Ramaco Resources (METC) 10-K1 Apr 222021 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2021	Mar. 29, 2022	Jun. 30, 2021
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	Houston, Texas
Document Type	10-K
Document Annual Report	true
Entity Registrant Name	Ramaco Resources, Inc.
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-38003
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-4018838
Entity Address, Address Line One	250 West Main Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40507
City Area Code	859
Local Phone Number	244-7455
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		44,273,388
Entity Public Float			$ 68.8
Entity Central Index Key	0001687187
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, $0.01 par value [Member]
Title of 12(b) Security	Common Stock
Trading Symbol	METC
Security Exchange Name	NASDAQ
9.00% Senior Notes due 2026
Title of 12(b) Security	9.00% Senior Notes due 2026
Trading Symbol	METCL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 21,891	$ 5,300
Accounts receivable	44,453	20,299
Inventories	15,791	11,947
Prepaid expenses and other	4,626	4,953
Total current assets	86,761	42,499
Property, plant and equipment, net	227,077	180,531
Financing lease right-of-use assets, net	9,128
Advanced coal royalties	5,576	4,784
Other	491	809
Total Assets	329,033	228,623
Current liabilities
Accounts payable	15,346	11,742
Accrued expenses	19,410	11,591
Asset retirement obligations	489	46
Current portion of long-term debt	7,674	4,872
Current portion of financing lease obligations	3,461
Other current liabilities	280	862
Total current liabilities	46,660	29,113
Asset retirement obligations	22,060	15,110
Long-term debt, net	3,339	12,578
Long-term financing lease obligations, net	4,599
Senior notes, net	32,363
Deferred tax liability, net	6,406	1,762
Other long-term liabilities	2,532	965
Total liabilities	117,959	59,528
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value, 260,000,000 shares authorized, 44,092,981 at December 31, 2021 and 42,706,908 at December 31, 2020 shares issued and outstanding	441	427
Additional paid-in capital	163,566	158,859
Retained earnings	47,067	9,809
Total stockholders' equity	211,074	169,095
Total Liabilities and Stockholders' Equity	$ 329,033	$ 228,623

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares Issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	260,000,000	260,000,000
Common stock, shares issued (in shares)	44,092,981	42,706,908
Common stock, shares outstanding (in shares)	44,092,981	42,706,908

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations
Revenue	$ 283,394	$ 168,915	$ 230,213
Cost and expenses
Cost of sales (exclusive of items shown separately below)	195,412	145,503	162,470
Asset retirement obligations accretion	615	570	511
Depreciation and amortization	26,205	20,912	19,521
Selling, general and administrative	21,629	21,023	18,179
Total costs and expenses	243,861	188,008	200,681
Operating income (loss)	39,533	(19,093)	29,532
Other income	7,429	11,926	1,758
Interest expense, net	(2,556)	(1,224)	(1,193)
Income (loss) before tax	44,406	(8,391)	30,097
Income tax expense (benefit)	4,647	(3,484)	5,163
Net income (loss)	$ 39,759	$ (4,907)	$ 24,934
Earnings (loss) per common share
Basic earnings (in dollars per share)	$ 0.90	$ (0.12)	$ 0.61
Diluted earnings (in dollars per share)	$ 0.90	$ (0.12)	$ 0.61
Weighted average common shares outstanding
Basic weighted average shares outstanding (in shares)	43,964	42,460	40,838
Diluted weighted average shares outstanding (in shares)	44,257	42,460	40,838

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital.	Retained Earnings (Deficit)	Total
Balance at Dec. 31, 2018	$ 401	$ 150,926	$ (10,218)	$ 141,109
Restricted stock surrendered for withholding taxes payable		(20)		(20)
Stock-based compensation	9	4,051		4,060
Net income (loss)			24,934	24,934
Balance at Dec. 31, 2019	410	154,957	14,716	170,083
Restricted stock surrendered for withholding taxes payable	(1)	(220)		(221)
Stock-based compensation	18	4,122		4,140
Net income (loss)			(4,907)	(4,907)
Balance at Dec. 31, 2020	427	158,859	9,809	169,095
Restricted stock surrendered for withholding taxes payable	(1)	(538)		(539)
Stock-based compensation	15	5,245		5,260
Dividends accrued ($0.0567 per common share)			(2,501)	(2,501)
Net income (loss)			39,759	39,759
Balance at Dec. 31, 2021	$ 441	$ 163,566	$ 47,067	$ 211,074

Consolidated Statements of St_2

Consolidated Statements of Stockholders Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2021$ / shares
Consolidated Statements of Equity
Dividend payable	$ 0.0567

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 39,759	$ (4,907)	$ 24,934
Adjustments to reconcile net income (loss) to net cash from operating activities:
Accretion of asset retirement obligations	615	570	511
Depreciation and amortization	26,205	20,912	19,521
Amortization of debt issuance costs	214	58	58
Stock-based compensation	5,260	4,140	4,060
Other income - employee retention tax credit	(5,407)
Other income - PPP Loan		(8,444)
Deferred income taxes	4,644	(3,503)	5,156
Changes in operating assets and liabilities:
Accounts receivable	(24,154)	(1,043)	(8,527)
Prepaid expenses and other current assets	5,519	986	723
Inventories	(3,844)	3,314	(1,076)
Other assets and liabilities	1,124	(1,270)	689
Accounts payable	(1,820)	2,753	(7,313)
Accrued expenses	5,225	(254)	3,646
Net cash from operating activities	53,340	13,312	42,382
Cash flow from investing activities:
Purchases of property, plant and equipment	(29,466)	(24,753)	(45,722)
Acquisition of Amonate assets	(30,147)
Net cash from investing activities	(59,613)	(24,753)	(45,722)
Cash flows from financing activities
Proceeds from PPP Loan		8,444
Proceeds from borrowings	54,368	50,043	73,750
Payments of debt issuance cost	(2,356)
Repayments of borrowings	(26,300)	(45,598)	(70,335)
Repayments of financed insurance payable	(862)	(1,382)	(570)
Repayments of financing leased equipment	(1,942)
Restricted stock surrendered for withholding taxes payable	(539)	(221)	(20)
Net cash from financing activities	22,369	11,286	2,825
Net change in cash and cash equivalents and restricted cash	16,096	(155)	(515)
Cash and cash equivalents and restricted cash, beginning of period	6,710	6,865	7,380
Cash and cash equivalents and restricted cash, end of period	22,806	6,710	6,865
Supplemental cash flow information:
Cash paid for interest	1,601	1,095	999
Cash paid for taxes	9	19
Non-cash investing and financing activities:
Leased assets obtained under new financing leases	10,002
Dividend accrued not paid	2,501
Capital expenditures included in accounts payable and accrued expenses	6,652	1,228	2,902
Financed insurance	280	1,588	939
Additional asset retirement obligations incurred	$ 6,840	$ 86	$ 516

