Note 2 - Revision of Previously Issued Financial Statements for Immaterial Misstatements (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	Three Months Ended March 31, 2021
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Depreciation, depletion and amortization	$	49,331		$	(2,589	)	$	46,742
Total cost of sales		146,040			(2,589	)		143,451
Gross profit		64,812			2,589			67,401
Income from operations		38,449			2,589			41,038
Income before income and mining taxes		23,605			2,589			26,194
Income and mining tax provision		(4,634	)		(109	)		(4,743	)
Net income		18,971			2,480			21,451
Income applicable to common shareholders		18,833			2,480			21,313
Comprehensive income		20,803			2,480			23,283
Basic income per common share after preferred dividends (in cents)		3.5			0.5			4.0
Diluted income per common share after preferred dividends (in cents)		3.5			0.5			4.0
								—
Condensed Consolidated Statements of Cash Flows (Unaudited)
Net income		18,971			2,480			21,451
Depreciation, depletion and amortization		49,546			(2,589	)		46,957
Deferred income taxes		32			109			141
Cash provided by operating activities		37,936			—			37,936

	Three Months Ended June 30, 2021
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Depreciation, depletion and amortization	$	48,403		$	(2,671	)	$	45,732
Total cost of sales		158,723			(2,671	)		156,052
Gross profit		59,260			2,671			61,931
Income from operations		26,462			2,671			29,133
Loss before income and mining taxes		(4,057	)		2,671			(1,386	)
Income and mining tax benefit		4,842			(708	)		4,134
Net income		785			1,963			2,748
Income applicable to common shareholders		647			1,963			2,610
Comprehensive income		2,405			1,963			4,368
Basic income per common share after preferred dividends (in cents)		0.1			0.4			0.5
Diluted income per common share after preferred dividends (in cents)		0.1			0.4			0.5

	Six Months Ended June 30, 2021
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Depreciation, depletion and amortization	$	97,734		$	(5,260	)	$	92,474
Total cost of sales		304,763			(5,260	)		299,503
Gross profit		124,072			5,260			129,332
Income from operations		64,911			5,260			70,171
Income before income and mining taxes		19,548			5,260			24,808
Income and mining tax benefit (provision)		208			(817	)		(609	)
Net income		19,756			4,443			24,199
Income applicable to common shareholders		19,480			4,443			23,923
Comprehensive income		23,208			4,443			27,651
Basic income per common share after preferred dividends (in cents)		3.6			0.7			4.3
Diluted income per common share after preferred dividends (in cents)		3.6			0.7			4.3
								—
Condensed Consolidated Statements of Cash Flows (Unaudited)
Net income		19,756			4,443			24,199
Depreciation, depletion and amortization		98,121			(5,260	)		92,861
Deferred income taxes		(8,562	)		817			(7,745	)
Cash provided by operating activities		124,240			—			124,240

	Three Months Ended March 31, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)
Cost of sales and other direct production costs	$	85,887		$	(167	)	$	85,720
Depreciation, depletion and amortization		39,666			(1,851	)		37,815
Total cost of sales		125,553			(2,018	)		123,535
Gross profit		11,372			2,018			13,390
Loss from operations		(15,064	)		2,018			(13,046	)
Loss before income and mining taxes		(18,247	)		2,018			(16,229	)
Income and mining tax benefit		1,062			(657	)		405
Net loss		(17,185	)		1,361			(15,824	)
Loss applicable to common shareholders		(17,323	)		1,361			(15,962	)
Comprehensive loss		(36,520	)		1,361			(35,159	)
Basic loss per common share after preferred dividends (in cents)		(3.3	)		0.3			(3.0	)
Diluted loss per common share after preferred dividends (in cents)		(3.3	)		0.3			(3.0	)
								—
Condensed Consolidated Statements of Cash Flows (Unaudited)
Net loss		(17,185	)		1,361			(15,824	)
Depreciation, depletion and amortization		41,630			(1,851	)		39,779
Deferred income taxes		(3,252	)		490			(2,762	)
Cash provided by operating activities		4,927			—			4,927

