Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

At-The-Market ("ATM") 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 agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. During the three months ended March 31, 2025, we did not sell any shares under the agreement and 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, under which performance shares, restricted stock and shares of common stock are granted. Stock-based compensation expense for restricted stock units, performance-based grants and common stock grants (collectively "incentive compensation") to employees, totaled $1.9 million and $1.2 million for

the three months ended March 31, 2025, and 2024, respectively. At March 31, 2025, there was $8.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.9 years.

The following table summarizes the incentive compensation grants awarded during the three months ended March 31, 2025:

Grant date	Award type	Number granted		Grant date fair value per share
January 15, 2025	Restricted stock		325,016	5.41
March 24, 2025	Restricted stock		23,826	5.44

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

During the three months ended March 31, 2025, our Board of Directors declared and we paid a quarterly dividend of $0.00375 per common share, pursuant to our dividend policy.

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, 2025	$	5,994		$	(16,260	)	$	(10,266	)
Change in fair value of derivative contracts		2,982			—			2,982
Gains and deferred gains transferred from accumulated other comprehensive income		353			—			353
Balance March 31, 2025	$	9,329		$	(16,260	)	$	(6,931	)
Balance January 1, 2024	$	13,708		$	(7,871	)	$	5,837
Changes 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