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
Note 1 - Description of Business	Dec. 31, 2021
Notes to Financial Statements
DESCRIPTION OF BUSINESS	Ramaco Resources, Inc. Notes to Consolidated Financial Statements NOTE 1—DESCRIPTION OF BUSINESS Ramaco Resources, Inc. (“Ramaco”) is a Delaware corporation formed in October 2016. Our principal corporate offices are located in Lexington, Kentucky. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. As used herein, “the Company,” “we,” “us,” “our,” and similar terms include Ramaco Resources, Inc. and its subsidiaries, unless the context indicates otherwise. Our development portfolio includes four primary properties: Elk Creek, Berwind, Knox Creek and RAM Mine. We believe each of these projects possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to a majority of our domestic target customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We operate three deep mines and a surface mine at our Elk Creek Complex. Development of this complex commenced in 2016 and included construction of a preparation plant and rail load-out facilities. Development of our Berwind Complex began in late-2017. In 2020, we suspended development at the Berwind Complex due to lower pricing and demand largely caused by the economic impacts of the COVID-19 pandemic. We were able to resume development of Berwind in 2021 as coal market conditions improved. The Knox Creek preparation plant processes coal from our Berwind Complex (until the Berwind preparation plant becomes operational in 2022) as well as coal we may purchase from or toll wash for third parties. Our RAM Mine property is scheduled for initial production subject to permitting and market conditions. In 2021, we acquired the long-idled Amonate Assets from Coronado which are directly adjacent to our Berwind Complex. We will refurbish the acquired preparation plant and begin development of the acquired reserves in 2022. COVID-19 Pandemic— We continue to actively monitor the situation and may take further actions altering our business operations that we determine are in the best interests of our employees, customers, suppliers, and stakeholders, or as required by federal, state, or local authorities.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
Note 2 - Summary of Significant Accounting Policies	Dec. 31, 2021
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation Use of estimates obligations, occupational disease obligations, evaluation of long-lived assets for impairment, and the quantities and values of coal reserves. Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Freight Revenue and Expense Cash and Cash Equivalents Inventories Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. Operating expenditures including certain professional fees and overhead costs are not capitalized but are expensed as incurred. The capitalized mine development costs are depleted or amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three Advanced Coal Royalties Impairment of Long-lived Assets If it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves, or that the recoverability of capitalized mine development costs is uncertain, such capitalized costs are reduced to their net realizable value and an impairment loss is recorded to expense and future development costs are expensed as incurred. Asset Retirement Obligations Occupational Disease (Pneumoconiosis) Obligations Estimating the future occupational disease (pneumoconiosis) benefits requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the fair value calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement awards in the legal and regulatory environments. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated liabilities are recorded in the period in which the change in estimate occurs. Deferred Income Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and financing lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and financing lease ROU assets also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Financing lease obligations for financing lease payments are reduced over the lease term according to an amortization schedule. Leases of mineral reserves are exempted under U.S. GAAP from recognition as on the consolidated balance sheets. Fair Value Measurements Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no unrecognized tax positions at December 31, 2021 and 2020. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations is currently open for all tax returns filed. Segment Reporting Stock-Based Compensation The fair value of restricted stock awards is determined using the publicly-traded price of our common stock on the grant date. The fair value of option awards is calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period. Concentrations Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for doubtful accounts based on an analysis of specific customers, taking into consideration the age of past due accounts and an assessment of the customer’s ability to pay. An allowance for doubtful accounts was not necessary as of December 31, 2021 and 2020. During 2021, sales to three customers accounted for approximately 58% of total revenue. The total balance due from these customers at December 31, 2021 was approximately 58% of total accounts receivable. During 2020, sales to three customers accounted for approximately 70% of total revenue. The total balance due from these customers at December 31, 2020 was approximately 46% of total accounts receivable. During 2019, sales to three customers accounted for approximately 53% of total revenue. Reclassifications Recent Accounting Pronouncements Adopted Leases package of practical expedients liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Internal-Use Software In December 2019, the FASB issued ASU 2019-12, Income Taxes Recent Accounting Pronouncements Being Assessed Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting amendments prospectively through December 31, 2022. The Company has not adopted this ASU as of December 31, 2021. The Company is currently assessing the impact of adopting this standard on its financial statements and the timing of adoption.

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	12 Months Ended
Note 3 - Property, Plant and Equipment	Dec. 31, 2021
Notes to Financial Statements
PROPERTY, PLANT AND EQUIPMENT	NOTE 3—PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: December 31, (In thousands) 2021 2020 Plant and equipment $ 167,019 $ 155,173 Mining property and mineral rights 26,064 76 Construction in process 9,972 7,245 Capitalized mine development costs 104,291 74,279 Less: accumulated depreciation and amortization (80,269) (56,242) Total property, plant and equipment, net $ 227,077 $ 180,531 Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $25.1 million as of December 31, 2021 and $15.4 million as of December 31, 2020. Depreciation and amortization included: Year ended December 31, (In thousands) 2021 2020 2019 Depreciation of plant and equipment $ 17,945 $ 17,094 $ 14,219 Depreciation of right of use assets 1,109 — — Amortization of capitalized mine development costs 7,151 3,818 5,302 Total depreciation and amortization $ 26,205 $ 20,912 $ 19,521 On January 3, 2020, we entered into a mineral lease with the McDonald Land Company for coal reserve tracts which, in many cases, are located immediately adjacent to our Elk Creek complex. In December 2021, we acquired what are referred to as the “Amonate Assets” from Coronado, pursuant to an asset purchase agreement. The acquisition, for a total cash consideration of $30 million, included a mine complex located in McDowell County, West Virginia and Tazewell County, Virginia adjacent and contiguous to the Company’s existing Berwind Complex. The acquisition primarily consists of high quality, low and mid-vol metallurgical coal reserves and resources, much of which will be mined from the Company’s Berwind Complex. Also purchased were several additional permitted mines and a currently idled 1.3-million-ton per annum capacity coal preparation plant.

Note 4 - Fair Values of Financi

Note 4 - Fair Values of Financial Instruments	12 Months Ended
Note 4 - Fair Values of Financial Instruments	Dec. 31, 2021
Notes to Financial Statements
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 4—FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of our financial assets and liabilities were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 21,891 $ 21,891 $ 5,300 $ 5,300 Accounts receivable 44,453 44,453 20,299 20,299 Other current assets - restricted cash 915 915 1,410 1,410 Financial liabilities: Accounts payable (15,346) (15,346) (11,742) (11,742) Debt (19,073) (19,073) (17,450) (17,450) Senior notes, excluding discounts of $2,137 (34,500) (37,978) — — Other current liabilities - financed insurance payable (280) (280) (862) (862) The estimated fair value of cash, accounts receivable, and accounts payable approximate the carrying amount due to the relatively short maturity of these instruments. The fair value of the Company's other debt approximates its fair value because the debt has terms that are at prevailing market terms currently available to the Company. We use an observable market data approach to determine the fair value of our Senior Notes, a Level 1 fair-value measurement. Nonrecurring fair value measurements include asset retirement and occupational disease obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, our discount rate, inflation rates and estimated date of expenditures.

