acquired	$	188,285
Fair value of liabilities assumed:
Asset retirement obligations	$	7,230
Amount attributable to liabilities assumed	$	7,230

Operating revenue for the Electric Operations segment includes revenue derived from a power purchase agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices below market prices on the date we closed the transaction.  The power purchase agreement expires in 2025 and requires us to provide a fixed amount of power over the term of the agreement.  As a result of the below-market contract, we recorded a contract liability at the close of the acquisition totaling $184.5 million that will be amortized over the term of the agreement as the contract is fulfilled.  For the three and nine months ended September 30, 2023, we recorded $10.3 million and $63.2 million, respectively, of revenue as a result of amortizing the contract liability, resulting in an ending balance as of September 30, 2023, of $98.0 million that is recorded within current and long-term contract liabilities in our condensed consolidated balance sheets.

Operating expenses for the Electric Operations segment include coal purchased under an agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices which were below market prices at the date we entered into the agreement.  The coal purchase agreement expired in May 2023 that required us to purchase a fixed amount of coal over the term of the agreement.  As a result of the below-market contract, we recorded a contract asset at the close of the acquisition totaling $34.3 million that was amortized over the term of the agreement as the contract was fulfilled.  For the three and six months ended June 30, 2023, we recorded $13.0 million and $30.7 million in additional operating expenses for coal purchased and used and a reduction of $6.8 million and $11.2 million, respectively, to inventory for coal purchased and unused as a result of amortizing the contract asset, thereby eliminating the remaining balance of the contract asset as of June 30, 2023.

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(15) SEGMENTS OF BUSINESS

As of September 30, 2023, our operations are divided into two primary reportable segments, the Coal Operations and Electric 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, 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.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Operating Revenues
Coal Operations	$	134,896		$	84,530		$	343,267		$	208,190
Electric Operations		67,544			-			231,141			-
Corporate and Other and Eliminations		(36,672	)		554			(59,112	)		1,730
Consolidated Operating Revenues	$	165,768		$	85,084		$	515,296		$	209,920
Income (Loss) from Operations
Coal Operations	$	24,764		$	6,098		$	64,215		$	580
Electric Operations		(2,676	)		(991	)		25,285			(991	)
Corporate and Other and Eliminations		1,715			288			(14,220	)		(3,687	)
Consolidated Income (Loss) from Operations	$	23,803		$	5,395		$	75,280		$	(4,098	)
Depreciation, Depletion and Amortization
Coal Operations	$	11,508		$	11,149		$	37,249		$	31,772
Electric Operations		4,695			-			14,045			-
Corporate and Other and Eliminations		27			38			81			110
Consolidated Depreciation, Depletion and Amortization	$	16,230		$	11,187		$	51,375		$	31,882
Assets
Coal Operations	$	375,682		$	374,223		$	375,682		$	374,223
Electric Operations		209,455			351			209,455			351
Corporate and Other and Eliminations		49			8,787			49			8,787
Consolidated Assets	$	585,186		$	383,361		$	585,186		$	383,361
Capital Expenditures
Coal Operations	$	11,570		$	15,097		$	38,654		$	38,000
Electric Operations		6,566			344			10,092			344
Corporate and Other and Eliminations		-			-			-			-
Consolidated Capital Expenditures	$	18,136		$	15,441		$	48,746		$	38,344

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(16) NET INCOME (LOSS) PER SHARE

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Basic earnings (loss) per common share	$	0.49	$	0.05	$	1.66	$	(0.38	)
The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Diluted earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Add: Convertible Notes interest expense, net of tax		303		-		898		-
Net income (loss) - diluted	$	16,378	$	1,612	$	55,939	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Add: Dilutive effects of if converted Convertible Notes		3,162		-		3,164		-
Add: Dilutive effects of Restricted Stock Units		546		285		496		-
Weighted average shares outstanding - diluted		36,848		33,268		36,748		31,727
Diluted net income (loss) per share	$	0.44	$	0.05	$	1.52	$	(0.38	)

(17) SUBSEQUENT EVENTS

On October 2, 2023, the Merom Power Plant had a transformer failure causing one unit to be offline for the month of October.  The failed transformer has since been replaced.  However, the unit will not return to service before entering its previously planned MISO scheduled outage for routine maintenance work.  The unit is expected to return to service in the second half of December and is not expected to impact our ability to perform under our power & capacity commitments.

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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 2022 ANNUAL REPORT ON FORM 10-K AND SHOULD BE READ IN CONJUNCTION THEREWITH.

Our condensed consolidated financial statements should also be read in conjunction with this discussion. The following analysis includes a discussion of metrics on a per-ton basis 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.

Net income of $16.1 million for the quarter helped add to net income of $55.0 million for the first nine months of the year.  Cash flow from operations of $79.5 million for the first nine months has been reinvested through $48.7 million of capital expenditures in our mines and power plant to improve efficiency and reliability.  In the first nine months of 2023, we have utilized $30.5 million in financing activities, including $23.5 million to repay debt. Improved earnings and debt repayment have improved our balance sheet by reducing our debt to adjusted EBITDA multiple to 0.71X and increasing our liquidity to $66.4 million. Liquidity consists of our additional borrowing capacity and cash and cash equivalents.

On August 2, 2023, we successfully amended our credit facility with PNC Bank, which we accounted for as a debt extinguishment.  This amendment is important as it extends the maturity of our credit into 2026.

During the third quarter of 2023, high coal sales prices coupled with large coal shipment volumes led to significant coal revenue growth.  Our well-contracted sales book supported our revenue growth despite operational challenges increasing our cost per ton during the quarter.  We chose to relocate 57% of our coal units of production during the third quarter and into October to obtain better geologic conditions.  This led to higher costs and decreased production during this timeframe but is resulting in overall production improvements following the moves.   

On the power side of the business, intercompany coal sales from our coal division to our power plant division increased average variable costs per MWh of electric operations to $40.03 per MWh, an increase of $9.98 per MWh over the prior quarter on a segment basis.  We set the price of the coal we sell to ourselves based on third-party market indicators that we review from time to time. Costs per MWh were $23.49 per MWh on a consolidated basis.

During the third quarter and subsequently, our power division was successful in securing $325 million of energy and capacity sales for the years 2024 - 2028.  Latest sales include approximately 3.3 million MWh of energy at $56 per MWh, totaling $186 million, delivered over energy years 2026, 2027, and 2028. An energy year is defined as June 1^st through May 31^st.  Additionally, we sold $139 million in capacity sales for energy years 2024-2028 at an average price of approximately $220 per MWd during the quarter and subsequently.

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OVERVIEW

I. Q3 2023 Net Income of $16.1 million.

a.  2.1 million tons of coal were shipped at an average sales price of $65.43 on a segment basis during the quarter, with approximately 0.5 million tons of that being shipped to the Merom Power Plant for $37.0 million.  The average sales price of coal was $62.41 per ton on a consolidated basis. 

i. The sales price for remaining tons to ship for 2023 is expected to average $54.3 per ton on a consolidated basis (not including coal shipped to Merom).

b. In Q3 2023, Hallador's coal operating costs were $46.54 per ton on a segment basis, which represents a $5.02 per ton increase from Q2 2023.  Coal operating costs were $48.92 per ton on a consolidated basis.

c. We recorded coal margins for the quarter at $18.89 per ton on a segment basis.  This is a decline of $5.03 per ton from Q2 2023 margins, due to higher costs resulting from relocation of 57% of our coal production units to take advantage of improved geologic conditions.  Margins for the quarter were $13.49 on a consolidated basis.

II. Q3 2023 Activity

a. Cash Flow & Debt

i. During Q3 2023, our operating cash flow was $35.3 million, and we decreased our bank debt by $12.5 million.

ii. As of September 30, 2023, our bank debt was $61.8 million, liquidity was $66.4 million, and our leverage ratio came in at 0.71X, within our covenant of 2.25X.

b. Coal & Power

i. Coal production was 1.6 million tons for the quarter, 0.1 million less than Q2 2023.  Approximately 0.5 million tons of that production were shipped to the Merom Power Plant in Q2 2023.

ii. Power production was 1.3 million MWh for the quarter. 