	Three Months Ended June 30, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)
Cost of sales and other direct production costs	$	92,853		$	(1,295	)	$	91,558
Depreciation, depletion and amortization		39,423			(2,736	)		36,687
Total cost of sales		132,276			(4,031	)		128,245
Gross profit		34,079			4,031			38,110
Income from operations		9,874			4,031			13,905
Loss before income and mining taxes		(13,402	)		4,031			(9,371	)
Income and mining tax provision		(626	)		(2,020	)		(2,646	)
Net loss		(14,028	)		2,011			(12,017	)
Income applicable to common shareholders		(14,166	)		2,011			(12,155	)
Comprehensive loss		(3,644	)		2,011			(1,633	)
Basic loss per common share after preferred dividends (in cents)		(2.7	)		0.4			(2.3	)
Diluted loss per common share after preferred dividends (in cents)		(2.7	)		0.4			(2.3	)

	Six Months Ended June 30, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)
Cost of sales and other direct production costs	$	178,740		$	(1,462	)	$	177,278
Depreciation, depletion and amortization		79,089			(4,587	)		74,502
Total cost of sales		257,829			(6,049	)		251,780
Gross profit		45,451			6,049			51,500
(Loss) income from operations		(4,513	)		6,049			1,536
Loss before income and mining taxes		(31,649	)		6,049			(25,600	)
Income and mining tax benefit (provision)		436			(2,678	)		(2,242	)
Net loss		(31,213	)		3,371			(27,842	)
Loss applicable to common shareholders		(31,489	)		3,371			(28,118	)
Comprehensive loss		(40,164	)		3,371			(36,793	)
Basic loss per common share after preferred dividends (in cents)		(6.0	)		0.6			(5.4	)
Diluted loss per common share after preferred dividends (in cents)		(6.0	)		0.6			(5.4	)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Net loss		(31,213	)		3,371			(27,842	)
Depreciation, depletion and amortization		84,185			(4,587	)		79,598
Deferred income taxes		(5,165	)		1,216			(3,949	)
Cash provided by operating activities		42,453			—			42,453

	Three Months Ended September 30, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)
Cost of sales and other direct production costs	$	105,977		$	(2,952	)	$	103,025
Depreciation, depletion and amortization		40,238			(2,248	)		37,990
Total cost of sales		146,215			(5,200	)		141,015
Gross profit		53,488			5,200			58,688
Income from operations		31,315			5,200			36,515
Income before income and mining taxes		15,261			5,200			20,461
Income and mining tax provision		(1,633	)		(3,548	)		(5,181	)
Net income		13,628			1,652			15,280
Income applicable to common shareholders		13,490			1,652			15,142
Comprehensive income		19,778			1,652			21,430
Basic income per common share after preferred dividends (in cents)		2.6			0.3			2.9
Diluted income per common share after preferred dividends (in cents)		2.6			0.2			2.8

	Nine Months Ended September 30, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Cost of sales and other direct production costs	$	284,717		$	(4,414	)	$	280,303
Depreciation, depletion and amortization		119,327			(6,835	)		112,492
Total cost of sales		404,044			(11,249	)		392,795
Gross profit		98,939			11,249			110,188
Income from operations		26,802			11,249			38,051
Loss before income and mining taxes		(16,388	)		11,249			(5,139	)
Income and mining tax benefit (provision)		(1,197	)		(6,226	)		(7,423	)
Net loss		(17,585	)		5,023			(12,562	)
Loss applicable to common shareholders		(17,999	)		5,023			(12,976	)
Comprehensive income		(20,386	)		5,023			(15,363	)
Basic loss per common share after preferred dividends (in cents)		(3.4	)		0.9			(2.5	)
Diluted loss per common share after preferred dividends (in cents)		(3.4	)		0.9			(2.5	)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Net loss		(17,585	)		5,023			(12,562	)
Depreciation, depletion and amortization		126,911			(6,835	)		120,076
Deferred income taxes		(6,390	)		1,812			(4,578	)
Cash provided by operating activities		115,892			—			115,892

	For the Year Ended December 31, 2018
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Consolidated Statements of Operations and Comprehensive Loss
Cost of sales and other direct production costs	$	353,994		$	(1,844	)	$	352,150
Depreciation, depletion and amortization		134,044			(2,224	)		131,820
Total cost of sales		488,038			(4,068	)		483,970
Gross profit		79,099			(4,068	)		75,031
Loss from operations		(39,126	)		4,068			(35,058	)
Loss before income and mining taxes		(33,264	)		4,068			(29,196	)
Income and mining tax benefit		6,701			(4,256	)		2,445
Net loss		(26,563	)		(188	)		(26,751	)
Loss applicable to common shareholders		(27,115	)		(188	)		(27,303	)
Comprehensive loss		(44,370	)		(188	)		(44,558	)
Basic loss per common share after preferred dividends (in cents)		(6.3	)		—			(6.3	)
Diluted loss per common share after preferred dividends (in cents)		(6.3	)		—			(6.3	)
Consolidated Statements of Cash Flows
Net loss		(26,563	)		(188	)		(26,751	)
Depreciation, depletion and amortization		140,905			(2,224	)		138,681
Deferred income taxes		6,278			2,412			8,690
Cash provided by operating activities		94,221			—			94,221