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	12 Months Ended
Note 5 - Asset Retirement Obligations	Dec. 31, 2021
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 5—ASSET RETIREMENT OBLIGATIONS We estimate asset retirement obligations (“ARO”) for final reclamation based upon detailed engineering calculations of the amount and timing of the future cash spending for a third-party to perform the required work. Spending estimates were escalated for inflation at 2.3% and 2.0% per year in 2021 and 2020, respectively, and the estimated cash outflows were then discounted at 4% at both December 31, 2021 and 2020. Amounts recorded related to asset retirement obligations were as follows: December 31, (In thousands) 2021 2020 Balance at beginning of year $ 15,156 $ 14,605 Additional asset retirement obligations acquired/incurred 6,919 — Expenditures made (62) (105) Accretion expense 615 570 Revisions to estimates (79) 86 Balance at end of year $ 22,549 $ 15,156

Note 6 - Workers' compensation

Note 6 - Workers' compensation and occupational disease	12 Months Ended
Note 6 - Workers' compensation and occupational disease	Dec. 31, 2021
Notes To Financial Statements
WORKERS' COMPENSATION AND OCCUPATIONAL DISEASE OBLIGATIONS	NOTE 6—WORKERS’ COMPENSATION AND OCCUPATIONAL DISEASE OBLIGATIONS We are self-insured for certain losses relating to workers’ compensation claims and occupational disease obligations under the Federal Mine Safety and Health Act of 1969, as amended. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. The occupational disease benefit obligation represents the present value of the actuarially computed present and future liabilities for such benefits over the employees’ applicable years of service using a discount rate of 3.26%. As of December 31, 2021, the estimated aggregate liability for uninsured claims totaled $3.9 million, including $1.4 million of occupational disease obligations. Of the aggregate liability, $2.4 million was included in other long-term liabilities within the consolidated balance sheets. As of December 31, 2020, the estimated aggregate liability for uninsured claims totaled $1.7 million, including $0.9 million in other long-term liabilities.

Note 7 - Debt

Note 7 - Debt	12 Months Ended
Note 7 - Debt	Dec. 31, 2021
Notes to Financial Statements
DEBT	NOTE 7—DEBT Our outstanding debt consisted of the following: December 31, (In thousands) 2021 2020 Term loan $ 3,334 $ 6,672 Revolving Credit Facility — 7,000 Equipment Loans 7,679 3,778 Senior Notes 32,363 — Total debt $ 43,376 $ 17,450 Current portion of long-term debt 7,674 4,872 Long-term debt, net $ 35,702 $ 12,578 Revolving Credit Facility and Term Loan — The Revolving Credit Facility has a maturity date of December 31, 2024 and bears interest based on SOFR + 2.0% or Base Rate + 1.5%. “Base Rate” is the highest of (i) KeyBank’s prime rate, (ii) Federal Funds Effective Rate + 0.5%, or (iii) SOFR + 2.0%. Advances under the Revolving Credit Facility are made initially as Base Rate loans but may be converted to SOFR rate loans at certain times at our discretion. At December 31, 2021, there was no amount outstanding under the Revolving Credit Facility and we had remaining availability of $39.1 million. The Term Loan is secured under a Master Security Agreement with a pledge of certain underground and surface mining equipment, bears interest at LIBOR + 5.15% and is required to be repaid in monthly installments of $278 thousand including accrued interest. The Credit Agreement contains usual and customary covenants including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants. At December 31, 2021, we were in compliance with all financial covenants under the Credit Agreement. Key Equipment Finance Loan— 9.00% Senior Unsecured Notes due 2026— interest at a rate of 9.00% per annum, payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing on July 30, 2021. We may redeem the Senior Notes in whole or in part, at our option, at any time on or after July 30, 2023, or upon certain change of control events, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption Issuance costs for the Senior Notes included underwriters’ fees, attorney, accounting and filing costs totaling $2.4 million These issuance costs are reported as a debt discount which is being amortized over the Senior Notes term using an effective rate method. The outstanding principal balance under the Senior Notes was $34.5 million at December 31, 2021 and is presented net of unamortized discounts of $2.1 million. The effective interest rate is approximately 10.45%. J. H. Fletcher & Co. Loan— Komatsu Financial Limited Partnership Loan— SBA Paycheck Protection Program Loan— Maturities of our long-term debt are as follows: (In thousands) Years ending December 31: 2022 $ 7,674 2023 3,119 2024 220 2025 — 2026 34,500 Total debt before discounts $ 45,513

Note 8 - Leases

Note 8 - Leases	12 Months Ended
Note 8 - Leases	Dec. 31, 2021
Notes To Financial Statements
LEASES	NOTE 8— LEASES The Company has various financing leases for mining equipment which originated in the second and third quarters of 2021. These leases are generally for terms up to 36 months and expire through 2024. We have one operating lease for office space that will expire mid-2022. Operating lease expense was $0.1 million per year in 2021, 2020 and 2019. Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases: (In thousands) Classification December 31, 2021 December 31, 2020 Right-of-use assets Financing Financing lease right-of-use assets, net $ 9,128 $ — Operating Other assets 25 110 Total right-of-use assets $ 9,153 $ 110 Current lease liabilities Financing Current portion of financing lease obligations $ 3,461 $ — Operating Other current liabilities 25 79 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,599 $ — Operating Other long-term liabilities — 31 Total lease liabilities $ 8,085 $ 110 Minimum lease payments for our lease obligations are as follows: December 31, 2021 (In thousands) Financing Operating Total Future minimum lease payments: 2022 $ 3,716 $ 33 $ 3,749 2023 3,452 — 3,452 2024 1,204 — 1,204 Total undiscounted lease payments 8,372 33 8,405 Less: Amounts representing interest (312) (8) (320) Present value of lease obligations $ 8,060 $ 25 $ 8,085 Weighted average remaining term (years) 2.4 0.3 Weighted average discount rate 4.1% 8.5% As of December 31, 2021, we had financing lease obligations of $8.1 $0.02 million Coal Leases and Associated Royalty Commitments 2017 pursuant to the terms of the agreements. Please see Note 12 to the Notes to Consolidated Financial Statements for further discussion related parties. Future minimum coal lease and royalty payments for each of the next five years and thereafter are as follows: (In thousands) Years ending December 31: 2022 $ 5,965 2023 5,975 2024 5,975 2025 5,975 2026 2,810 Thereafter 11,588 Total minimum payments $ 38,288

