Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

NOTE 8
SEGMENT INFORMATION

     The Company operates three reportable business segments: Mine Production, PGM Recycling and Canadian Properties. These segments are managed separately based on fundamental differences in their operations.

     The Mine Production segment consists of two business components: the Stillwater Mine and the East Boulder Mine. The Mine Production segment is engaged in the development, extraction, processing and refining of PGMs. The Company sells PGMs from mine production under long-term sales agreements, through derivative financial instruments and in open PGM markets. The financial results of the Stillwater Mine and the East Boulder Mine have been aggregated, as both have similar products, processes, customers, distribution methods and economic characteristics.

     The PGM Recycling segment is engaged in the recycling of spent catalyst material to recover the PGMs contained in the material. The Company allocates costs of the smelter and base metal refinery to both the Mine Production segment and to the PGM Recycling segment for internal and segment reporting purposes because the Company's smelting and refining facilities support the PGM extraction of both business segments.

     The Canadian Properties segment consists of the Marathon PGM assets (the majority of which is mineral property) and the Bermuda exploration mineral property. The principal Marathon property acquired is a large PGM and copper deposit located near the town of Marathon, Ontario, Canada. The Marathon deposit is currently in the permitting stage and will not be in production for several years. The Bermuda exploration mineral property is located adjacent to the Marathon property. Financial information available for this segment of the Company consists of total asset values, general and administrative costs, exploration costs and capital expenditures as the properties are developed.

     The All Other group primarily consists of assets, revenues, and expenses of various corporate and support functions.

     The Company evaluates performance and allocates resources based on income or loss before income taxes. The following financial information relates to the Company's business segments:

(in thousands)	Mine		PGM		Canadian			All
Three Months Ended June 30, 2011	Production		Recycling		Properties			Other			Total
Revenues	$	139,733	$	82,872	$	—		$	—		$	222,605
Depreciation and amortization	$	15,395	$	265	$	—		$	—		$	15,660
Interest income	$	—	$	544	$	—		$	407		$	951
Interest expense	$	—	$	—	$	—		$	1,637		$	1,637
Income (loss) before income taxes	$	59,451	$	3,449	$	(766	)	$	(13,699	)	$	48,435
Capital expenditures	$	21,492	$	39	$	1,510		$	69		$	23,110
Total assets	$	402,990	$	89,855	$	192,859		$	353,233		$	1,038,937

(in thousands)	Mine		PGM		Canadian		All
Three Months Ended June 30, 2010	Production		Recycling		Properties		Other			Total
Revenues	$	92,570	$	42,291	$	—	$	—		$	134,861
Depreciation and amortization	$	16,589	$	39	$	—	$	—		$	16,628
Interest income	$	—	$	371	$	—	$	161		$	532
Interest expense	$	—	$	—	$	—	$	1,636		$	1,636
Income (loss) before income taxes	$	20,992	$	3,367	$	—	$	(9,530	)	$	14,829
Capital expenditures	$	12,163	$	1,684	$	—	$	13		$	13,860
Total assets	$	396,028	$	53,216	$	—	$	318,679		$	767,923

(in thousands)	Mine		PGM		Canadian			All
Six Months Ended June 30, 2011	Production		Recycling		Properties			Other			Total
Revenues	$	261,713	$	130,953	$	—		$	—		$	392,666
Depreciation and amortization	$	31,196	$	527	$	—		$	—		$	31,723
Interest income	$	—	$	919	$	—		$	814		$	1,733
Interest expense	$	—	$	—	$	—		$	3,272		$	3,272
Income (loss) before income taxes	$	105,399	$	6,339	$	(1,040	)	$	(21,987	)	$	88,711
Capital expenditures	$	36,747	$	64	$	9,350		$	134		$	46,295
Total assets	$	402,990	$	89,855	$	192,859		$	353,233		$	1,038,937

(in thousands)	Mine		PGM		Canadian		All
Six Months Ended June 30, 2010	Production		Recycling		Properties		Other			Total
Revenues	$	187,769	$	75,941	$	—	$	4,622		$	268,332
Depreciation and amortization	$	35,046	$	83	$	—	$	—		$	35,129
Interest income	$	—	$	659	$	—	$	274		$	933
Interest expense	$	—	$	—	$	—	$	3,269		$	3,269
Income (loss) before income taxes	$	40,088	$	6,266	$	—	$	(17,933	)	$	28,421
Capital expenditures	$	21,568	$	2,942	$	—	$	77		$	24,587
Total assets	$	396,028	$	53,216	$	—	$	318,679		$	767,923