Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 6.    Stockholders’ Equity

Stock-based Compensation Plans

Stock-based compensation expense for restricted stock unit and performance-based grants to employees and shares issued to non-employee directors totaled $0.5 million and $1.2 million for the first three months of 2021 and 2020, respectively.

Common Stock Dividends

On February 18, 2021, our Board of Directors declared a quarterly cash dividend of $0.00875 per share of common stock, consisting of $0.00375 per share for the minimum dividend component of our common stock dividend policy and $0.005 per share for the silver-linked dividend component of the policy, for a total dividend of $4.7 million paid in March 2021. The realized silver price of $25.16 in the fourth quarter of 2020 satisfied the criterion for the silver-linked dividend component of our common stock dividend policy.

During May 2021, our Board of Directors approved an increase in our silver-linked dividend by $0.01 per year and approved a quarterly silver-linked dividend of $0.075 based on the first quarter of 2021 realized silver price of $25.66. The table below provides an overview of the augmented silver-linked dividend policy and the increased minimum dividends.

Quarterly Average Realized Silver Price per Ounce	Quarterly Silver-Linked Dividend per Share	Annualized Silver-Linked Dividend per Share	Annualized Minimum Dividend	Annualized Dividends per Share: Silver-Linked and Minimum
$25	$0.0075	$0.03	$0.015	$0.045
$30	$0.0125	$0.05	$0.015	$0.065
$35	$0.0225	$0.09	$0.015	$0.105
$40	$0.0325	$0.13	$0.015	$0.145
$45	$0.0425	$0.17	$0.015	$0.185
$50	$0.0525	$0.21	$0.015	$0.225

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 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 shares issued 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. No shares have been sold under the agreement as of March 31, 2021.