Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity and Related Shareholder Matters
On June 12, 2023, an amendment to our amended and restated certificate of incorporation was approved by shareholder vote to reclassify the Company’s existing common stock as shares of Class A common stock, par value $0.01 per share, and create a separate Class B common stock having a par value of $0.01 per share.
The initial distribution of Class B common stock occurred on June 21, 2023 via a stock dividend to existing holders of common stock as of May 12, 2023. On the date of initial distribution, each holder of common stock received 0.2 shares of Class B common stock for every one share of existing common stock held on the record date.
Market Information. Our Class A and Class B common stock are listed on the NASDAQ Global Select Market under the symbols “METC” and “METCB,” respectively. Our 9.00% Senior Notes due 2026 (the Senior Notes due 2026) and 8.375% Senior Notes due 2029 (the Senior Notes due 2029) are listed on the NASDAQ Global Select Market under the symbols “METCL” and “METCZ,” respectively.
Holders. As of the close of business on February 28, 2025, there were 72 holders of record of our Class A common stock and 75 holders of record of our Class B common stock. Because many of our common shares are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these holders of record.
Dividends. The Company declared a mix of cash and non-cash dividends to its shareholders during 2024. The Company declared $19.1 million of total cash dividends during 2024, which includes $12.1 million to Class A shareholders, and $6.2 million to Class B shareholders and $0.8 million of forfeitable dividends subject to the vesting conditions of outstanding restricted stock units and performance stock units. During the fourth quarter of 2024, the Company declared $12.7 million of non-cash dividends to Class A shareholders, totaling $12.0 million of Class B common shares and $0.7 million of Class B forfeitable dividend equivalent units. Lastly, during the fourth quarter of 2024, the Company declared $2.2 million of non-cash dividends to Class B shareholders, which included $2.1 million of Class B common shares and $0.1 million of Class B forfeitable dividend equivalent units. The number of Class B common shares and units is determined based on the closing price of Class B stock on the record date for each non-cash dividend declared.
Dividends to holders of Class A common stock were declared in the total amount of approximately $0.55 per share during 2024 ($0.1375 per quarter). Dividends to holders of Class B common stock were declared in the total amount of approximately $0.94 per share during 2024 ($0.22 - $0.24 per quarter). All dividends declared for holders of Class B common stock were based on 20% of CORE royalty and infrastructure fees for the previous quarter.
Subsequent to the date of the financial statements, the Company declared an additional quarterly cash dividend for holders of Class B common stock in February 2025, in the amount of $0.1971 per share of Class B common stock, which is payable on March 14, 2025, to shareholders of record on February 28, 2025. In addition, on March 17, 2025, the Company announced that the Board of Directors declared a dividend in the amount of $0.06875 per share of Class A common stock, which will be paid in Class B common stock on June 13, 2025 to Class A shareholders of record on May 30, 2025. The number of shares of Class B common stock to be distributed will be determined based on the closing price of Class B common stock on May 30, 2025.
The Company anticipates distributing quarterly dividends at similar per-share amounts in the future; however, it is currently unknown whether cash or non-cash dividends will be declared for Class A and Class B shareholders in future periods, as future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change. In addition, the Board of Directors retains the power to change or add expense allocation policies related to CORE, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time without shareholder approval.
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Equity Compensation Plans . The Company does not have any non-stockholder approved equity compensation plans.
Stock Repurchases . The Company routinely allows employees to surrender common stock that would be issuable upon the vesting or exercise of stock-based compensation awards to pay estimated taxes. The value of common stock surrendered by employees is determined based on the price of the Company’s common stock at the time of relinquishment. During the quarter and year ended December 31, 2024, there were no repurchases of common shares previously issued.
Additional Information . Refer to Part II, Item 8, Note 9 for additional information related to stockholders’ equity matters.
Item 6. [Reserved]