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III.  Solid Forward Sales Position - Segment Basis, Before Intercompany Eliminations

	2023 (Q4)			2024			2025			2026			2027			2028			Total
Coal
Priced tons (in millions)		2.4			3.4			1.3			0.5			0.5			-			8.1
Average price per ton	$	54.30		$	51.10		$	50.80		$	56.00		$	56.00		$	-
Contracted coal revenue (in millions)	$	130.32		$	173.74		$	66.04		$	28.00		$	28.00		$	-		$	426.10
% Priced		100	%		49	%		19	%		7	%		7	%		0	%
Committed & unpriced tons (in millions) - 3rd party		-			-			1.0			1.0			1.0			-			3.0
Committed & unpriced tons (in millions) - Merom		-			2.9			2.9			2.9			2.9			2.9			14.5
Total contracted tons (in millions)		2.4			6.3			5.2			4.4			4.4			2.9			25.6
% Coal Sold*		100	%		90	%		74	%		63	%		63	%		41	%
Average cost per ton of coal was $42.57 for the nine months ending September 30, 2023 ($43.25 after eliminating for intercompany sales to Merom)
Coal Capex Budget (in millions)	$	10.00
Power
Energy
Contracted MWh (in millions)		0.4			1.6			1.7			1.6			1.3			0.4			7.0
Contracted price per MWh	$	34.00		$	34.00		$	34.00		$	56.00		$	56.00		$	56.00
Contracted revenue (in millions)	$	13.60		$	54.40		$	57.80		$	89.60		$	72.80		$	24.19		$	312.39
% Energy Sold*		27	%		27	%		28	%		27	%		22	%		7	%
Capacity
Average monthly contracted capacity		828			670			450			508			550			354
% Capacity Contracted**		100	%		78	%		52	%		59	%		64	%		41	%
Average contracted capacity price per MWd	$	146		$	178		$	200		$	226		$	225		$	224
Contracted capacity revenue (in millions)	$	11.00		$	43.65		$	32.92		$	41.89		$	45.26		$	28.88		$	203.60
Total Energy & Capacity Revenue
Contracted Power Revenue (in millions)	$	24.60		$	98.05		$	90.72		$	131.49		$	118.06		$	53.07		$	515.99
Contracted Power Revenue per MWh*	$	41.33		$	43.34		$	44.49		$	67.82		$	67.79		$	67.69
2023 average cost per MWh was $33.43 for the nine months ending September 30, 2023 ($27.45 assuming intercompany sales of coal were sold at cost)
Power Capex Budget (in millions)	$	20.00
TOTAL CONTRACTED REVENUE (IN MILLIONS)	$	154.92		$	271.79		$	156.76		$	159.49		$	146.06		$	53.07		$	942.09

*Based on coal production of 7.0 million tons and 6.0 million MWh annually.

**Based on a MISO accreditation of 860MW per day.  Accreditations are adjusted annually based on 3-year rolling performance metrics.

18

LIQUIDITY AND CAPITAL RESOURCES

I. Liquidity and Capital Resources

a. As set forth in our condensed consolidated statements of cash flows, cash provided by operations was $79.5 million and $13.9 million for the nine months ended September 30, 2023 and 2022, respectively.

i. Operating margins from coal sales, which we define as coal sales less operating expenses, were $108.7 million on a segment basis, during the first nine months of 2023, up from $35.6 million during the first nine months of 2022.  Operating margins for coal shipped to the Merom Power Plant were $29.4 million and are eliminated in consolidation.

1. Our operating margins from coal sales were $19.91 per ton on a segment basis in the first nine months of 2023  compared to $7.62 in the first nine months of  2022 Operating margins were $17.04 on a consolidated basis.                

2. We shipped 5.5 million tons of coal in the first nine months of 2023, with 0.8 million tons of that being shipped to the Merom Power Plant.

ii. Operating margins for electric, which we define as operating revenues less operating expenses on a segment basis, were $43.3 million, with $32.4 million attributed to the amortization of the contract asset and liability adjustments related to the Merom Acquisition in Q4 2022.  Operating margins were $64.9 million on a consolidated basis.

b. Our projected capital expenditure budget for the remainder of 2023 is $30 million, of which approximately one-half is anticipated for maintenance capex.

c. We paid down debt of $23.5 million in the first nine months of 2023. As of September 30, 2023, our bank debt was $61.8 million. On August 2, 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. The primary purpose of the amendment was to increase the term debt to $65 million, enter a revolver of $75 million, and extend the maturity of the debt to 2026. 

d. We expect cash from operations generated primarily to fund our capital expenditures and our debt service.  As of September 30, 2023, we also had an additional borrowing capacity of $63.8 million.

II. Material Off-Balance Sheet Arrangements

a. 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 $19.9 million, including $7.7 million at Merom, presented as asset retirement obligations (ARO) and accounts payable and accrued liabilities in our accompanying 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 nine months of 2023, capex was $48.7 million allocated as follows (in millions):

Oaktown – maintenance capex	$	23.8
Oaktown – investment		12.9
Freelandville Mine		1.2
Merom Plant		10.1
Other		0.7
Capex per the Condensed Consolidated Statements of Cash Flows	$	48.7

19

Results of Operations

Presentation of Segment Information

Our operations are divided into two primary reportable segments:  coal operations and electric 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 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.

Coal Operations

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
OPERATING REVENUES:	$	134,896	$	84,530	$	343,267	$	208,190
EXPENSES:
Operating expenses		95,592		64,836		232,462		169,095
Depreciation, depletion and amortization		11,508		11,149		37,249		31,772
Asset retirement obligations accretion		309		255		912		751
Exploration costs		171		121		682		393
General and administrative		2,552		2,071		7,747		5,599
Total operating expenses		110,132		78,432		279,052		207,610
INCOME FROM OPERATIONS	$	24,764	$	6,098	$	64,215	$	580

2023 vs. 2022 (third quarter)

Operating revenues from coal operations increased 60% over 2022 due to a combination of an increase in the volume and average sales price for coal. As a result, higher-priced contracts sold in the summer of 2022 that were delivered in Q3 of 2023 increased our average sales price by over $16 per ton from Q3 2022. We also sold 0.3 million additional tons over Q3 2022 at higher average prices.  Operating revenues for Q3 2023 include $37.0 million in sales to the Merom plant which are eliminated in the consolidation but increased the average price per ton of coal sold for the quarter by approximately 4.8%. 

Operating expenses, however, increased $9.08 per ton over Q3 2022. The addition of the higher-cost Prosperity surface mine, poor temporary mining conditions at Oaktown, as well as continued significant inflationary pressures, have elevated the costs.

General and administrative expenses increased 23% over Q3 2022 due to performance and production bonuses paid and accrued to employees, additional professional fees, and additional IT costs related to enhanced security and compliance activities.

20

2023 vs. 2022 (first nine months)

Operating revenues from coal operations increased 65% over 2022 due largely to an increase in the average sales price for coal. As a result, higher-priced contracts increased our average sales price by approximately $19 per ton from the first nine months of 2022. We also sold 0.8 million additional tons over the first nine months of 2022 at higher average prices. Operating revenues for the first nine months of 2023 include $60.6 million in sales to the Merom plant which are eliminated in the consolidation but increased the average price per ton of coal sold for the first nine months by approximately 3.6%. 

Operating expenses increased by $6.42 per ton sold over the first nine months of 2022. The addition of the higher-cost Freelandville and Prosperity surface mines, poor temporary mining conditions at Oaktown, as well as continued significant inflationary pressures have elevated the costs.

Depreciation, depletion, and amortization increased by 17% as a significant amount of our assets were depreciated and amortized based on production, which increased approximately 10% over the first nine months of 2022.  Inflationary pressures have also contributed to the higher capital asset additions over the past couple of years contributing to the increase.

General and administrative expenses increased 38% over the first nine months of 2022 due to performance, production, and discretionary bonuses paid to employees, additional professional fees related to the 2022 audit, and additional IT costs related to enhanced security and compliance activities.

Quarterly coal sales and cost data (in thousands, except per ton and percentage data) are provided below. Per ton calculations below are based on tons sold on a segment basis.

All Mines	4th 2022			1st 2023			2nd 2023			3rd 2023			T4Qs
Tons produced		1,721			2,006			1,723			1,594			7,044
Tons sold		1,664			1,693			1,714			2,054			7,125
Coal sales	$	84,641		$	94,602		$	112,171		$	134,400		$	425,814
Average price/ton	$	50.87		$	55.88		$	65.44		$	65.43		$	59.76
Wash plant recovery in %		68	%		70	%		67	%		65	%
Operating costs	$	67,319		$	65,700		$	71,168		$	95,592		$	299,779
Average cost/ton	$	40.46		$	38.81		$	41.52		$	46.54		$	42.07
Margin	$	17,322		$	28,902		$	41,003		$	38,808		$	126,035
Margin/ton	$	10.41		$	17.07		$	23.92		$	18.89		$	17.69
Capex	$	12,368		$	12,639		$	14,445		$	11,570		$	51,022
Maintenance capex	$	5,748		$	7,778		$	9,754		$	7,938		$	31,218
Maintenance capex/ton	$	3.45		$	4.59		$	5.69		$	3.86		$	4.38

All Mines	4th 2021			1st 2022			2nd 2022			3rd 2022			T4Qs
Tons produced		1,447			1,397			1,762			1,663			6,269
Tons sold		1,554			1,377			1,595			1,705			6,231
Coal sales	$	64,388		$	57,010		$	64,161		$	83,563		$	269,122
Average price/ton	$	41.43		$	41.40		$	40.23		$	49.01		$	43.19
Wash plant recovery in %		70	%		67	%		71	%		69	%
Operating costs	$	54,583		$	54,443		$	50,776		$	63,876		$	223,678
Average cost/ton	$	35.12		$	39.54		$	31.83		$	37.46		$	35.90
Margin	$	9,805		$	2,567		$	13,385		$	19,687		$	45,444
Margin/ton	$	6.31		$	1.86		$	8.39		$	11.55		$	7.29
Capex	$	9,975		$	9,082		$	13,821		$	15,096		$	47,974
Maintenance capex	$	3,302		$	4,481		$	7,600		$	6,625		$	22,008
Maintenance capex/ton	$	2.12		$	3.25		$	4.76		$	3.89		$	3.53

21

Electric Operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023		2022
	(in thousands)						(in thousands)
OPERATING REVENUES:	$	67,544		$	—		$	231,141	$	—
EXPENSES:
Operating expenses		64,171			991			187,849		991
Depreciation, depletion and amortization		4,695			—			14,045		—
Asset retirement obligations accretion		159			—			468		—
General and administrative		1,195			—			3,494		—
Total operating expenses		70,220			991			205,856		991
INCOME (LOSS) FROM OPERATIONS	$	(2,676	)	$	(991	)	$	25,285	$	(991	)

A comparative discussion is not relevant as the Electric Operations did not begin until the Merom Acquisition was completed in October 2022.

