XML 90 R2.htm IDEA: XBRL DOCUMENT v3.25.0.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with rules adopted by the Securities and Exchange Commission (the “SEC”) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and the NEOs other than the PEO
(“Non-PEO
NEOs”) and Company performance for the fiscal years listed below. The information provided under this “Pay Versus Performance” heading is not deemed to be incorporated by reference into any filing of the Company with the SEC, irrespective of any general incorporation language in any such filing.
 
Year
   
Summary
Compensation
Table Total
for PEO
($)(1)
   
Compensation
Actually Paid
to PEO
($)(1)(2)(3)
   
Average SCT
Total for
Non-PEO

NEOs
($)(1)
   
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
($)(1)(2)(3)
   
Value of Initial
Fixed $100
Investment
Based on: ($)(4)
   
Net
Income
($) (in
millions)
  
Adjusted
EBITDA
($)(5) (in
millions)
  
TSR
   
Peer
Group
TSR
2024
        7,908,650        10,612,389        2,629,139        3,294,325        287.51        208.99        250.6       447.9
2023
        6,667,795        13,934,625        2,261,142        4,173,766        318.75        218.23        478.6       698.9
2022
        6,508,776        11,156,444        2,363,124        3,440,123        175.72        178.99        641.3       994.2
2021
        5,679,932        5,192,986        2,087,322        2,044,041        124.60        157.75        150.9       457.0
2020
        4,343,999        4,426,909        1,612,982        1,716,748        102.25        116.44        (35.8 )       108.3
 
(1)
The PEO for each year was Walter J. Scheller, III. The
non-PEO
NEOs for each year were Jack K. Richardson (Chief Operating Officer), Dale W. Boyles (Chief Financial Officer), Kelli K. Gant (Chief Administrative Officer and Corporate Secretary), and Charles Lussier (Chief Commercial Officer).
 
(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total column with certain adjustments as described in footnote 3 below.
 
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs. The amounts excluded or included for 2024 are set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards columns are the amounts from the Stock Awards column set forth in the Summary Compensation Table.
 
2024 Reconciliation of Summary
Compensation Table Total to
Compensation Actually Paid
   
Summary
Compensation
Table Total
($)
     
Exclusion of Stock
Awards
($)
    
Inclusion of Equity
Values
($)
     
Compensation
Actually Paid
($)
  
PEO
      7,908,650        (4,677,448 )      7,381,187        10,612,389  
Non-PEO
NEOs (average)
      2,629,139        (1,246,493 )      1,911,679        3,294,325  
The amounts in the Inclusion of Equity Values columns in the table above are derived from the amounts set forth in the following table:
 
Calculation of Equity Values included in
Compensation Actually Paid
  
Year-End

Fair Value of
Equity Awards
Granted
During Year That
Remained
Unvested as of
Last Day of Year
($)
    
Change in
Fair Value from Last
Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards
($)
    
Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year
($)
    
Total-
Inclusion of
Equity Values
($)
  
PEO
     7,637,074       (120,457 )      (135,430 )      7,381,187  
Non-PEO
NEOs (average)
     1,990,628       (40,702 )      (38,247 )      1,911,679  
 
(4)
The Peer Group TSR set forth in this table utilizes the S&P Metals and Mining Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P Metals and Mining Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
 
(5)
We determined Adjusted EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
Non-PEO
NEOs in 2024. This performance measure may not have been the most important financial performance measure in prior years, and we may determine a different financial performance measure to be the most important financial performance measure in future years. See the “Tabular List of Most Important Financial Performance Measures” for a definition of “Adjusted EBITDA” for purposes of this Pay Versus Performance section.
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote The
non-PEO
NEOs for each year were Jack K. Richardson (Chief Operating Officer), Dale W. Boyles (Chief Financial Officer), Kelli K. Gant (Chief Administrative Officer and Corporate Secretary), and Charles Lussier (Chief Commercial Officer). 		       
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the S&P Metals and Mining Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P Metals and Mining Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. 		       
PEO Total Compensation Amount $ 7,908,650 $ 6,667,795 $ 6,508,776 $ 5,679,932 $ 4,343,999
PEO Actually Paid Compensation Amount $ 10,612,389 13,934,625 11,156,444 5,192,986 4,426,909
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs. The amounts excluded or included for 2024 are set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards columns are the amounts from the Stock Awards column set forth in the Summary Compensation Table.
 
2024 Reconciliation of Summary
Compensation Table Total to
Compensation Actually Paid
   
Summary
Compensation
Table Total
($)
     
Exclusion of Stock
Awards
($)
    
Inclusion of Equity
Values
($)
     
Compensation
Actually Paid
($)
  
PEO
      7,908,650        (4,677,448 )      7,381,187        10,612,389  
Non-PEO
NEOs (average)
      2,629,139        (1,246,493 )      1,911,679        3,294,325  
The amounts in the Inclusion of Equity Values columns in the table above are derived from the amounts set forth in the following table:
 
Calculation of Equity Values included in
Compensation Actually Paid
  
Year-End

Fair Value of
Equity Awards
Granted
During Year That
Remained
Unvested as of
Last Day of Year
($)
    
Change in
Fair Value from Last
Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards
($)
    
Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year
($)
    
Total-
Inclusion of
Equity Values
($)
  
PEO
     7,637,074       (120,457 )      (135,430 )      7,381,187  
Non-PEO
NEOs (average)
     1,990,628       (40,702 )      (38,247 )      1,911,679  
        
Non-PEO NEO Average Total Compensation Amount $ 2,629,139 2,261,142 2,363,124 2,087,322 1,612,982
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,294,325 4,173,766 3,440,123 2,044,041 1,716,748
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs. The amounts excluded or included for 2024 are set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards columns are the amounts from the Stock Awards column set forth in the Summary Compensation Table.
 