Note 9 - Equity

Note 9 - Equity	12 Months Ended
Note 9 - Equity	Dec. 31, 2021
Notes To Financial Statements
EQUITY	NOTE 9—EQUITY We are authorized to issue up to a total of 260,000,000 shares of common stock and 50,000,000 shares of preferred Stock-Based Compensation Options for the purchase of a total of 937,424 shares of our common stock for $5.34 per share were granted to two executives on August 31, 2016. The options have a ten-year term from the grant date and are fully vested. The options remain outstanding and unexercised and were in-the-money at December 31, 2021 and had an intrinsic value of $7.7 million. We grant restricted stock to certain senior executive employees and directors. The shares generally vest over one three and a half years The following table summarizes restricted awards outstanding, as well as activity for the periods: Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2019 1,628,241 $ 6.32 Granted 1,867,477 3.05 Vested (640,920) 5.30 Forfeited (9,273) 3.49 Outstanding at December 31, 2020 2,845,525 4.28 Granted 1,592,659 4.37 Vested (567,135) 6.55 Forfeited (129,279) 4.11 Outstanding at December 31, 2021 3,741,770 $ 3.98 The total fair value of awards vested was $5.1 million during 2021 and $1.5 million during 2020. In December 2019, we entered into modification agreements with 14 executives and employees holding 1.4 million shares of unvested restricted stock whereby the vesting periods for these share grants was extended an additional six months. In exchange for the modification, we made an additional restricted stock grant to each of these executives and employees. In all, we granted 22,000 additional restricted shares in the modification. Incremental compensation costs associated with these modifications totaled $0.8 million and was recognized during 2020.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
Note 10 - Commitments and Contingencies	Dec. 31, 2021
Notes To Financial Statements
COMMITMENTS AND CONTINGENCIES.	NOTE 10—COMMITMENTS AND CONTINGENCIES Environmental Liabilities — Surety Bond — Contingent Transportation Purchase Commitments Litigation On November 5, 2018, one of our three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of our plant capacity. We completed a permanent belt workaround and restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy and, therefore, on August 21, 2019 we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and to require coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. The trial in the matter commenced on June 29, 2021, in Charleston, West Virginia. On July 15, 2021, the jury returned a verdict in our favor for $7.7 million in compensatory damages and on July 16, 2021, made an additional award of $25.0 million for inconvenience and aggravation. On August 12, 2021, the defendants filed a post-trial motion for judgment as a matter of law or in the alternative to alter or amend the judgment or for a new trial. The parties fully briefed the motion and it stood submitted on August 31, 2021. On March 4, 2022, the court entered its memorandum opinion and order on the motion reducing the jury award to a total of million, including pre-judgment interest, based largely on the court’s decision to vacate and set aside, in its entirety, the jury award of damages for inconvenience and aggravation. The same day, the court entered the judgment in accordance with the memorandum opinion and order. We are considering our options related to this decision, including an appeal to the US Court of Appeals for the 4th Circuit.

Note 11 - Revenues

Note 11 - Revenues	12 Months Ended
Note 11 - Revenues	Dec. 31, 2021
Notes to Financial Statements
REVENUES.	NOTE 11—REVENUE Our revenue is derived from contracts for the sale of coal which is recognized when the performance obligations under the contracts are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts and pricing can either be by fixed-price or a price derived against index-based pricing mechanisms. Disaggregated information about our revenue is presented below: Year ended December 31, (In thousands) 2021 2020 2019 Coal Sales North American revenues $ 143,946 $ 119,981 $ 170,927 Export revenues, excluding Canada 139,448 48,934 59,286 Total revenues $ 283,394 $ 168,915 $ 230,213 As of December 31, 2021, outstanding performance obligations for 2022 totaled approximately 1.8 million tons for contracts having fixed pricing and 0.1 million tons for contracts with index-based pricing mechanisms .

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
Note 12 - Related Party Transactions	Dec. 31, 2021
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 12—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements On-going Administrative Services

Note 13 - Income Taxes

Note 13 - Income Taxes	12 Months Ended
Note 13 - Income Taxes	Dec. 31, 2021
Notes to Financial Statements
INCOME TAXES	NOTE 13—INCOME TAXES Income tax expense (benefit) consisted of the following: Years ended December 31, (In thousands) 2021 2020 2019 Current taxes: Federal $ — $ — $ — State 3 19 7 Current taxes 3 19 7 Deferred taxes: Federal 6,518 (3,164) 3,228 State (1,874) (339) 1,928 Deferred taxes 4,644 (3,503) 5,156 Income tax expense (benefit) $ 4,647 $ (3,484) $ 5,163 The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows: Years ended December 31, (In thousands) 2021 2020 2019 Income taxes computed at the federal statutory rate $ 9,325 $ (1,762) $ 6,320 Effect of: State taxes, net of federal benefits 796 (253) 945 State tax rate changes, net of federal benefits (2,274) — — Percentage depletion (3,363) (714) (2,093) PPP Loan forgiveness — (1,773) — Stock-based compensation (194) 473 109 Other, net 357 545 (118) Total $ 4,647 $ (3,484) $ 5,163 Deferred tax assets and liabilities were as follows: December 31, (In thousands) 2021 2020 Deferred tax assets: Loss carryforwards U.S. - Federal/States $ 15,975 $ 22,873 Asset retirement obligations 5,175 3,972 Accrued expenses 744 856 Stock-based compensation 2,331 2,200 Other — — Total deferred tax assets 24,225 29,901 Deferred tax liabilities: Depreciation & amortization (30,631) (31,663) Net deferred tax liabilities $ (6,406) $ (1,762) As of December 31, 2021, our federal net operating loss carryforwards were approximately $67 million. Total state loss carryforwards were approximately $57 million. If not utilized, federal and state net operating loss carryforwards approximating $33 million and $11 million, respectively, will expire between 2035 and 2037. The remaining net operating loss carryforwards have no statutory expiration.

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	12 Months Ended
Note 14 - Earnings Per Share	Dec. 31, 2021
Notes to Financial Statements
EARNINGS (LOSS) PER SHARE	NOTE 14—EARNINGS (LOSS) PER SHARE The following table is a calculation of the net earnings (loss) per basic and diluted share: Years ended December 31, (In thousands, except per share amounts) 2021 2020 2019 Numerator Net income (loss) $ 39,759 $ (4,907) $ 24,934 Denominator Weighted average shares used to compute basic earnings (loss) per share 43,964 42,460 40,838 Dilutive effect of stock option awards 293 — — Weighted average shares used to compute diluted earnings (loss) per share 44,257 42,460 40,838 Earnings (loss) per share Basic $ 0.90 $ (0.12) $ 0.61 Diluted $ 0.90 $ (0.12) $ 0.61 Diluted EPS for 2020 and 2019 excludes 937,424 options to purchase our common stock because their effect would be anti-dilutive.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
Note 15 - Subsequent Events	Dec. 31, 2021
Notes To Financial Statements
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS On February 18, 2022, the Company announced that its Board of Directors ("Board") approved a 100% increase in its initial regular quarterly dividend to $5.0 million from the formerly approved $2.5 million quarterly dividend that was announced in December 2021. This will involve a commensurate increase in its annual base dividend to $20 million from $10 million. Specifically, the first quarter dividend will be paid on March 15, 2022, to shareholders of record on March 1, 2022 in the amount of approximately $0.11 per share, which annualizes to approximately $0.45 per share. On February 23, 2022, Ramaco Development, LLC (“Development”), a wholly owned subsidiary of the Company, entered into a unit purchase agreement (the “Agreement”) with the Company, Ramaco Coal Holdings, LLC (the “Seller”) and Ramaco Coal, LLC (“Target”), pursuant to which Development agreed to purchase 100% of the issued and outstanding equity interests of Target for cash consideration of $65 million (the “Purchase Price”). The Purchase Price consists of $5 million to be paid upon the closing of the transaction and $60 million in deferred cash payments, to be paid quarterly in such amounts, with interest thereon, as provided in the Agreement. Such deferred payments shall be completed no later than December 31, 2023. On February 28, 2022 the Company issued the following statement related to the death of Steven H. Hively of Philippi, West Virginia at the Berwind Mine Complex operated by Ramaco Resources, LLC, a subsidiary of the Company. "We were saddened to learn early this morning that a contract employee working underground at our Berwind Mine Complex in McDowell County, West Virginia passed away. We extend our heartfelt thoughts, prayers, and condolences to Mr. Hively's family, friends and co-workers. Mr. Hively was an experienced miner employed by GMS Mine Repair & Maintenance, Inc. a longtime independent contractor for the Company. The accident was reported immediately to state and federal safety authorities who, along with the company and contractor, are now investigating. The Company is committed to find the cause of this accident." Regarding the November 5, 2018 Elk Creek raw coal silo failure litigation, on August 12, 2021, the defendants filed a post-trial motion for judgment as a matter of law or in the alternative to alter or amend the judgment or for a new trial. The parties fully briefed the motion and it stood submitted on August 31, 2021. On March 4, 2022, the court entered its memorandum opinion and order on the motion reducing the jury award to a total of damages for inconvenience and aggravation. The same day, the court entered the judgment in accordance with the memorandum opinion and order. We are considering our options related to this decision, including an appeal to the US Court of Appeals for the 4th Circuit. * * * * *

