Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

At-The-Market Equity Distribution Agreement

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the equity distribution agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form

S-3. Under the agreement we have sold 14,753,958 shares for total proceeds of $76.7 million, net of commissions and fees of $1.2 million from September 2022 through March 31, 2024. During the three months ended March 31, 2024, we sold 248,561 shares under the agreement for proceeds of $1.1 million, net of commissions and fees of $0.04 million.

Stock-based Compensation Plans

The Company has stock incentive plans for executives, directors and eligible employees, comprised of performance shares and restricted stock. Stock-based compensation expense for restricted stock unit and performance-based grants (collectively "incentive compensation") to employees totaled $1.2 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, there was $5.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.3 years.

In connection with the vesting of incentive compensation, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the three months ended March 31, 2024, we withheld 277,966 shares valued at approximately $1.2 million, or approximately $4.31 per share.

Common Stock Dividends

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2024 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First 2024	23.47	$0.0025	$0.00375	$0.00625
First 2023	22.03	$0.0025	$0.00375	$0.00625

Accumulated Other Comprehensive Income (Loss), Net

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands):

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2024	$	13,708		$	(7,871	)		5,837
Change in fair value of derivative contracts		(6,835	)		—			(6,835	)
Gains and deferred gains transferred from accumulated other comprehensive income		1,432			—			1,432
Balance March 31, 2024	$	8,305		$	(7,871	)	$	434
Balance January 1, 2023	$	9,162		$	(6,714	)	$	2,448
Changes in fair value of derivative contracts	$	8,665			—		$	8,665
Gains and deferred gains transferred from accumulated other comprehensive income	$	(2,149	)		—		$	(2,149	)
Balance March 31, 2023	$	15,678		$	(6,714	)	$	8,964