2024 Reconciliation of Summary
Compensation Table Total to
Compensation Actually Paid
   
Summary
Compensation
Table Total
($)
     
Exclusion of Stock
Awards
($)
    
Inclusion of Equity
Values
($)
     
Compensation
Actually Paid
($)
  
PEO
      7,908,650        (4,677,448 )      7,381,187        10,612,389  
Non-PEO
NEOs (average)
      2,629,139        (1,246,493 )      1,911,679        3,294,325  
The amounts in the Inclusion of Equity Values columns in the table above are derived from the amounts set forth in the following table:
 
Calculation of Equity Values included in
Compensation Actually Paid
  
Year-End

Fair Value of
Equity Awards
Granted
During Year That
Remained
Unvested as of
Last Day of Year
($)
    
Change in
Fair Value from Last
Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards
($)
    
Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year
($)
    
Total-
Inclusion of
Equity Values
($)
  
PEO
     7,637,074       (120,457 )      (135,430 )      7,381,187  
Non-PEO
NEOs (average)
     1,990,628       (40,702 )      (38,247 )      1,911,679  
        
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid, Company TSR and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the S&P Metals & Mining Index TSR over the same period.
 
PEO and Average Non-PEO NEO Compensation Actually Paid
Versus TSR
 
LOGO
       
Compensation Actually Paid vs. Net Income
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the five most recently completed fiscal years.
 
PEO and Average Non-PEO NEO Compensation Actually Paid
Versus Net Income
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Adjusted EBITDA
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Adjusted EBITDA during the five most recently completed fiscal years.
 
PEO and Average Non-PEO NEO Compensation Actually Paid
Versus Adjusted EBITDA
 
LOGO
       
Total Shareholder Return Vs Peer Group
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid, Company TSR and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the S&P Metals & Mining Index TSR over the same period.
 
PEO and Average Non-PEO NEO Compensation Actually Paid
Versus TSR
 
LOGO
       
Tabular List, Table
Tabular List of Most Important Financial and
Non-Financial
Performance Measures
The following table presents the financial and
non-financial
performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and the
Non-PEO
NEOs for 2024 to Company performance. The measures in this table are not ranked.
 
Performance Measure
   
Rationale for Use in the Company’s
Incentive Compensation Program
   
Definition
Adjusted EBITDA
   
Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess: (i) our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; and (ii) the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities, such as Blue Creek.
   
“Adjusted EBITDA” is a
non-GAAP
financial measure and is defined as net income before net interest income, income tax expense, depreciation and depletion,
non-cash
asset retirement obligation accretion and valuation adjustments,
non-cash
stock compensation expense, other
non-cash
accretion and valuation adjustments,
non-cash
mark-to-market
loss on gas hedges, and business interruption expenses. For purposes of the Company’s compensation program, Adjusted EBITDA is further adjusted to remove the impact of the earned incentive payments.
Capital expenditures
   
This metric reflects management’s focus on operational efficiency.
   
Money spent by the Company on acquiring fixed assets, such as machinery and equipment
Cash cost of production per metric ton
   
This metric reflects management’s focus on our key business strategy of maintaining and further improving our
low-cost
operating profile.
   
Represents production costs divided by metric tons produced
Continuous miner feet of advance
   
This metric reflects management’s focus on operational efficiency.
   
Represents the number of feet the continuous miner advances during a period
Longwall feet of advance
   
This metric reflects management’s focus on operational efficiency.
   
Represents the number of feet the longwall advances during a period
Metrics tons of production
   
This metric reflects management’s focus on maximizing profitable production.
   
Metric tons of metallurgical coal produced from Mine 4, Mine 7 and Blue Creek
Safety rate
   
Our dedication to safety is at the core of all of our overall operations as we work to further reduce workplace incidents by focusing on policy awareness and accident prevention.
   
Total reportable incident rate (TRIR)
        
Total Shareholder Return Amount $ 287.51 318.75 175.72 124.6 102.25
Peer Group Total Shareholder Return Amount 208.99 218.23 178.99 157.75 116.44
Net Income (Loss) $ 250,600,000 $ 478,600,000 $ 641,300,000 $ 150,900,000 $ (35,800,000)
Company Selected Measure Amount 447,900,000 698,900,000 994,200,000 457,000,000 108,300,000
PEO Name J. Scheller, III        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description “Adjusted EBITDA” is a
non-GAAP
financial measure and is defined as net income before net interest income, income tax expense, depreciation and depletion,
non-cash
asset retirement obligation accretion and valuation adjustments,
non-cash
stock compensation expense, other
non-cash
accretion and valuation adjustments,
non-cash
mark-to-market
loss on gas hedges, and business interruption expenses. For purposes of the Company’s compensation program, Adjusted EBITDA is further adjusted to remove the impact of the earned incentive payments. 		       
Measure:: 2          
Pay vs Performance Disclosure          
Name Capital expenditures        
Measure:: 3          
Pay vs Performance Disclosure          
Name Cash cost of production per metric ton        
Measure:: 4          
Pay vs Performance Disclosure          
Name Continuous miner feet of advance        
Measure:: 5          
Pay vs Performance Disclosure          
Name Longwall feet of advance        
Measure:: 6          
Pay vs Performance Disclosure          
Name Metrics tons of production        
Measure:: 7          
Pay vs Performance Disclosure          
Name Safety rate        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 7,381,187        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 7,637,074        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (135,430)        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (120,457)        
PEO | Exclusion of Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,677,448)        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,911,679        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,990,628        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (38,247)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (40,702)        
Non-PEO NEO | Exclusion of Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (1,246,493)