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation and Consolidation
Use of estimates	Use of estimates obligations, occupational disease obligations, evaluation of long-lived assets for impairment, and the quantities and values of coal reserves.
Revenue Recognition	Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Freight Revenue and Expense
Cash and cash equivalents	Cash and Cash Equivalents
Inventories	Inventories
Property, Plant and Equipment	Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. Operating expenditures including certain professional fees and overhead costs are not capitalized but are expensed as incurred. The capitalized mine development costs are depleted or amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three
Advanced Coal Royalties	Advanced Coal Royalties
Impairment of Long-lived Assets	Impairment of Long-lived Assets If it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves, or that the recoverability of capitalized mine development costs is uncertain, such capitalized costs are reduced to their net realizable value and an impairment loss is recorded to expense and future development costs are expensed as incurred.
Asset Retirement Obligations	Asset Retirement Obligations Occupational Disease (Pneumoconiosis) Obligations Estimating the future occupational disease (pneumoconiosis) benefits requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the fair value calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement awards in the legal and regulatory environments. These estimates are subject to uncertainty due to a variety of factors, including extended lag times in the reporting and resolution of claims, and trends or changes in claim settlement patterns, insurance industry practices and legal interpretations. As a result, actual costs could differ significantly from the estimated amounts. Adjustments to estimated liabilities are recorded in the period in which the change in estimate occurs.
Deferred income	Deferred Income
Leases	Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and financing lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and financing lease ROU assets also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Financing lease obligations for financing lease payments are reduced over the lease term according to an amortization schedule. Leases of mineral reserves are exempted under U.S. GAAP from recognition as on the consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements
Income Taxes	Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no unrecognized tax positions at December 31, 2021 and 2020. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations is currently open for all tax returns filed.
Segment Reporting	Segment Reporting
Stock-Based Compensation	Stock-Based Compensation The fair value of restricted stock awards is determined using the publicly-traded price of our common stock on the grant date. The fair value of option awards is calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period.
Concentrations	Concentrations Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for doubtful accounts based on an analysis of specific customers, taking into consideration the age of past due accounts and an assessment of the customer’s ability to pay. An allowance for doubtful accounts was not necessary as of December 31, 2021 and 2020. During 2021, sales to three customers accounted for approximately 58% of total revenue. The total balance due from these customers at December 31, 2021 was approximately 58% of total accounts receivable. During 2020, sales to three customers accounted for approximately 70% of total revenue. The total balance due from these customers at December 31, 2020 was approximately 46% of total accounts receivable. During 2019, sales to three customers accounted for approximately 53% of total revenue.
Reclassifications	Reclassifications
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Leases package of practical expedients liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Internal-Use Software In December 2019, the FASB issued ASU 2019-12, Income Taxes Recent Accounting Pronouncements Being Assessed Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting amendments prospectively through December 31, 2022. The Company has not adopted this ASU as of December 31, 2021. The Company is currently assessing the impact of adopting this standard on its financial statements and the timing of adoption.

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	12 Months Ended
Note 3 - Property, Plant and Equipment (Tables)	Dec. 31, 2021
Property, Plant and Equipment
Schedule of property, plant, and equipment	December 31, (In thousands) 2021 2020 Plant and equipment $ 167,019 $ 155,173 Mining property and mineral rights 26,064 76 Construction in process 9,972 7,245 Capitalized mine development costs 104,291 74,279 Less: accumulated depreciation and amortization (80,269) (56,242) Total property, plant and equipment, net $ 227,077 $ 180,531
Schedule of depreciation and amortization	Year ended December 31, (In thousands) 2021 2020 2019 Depreciation of plant and equipment $ 17,945 $ 17,094 $ 14,219 Depreciation of right of use assets 1,109 — — Amortization of capitalized mine development costs 7,151 3,818 5,302 Total depreciation and amortization $ 26,205 $ 20,912 $ 19,521

Note 4 - Fair Values of Finan_2

Note 4 - Fair Values of Financial Instruments (Tables)	12 Months Ended
Note 4 - Fair Values of Financial Instruments (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of carrying amounts and fair values of our financial assets and liabilities	December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 21,891 $ 21,891 $ 5,300 $ 5,300 Accounts receivable 44,453 44,453 20,299 20,299 Other current assets - restricted cash 915 915 1,410 1,410 Financial liabilities: Accounts payable (15,346) (15,346) (11,742) (11,742) Debt (19,073) (19,073) (17,450) (17,450) Senior notes, excluding discounts of $2,137 (34,500) (37,978) — — Other current liabilities - financed insurance payable (280) (280) (862) (862)

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	12 Months Ended
Note 5 - Asset Retirement Obligations (Tables)	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Amounts recorded related to asset retirement obligations	December 31, (In thousands) 2021 2020 Balance at beginning of year $ 15,156 $ 14,605 Additional asset retirement obligations acquired/incurred 6,919 — Expenditures made (62) (105) Accretion expense 615 570 Revisions to estimates (79) 86 Balance at end of year $ 22,549 $ 15,156

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	12 Months Ended
Note 7 - Debt (Tables)	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of outstanding debt	December 31, (In thousands) 2021 2020 Term loan $ 3,334 $ 6,672 Revolving Credit Facility — 7,000 Equipment Loans 7,679 3,778 Senior Notes 32,363 — Total debt $ 43,376 $ 17,450 Current portion of long-term debt 7,674 4,872 Long-term debt, net $ 35,702 $ 12,578
Schedule of maturities of long-term debt	(In thousands) Years ending December 31: 2022 $ 7,674 2023 3,119 2024 220 2025 — 2026 34,500 Total debt before discounts $ 45,513

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	12 Months Ended
Note 8 - Leases (Tables)	Dec. 31, 2021
Leases [Abstract]
Schedule of right-of-use assets and lease liabilities	(In thousands) Classification December 31, 2021 December 31, 2020 Right-of-use assets Financing Financing lease right-of-use assets, net $ 9,128 $ — Operating Other assets 25 110 Total right-of-use assets $ 9,153 $ 110 Current lease liabilities Financing Current portion of financing lease obligations $ 3,461 $ — Operating Other current liabilities 25 79 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,599 $ — Operating Other long-term liabilities — 31 Total lease liabilities $ 8,085 $ 110
Schedule future minimum lease and royalty payments	(In thousands) Years ending December 31: 2022 $ 5,965 2023 5,975 2024 5,975 2025 5,975 2026 2,810 Thereafter 11,588 Total minimum payments $ 38,288

