EDMGUY: I used the proven reserves/o.s. because I thought you were basing your calculations on something more than proven reserves and current sales. Certainly, o/s must be a factor in determining the value of any stock. But I get your point. Is the market basing the value of these well-established coal producers on current sales and reserves alone? The market is a futures game ... look at Apple. Yes, partly driven by lemmings and emotion but also by growth potential. We would need to at least do an ROIC comparison of each (which I have not done).