Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'GOLD RESOURCE CORP | ' |
Entity Central Index Key | '0001160791 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 53,779,369 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $17,634 | $35,780 |
Gold and silver bullion | 3,821 | 5,809 |
Accounts receivable | 5,212 | 6,349 |
Inventories | 8,897 | 7,533 |
Income taxes receivable | 8,602 | 419 |
Deferred tax assets | 2,207 | 2,121 |
Prepaid expenses and other assets | 4,544 | 973 |
Total current assets | 50,917 | 58,984 |
Land and mineral rights | 227 | 227 |
Property and equipment - net | 18,051 | 14,050 |
Inventories | 797 | 809 |
Deferred tax assets | 31,748 | 31,559 |
Total assets | 101,740 | 105,629 |
Current liabilities: | ' | ' |
Accounts payable | 3,051 | 3,013 |
Accrued expenses | 7,976 | 4,178 |
Capital lease obligations | 1,462 | ' |
IVA taxes payable | 658 | 2,673 |
Dividends payable | 1,601 | 3,161 |
Total current liabilities | 14,748 | 13,025 |
Non-current portion | 2,757 | ' |
Asset retirement obligation | 2,844 | 2,790 |
Total liabilities | 20,349 | 15,815 |
Shareholders' equity: | ' | ' |
Preferred stock - $0.001 par value, 5,000,000 shares authorized: no shares issued and outstanding | ' | ' |
Common stock - $0.001 par value, 100,000,000 shares authorized: 53,715,767 and 53,015,767 shares issued and outstanding, respectively | 54 | 53 |
Additional paid-in capital | 90,100 | 102,674 |
Accumulated (Deficit) | -1,668 | -5,851 |
Treasury stock at cost, 336,398 shares | -5,884 | -5,884 |
Accumulated other comprehensive (loss) - currency translation adjustment | -1,211 | -1,178 |
Total shareholders' equity | 81,391 | 89,814 |
Total liabilities and shareholders' equity | $101,740 | $105,629 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 53,715,767 | 53,015,767 |
Common stock, shares outstanding | 53,715,767 | 53,015,767 |
Treasury stock, shares | 336,398 | 336,398 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales of metals concentrate, net | $29,405 | $36,035 | $98,375 | $103,399 |
Mine cost of sales: | ' | ' | ' | ' |
Production costs | 17,284 | 12,293 | 47,926 | 31,838 |
Depreciation and amortization | 717 | 556 | 1,810 | 940 |
Accretion | 27 | 20 | 84 | 60 |
Total mine cost of sales | 18,028 | 12,869 | 49,820 | 32,838 |
Mine gross profit | 11,377 | 23,166 | 48,555 | 70,561 |
Costs and expenses: | ' | ' | ' | ' |
General and administrative expenses | 5,478 | 2,933 | 13,319 | 8,922 |
Exploration expenses | 2,062 | 1,882 | 8,167 | 5,466 |
Facilities and mine construction | 5,721 | 5,394 | 17,375 | 13,492 |
Total costs and expenses | 13,261 | 10,209 | 38,861 | 27,880 |
Operating (loss) income | -1,884 | 12,957 | 9,694 | 42,681 |
Other expense | -660 | -485 | -2,558 | -1,782 |
(Loss) income before income taxes | -2,544 | 12,472 | 7,136 | 40,899 |
Provision for income taxes (benefit) | -714 | 5,600 | 2,953 | 16,398 |
Net (loss) income | -1,830 | 6,872 | 4,183 | 24,501 |
Other comprehensive income: | ' | ' | ' | ' |
Currency translation (loss) gain | -22 | 2,168 | -33 | 1,943 |
Comprehensive (loss) income | ($1,852) | $9,040 | $4,150 | $26,444 |
Net (loss) income per common share: | ' | ' | ' | ' |
Basic | ($0.03) | $0.13 | $0.08 | $0.46 |
Diluted | ($0.03) | $0.12 | $0.08 | $0.43 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 53,320,673 | 52,848,586 | 53,093,288 | 52,885,640 |
Diluted | 53,320,673 | 56,254,632 | 55,364,417 | 56,365,316 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $4,183 | $24,501 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 1,891 | 1,117 |
Accretion | 84 | 60 |
Stock-based compensation | 5,996 | 6,640 |
Unrealized foreign currency exchange loss | 711 | 1,496 |
Impairment loss on gold and silver bullion | 1,743 | ' |
Deferred tax assets | -275 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,267 | -1,371 |
Inventories | -1,506 | -1,342 |
Prepaid expenses and other assets | -3,958 | -408 |
Accounts payable | 46 | -1,679 |
Accrued expenses | 3,970 | 3,049 |
IVA taxes payable/receivable | -2,263 | -267 |
Income taxes payable/receivable | -8,456 | -13,490 |
Net cash provided by operating activities | 3,433 | 18,306 |
Cash flows from (used in) investing activities: | ' | ' |
Capital expenditures | -5,891 | -3,091 |
Purchases of gold and silver bullion | -1,002 | -4,707 |
Proceeds from conversion of gold and silver bullion | 1,247 | 1,440 |
Net cash used in investing activities | -5,646 | -6,358 |
Cash flows from (used in) financing activities: | ' | ' |
Proceeds from exercise of stock options | 545 | ' |
Dividends paid | -20,674 | -26,444 |
Treasury stock purchases | ' | -1,495 |
Proceeds from capital leases | 4,219 | ' |
Net cash (used in) financing activities | -15,910 | -27,939 |
Effect of exchange rates on cash and equivalents | -23 | 273 |
Net (decrease) in cash and equivalents | -18,146 | -15,718 |
Cash and equivalents at beginning of period | 35,780 | 51,960 |
Cash and equivalents at end of period | 17,634 | 36,242 |
Supplemental Cash Flow Information | ' | ' |
Interest paid | 48 | ' |
Income taxes paid | $11,166 | $30,395 |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Nature Of Operations And Summary Of Significant Accounting Policies | ' |
1. Nature of Operations and Basis of Presentation | |
Nature of Operations | |