Note 9 - Equity (Tables)

Note 9 - Equity (Tables)	12 Months Ended
Note 9 - Equity (Tables)	Dec. 31, 2021
Stockholders' Equity
Schedule of restricted awards outstanding	Weighted Average Grant Shares Date Fair Value Outstanding at December 31, 2019 1,628,241 $ 6.32 Granted 1,867,477 3.05 Vested (640,920) 5.30 Forfeited (9,273) 3.49 Outstanding at December 31, 2020 2,845,525 4.28 Granted 1,592,659 4.37 Vested (567,135) 6.55 Forfeited (129,279) 4.11 Outstanding at December 31, 2021 3,741,770 $ 3.98

Note 11 - Revenues (Tables)

Note 11 - Revenues (Tables)	12 Months Ended
Note 11 - Revenues (Tables)	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Year ended December 31, (In thousands) 2021 2020 2019 Coal Sales North American revenues $ 143,946 $ 119,981 $ 170,927 Export revenues, excluding Canada 139,448 48,934 59,286 Total revenues $ 283,394 $ 168,915 $ 230,213

Note 13 - Income Taxes (Tables)

Note 13 - Income Taxes (Tables)	12 Months Ended
Note 13 - Income Taxes (Tables)	Dec. 31, 2021
Income Taxes.
Schedule of income tax expense	Years ended December 31, (In thousands) 2021 2020 2019 Current taxes: Federal $ — $ — $ — State 3 19 7 Current taxes 3 19 7 Deferred taxes: Federal 6,518 (3,164) 3,228 State (1,874) (339) 1,928 Deferred taxes 4,644 (3,503) 5,156 Income tax expense (benefit) $ 4,647 $ (3,484) $ 5,163
Schedule of accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes	Years ended December 31, (In thousands) 2021 2020 2019 Income taxes computed at the federal statutory rate $ 9,325 $ (1,762) $ 6,320 Effect of: State taxes, net of federal benefits 796 (253) 945 State tax rate changes, net of federal benefits (2,274) — — Percentage depletion (3,363) (714) (2,093) PPP Loan forgiveness — (1,773) — Stock-based compensation (194) 473 109 Other, net 357 545 (118) Total $ 4,647 $ (3,484) $ 5,163
Schedule of deferred tax assets and liabilities	December 31, (In thousands) 2021 2020 Deferred tax assets: Loss carryforwards U.S. - Federal/States $ 15,975 $ 22,873 Asset retirement obligations 5,175 3,972 Accrued expenses 744 856 Stock-based compensation 2,331 2,200 Other — — Total deferred tax assets 24,225 29,901 Deferred tax liabilities: Depreciation & amortization (30,631) (31,663) Net deferred tax liabilities $ (6,406) $ (1,762)

Note 14 - Earnings (Loss) Per S

Note 14 - Earnings (Loss) Per Share (Tables)	12 Months Ended
Note 14 - Earnings (Loss) Per Share (Tables)	Dec. 31, 2021
Notes Tables
Schedule computation of basic and diluted EPS	Years ended December 31, (In thousands, except per share amounts) 2021 2020 2019 Numerator Net income (loss) $ 39,759 $ (4,907) $ 24,934 Denominator Weighted average shares used to compute basic earnings (loss) per share 43,964 42,460 40,838 Dilutive effect of stock option awards 293 — — Weighted average shares used to compute diluted earnings (loss) per share 44,257 42,460 40,838 Earnings (loss) per share Basic $ 0.90 $ (0.12) $ 0.61 Diluted $ 0.90 $ (0.12) $ 0.61

Note 1 - Description of Busin_2

Note 1 - Description of Business (Details) $ in Millions	12 Months Ended
Note 1 - Description of Business (Details) $ in Millions	Dec. 31, 2020customer	Dec. 31, 2021USD ($)item	Oct. 29, 2021USD ($)
Number of primary properties \| item		4
Number of mines in operation \| item		3
Revenue Benchmark
Number of Major Customers \| customer	3
Revolving Credit Facility
Outstanding on Revolving Credit Facility \| $		$ 0
Revolving Credit Facility \| KeyBank National Association
Aggregate principal amount \| $			$ 30

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash
Restricted Cash	$ 0.9	$ 1.4
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Inventories
Supply inventory	$ 2.6	$ 2.5

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies - Property, plant, and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property, plant, and equipment
Estimated useful life	3 years
Maximum
Property, plant, and equipment
Estimated useful life	30 years

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Unrecognized tax positions	$ 0	$ 0

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Concentrations (Details) - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Benchmark
Concentrations
Number of Major Customers		3
Customer Concentration Risk \| Revenue Benchmark
Concentrations
Number of Major Customers	3	3
Customer Concentration Risk \| Revenue Benchmark \| Customer A
Concentrations
Concentration Risk, Percentage	51.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer B
Concentrations
Concentration Risk, Percentage		71.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer C
Concentrations
Concentration Risk, Percentage			74.00%
Customer Concentration Risk \| Revenue Benchmark \| Total Customer Base
Concentrations
Concentration Risk, Percentage	58.00%	70.00%	53.00%
Customer Concentration Risk \| Accounts Receivable. \| Total Customer Base
Concentrations
Concentration Risk, Percentage	58.00%	46.00%

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Operating Lease, Liability	$ 25	$ 100
Operating Lease, Right-of-Use Asset	$ 25	$ 110
Accounting Standards Update 2016-02
Operating Lease, Liability			$ 300
Operating Lease, Right-of-Use Asset			$ 300

Note 2 - Summary of Significa_7

Note 2 - Summary of Significant Accounting Policies - Practical expedients (Details)	Jan. 01, 2019
Summary of Significant Accounting Policies
Lease, Practical Expedients, Package [true false]	true

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, plant, and equipment
Less: Accumulated depreciation and amortization	$ (80,269,000)	$ (56,242,000)
Total property, plant and equipment, net	227,077,000	180,531,000
Plant and Equipment
Property, plant, and equipment
Property, plant and equipment, gross	167,019,000	155,173,000
Mining Properties and Mineral Rights
Property, plant, and equipment
Property, plant and equipment, gross	26,064,000	76,000
Construction in Progress
Property, plant, and equipment
Property, plant and equipment, gross	9,972,000	7,245,000
Capitalized mine development cost
Property, plant, and equipment
Property, plant and equipment, gross	104,291,000	74,279,000
Coal Properties
Property, plant, and equipment
Capitalized Costs Related to Coal Reserves	$ 25,100,000	$ 15,400,000

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment
Depreciation of plant and equipment	$ 17,945	$ 17,094	$ 14,219
Depreciation of right of use assets	1,109
Amortization of capitalized mine development costs	7,151	3,818	5,302
Total depreciation and amortization	$ 26,205	$ 20,912	$ 19,521