Operating revenue is derived from a power purchase agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices below market prices at the date we closed the transaction.  The power purchase agreement expires in 2025 and requires us to provide a fixed amount of power over the term of the agreement.  As a result of the below-market contract, we recorded a contract liability at the close of the acquisition totaling $184.5 million that will be amortized over the term of the agreement as the contract is fulfilled.  For the three and nine months ended September 30, 2023, we recorded $10.3 million and $63.2 million, respectively, of revenue as a result of amortizing the contract liability.

Operating expenses include coal purchased under an agreement signed with Hoosier in conjunction with the Merom acquisition at fixed prices which were below market prices at the date we entered into the agreement.  The coal purchase agreement expired in May 2023 that required us to purchase a fixed amount of coal over the term of the agreement.  As a result of the below-market contract, we recorded a contract asset at the close of the acquisition totaling $34.3 million that was amortized over the term of the agreement as the contract was fulfilled.  For the three and six months ended June 30, 2023, we recorded $13.0 million and $30.7 million in additional operating expenses for coal purchased and used and a reduction of $6.8 million and $11.2 million, respectively, to inventory for coal purchased and unused as a result of amortizing the contract asset, thereby eliminating the remaining balance of the contract asset as of June 30, 2023.

22

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 2023			2nd 2023			3rd 2023			2023
MWh sold		1,262			1,043			1,307			3,612
Capacity revenue	$	15,970		$	17,155		$	13,012		$	46,137
Delivered energy and PPA revenue		76,422			53,862			54,391			184,675
Total electric sales		92,392			71,017			67,403			230,812
Less amortization of contract liability		(33,347	)		(19,555	)		(10,281	)		(63,183	)
Total electric sales less amortization of contract liability	$	59,045		$	51,462		$	57,122		$	167,629
Average price/MWh of delivered energy and PPA revenue less amortization of contract liability	$	34.13		$	32.89		$	33.75		$	33.64
Operating expenses (on a segment basis)	$	67,682		$	55,996		$	64,172		$	187,850
Less fixed costs		(12,807	)		(11,693	)		(11,858	)		(36,358	)
Less amortization of contract asset		(17,778	)		(12,962	)		-			(30,740	)
Operating expenses less fixed costs and amortization of contract asset	$	37,097		$	31,341		$	52,314		$	120,752
Average variable cost/MWh of operating expenses less fixed costs and amortization of contract asset	$	29.40		$	30.05		$	40.03		$	33.43
Energy and PPA margin less fixed costs and amortization of contract asset and liabilities	$	5,978		$	2,966		$	(8,204	)	$	740
Energy & PPA margin/MWh less fixed costs amortization of contract asset and liabilities	$	4.74		$	2.84		$	(6.28	)	$	0.20

Presentation of Consolidated Information

EARNINGS (LOSS) PER SHARE

	4th 2022		1st 2023		2nd 2023		3rd 2023
Basic	$	0.91	$	0.67	$	0.51	$	0.49
Diluted	$	0.83	$	0.61	$	0.47	$	0.44

	4th 2021			1st 2022			2nd 2022			3rd 2022
Basic	$	(0.25	)	$	(0.33	)	$	(0.11	)	$	0.05
Diluted	$	(0.25	)	$	(0.33	)	$	(0.11	)	$	0.05

23

INCOME TAXES

Our effective tax rate (ETR) is estimated at ~13% and ~ (8)% for the nine months ended September 30, 2023, and 2022, respectively.  For the nine months ended September 30, 2023, and 2022, 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 8. Stock Compensation Plans” for a discussion of RSUs.

CRITICAL ACCOUNTING ESTIMATES

We believe that the estimates of our coal reserves, our asset retirement obligation liabilities, our deferred tax accounts, our valuation of inventory, our treatment of business combinations, and the estimates used in our 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. 

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 Ace in the Hole, 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.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

No material changes from the disclosure in our 2022 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, CFO, and CAO 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, CFO, and CAO, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our CEO, CFO, and CAO 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 September 30, 2023, that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

24

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
10.1	Amendment and Restated Loan Agreement dated August 2, 2023
31.1	SOX 302 Certification - Chief Executive Officer
31.2	SOX 302 Certification - Chief Financial Officer
31.3	SOX 302 Certification - Chief Accounting 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)

25

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: November 6, 2023	/S/ LAWRENCE D. MARTIN
	Lawrence D. Martin, CFO
Date: November 6, 2023	/S/ R. TODD DAVIS
	R. Todd Davis, CAO

26

EX-31.1

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:

a) 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;

b) 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;

c) 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

d) 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):

a) 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

b) 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.

November 6, 2023	/s/ BRENT K. BILSLAND
	Brent K. Bilsland, Chairman, President and CEO

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Lawrence D. Martin, 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:

a) 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;

b) 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;

c) 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

d) 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):

a) 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

b) 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. 

November 6, 2023	/s/LAWRENCE D. MARTIN
	Lawrence D. Martin, CFO

EX-31.3

Exhibit 31.3

CERTIFICATION

I, R. Todd Davis, 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:

a) 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;

b) 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;

c) 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

d) 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):

a) 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

b) 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. 

November 6, 2023	/S/R. TODD DAVIS
	R. Todd Davis, CAO

EX-32

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 September 30, 2023 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.

November 6, 2023	By:	/S/BRENT K. BILSLAND
		Brent K. Bilsland, Chairman, President and CEO
	By:	/S/LAWRENCE D. MARTIN
		Lawrence D. Martin, CFO
	By:	/S/R. TODD DAVIS
		R. Todd Davis, CAO

EX-95.1

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 3rd Quarter 2023. 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

	3rd Quarter 2023
	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		—		—		—		—		—	$	—
12‐02460		—		—		—		—		—	$	—
12‐02394		7		—		—		—		—	$	3.80
12‐02418		11		—		—		—		—	$	11.60
12‐02462		—		—		—		—		—	$	—
12‐02249		—		—		—		—		—	$	0.15
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			—		—		—		—
12‐02460	No		No			—		—		—		—
12‐02394	No		No			—		4		—		—
12‐02418	No		No			—		—		—		—
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		—		—		—		2		—		—
12-02339		—		—		—		—		—		—

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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Entity Central Index Key	0000788965
Entity Registrant Name	HALLADOR ENERGY CO
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-34743
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-1014610
Entity Address, Address Line One	1183 East Canvasback Drive
Entity Address, City or Town	Terre Haute
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47802
City Area Code	812
Local Phone Number	299.2800
Title of 12(b) Security	Common Shares, $.01 par value
Trading Symbol	HNRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,142,403

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,573	$ 3,009
Restricted cash	4,143	3,417
Accounts receivable	20,692	29,889
Inventory	23,749	49,796
Parts and supplies	37,012	28,295
Contract asset - coal purchase agreement	0	19,567
Prepaid expenses	4,158	4,546
Total current assets	92,327	138,519
Property, plant and equipment:
Land and mineral rights	115,486	115,595
Buildings and equipment	572,885	534,129
Mine development	153,240	140,108
Total property, plant and equipment	841,611	789,832
Less - accumulated depreciation, depletion and amortization	(358,944)	(309,370)
Total property, plant and equipment, net	482,667	480,462
Investment in Sunrise Energy	3,038	3,988
Other assets	7,154	7,585
Total Assets	585,186	630,554
Current liabilities:
Current portion of bank debt, net	21,188	33,031
Accounts payable and accrued liabilities	76,602	82,972
Deferred revenue	25,712	35,485
Contract liability - power purchase agreement and capacity payment reduction	48,087	88,114
Total current liabilities	171,589	239,602
Long-term liabilities:
Long-term bank debt, excluding current maturities, net	36,482	49,713
Convertible note payable	10,000	10,000
Convertible notes payable - related party	9,000	9,000
Deferred income taxes	12,244	4,606
Asset retirement obligations	16,348	17,254
Contract liability - power purchase agreement	55,439	84,096
Other	2,395	1,259
Total long-term liabilities	141,908	175,928
Total liabilities	313,497	415,530
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued and outstanding	0	0
Common stock, $.01 par value, 100,000 shares authorized; 33,142 and 32,983 issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively	332	330
Additional paid-in capital	120,410	118,788
Retained earnings	150,947	95,906
Total stockholders’ equity	271,689	215,024
Total liabilities and stockholders’ equity	$ 585,186	$ 630,554

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.1	$ 0.1
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	33,142	32,983
Common stock, shares outstanding (in shares)	33,142	32,983

