Exhibit 99.3

	(U.S. dollars
	in millions)
2008
2008 average equity (12/31/2007 and each of 2008’s quarter ends)	$	84.1
2008 average debt (12/31/2007 and at each of 2008’s quarter ends)		107.4
Total 2008 average total capital employed	$	191.5
2008 net income, as reported	$	22.1
Plus: 2008 interest expense, as reported		5.5
Less: Income taxes on 2008 interest expense at 38%*		(2.1	)
Actual return on total capital employed = actual net income before interest expense, after tax	$	25.5
Actual return on total capital employed percentage		13.3	%
2007
2007 average equity (12/31/2006 and each of 2007’s quarter ends)	$	66.3
2007 average debt (12/31/2006 and at each of 2007’s quarter ends)		110.8
Total 2007 average total capital employed	$	177.1
2007 net income, as reported	$	31.0
Plus: 2007 interest expense, as reported		7.0
Less: Income taxes on 2007 interest expense at 38%*		(2.7	)
Actual return on total capital employed = actual net income before interest expense, after tax	$	35.3
Actual return on total capital employed percentage		19.9	%

Return on total capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to North American Coal’s cost of capital employed, which includes both equity and debt securities.

* Tax rate of 38% represents the Company’s marginal tax rate.