Gold Resource Corporation (the “Company”) was organized under the laws of the State of Colorado on August 24, 1998. The Company is a producer of metal concentrates that contain gold, silver, copper, lead and zinc at its El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project includes the El Aguila open pit mine, which ceased operations in February 2011, and the La Arista underground mine, which is currently in operation. The Company is also performing exploration and evaluation work on its portfolio of base and precious metal exploration properties in Mexico and is evaluating other properties for possible acquisition in Turkey and elsewhere. | |
Basis of Presentation | |
Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and conform to United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned Mexican subsidiaries, which are Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”) and Golden Trump Mexico S.A. de C.V (“Golden Trump Mexico”) and the Company’s wholly owned Turkish subsidiary, Gold Resource Madencilik Sanayi Ve Ticaret Limited Sirketi. Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2012. Except as noted below, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s Form 10-K. | |
In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2012. However, the results of operations for the interim period ended September 30, 2013 may not be indicative of results of operations to be expected for the full fiscal year. | |
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Revenue Recognition: Sales of concentrates are recorded net of treatment and refining charges, plus final settlement and mark-to-market price adjustments. Treatment and refining charges represent payments or price adjustments that are fixed and applied on a per tonne, pound or ounce basis, and in some cases provide for an increase in charges based on increases in metal prices above a base price. Treatment and refining charges are estimated upon shipment of concentrates based on contractual terms, with adjustments made at final settlement. Adjustments at final settlement typically do not vary materially from estimates made upon shipment; however, mark-to-market price adjustments could vary materially based on the precious metals market. In addition, because a portion of the metals contained in concentrates are unrecoverable as a result of the smelting process, the Company’s revenues from sales of concentrates are also recorded net of allowances based on the quantity and value of these estimated unrecoverable metals. These allowances are negotiated with the buyer of the Company’s concentrates. | |
Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine employees, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support our mining operations. | |
Reclassifications: Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. | |
Exploration Stage Company: The Company has not yet demonstrated the existence of proven or probable reserves at its El Aguila Project in Oaxaca, Mexico or any of its other properties under the criteria set forth by the SEC and is therefore considered an exploration stage company in accordance with Guide 7. As a result, substantially all of our investment in mining properties to date, including construction of the mill, mine facilities, asset retirement obligations and mine construction expenditures, have been expensed as incurred, and will continue to be expensed as incurred until such time as mineralized material is classified as proven or probable reserves. Certain expenditures, such as for rolling stock or other general-purpose equipment, may be capitalized, subject to evaluation of the possible impairment of the asset. Although for purposes of ASC 915 Development Stage Entities, the Company commenced its intended operations of mining, processing and selling mineralized material in July 2010, the Company believed that its characterization as an exploration stage company under Guide 7 required it to report its financial statements consistent with a development stage company which required among other things the reporting of inception to date results of operations, cash flows and other financial information. In response to certain comments raised by the SEC staff regarding the Company’s financial statement presentation, the Company has determined that it is no longer required to include the inception to date reporting in its financial statements even though it remains an exploration stage company for accounting purposes in accordance with Guide 7. Therefore, the Company has revised its financial statement presentation in this report to omit the inception to date reporting in its condensed consolidated statement of operations, condensed consolidated statement of cash flows and other financial information , which differs from the presentation in the Form 10-K for the year ended December 31, 2012. The Company will not exit the exploration stage for accounting purposes unless and until it demonstrates the existence of proven or probable reserves that meet SEC guidelines and will continue to expense its activities as described above until such time as it exits the exploration stage. Please see the Cautionary Note at the beginning of this report for other information regarding our stage company. | |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||