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SALES AND OPERATING REVENUES:
Other revenues		$ 945	$ 1,522	$ 3,888	$ 5,187
Total revenue		165,768	85,084	515,296	209,920
EXPENSES:
Operating expenses		119,042	64,557	367,983	170,552
Depreciation, depletion and amortization		16,230	11,187	51,375	31,882
Asset retirement obligations accretion		468	255	1,380	751
Exploration costs		171	121	682	393
General and administrative		6,054	3,569	18,596	10,440
Total operating expenses		141,965	79,689	440,016	214,018
INCOME (LOSS) FROM OPERATIONS		23,803	5,395	75,280	(4,098)
Interest expense (1)	[1]	(3,030)	(3,355)	(10,470)	(7,476)
Loss on extinguishment of debt		(1,491)	0	(1,491)	0
Equity method investment (loss) income		(177)	168	(325)	506
NET INCOME (LOSS) BEFORE INCOME TAXES		19,105	2,208	62,994	(11,068)
INCOME TAX EXPENSE (BENEFIT):
Current		(178)	0	315	0
Deferred		3,208	596	7,638	840
Total income tax expense		3,030	596	7,953	840
NET INCOME (LOSS)		$ 16,075	$ 1,612	$ 55,041	$ (11,908)
NET INCOME (LOSS) PER SHARE:
Basic (in dollars per share)		$ 0.49	$ 0.05	$ 1.66	$ (0.38)
Diluted (in dollars per share)		$ 0.44	$ 0.05	$ 1.52	$ (0.38)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)		33,140	32,983	33,088	31,727
Diluted (in shares)		36,848	33,268	36,748	31,727
(1) Interest Expense:
Interest on bank debt		$ 2,006	$ 2,133	$ 6,316	$ 5,555
Other interest		422	227	1,316	285
Amortization and swap-related interest:
Payments on interest rate swap, net of changes in value		0	0	0	(867)
Amortization of debt issuance costs		602	995	2,838	2,503
Total amortization and swap related interest		602	995	2,838	1,636
Total interest expense	[1]	3,030	3,355	10,470	7,476
Coal Sales [Member]
SALES AND OPERATING REVENUES:
Revenues		97,420	83,562	280,596	204,733
Electric Sales [Member]
SALES AND OPERATING REVENUES:
Revenues		$ 67,403		$ 230,812	$ 0

[1] Interest Expense:

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ 16,075	$ 1,612	$ 55,041	$ (11,908)
Deferred income taxes	3,208	596	7,638	840
Equity loss (income) – Sunrise Energy	177	(168)	325	(506)
Cash distribution - Sunrise Energy			625	0
Depreciation, depletion and amortization	16,230	11,187	51,375	31,882
Loss (gain) on sale of assets			78	(367)
Loss on extinguishment of debt	1,491	0	1,491	0
Amortization of debt issuance costs	602	995	2,838	2,503
Asset retirement obligations accretion	468	255	1,380	751
Cash paid on asset retirement obligation reclamation			(2,286)	(2,483)
Stock-based compensation			2,774	230
Provision for loss on customer contracts			0	159
Amortization of contract asset and contract liabilities			(32,444)	0
Other			914	943
Change in operating assets and liabilities:
Accounts receivable			9,197	(3,160)
Inventory			14,874	(6,035)
Parts and supplies			(8,717)	(4,975)
Prepaid expenses			1,116	(2,390)
Accounts payable and accrued liabilities			(11,419)	9,318
Deferred revenue			(15,273)	0
Cash provided by operating activities			79,527	13,935
INVESTING ACTIVITIES:
Capital expenditures			(48,746)	(38,344)
Proceeds from sale of equipment			62	758
Cash used in investing activities			(48,684)	(37,586)
FINANCING ACTIVITIES:
Payments on bank debt			(56,463)	(35,713)
Borrowings of bank debt			33,000	37,700
Issuance of convertible note			0	11,000
Issuance of related party convertible notes payable			0	18,000
Debt issuance costs			(5,940)	(2,097)
Distributions to redeemable noncontrolling interests			0	(585)
Taxes paid on vesting of RSUs			(1,150)	0
Cash (used in) provided by financing activities			(30,553)	28,305
Increase in cash, cash equivalents, and restricted cash			290	4,654
Cash, cash equivalents, and restricted cash, beginning of period			6,426	5,829
Cash, cash equivalents, and restricted cash, end of period	6,716	10,483	6,716	10,483
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CONSIST OF THE FOLLOWING:
Cash and cash equivalents	2,573	7,000	2,573	7,000
Restricted cash	4,143	3,483	4,143	3,483
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 6,716	$ 10,483	6,716	10,483
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest			8,069	4,791
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Change in capital expenditures included in accounts payable and prepaid expense			3,214	2,396
Convertible notes payable and related party convertible notes payable converted to common stock			0	10,000
Interest Rate Swap [Member]
OPERATING ACTIVITIES:
Change in fair value of interest rate swaps			$ 0	$ (867)

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	30,785
Balance at Dec. 31, 2021	$ 308	$ 104,126	$ 77,801	$ 182,235
Stock-based compensation	0	230	0	230
Net income (loss)	$ 0	0	(11,908)	(11,908)
Net income				(11,908)
Balance (in shares) at Sep. 30, 2022	32,983
Balance at Sep. 30, 2022	$ 330	117,749	65,893	183,972
Cancellation of redeemable noncontrolling interests	$ 0	3,415	0	3,415
Stock issued on redemption of convertible note (in shares)	232
Stock issued on redemption of convertible note	$ 2	998	0	1,000
Stock issued on redemption of related party convertible notes	$ 20	8,980	0	9,000
Balance (in shares) at Jun. 30, 2022	32,983
Balance at Jun. 30, 2022	$ 330	114,212	64,281	178,823
Stock-based compensation	0	122	0	122
Net income (loss)	$ 0	0	1,612	1,612
Net income				1,612
Balance (in shares) at Sep. 30, 2022	32,983
Balance at Sep. 30, 2022	$ 330	117,749	65,893	183,972
Cancellation of redeemable noncontrolling interests	$ 0	3,415	0	3,415
Stock issued on redemption of related party convertible notes (in shares)	1,966
Balance (in shares) at Dec. 31, 2022	32,983
Balance at Dec. 31, 2022	$ 330	118,788	95,906	215,024
Stock-based compensation	0	2,774	0	2,774
Stock issued on vesting of RSUs	$ 3	(3)	0	0
Taxes paid on vesting of RSUs (in shares)	(126)
Taxes paid on vesting of RSUs	$ (1)	(1,149)	0	(1,150)
Net income (loss)				55,041
Net income	$ 0	0	55,041	55,041
Balance (in shares) at Sep. 30, 2023	33,142
Balance at Sep. 30, 2023	$ 332	120,410	150,947	271,689
Balance (in shares) at Jun. 30, 2023	33,137
Balance at Jun. 30, 2023	$ 332	119,678	134,872	254,882
Stock-based compensation	$ 0	773	0	773
Stock issued on vesting of RSUs (in shares)	10
Stock issued on vesting of RSUs	$ 0	0	0	0
Taxes paid on vesting of RSUs (in shares)	(5)
Taxes paid on vesting of RSUs	$ 0	(41)	0	(41)
Net income (loss)	$ 0	0	16,075	16,075
Net income				16,075
Balance (in shares) at Sep. 30, 2023	33,142
Balance at Sep. 30, 2023	$ 332	$ 120,410	$ 150,947	$ 271,689

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Note 1 - General Business

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(1) GENERAL BUSINESS

The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements included herein have been prepared pursuant to the Securities and Exchange Commission's (the "SEC") rules and regulations; accordingly, certain information and footnote disclosures normally included in generally accepted accounting principles ("GAAP") financial statements have been condensed or omitted.

The results of operations and cash flows for the three and nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2023.

Our organization and business, the accounting policies we follow, and other information are contained in the notes to our consolidated financial statements filed as part of our 2022 Annual Report on Form 10-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. 

As the result of Hallador Power’s acquisition of the Merom one gigawatt power plant in Sullivan County, Indiana (the “Merom Power Plant”) from Hoosier Energy Rural Electric Cooperative, Inc. (“Hoosier”) on  October 21, 2022 (the “Merom Acquisition”), as further described in Note 14, beginning in the fourth quarter of 2022 we began to strategically view and manage our operations through two reportable segments:  Coal Operations and Electric 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.  Prior periods have been recast to reflect Corporate and Other and Eliminations apart from Coal Operations, which previously were aggregated into a single reportable segment.

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.

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

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Note 2 - Long-lived Asset Impairments

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Asset Impairment Charges [Text Block]

(2) LONG-LIVED ASSET IMPAIRMENTS

Long-lived assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of the assets may not be recoverable.  For the three and nine-month periods ended September 30, 2023 and for the three and nine-month periods ended September 30, 2022, no impairment charges were recorded for long-lived assets.

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Note 3 - Inventory

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

(3) INVENTORY

Inventory is valued at a lower of average cost or net realizable value (NRV).  As of September 30, 2023, and December 31, 2022, coal inventory includes NRV adjustments of $1.1 million and $4.9 million, respectively.

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Note 4 - Bank Debt

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

(4) BANK DEBT

On March 13, 2023, 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 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 million from $120 million, waived the maximum annual capital expenditure covenant for 2022, and increased the covenant for 2023 to $75 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 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 million with a maturity of July 31, 2026. The amendment increased the maximum annual capital expenditure limit to $100 million.

