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Capital Allocation Policy
−Removed: On May 17, 2017, the Board adopted a policy (the “Capital Allocation Policy”) of paying a quarterly cash dividend of $0.05 per share.
+Added: On May 17, 2017, the Board adopted a policy (the “Capital Allocation Policy”) of paying a quarterly cash dividend.
+Added: In February 2022, we announced that the Board approved an increase in the regular quarterly cash dividend by 20%, from $0.05 per share to $0.06 per share.
+Added: On May 3, 2022, we provided an update on our capital allocation strategy.
+Added: Our strategy continues to be focused on optimizing our capital structure to improve returns to stockholders, through special cash dividends, while allowing flexibility for us to develop our strategic growth project Blue Creek.
+Added: We intend on returning cash to stockholders in stronger price markets where we are generating significant amounts of cash flow, and less cash to stockholders during weaker markets.
+Added: We also intend on using stock repurchases when there is no short- or long-term use for additional cash that will deliver meaningful value to stockholders.
+Added: We have paid a regular quarterly cash dividend every quarter since the Board adopted the Capital Allocation Policy.
The Capital Allocation Policy states the following:
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We will also seek to optimize our capital structure to improve returns to stockholders while allowing flexibility for us to pursue very selective strategic growth opportunities that can provide compelling stockholder returns.
−Removed: Our ability to pay dividends on our common stock is limited by covenants in the ABL Facility and the indenture governing the Notes and may be further restricted by the terms of any future debt or preferred securities.
+Added: Our ability to pay dividends on our common stock is limited by covenants in the ABL Facility and the Indenture and may be further restricted by the terms of any future debt or preferred securities.
See “Part I, Item 1A.
−Removed: Risk Factors—Risks Related to the Ownership of our Common Stock—Any declaration and payment of future dividends to holders of our common stock may be limited by restrictive covenants of our ABL Facility and the indenture governing the Notes, and will be at the sole discretion of the Board and will also depend on many factors” and “Part II, Item 7.
+Added: Risk Factors—Risks Related to the Ownership of our Common Stock—Any declaration and payment of future dividends to holders of our common stock may be limited by restrictive covenants of our ABL Facility and the Indenture, and will be at the sole discretion of the Board and will also depend on many factors” and “Part II, Item 7.
Management’s Discussion and Analysis of Financial Conditions and Results of Operation—Liquidity and Capital Resources—ABL Facility” and “—Senior Secured Notes.”
−Removed: As of February 18, 2022, we had approximately 407 holders of record of our common stock.
+Added: As of January 17, 2023, we had approximately 368 holders of record of our common stock.
Equity Compensation Plans
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2017 Equity Incentive Plan 756,063 $ — 4,610,544
−Removed: $ — 4,740,814
(1) The weighted-average exercise price does not take into account restricted stock units or phantom units, which do not have an exercise price.
−Removed: (2) The number of securities to be issued under our 2017 Equity Incentive Plan represents 828,402 unvested restricted stock units and 13,157 shares of common stock issuable upon settlement of vested restricted stock unit awards.
Stock Repurchases
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The performance graph and the information contained in this section is not “soliciting material”, is being “furnished” not “filed” with the SEC and is not to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.
−Removed: The following graph shows a comparison from April 13, 2017 (the date our common stock commenced trading on the NYSE) through December 31, 2021 of the cumulative total return for our common stock, the Russell 3000 Stock Index and a peer group comprised of Arch Resources, Inc.
+Added: The following graph shows a comparison from April 13, 2017 (the date our common stock commenced trading on the NYSE) through December 31, 2022 of the cumulative total return for our common stock, the S&P Metals and Mining Index, the Russell 3000 Stock Index and a peer group comprised of Arch Resources, Inc.
and Peabody Energy Corp ("Custom Composite Index").
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.