Note 3 - Property, Plant and _5

Note 3 - Property, Plant and Equipment (Details) $ in Millions	1 Months Ended
	Dec. 31, 2021USD ($)
Coronado Global Resources Inc.
Asset Acquisition [Line Items]
Amount of cash consideration	$ 30

Note 4 - Fair Values of Finan_3

Note 4 - Fair Values of Financial Instruments - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial liabilities:
Discounts	$ 2,137
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	21,891	$ 5,300
Accounts receivable	44,453	20,299
Other current assets - restricted cash	915	1,410
Financial liabilities:
Accounts payable	(15,346)	(11,742)
Debt	(19,073)	(17,450)
Senior notes, excluding discounts of $2,137	(34,500)
Other liabilities - financed insurance payable	(280)	(862)
Estimate of Fair Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	21,891	5,300
Accounts receivable	44,453	20,299
Other current assets - restricted cash	915	1,410
Financial liabilities:
Accounts payable	(15,346)	(11,742)
Debt	(19,073)	(17,450)
Senior notes, excluding discounts of $2,137	(37,978)
Other liabilities - financed insurance payable	$ (280)	$ (862)

Note 5 - Asset Retirement Obl_3

Note 5 - Asset Retirement Obligations (Details) - Measurement Input, Discount Rate [Member]	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Measurement Input	0.04	0.04
Asset Retirement Obligation inflation adjustment, Measurement input	2.30%	2.00%

Note 5 - Asset Retirement Obl_4

Note 5 - Asset Retirement Obligations - Schedule of Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Beginning Balance	$ 15,156	$ 14,605
Additional asset retirement obligations incurred	6,919
Expenditures made	(62)	(105)
Accretion expense	615	570	$ 511
Revisions to estimates	(79)	86
Asset Retirement Obligation, Ending Balance	$ 22,549	$ 15,156	$ 14,605

Note 6 - Workers' compensatio_2

Note 6 - Workers' compensation and occupational disease (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Annual occupational disease benefits discount rate	3.26%
Amount of occupational disease obligation	$ 1.4
Uninsured claims	3.9	$ 1.7
Other long-term liabilities
Uninsured claims	$ 2.4	$ 0.9

Note 7 - Debt (Details)

Note 7 - Debt (Details) - USD ($) $ in Thousands	Nov. 24, 2021	Oct. 29, 2021	Aug. 16, 2021	Jul. 23, 2021	Jul. 13, 2021	Jul. 13, 2020	Apr. 20, 2020	Apr. 16, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt
Long-term Debt, Total									$ 45,513
Other income									7,429	$ 11,926	$ 1,758
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt
Debt Instrument, Basis Spread on Variable Rate		2.00%
Fed Funds Effective Rate Overnight Index Swap Rate
Debt
Debt Instrument, Basis Spread on Variable Rate		0.50%
Revolving Credit Facility
Debt
Amount of remaining availability									39,100
Outstanding on Revolving Credit Facility									0
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt
Debt Instrument, Basis Spread on Variable Rate		2.00%
Revolving Credit Facility \| Base Rate
Debt
Debt Instrument, Basis Spread on Variable Rate		1.50%
Term Loan
Debt
Amount of monthly installments									$ 278
Term Loan \| London Interbank Offered Rate (LIBOR)
Debt
Debt Instrument, Basis Spread on Variable Rate									5.15%
Senior Notes.
Debt
Aggregate principal amount						$ 34,500			$ 32,363
Amount of note offering costs						$ 2,400
Effective interest rate						10.45%
Interest rate						9.00%
Amount of outstanding principal balance, net of unamortized discounts						$ 2,100
Redemption price percentage					100.00%
Equipment Loan
Debt
Aggregate principal amount								$ 4,700
Amount of monthly installments								$ 147
Number Of Monthly Installments								36 months
Annual percent of premium prepayment								3.00%
Annual premium decline in premium prepayment								1.00%
Interest rate								7.45%
PPP Loan
Debt
Proceeds from loan							$ 8,400
Other income							$ 8,400
KeyBank National Association \| Revolving Credit Facility
Debt
Aggregate principal amount		$ 30,000
Line of Credit Facility, Maximum Borrowing Capacity		40,000
KeyBank National Association \| Letter of Credit
Debt
Aggregate principal amount		3,000
KeyBank National Association \| Term Loan
Debt
Aggregate principal amount		$ 10,000
J. H. Fletcher & Co
Debt
Aggregate principal amount	$ 3,900			$ 900
Amount of monthly installments	$ 200			$ 200
Number Of Monthly Installments	24 months			24 months
Interest rate	0.00%			0.00%
Komatsu Financial Limited Partnership
Debt
Aggregate principal amount			$ 1,000
Amount of monthly installments			36
Amount of monthly installments until maturity			$ 28
Number Of Monthly Installments			36 months
Interest rate			4.60%

Note 7 - Debt - Summary of Outs

Note 7 - Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total debt	$ 43,376	$ 17,450
Current portion long term debt	7,674	4,872
Long term debt, net	35,702	12,578
Term Loan
Total debt	3,334	6,672
Revolving Credit Facility
Total debt		7,000
Equipment Loan
Total debt	$ 7,679	$ 3,778

Note 7 - Debt - Maturities of D

Note 7 - Debt - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 7,674
2023	3,119
2024	220
2026	34,500
Total debt before discounts	$ 45,513

Note 8 - Leases (Details)

Note 8 - Leases (Details) $ in Thousands	12 Months Ended
Note 8 - Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of operating leases \| lease	1
Operating lease expenses	$ 100	$ 100	$ 100
Financing lease right-of-use assets, net	9,128
Operating Lease, Right-of-Use Asset	$ 25	$ 110
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total right-of-use assets	$ 9,153	$ 110
Finance Lease, Liability, Current	3,461
Operating Lease, Liability, Current	$ 25	$ 79
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability, Noncurrent	$ 4,599
Operating Lease, Liability, Noncurrent		$ 31
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Present value of lease obligations	$ 8,085	$ 110
Financing lease obligations	8,060	0
Operating Lease, Liability	$ 25	$ 100
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities, Other Liabilities, Noncurrent
Lease liability current	$ 3,500
Maximum
Lessee, Lease, Description [Line Items]
Term of financing leases	36 months

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term, operating	3 months 18 days
Weighted average remaining lease term, financing	2 years 4 months 24 days
Weighted average discount rate, operating	8.50%
Weighted average discount rate, financing	4.10%
Maturities of financing lease liabilities
2022	$ 3,716
2023	3,452
2024	1,204
Total undiscounted lease payments	8,372
Less: Amounts representing interest	(312)
Present value of lease obligations	8,060	$ 0
Maturities of operating lease liabilities
2022	33
Total undiscounted lease payments	33
Less: Amounts representing interest	(8)
Present value of lease obligations	25	100
Maturities of lease liabilities
2022	3,749
2023	3,452
2024	1,204
Total	8,405
Less: Amounts representing interest	(320)
Present value of lease obligations	$ 8,085	$ 110