Bank debt was reduced by $23.5 million during the nine months ended September 30, 2023.  Under the terms of the August 2, 2023 amendment, bank debt is comprised of term debt ($61.8 million as of September 30, 2023) and a $75 million revolver ($0.0 million borrowed as of September 30, 2023).  The term debt requires payments of $3.3 million each quarter, which commenced in September 2023, increasing to $6.5 million in March 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 September 30, 2023, we had an additional borrowing capacity of $63.8 million and total liquidity of $66.4 million.  Our additional borrowing capacity is net of $11.2 million in outstanding letters of credit as of September 30, 2023, 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. Additional costs incurred with the March 13, 2023 and August 2, 2023 amendments totaled $1.6 million and $4.3 million, respectively.  During the three and nine months ended September 30, 2022, 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. The remaining costs were deferred and are being amortized over the term of the loan. Unamortized costs as of September 30, 2023, and December 31, 2022, were $4.1 million and $2.5 million, respectively. 

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

	September 30,			December 31,
	2023			2022
Current bank debt	$	22,750		$	35,500
Less unamortized debt issuance cost		(1,562	)		(2,469	)
Net current portion	$	21,188		$	33,031
Long-term bank debt	$	39,000		$	49,713
Less unamortized debt issuance cost		(2,518	)		—
Net long-term portion	$	36,482		$	49,713
Total bank debt	$	61,750		$	85,213
Less total unamortized debt issuance cost		(4,080	)		(2,469	)
Net bank debt	$	57,670		$	82,744

Covenants

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

Fiscal Periods Ending	Ratio
September 30, 2023, and each fiscal quarter thereafter	2.25 to 1.00

As of September 30, 2023, our Leverage Ratio of 0.71 was in compliance with the 2.25 covenant defined in 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 September 30, 2023, our Debt Service Coverage Ratio of 3.75 was in compliance with the requirements of the credit agreement.

As of September 30, 2023, 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  September 30, 2023, we are paying SOFR plus 4.25% on the outstanding bank debt.

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Note 5 - Accounts Payable and Accrued Liabilities (In Thousands)

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(5) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in thousands)

	September 30,		December 31,
	2023		2022
Accounts payable	$	52,491	$	62,306
Accrued property taxes		3,008		1,917
Accrued payroll		7,373		5,933
Workers' compensation reserve		4,130		3,440
Group health insurance		2,300		2,250
Asset retirement obligation - current portion		3,580		3,580
Other		3,720		3,546
Total accounts payable and accrued liabilities	$	76,602	$	82,972

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Note 6 - Revenue

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(6) REVENUE 

Revenue from Contracts with Customers

We account for a contract with a customer when the parties have approved the contract and are committed to performing their respective obligations, the rights of each party are identified, payment terms are identified, the contract has commercial substance, and it is probable substantially all the consideration will be collected. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer.

Coal operations

Our coal revenue is derived from sales to customers of coal produced at our facilities. Our customers typically purchase coal directly from our mine sites or our rail facility in Princeton, Indiana, where the sale occurs and where title, risk of loss, and control pass to the customer at that point. Our customers arrange for and bear the costs of transporting their coal from our mines to their plants or other specified discharge points. Our customers are typically domestic utility companies. Our coal sales agreements with our customers are fixed-priced, fixed-volume supply contracts or include a pre-determined escalation in price for each year. Price re-opener and index provisions  may 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.

Electric operations

The Company 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, the Company concluded that a PPA that is not determined to be a lease or derivative constitutes a valid contract under ASC 606.

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

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

Disaggregation of Revenue

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

Coal operations

51% and 52% of our coal revenue for the three and nine months ended September 30, 2023, was sold to customers in the State of Indiana, with the remainder sold to customers in Florida, North Carolina, Georgia, and Alabama.  70% and 79% of our coal revenue for the three and nine months ended September 30, 2022, respectively, was sold to customers in the State of Indiana, with the remainder sold to customers in Florida, Georgia, and North Carolina.

Electric operations

100% of our electric revenue for the three and nine months ended September 30, 2023, was sold to Hoosier or the Midcontinent Independent System Operator ("MISO") wholesale market.  MISO is the independent system operator managing the flow of high-voltage electricity across 15 U.S. states and the Canadian province of Manitoba.  100% of our electric revenue through May 31, 2023, was sold to Hoosier in the state of Indiana.  32% of our electric revenue for the months of June 2023 to September 2023 was sold to Hoosier.  For the three and nine months ended September 30, 2023, revenue from delivered energy was $54.4 million and $184.7 million, respectively.  For the three and nine months ended September 30, 2023, revenue from capacity payments was $13.0 million and $46.1 million, respectively.

Performance Obligations

Coal operations

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

We recognize revenue at a point in time as the customer does not have control over the asset during the contract's fulfillment. 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 of approximately $426.1 million, which represent the average fixed prices on our committed contracts as of September 30, 2023. Approximately 31% of this relates to committed obligations in 2023, with the remainder committed in 2024 through 2027.

We have remaining performance obligations relating to 3.0 million tons of unpriced coal sales contracts of approximately $155 million, which represents our estimate of the expected price on committed contracts as of September 30, 2023. We expect to recognize all of this coal sales revenue beginning in 2025.

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

Electric operations

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

We have remaining delivered energy obligations through 2028 totaling $312 million as of September 30, 2023.

In addition to delivered energy, Hallador provides stand-ready obligations to provide electricity, also known as contract capacity.  We have remaining capacity obligations through 2028 totaling $204 million as of September 30, 2023.

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 quality adjustments, electricity, or capacity. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our consolidated balance sheets. As of  January 1, 2022, accounts receivable for coal sales billed to customers was $12.8 million. We do not currently have any contracts in place where we would transfer coal, electricity, or capacity in advance of knowing the final price, and thus do not have any contract assets recorded. Contract liabilities also arise when consideration is received in advance of performance. As of January 1, 2023, deferred revenue for payments related to coal operations in advance of performance was $8.9 million, and deferred revenue for payments related to electric operations in advance of performance was $26.6 million.  Additional payments for electric operations in advance of performance for the three and nine months ended September 30, 2023 were $0.0 million and $43.8 million, respectively.  For the three and nine months ended  September 30, 2023, we recognized revenue from coal operations of $2.5 million and $7.5 million, respectively, as tons of outstanding coal delivery obligations were fulfilled, and we recognized revenue from electric operations of $12.9 million and $46.0 million, respectively, as outstanding capacity obligations were fulfilled.  Pursuant to the terms of the underlying contracts, performance obligations representing $1.3 million and $8.3 million will be satisfied and recognized as revenue related to our coal operations and electric operations, respectively, during the three-month period ending December 31, 2023.

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Note 7 - Income Taxes

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(7) INCOME TAXES

For the nine months ended September 30, 2023, and 2022, 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 nine months ended September 30, 2023, and 2022 was ~13% and ~ (8%), 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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Note 8 - Stock Compensation Plans

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(8) STOCK COMPENSATION PLANS

Non-vested grants as of December 31, 2022	1,056,937
Awarded - weighted average share price on award date was $9.38	267,000
Vested - weighted average share price on vested date was $9.18	(285,221	)
Forfeited	(10,000	)
Non-vested grants as of September 30, 2023	1,028,716

For the three and nine months ended September 30, 2023, our stock compensation was $0.8 million and $2.8 million, respectively. For the three and nine months ended September 30, 2022, our stock compensation was $0.1 million and $0.2 million, respectively.  

Non-vested RSU grants will vest as follows:

Vesting Year	RSUs Vesting
2023		189,000
2024		300,608
2025		539,108
		1,028,716

The outstanding RSUs have a value of $14.8 million based on the September 30, 2023 closing stock price of $14.42.

As of September 30, 2023, unrecognized stock compensation expense is $4.7 million, and we had 395,657 RSUs available for future issuance.  RSUs are not allocated earnings and losses as they are considered non-participating securities.

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Note 9 - Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(9) LEASES

We have operating leases for office space with remaining lease terms ranging from 10 months to 96 months. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease information:
Operating cash outflows from operating leases	$	52		$	54		$	156		$	164
Weighted average remaining lease term in years		8.75			1.51			8.75			1.51
Weighted average discount rate		6.0	%		6.0	%		6.0	%		6.0	%

Future minimum lease payments under non-cancellable leases as of September 30, 2023, were as follows:

	Amount
	(In thousands)
2023	$	85
2024		89
2025		121
2026		124
2027		128
After 2027		516
Total minimum lease payments	$	1,063
Less imputed interest		(323	)
Total operating lease liability	$	740
As reflected within the following balance sheet line items:
Accounts payable and accrued liabilities	$	85
Other long-term liabilities		655
Total operating lease liability	$	740

As of  September 30, 2023 and December 31, 2022, we had approximately $0.7 million and $0.2 million, respectively, of right-of-use operating lease assets recorded within “buildings and equipment” on the condensed consolidated balance sheets.

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Note 10 - Self-Insurance

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Self Insurance [Text Block]

(10) SELF-INSURANCE

We self-insure our underground mining equipment. Such equipment is allocated among seven mining units dispersed over ten miles. The historical cost of such equipment was approximately $299 million and $280 million as of September 30, 2023, and December 31, 2022, respectively.

Restricted cash of $4.1 million and $3.4 million as of September 30, 2023, and December 31, 2022, respectively, represents cash held and controlled by a third party and is restricted for future workers’ compensation claim payments and cash collateral to provide power in the MISO grid.

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Note 11 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

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

(11) FAIR VALUE MEASUREMENTS

We account for certain assets and liabilities at fair value. The hierarchy below lists three 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). We have no Level 3 instruments.

