To Our Valued Shareholders,
2011 was another year of change for Walter Energy. After completing a major acquisition of Western Coal on April 1, 2011, our Company posted record results, achieved greater global diversification and significantly increased our mining assets.
Commitment to Safety
As is customary within Walter Energy, let's first talk about safety. In 2011, we reduced our Total Reportable Injury Rate by 15% as compared with 2010 rates on a pro forma basis. This reduction is the result of our commitment to improve employee health and safety and the efforts of a workforce dedicated to a safety 
culture. Our aggressive commitment to safety continues in 2012, with our goal to further reduce accidents and citations significantly. It is important to emphasize that operating safely and responsibly will always be our top priority.
Focus on Stewardship
I am also pleased to mention that Walter Energy recently received a 2011 West Virginia Coal Association and West Virginia Department of Environmental Protection co-sponsored Surface Mine Reclamation Award for two of our surface mine permits at the Gauley Eagle operation. This award recognizes excellence in design, operation and reclamation, and we are extremely proud of this accomplishment.