Note 8 - Leases - Coal Leases a

Note 8 - Leases - Coal Leases and Associated Royalty Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Royalty expense	$ 18,500	$ 11,800	$ 15,600
2022, Coal Lease and Royalty Obligations	5,965
2023, Coal Lease and Royalty Obligations	5,975
2024, Coal Lease and Royalty Obligations	5,975
2025, Coal Lease and Royalty Obligations	5,975
2026, Coal Lease and Royalty Obligations	2,810
Thereafter, Coal Lease and Royalty Obligations	11,588
Total minimum payments, Coal Lease and Royalty Obligations	$ 38,288

Note 9 - Equity (Details)

Note 9 - Equity (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2016employee$ / sharesshares	Dec. 31, 2021USD ($)employee$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)
EQUITY
Granted (in shares) \| shares		1,900,000
Common stock, shares authorized (in shares) \| shares		260,000,000	260,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) \| shares		50,000,000	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Fair value of awards \| $		$ 5.1	$ 1.5
Options outstanding, intrinsic value \| $		7.7
Restricted Stock
EQUITY
Granted (in shares) \| shares			22,000
Compensation costs \| $		5.3	$ 4.1	$ 4.1
Unrecognized compensation cost \| $		$ 7.2
Weighted-average period		1 year 7 months 6 days
Vesting period		6 months
Number of executives \| employee		14
Incremental compensation costs associated with modifications \| $		$ 0.8
Restricted Stock \| Minimum
EQUITY
Vesting period		1 year
Restricted Stock \| Maximum
EQUITY
Vesting period		3 years 6 months
Stock Options
EQUITY
Number of individuals \| employee	2
Noncash Transaction, Conversion of Common Unit Options, Number of Common Stock Options \| shares	937,424
Purchase price (per share) \| $ / shares	$ 5.34
Expiration period	10 years

Note 9 - Equity - Summary of Re

Note 9 - Equity - Summary of Restricted Awards Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Outstanding, shares (in shares)	2,845,525	1,628,241
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 4.28	$ 6.32
Granted, shares (in shares)	1,592,659	1,867,477
Granted, Weighted average grant date fair value (in dollars per share)	$ 4.37	$ 3.05
Vested, shares (in shares)	(567,135)	(640,920)
Vested, Weighted average grant date fair value (in dollars per share)	$ 6.55	$ 5.30
Forfeited, shares (in shares)	(129,279)	(9,273)
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 4.11	$ 3.49
Outstanding, shares (in shares)	3,741,770	2,845,525
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 3.98	$ 4.28
Executives and Employees
Outstanding, shares (in shares)	1,400,000
Outstanding, shares (in shares)		1,400,000

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 04, 2022	Jul. 16, 2021	Jul. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Asset Retirement Obligation				$ 22,549	$ 15,156	$ 14,605
Reclamation bonding requirements				16,800
Reclamation bonding requirements				300
Amount of award	$ 1,800	$ 25,000	$ 7,700
Take-or-pay Purchase Commitments
COMMITMENTS AND CONTINGENCIES
Commitments				13,200
Environmental Restoration Costs [Member]
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities				0
Environmental
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities				$ 0

Note 11 - Revenues (Details)

Note 11 - Revenues (Details) T in Millions	Dec. 31, 2021T
REVENUES
Contract term	1 year
Contracts with Indexed Based Pricing Mechanisms \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
REVENUES
Outstanding performance obligation, mass	0.1
Fixed Priced Contracts \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
REVENUES
Outstanding performance obligation, mass	1.8

Note 11 - Revenue - Domestic Re

Note 11 - Revenue - Domestic Revenues an Export Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES
Revenues	$ 283,394	$ 168,915	$ 230,213
Domestic Coal Revenues
REVENUES
Revenues	143,946	119,981	170,927
Export Revenues
REVENUES
Revenues	$ 139,448	$ 48,934	$ 59,286

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payment of minimum royalties	$ 5.7	$ 4.5	$ 9
Ramaco Coal, LLC \| On-Going Administrative Services
Charges to related party		0.1	$ 0.2
Ramaco Coal, LLC \| Accounts Payable and Accrued Liabilities \| Mineral Lease and Surface Rights Agreements
Due to Related Parties, Total	$ 0.4	$ 0.4

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current taxes:
State	$ 3	$ 19	$ 7
Current taxes	3	19	7
Deferred taxes:
Federal	6,518	(3,164)	3,228
State	(1,874)	(339)	1,928
Deferred taxes	4,644	(3,503)	5,156
Total income tax expense (benefit)	$ 4,647	$ (3,484)	$ 5,163

Note 13 - Income Taxes - Reconc

Note 13 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes computed at the federal statutory rate	$ 9,325	$ (1,762)	$ 6,320
State taxes, net of federal benefits	796	(253)	945
State tax rate changes, net of federal benefits	(2,274)
Percentage depletion	(3,363)	(714)	(2,093)
Changes in tax status		(1,773)
Change in enacted tax rates	(194)	473	109
Other, net	357	545	(118)
Total income tax expense (benefit)	$ 4,647	$ (3,484)	$ 5,163

Note 13 - Income Taxes - Compon

Note 13 - Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Loss carryforwards U.S. - Federal/States	$ 15,975	$ 22,873
Asset retirement obligations	5,175	3,972
Accrued expenses	744	856
Equity-based compensation	2,331	2,200
Total deferred tax assets	24,225	29,901
Deferred tax liabilities:
Depreciation & amortization	(30,631)	(31,663)
Net deferred tax liabilities, net of valuation allowance	$ (6,406)	$ (1,762)

Note 13 - Income Taxes - Operat

Note 13 - Income Taxes - Operating Carryforwards (Details) $ in Millions	Dec. 31, 2021USD ($)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 67
Operating Loss Carryforwards, Amount Subject to Expiration	33
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	57
Operating Loss Carryforwards, Amount Subject to Expiration	$ 11

Note 14 - Earnings (Loss) Per_2

Note 14 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EARNINGS PER SHARE
Net income (loss)	$ 39,759	$ (4,907)	$ 24,934
Weighted average shares used to compute basic EPS (in shares)	43,964,000	42,460,000	40,838,000
Dilutive effect of stock-based awards (in shares)	293,000
Weighted average shares used to compute diluted EPS (in shares)	44,257,000	42,460,000	40,838,000
Basic (in dollars per share)	$ 0.90	$ (0.12)	$ 0.61
Diluted (in dollars per share)	$ 0.90	$ (0.12)	$ 0.61
Antidilutive shares	937,424	937,424

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details) $ / shares in Units, $ in Millions	Mar. 04, 2022USD ($)	Feb. 23, 2022USD ($)	Feb. 18, 2022USD ($)$ / shares	Feb. 17, 2022USD ($)	Jul. 16, 2021USD ($)	Jul. 15, 2021USD ($)	Dec. 31, 2021USD ($)
Subsequent Events
Quarterly Dividend							$ 2.5
Amount of award	$ 1.8				$ 25	$ 7.7
Subsequent Event
Subsequent Events
Quarterly Dividend			$ 5
Percentage of increase in quarterly dividend			100
Dividends			$ 20	$ 10
Dividend per share \| $ / shares			$ 0.45
Quarterly dividend per share \| $ / shares			$ 0.11
Subsequent Event \| Ramaco Coal, LLC
Subsequent Events
Voting interest acquired		100.00%
Purchase price		$ 65
Consideration to be paid		5
Deferred consideration		$ 60