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Note 12 - Equity Method Investments

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

(12) EQUITY METHOD INVESTMENTS

We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment and generates revenue from gas sales. Sunrise Energy plans to continue developing and exploring for oil, gas, and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in our condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022, was $3.0 million and $4.0 million, respectively.

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Note 13 - Convertible Notes

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Convertible Notes Disclosure [Text Block]

(13) CONVERTIBLE NOTES

On May 2, 2022, and May 20, 2022, we issued senior unsecured convertible notes (the "Notes") to five parties, in the aggregate principal amount of $10 million, with $9 million going to related parties affiliated with independent members of our board of directors and the remainder to a non-affiliated party. The Notes were scheduled to mature on December 29, 2028, and accrue interest at 8% per annum, with interest payable on the date of maturity. Pursuant to the terms of the Notes, the holders of the Notes were entitled to convert the entire principal balance and all accrued and unpaid interest then outstanding during the period beginning June 1, 2022, and ending on May 31, 2027, into shares of the Company Common Stock at a conversion price the greater of (i)$3.33 and (ii) the 30-day trailing volume-weighted average sales price for the Common Stock on the Nasdaq Capital Market ending on and including the date on which the Note was converted.

In June 2022, the four holders of the $9 million related party Notes converted them into 1,965,841 shares of common stock of the Company, and the one holder of the $1 million Note converted it into 231,697 shares of common stock pursuant to the terms of the Notes and their related agreements.

On July 29, 2022, we issued $5 million of a senior unsecured convertible note 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 notes into shares of the Company's common stock at a conversion price of $6.254.  Beginning August 18, 2025, the Company 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.

On August 8, 2022, we issued $4 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, the Company 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.

On August 12, 2022, we issued a $10 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 notes into shares of the Company's common stock at a conversion price of $6.15.  Beginning August 12, 2025, the Company 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.

The funds received from the notes described above were used to provide additional working capital to the Company.  Each Conversion Share will consist of one share of our common stock. The conversion price and number of shares of the Company’s Common Stock issuable upon conversion of the notes are subject to adjustment from time to time for any subdivision or consolidation of the Company’s shares and other standard dilutive events.

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Note 14 - Merom Acquisition

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

(14) MEROM ACQUISITION

On February 14, 2022, Hallador Power signed an Asset Purchase Agreement (“APA”) with Hoosier, a rural electric membership corporation organized and existing under the laws of the state of Indiana.

Under the APA, Hallador acquired the Merom power plant, along with equipment and machinery in the power plant; materials inventory; a coal purchase agreement; a coal combustion certified coal ash landfill, certain Generation Interconnection Agreements, and coal inventory (collectively, the “Acquired Assets”). Additionally, contemporaneous with entering into the APA, Hallador entered into three other agreements with Hoosier comprised of (1) a Power Purchase Agreement (the "PPA”), (2) a Coal Supply Purchase Agreement (the "Coal Purchase Agreement"), and (3) a Closing Side Letter agreeing to a reduction in future capacity payments of $15.0 million (“Capacity Payment Reduction”).  The purchase price for the Acquired Assets also consists of the assumption of the power plant’s closure and post-closure remediation, valued at approximately $7.2 million; no cash will be paid by Hallador to Hoosier to effectuate the APA other than payments totaling approximately $17.0 million for coal inventory on hand, with an initial payment of $5.4 million and subsequent periodic payments over time, subject to post-close adjustments based on actual on-site inventories. The acquisition closed on October 21, 2022.

The acquisition was accounted for as an asset acquisition under ASC 805-50 as substantially all of the fair value of the gross assets acquired are concentrated in a group of similar identifiable assets. As such, the total purchase consideration (which includes $2.9 million of transaction costs) was allocated to the assets acquired on a relative fair value basis.

Consideration:	(in thousands)
Direct transaction costs	$	2,855
Contract liability - PPA		184,500
Contract liability - Capacity payment reduction		11,000
Contract asset - Coal purchase agreement		(34,300	)
Coal inventory purchased		5,400
Deferred coal inventory payment		11,600
Total consideration	$	181,055
Relative fair value of assets acquired:
Plant	$	165,816
Materials and supplies		12,009
Coal inventory		10,460
Amount attributable to assets acquired	$	188,285
Fair value of liabilities assumed:
Asset retirement obligations	$	7,230
Amount attributable to liabilities assumed	$	7,230

Operating revenue for the Electric Operations segment includes revenue derived from a power purchase agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices below market prices on the date we closed the transaction.  The power purchase agreement expires in 2025 and requires us to provide a fixed amount of power over the term of the agreement.  As a result of the below-market contract, we recorded a contract liability at the close of the acquisition totaling $184.5 million that will be amortized over the term of the agreement as the contract is fulfilled.  For the three and nine months ended September 30, 2023, we recorded $10.3 million and $63.2 million, respectively, of revenue as a result of amortizing the contract liability, resulting in an ending balance as of September 30, 2023, of $98.0 million that is recorded within current and long-term contract liabilities in our condensed consolidated balance sheets.

Operating expenses for the Electric Operations segment include coal purchased under an agreement signed with Hoosier in conjunction with the Merom Acquisition at fixed prices which were below market prices at the date we entered into the agreement.  The coal purchase agreement expired in May 2023 that required us to purchase a fixed amount of coal over the term of the agreement.  As a result of the below-market contract, we recorded a contract asset at the close of the acquisition totaling $34.3 million that was amortized over the term of the agreement as the contract was fulfilled.  For the three and six months ended June 30, 2023, we recorded $13.0 million and $30.7 million in additional operating expenses for coal purchased and used and a reduction of $6.8 million and $11.2 million, respectively, to inventory for coal purchased and unused as a result of amortizing the contract asset, thereby eliminating the remaining balance of the contract asset as of June 30, 2023.

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Note 15 - Segments of Business

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(15) SEGMENTS OF BUSINESS

As of September 30, 2023, our operations are divided into two primary reportable segments, the Coal Operations and Electric 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, 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.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Operating Revenues
Coal Operations	$	134,896		$	84,530		$	343,267		$	208,190
Electric Operations		67,544			-			231,141			-
Corporate and Other and Eliminations		(36,672	)		554			(59,112	)		1,730
Consolidated Operating Revenues	$	165,768		$	85,084		$	515,296		$	209,920
Income (Loss) from Operations
Coal Operations	$	24,764		$	6,098		$	64,215		$	580
Electric Operations		(2,676	)		(991	)		25,285			(991	)
Corporate and Other and Eliminations		1,715			288			(14,220	)		(3,687	)
Consolidated Income (Loss) from Operations	$	23,803		$	5,395		$	75,280		$	(4,098	)
Depreciation, Depletion and Amortization
Coal Operations	$	11,508		$	11,149		$	37,249		$	31,772
Electric Operations		4,695			-			14,045			-
Corporate and Other and Eliminations		27			38			81			110
Consolidated Depreciation, Depletion and Amortization	$	16,230		$	11,187		$	51,375		$	31,882
Assets
Coal Operations	$	375,682		$	374,223		$	375,682		$	374,223
Electric Operations		209,455			351			209,455			351
Corporate and Other and Eliminations		49			8,787			49			8,787
Consolidated Assets	$	585,186		$	383,361		$	585,186		$	383,361
Capital Expenditures
Coal Operations	$	11,570		$	15,097		$	38,654		$	38,000
Electric Operations		6,566			344			10,092			344
Corporate and Other and Eliminations		-			-			-			-
Consolidated Capital Expenditures	$	18,136		$	15,441		$	48,746		$	38,344

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Note 16 - Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

(16) NET INCOME (LOSS) PER SHARE

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Basic earnings (loss) per common share	$	0.49	$	0.05	$	1.66	$	(0.38	)
The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Diluted earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Add: Convertible Notes interest expense, net of tax		303		-		898		-
Net income (loss) - diluted	$	16,378	$	1,612	$	55,939	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Add: Dilutive effects of if converted Convertible Notes		3,162		-		3,164		-
Add: Dilutive effects of Restricted Stock Units		546		285		496		-
Weighted average shares outstanding - diluted		36,848		33,268		36,748		31,727
Diluted net income (loss) per share	$	0.44	$	0.05	$	1.52	$	(0.38	)

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Note 17 - Subsequent Events

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

(17) SUBSEQUENT EVENTS

On October 2, 2023, the Merom Power Plant had a transformer failure causing one unit to be offline for the month of October.  The failed transformer has since been replaced.  However, the unit will not return to service before entering its previously planned MISO scheduled outage for routine maintenance work.  The unit is expected to return to service in the second half of December and is not expected to impact our ability to perform under our power & capacity commitments.

