Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2023

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. As of June 30, 2023 we had sold 8,113,533 shares under the agreement for proceeds of $43.2 million, net of commissions and fees of $0.7 million. During the three months ended June 30, 2023, we sold 2,080,060 shares under the agreement for proceeds of $14.0 million, net of commissions and fees of $0.2 million. During the six months ended June 30, 2023, we sold 4,253,334 shares under the agreement for proceeds of $25.9 million, net of commissions and fees of $0.4 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 and shares issued to non-employee directors totaled $1.5 million and $2.7 million for the three and six months ended June 30, 2023, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2022, respectively. At June 30, 2023, there was $9.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years.

The following table summarizes the grants awarded during the six months ended June 30, 2023:

Grant date	Award type	Number granted	Grant date fair value per share
June 21, 2023	Restricted stock	1,230,223	$5.05
June 21, 2023	Performance based	314,778	$3.54

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 six months ended June 30, 2023, we withheld 404,514 shares valued at approximately $2.0 million, or approximately $5.03 per share.

Common Stock Dividends

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2023 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First	22.03	$0.0025	$0.00375	$0.00625
Second	22.62	$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, 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
Changes in fair value of derivative contracts		7,445			—			7,445
Gains and deferred gains transferred from accumulated other comprehensive income		(2,213	)		—			(2,213	)
Balance June 30, 2023	$	20,910		$	(6,714	)	$	14,196

	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, 2022	$	(4,675	)	$	(23,781	)		(28,456	)
Changes in fair value of derivative contracts		(31,798	)		—			(31,798	)
Gains transferred from accumulated other comprehensive income		(1,367	)		—			(1,367	)
Balance March 31, 2022		(37,840	)		(23,781	)		(61,621	)
Changes in fair value of derivative contracts		61,939			—			61,939
Gains transferred from accumulated other comprehensive income		3,409			—			3,409
Balance June 30, 2022	$	27,508		$	(23,781	)	$	3,727