	As of and for the Year Ended December 31, 2019
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Consolidated Balance Sheet
Inventories: Concentrates, doré, and stockpiled ore	$	30,364		$	(286	)	$	30,078
Total current assets		179,124			(286	)		178,838
Properties, plants, equipment and mineral interests, net		2,423,698			23,752			2,447,450
Total assets		2,637,308			23,466			2,660,774
Deferred tax liability		138,282			19,355			157,637
Total liabilities		944,885			19,355			964,240
Accumulated deficit		(353,331	)		4,111			(349,220	)
Total shareholders' equity		1,692,423			4,111			1,696,534
Total liabilities and shareholders' equity		2,637,308			23,466			2,660,774
Consolidated Statements of Operations and Comprehensive Loss
Cost of sales and other direct production costs	$	450,349		$	(2,364	)	$	447,985
Depreciation, depletion and amortization		199,518			(8,067	)		191,451
Total cost of sales		649,867			(10,431	)		639,436
Gross profit		23,399			10,431			33,830
Loss from operations		(57,109	)		10,431			(46,678	)
Loss before income and mining taxes		(123,658	)		10,431			(113,227	)
Income and mining tax benefit		24,101			(5,783	)		18,318
Net loss		(99,557	)		4,648			(94,909	)
Loss applicable to common shareholders		(100,109	)		4,648			(95,461	)
Comprehensive loss		(94,398	)		4,648			(89,750	)
Basic loss per common share after preferred dividends (in cents)		(20.4	)		0.9			(19.5	)
Diluted loss per common share after preferred dividends (in cents)		(20.4	)		0.9			(19.5	)
Consolidated Statements of Cash Flows
Net loss		(99,557	)		4,648			(94,909	)
Depreciation, depletion and amortization		204,475			(8,067	)		196,408
Deferred income taxes		5,668			3,419			9,087
Cash provided by operating activities		120,866			—			120,866

	As of and for the Year Ended December 31, 2020
(in thousands, except per share amounts)	As Previously Reported			Adjustment			As Revised
Consolidated Balance Sheet
Inventories: Concentrates, doré, and stockpiled ore	$	57,936		$	(369	)	$	57,567
Total current assets		284,681			(369	)		284,312
Properties, plants, equipment and mineral interests, net		2,345,219			32,855			2,378,074
Total assets		2,667,724			32,486			2,700,210
Accrued taxes		8,349			(2,575	)		5,774
Total current liabilities		149,785			(2,575	)		147,210
Deferred tax liability		132,475			23,616			156,091
Total liabilities		965,384			21,041			986,425
Accumulated deficit		(379,519	)		11,445			(368,074	)
Total shareholders' equity		1,702,340			11,445			1,713,785
Total liabilities and shareholders' equity		2,667,724			32,486			2,700,210
Consolidated Statements of Operations and Comprehensive Loss
Cost of sales and other direct production costs		389,040			(6,377	)		382,663
Depreciation, depletion and amortization		157,130			(9,020	)		148,110
Total cost of sales		546,170			(15,397	)		530,773
Gross profit		145,703			15,397			161,100
Income from operations		51,581			15,397			66,978
Loss before income and mining taxes		(16,655	)		15,397			(1,258	)
Income and mining tax provision		(135	)		(8,064	)		(8,199	)
Net loss		(16,790	)		7,333			(9,457	)
Loss applicable to common shareholders		(17,342	)		7,333			(10,009	)
Comprehensive loss		(12,369	)		7,333			(5,036	)
Basic loss per common share after preferred dividends (in cents)		(3.3	)		1.4			(1.9	)
Diluted loss per common share after preferred dividends (in cents)		(3.3	)		1.4			(1.9	)
Consolidated Statements of Cash Flows
Net loss		(16,790	)		7,333			(9,457	)
Depreciation, depletion and amortization		164,026			(9,020	)		155,006
Deferred income taxes		(5,505	)		1,687			(3,818	)
Cash provided by operating activities		180,793			—			180,793