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Note 4 - Bank Debt (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Debt [Table Text Block]

	September 30,			December 31,
	2023			2022
Current bank debt	$	22,750		$	35,500
Less unamortized debt issuance cost		(1,562	)		(2,469	)
Net current portion	$	21,188		$	33,031
Long-term bank debt	$	39,000		$	49,713
Less unamortized debt issuance cost		(2,518	)		—
Net long-term portion	$	36,482		$	49,713
Total bank debt	$	61,750		$	85,213
Less total unamortized debt issuance cost		(4,080	)		(2,469	)
Net bank debt	$	57,670		$	82,744

Schedule of Line of Credit Facilities [Table Text Block]

Fiscal Periods Ending	Ratio
September 30, 2023, and each fiscal quarter thereafter	2.25 to 1.00

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Note 5 - Accounts Payable and Accrued Liabilities (In Thousands) (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	September 30,		December 31,
	2023		2022
Accounts payable	$	52,491	$	62,306
Accrued property taxes		3,008		1,917
Accrued payroll		7,373		5,933
Workers' compensation reserve		4,130		3,440
Group health insurance		2,300		2,250
Asset retirement obligation - current portion		3,580		3,580
Other		3,720		3,546
Total accounts payable and accrued liabilities	$	76,602	$	82,972

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Note 8 - Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

Non-vested grants as of December 31, 2022	1,056,937
Awarded - weighted average share price on award date was $9.38	267,000
Vested - weighted average share price on vested date was $9.18	(285,221	)
Forfeited	(10,000	)
Non-vested grants as of September 30, 2023	1,028,716

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

Vesting Year	RSUs Vesting
2023		189,000
2024		300,608
2025		539,108
		1,028,716

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Note 9 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease information:
Operating cash outflows from operating leases	$	52		$	54		$	156		$	164
Weighted average remaining lease term in years		8.75			1.51			8.75			1.51
Weighted average discount rate		6.0	%		6.0	%		6.0	%		6.0	%

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

	Amount
	(In thousands)
2023	$	85
2024		89
2025		121
2026		124
2027		128
After 2027		516
Total minimum lease payments	$	1,063
Less imputed interest		(323	)
Total operating lease liability	$	740
As reflected within the following balance sheet line items:
Accounts payable and accrued liabilities	$	85
Other long-term liabilities		655
Total operating lease liability	$	740

XML

Note 14 - Merom Acquisition (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Asset Acquisition [Table Text Block]

Consideration:	(in thousands)
Direct transaction costs	$	2,855
Contract liability - PPA		184,500
Contract liability - Capacity payment reduction		11,000
Contract asset - Coal purchase agreement		(34,300	)
Coal inventory purchased		5,400
Deferred coal inventory payment		11,600
Total consideration	$	181,055
Relative fair value of assets acquired:
Plant	$	165,816
Materials and supplies		12,009
Coal inventory		10,460
Amount attributable to assets acquired	$	188,285
Fair value of liabilities assumed:
Asset retirement obligations	$	7,230
Amount attributable to liabilities assumed	$	7,230

XML

Note 15 - Segments of Business (Tables)	9 Months Ended
	Sep. 30, 2023
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; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;">Three Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;">Nine Months Ended September 30,</em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2022</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(in thousands)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Operating Revenues</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-indent: 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">134,896</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">84,530</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">343,267</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">208,190</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">67,544</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">231,141</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(36,672</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">554</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(59,112</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,730</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Operating Revenues</b></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">165,768</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">85,084</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">515,296</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">209,920</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income (Loss) from Operations</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">24,764</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,098</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">64,215</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">580</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(2,676</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">25,285</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(991</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,715</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">288</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(14,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,687</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Income (Loss) from Operations</b></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">23,803</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,395</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">75,280</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,098</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Depreciation, Depletion and Amortization</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,508</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,149</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,249</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">31,772</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,695</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">14,045</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">27</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">81</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">110</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-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; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">16,230</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11,187</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">51,375</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">31,882</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Assets</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">375,682</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">374,223</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">375,682</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">374,223</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">209,455</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">351</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">209,455</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">351</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,787</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,787</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Assets</b></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">585,186</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">383,361</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">585,186</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">383,361</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Capital Expenditures</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><b> </b></td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Coal Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,570</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">15,097</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">38,654</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">38,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Electric Operations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,566</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">344</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">10,092</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">344</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Corporate and Other and Eliminations</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b>Consolidated Capital Expenditures</b></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">18,136</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15,441</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">48,746</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38,344</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> </tbody></table>

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Note 16 - Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Basic earnings (loss) per common share	$	0.49	$	0.05	$	1.66	$	(0.38	)
The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Diluted earnings per common share:
Net income (loss) - basic	$	16,075	$	1,612	$	55,041	$	(11,908	)
Add: Convertible Notes interest expense, net of tax		303		-		898		-
Net income (loss) - diluted	$	16,378	$	1,612	$	55,939	$	(11,908	)
Weighted average shares outstanding - basic		33,140		32,983		33,088		31,727
Add: Dilutive effects of if converted Convertible Notes		3,162		-		3,164		-
Add: Dilutive effects of Restricted Stock Units		546		285		496		-
Weighted average shares outstanding - diluted		36,848		33,268		36,748		31,727
Diluted net income (loss) per share	$	0.44	$	0.05	$	1.52	$	(0.38	)

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Note 1 - General Business (Details Textual)	9 Months Ended
	Sep. 30, 2023
Number of Reportable Segments	2
Southwestern Indiana [Member]
Number of Underground Mines Included in the Significant Operating Segment	2
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%

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Note 2 - Long-lived Asset Impairments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Asset Impairment Charges	$ 0	$ 0	$ 0	$ 0

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Note 3 - Inventory (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Adjustments	$ 1.1	$ 4.9

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Note 4 - Bank Debt (Details Textual) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 13, 2023 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 02, 2023 USD ($)	Jun. 30, 2023	Dec. 31, 2022 USD ($)
Long-Term Debt, Gross			$ 61,750	$ 61,750				$ 85,213
Debt Issuance Costs, Net, Total			4,080	4,080				2,469
Revolving Credit Facility [Member] | Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity								120,000
Credit Agreement [Member]
Debt Instrument, Unused Borrowing Capacity, Amount			63,800	63,800
Debt Instrument, Liquidity			66,400	66,400
Letters of Credit Outstanding, Amount			11,200	11,200
Debt Issuance Costs, Net, Total	$ 1,600		$ 4,100	$ 4,100		$ 4,300		2,500
Leverage Ratio			0.71	0.71
Debt Instrument, Covenant, Debt Service Coverage Ratio			2.25	2.25
Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate				4.25%
Credit Agreement [Member] | Minimum [Member]
Debt Instrument, Covenant, Debt Service Coverage Ratio							1.25
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Credit Agreement [Member] | Maximum [Member]
Debt Instrument, Covenant, Debt Service Coverage Ratio			3.75	3.75
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Credit Agreement [Member] | Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 75,000	$ 75,000
Debt Instrument, Increase (Decrease), Net				23,500
Long-Term Debt, Gross			61,800	61,800
Proceeds from Issuance of Debt				0
Debt Instrument, Periodic Payment			3,300
Credit Agreement [Member] | Term Loan [Member] | Forecast [Member]
Debt Instrument, Periodic Payment		$ 6,500
Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument, Amount to be Converted	$ 35,000					65,000
Line of Credit Facility, Maximum Borrowing Capacity						75,000		$ 85,000
Debt Instrument, Covenant, Maximum Annual Capital Expenditures			$ 1,500	$ 1,500	$ 75,000	$ 100,000

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Note 4 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current bank debt	$ 22,750	$ 35,500
Less unamortized debt issuance cost	(1,562)	(2,469)
Net current portion	21,188	33,031
Long-term bank debt	39,000	49,713
Less unamortized debt issuance cost	(2,518)	0
Net long-term portion	36,482	49,713
Total bank debt	61,750	85,213
Less total unamortized debt issuance cost	(4,080)	(2,469)
Net bank debt	$ 57,670	$ 82,744

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Note 4 - Bank Debt - Maximum Leverage Ratio (Details)	Sep. 30, 2023
Credit Agreement [Member]
Maximum Leverage Ratio	2.25

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Note 5 - Accounts Payable and Accrued Liabilities (In Thousands) - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts payable	$ 52,491	$ 62,306
Accrued property taxes	3,008	1,917
Accrued payroll	7,373	5,933
Workers' compensation reserve	4,130	3,440
Group health insurance	2,300	2,250
Asset retirement obligation - current portion	3,580	3,580
Other	3,720	3,546
Total accounts payable and accrued liabilities	$ 76,602	$ 82,972

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Note 6 - Revenue 1 (Details Textual) $ in Thousands, T in Millions	1 Months Ended		3 Months Ended			9 Months Ended
	Jun. 30, 2023	May 31, 2023	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) T	Sep. 30, 2022	Sep. 30, 2023 USD ($) T	Sep. 30, 2022	Jan. 01, 2023 USD ($)	Jan. 01, 2021 USD ($)
Revenue, Remaining Performance Obligation, Amount of Coal Included in Unpriced Sales Contracts (US Ton) | T				3		3
Coal [Member]
Accounts Receivable, after Allowance for Credit Loss, Total									$ 12,800
Contract with Customer, Liability								$ 8,900
Contract with Customer, Liability, Revenue Recognized				$ 2,500		$ 7,500
Coal [Member] | Forecast [Member]
Contract with Customer, Liability, Revenue Recognized			$ 1,300
Coal [Member] | Geographic Concentration Risk [Member] | INDIANA | Revenue from Contract with Customer Benchmark [Member]
Concentration Risk, Percentage				51.00%	70.00%	52.00%	79.00%
Electric Operations [Member]
Contract with Customer, Liability								$ 26,600
Increase (Decrease) in Contract with Customer, Liability				$ 0		$ 43,800
Contract with Customer, Liability, Revenue Recognized				12,900		46,000
Electric Operations [Member] | Forecast [Member]
Contract with Customer, Liability, Revenue Recognized			$ 8,300
Electric Operations [Member] | Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Midcontinent Independent System Operator [Member]
Concentration Risk, Percentage	32.00%	100.00%
Delivered Energy [Member] | Electric Operations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax				54,400		184,700
Capacity Payments [Member] | Electric Operations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax				$ 13,000		$ 46,100

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Note 6 - Revenue 2 (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Fixed-Price Contract [Member]
Revenue, Remaining Performance Obligation, Amount	$ 426.1
Revenue, Remaining Performance Obligation, Percentage	0.25%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Energy Obligations [Member]
Revenue, Remaining Performance Obligation, Amount	$ 312.0
Revenue, Remaining Performance Obligation, Percentage	31.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	2028 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Amount	$ 204.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	2028 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed-Price Contract [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Coal Sales [Member]
Revenue, Remaining Performance Obligation, Amount	$ 155.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

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Note 7 - Income Taxes (Details Textual)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	13.00%	8.00%

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Note 8 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expense	$ 0.8	$ 0.1	$ 2.8	$ 0.2
Share Price (in dollars per share)	$ 14.42		$ 14.42
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 14.8		$ 14.8
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 4.7		$ 4.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	395,657		395,657

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Note 8 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 shares
Non-vested grants (in shares)	1,056,937
Awarded (in shares)	267,000
Vested - weighted average share price on vested date was $9.18 (in shares)	(285,221)
Forfeited (in shares)	(10,000)
Non-vested grants (in shares)	1,028,716

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Note 8 - Stock Compensation Plans - RSU Activity (Details) (Parentheticals) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares
Share price on grant date, awarded (in dollars per share)	$ 9.38
Share price on vesting date (in dollars per share)	$ 9.18

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Note 8 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details) - Restricted Stock Units (RSUs) [Member]	Sep. 30, 2023 shares
RSUs vesting (in shares)	1,028,716
Vesting in 2023 [Member]
RSUs vesting (in shares)	189,000
Vesting in 2024 [Member]
RSUs vesting (in shares)	300,608
Represents vesting in 2025 [Member]
RSUs vesting (in shares)	539,108

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Note 9 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Buildings and Equipment [Member]
Operating Lease, Right-of-Use Asset	$ 0.7	$ 0.2
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	10 months
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	96 months

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Note 9 - Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating cash outflows from operating leases	$ 52	$ 54	$ 156	$ 164
Weighted average remaining lease term in years (Year)	8 years 9 months	1 year 6 months 3 days	8 years 9 months	1 year 6 months 3 days
Weighted average discount rate	6.00%	6.00%	6.00%	6.00%

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Note 9 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023	$ 85
2024	89
2025	121
2026	124
2027	128
After 2027	516
Total minimum lease payments	1,063
Less imputed interest	(323)
Accounts Payable and Accrued Liabilities and Other Noncurrent Liabilities [Member]
Total operating lease liability	740
Accounts Payable and Accrued Liabilities [Member]
Accounts payable and accrued liabilities	85
Other Noncurrent Liabilities [Member]
Other long-term liabilities	$ 655

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Note 10 - Self-Insurance (Details Textual) $ in Thousands	Sep. 30, 2023 USD ($)	Jun. 30, 2023 item	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Restricted Cash and Cash Equivalents	$ 4,143		$ 3,417	$ 3,483
Future Workers' Compensation Claim Payments [Member]
Restricted Cash and Cash Equivalents	4,100		3,400
Mining Properties and Mineral Rights [Member]
Number of Mining Units		7
Area of Real Estate Property | item		10
Operating Lease, Liability	$ 299,000		$ 280,000

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Note 12 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Equity Method Investments	$ 3,038	$ 3,988
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investments	$ 3,000	$ 4,000

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Note 13 - Convertible Notes (Details Textual) $ / shares in Units, $ in Thousands				1 Months Ended		9 Months Ended
	Aug. 12, 2022 USD ($) $ / shares	Aug. 08, 2022 USD ($) $ / shares	Jul. 29, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) shares	May 20, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Proceeds from Convertible Debt						$ 0	$ 11,000
Proceeds from Related Party Debt						$ 0	$ 18,000
Senior Unsecured Convertible Notes [Member]
Proceeds from Convertible Debt					$ 10,000
Debt Instrument, Interest Rate, Stated Percentage					8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares					$ 3.33
Conversion Share to Common Stock, Ratio					1
Senior Unsecured Convertible Notes [Member] | Four Affiliated Individuals [Member]
Convertible Debt, Total				$ 9,000
Senior Unsecured Convertible Notes [Member] | Affiliated Individual [Member]
Convertible Debt, Total				$ 1,000
Senior Unsecured Convertible Notes [Member] | Four Board Members [Member]
Proceeds from Related Party Debt					$ 9,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares				1,965,841
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares				231,697
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member] | Conversion Price 6 Point 254, Maturity Date December 2026 [Member]
Proceeds from Related Party Debt	$ 10,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 6.15
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 254, Maturity Date December 2028 [Member]
Proceeds from Related Party Debt			$ 5,000
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares			$ 6.254
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 15, Maturity Date December 2028 [Member]
Proceeds from Related Party Debt		$ 4,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares		$ 6.254

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Note 14 - Merom Acquisition (Details Textual) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended	9 Months Ended
	Feb. 14, 2022	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Operating Expenses		$ 23,803		$ 5,395		$ 75,280	$ (4,098)
Merom Acquisition [Member]
Capacity Payment Reductions	$ 15,000
Purchase Obligation, Total	7,200
Business Acquisition, Purchase of Coal Inventory	17,000
Business Acquisition, Purchase of Coal Inventory, Initial Payment	5,400
Business Acquisition, Transaction Costs	2,900
Contract with Customer, Liability	184,500	98,000				98,000
Contract with Customer, Liability, Revenue Recognized		$ 10,300				$ 63,200
Contract with Customer, Asset, after Allowance for Credit Loss	$ 34,300
Operating Expenses			$ 13,000		$ 30,700
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory			$ 6,800		$ 11,200

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Note 14 - Merom Acquisition - Summary of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 21, 2022	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Plant		$ 482,667	$ 480,462
Coal inventory		23,749	49,796
Amount attributable to assets acquired		585,186	630,554	$ 383,361
Amount attributable to liabilities assumed		$ 313,497	$ 415,530
Merom Acquisition [Member]
Direct transaction costs	$ 2,855
Contract liability - PPA	184,500
Contract liability - Capacity payment reduction	11,000
Contract asset - Coal purchase agreement	(34,300)
Coal inventory purchased	5,400
Deferred coal inventory payment	11,600
Total consideration	181,055
Plant	165,816
Materials and supplies	12,009
Coal inventory	10,460
Amount attributable to assets acquired	188,285
Asset retirement obligations	7,230
Amount attributable to liabilities assumed	$ 7,230

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Note 15 - Segments of Business (Details Textual)	9 Months Ended
	Sep. 30, 2023
Number of Reportable Segments	2
Sunrise Energy, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%

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Note 15 - Segment of Business - Summary of Reportable Segments Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue	$ 165,768	$ 85,084	$ 515,296	$ 209,920
Operating Expense	23,803	5,395	75,280	(4,098)
Depreciation	16,230	11,187	51,375	31,882
Amount attributable to assets acquired	585,186	383,361	585,186	383,361	$ 630,554
Capital Expenditures	18,136	15,441	48,746	38,344
Coal Operations [Member]
Revenue	134,896	84,530	343,267	208,190
Operating Expense	24,764	6,098	64,215	580
Depreciation	11,508	11,149	37,249	31,772
Amount attributable to assets acquired	375,682	374,223	375,682	374,223
Capital Expenditures	11,570	15,097	38,654	38,000
Electric Operations [Member]
Revenue	67,544	0	231,141	0
Operating Expense	(2,676)	(991)	25,285	(991)
Depreciation	4,695	0	14,045	0
Amount attributable to assets acquired	209,455	351	209,455	351
Capital Expenditures	6,566	344	10,092	344
Corporate and Other [Member]
Revenue	(36,672)	554	(59,112)	1,730
Operating Expense	1,715	288	(14,220)	(3,687)
Depreciation	27	38	81	110
Amount attributable to assets acquired	49	8,787	49	8,787
Capital Expenditures	$ 0	$ 0	$ 0	$ 0

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Note 16 - Net Income (Loss) Per Share - Computation of Net Income (Loss) Allocated to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss) - basic	$ 16,075	$ 1,612	$ 55,041	$ (11,908)
Weighted average shares outstanding - basic (in shares)	33,140	32,983	33,088	31,727
Basic earnings (loss) per common share (in dollars per share)	$ 0.49	$ 0.05	$ 1.66	$ (0.38)
Add: Convertible Notes interest expense, net of tax	$ 303	$ 0	$ 898	$ 0
Net income (loss) - diluted	$ 16,378	$ 1,612	$ 55,939	$ (11,908)
Add: Dilutive effects of if converted Convertible Notes (in shares)	3,162	0	3,164	0
Add: Dilutive effects of Restricted Stock Units (in shares)	546	285	496	0
Weighted average shares outstanding - diluted (in shares)	36,848	33,268	36,748	31,727
Diluted net income (loss) per share (in dollars per share)	$ 0.44	$ 0.05	$ 1.52	$ (0.38)