Fair Value Measurement | ' | |||||||||||
2. Fair Value Measurement | ||||||||||||
The Company’s financial instruments consist of cash and cash equivalents and accounts receivable (which include provisionally priced sales) as of September 30, 2013 and December 31, 2012. The following tables summarize the Company’s financial instruments required to be measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012. The carrying values of cash and cash equivalents and accounts receivable approximated their fair values at September 30, 2013 and December 31, 2012 due to their short maturities. | ||||||||||||
Fair Value as of September 30, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | ||||||||
(in thousands) | ||||||||||||
Receivables related to unsettled invoices (1) | $ | - | $ | 5,212 | $ | - | $ | 5,212 | Accounts receivable | |||
Fair Value as of December 31, 2012 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | ||||||||
(in thousands) | ||||||||||||
Receivables related to unsettled invoices (1) | $ | - | $ | 6,349 | $ | - | $ | 6,349 | Accounts receivable | |||
(1) Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). | ||||||||||||
Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s condensed consolidated statement of operations for the three and nine months ended September 30, 2013, respectively, as shown in the following table: | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
Type | 2013 | 2012 | 2013 | 2012 | Statement of Operations Classification | |||||||
(in thousands) | (in thousands) | |||||||||||
Receivables related to unsettled invoices on provisionally priced sales (1) | Derivative (loss) gain | $ | -915 | $ | 2,065 | $ | -915 | $ | 1,422 | Sales of metals concentrate, net | ||
(1) These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in sales of metals concentrate, net as of each reporting date. | ||||||||||||
Gold_And_Silver_Bullion
Gold And Silver Bullion | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Gold And Silver Bullion [Abstract] | ' | ||||||||
Gold And Silver Bullion | ' | ||||||||
3. Gold and Silver Bullion | |||||||||
The Company periodically purchases gold and silver bullion on the open market for investment purposes and to use in its dividend exchange program whereby shareholders may exchange their cash dividend for gold and silver bullion. The Company’s investment in gold and silver bullion is carried at cost and evaluated for impairment at relevant financial reporting dates in accordance with ASC 330-10-45-15 (a). | |||||||||
During the nine months ended September 30, 2013, the Company purchased approximately 608 ounces of gold at market prices for a total cost of $1.0 million. During the nine months ended September 30, 2012, the Company purchased approximately 1,672 ounces of gold and 59,001 ounces of silver at market prices for a total cost of $4.7 million. During the nine months ended September 30, 2013, approximately 670 ounces of gold and 2,847 ounces of silver were converted into gold and silver bullion and distributed under the Company’s gold and silver bullion dividend exchange program, resulting in a realized loss of $0.1 million in that period. During the nine months ended September 30, 2012, approximately 742 ounces of gold and 3,818 ounces of silver were converted into gold and silver bullion and distributed under this dividend program, resulting in a realized loss of $0.1 million in that period. | |||||||||
The table below shows the balance of the Company’s holdings of bullion as of September 30, 2013 and December 31, 2012. | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Gold | Silver | Gold | Silver | ||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | ||||||||
Ounces | 1,710 | 93,669 | 1,774 | 95,495 | |||||
Carrying value per ounce | $ | 1,201.31 | $ | 18.86 | $ | 1,659.83 | $ | 30.00 | |
Total carrying value | $ | 2,054 | $ | 1,767 | $ | 2,945 | $ | 2,864 | |
The Company recorded no impairment on its gold and silver bullion for the three months ended September 30, 2013. The Company recorded impairment write-downs on its gold and silver bullion totaling $1.7 million for the nine months ended September 30, 2013. | |||||||||
Inventories
Inventories | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
4. Inventories | |||||
Inventories at September 30, 2013 and December 31, 2012 consisted of the following: | |||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Ore stockpiles - underground mine | $ | 2,315 | $ | 1,466 | |
Concentrates | 961 | 3,305 | |||
Materials and supplies | 5,621 | 2,762 | |||
Inventories - current | 8,897 | 7,533 | |||
Ore stockpiles - open pit mine | 797 | 809 | |||
Inventories - non-current | 797 | 809 | |||
Total inventories | $ | 9,694 | $ | 8,342 | |
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Property And Equipment [Abstract] | ' | ||||
Property And Equipment | ' | ||||
5. Property and Equipment | |||||
At September 30, 2013 and December 31, 2012, property and equipment consisted of the following: | |||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Trucks and autos | $ | 1,802 | $ | 1,631 | |
Building | 1,737 | 1,737 | |||
Office furniture and equipment | 2,705 | 2,275 | |||
Machinery and equipment | 16,765 | 11,474 | |||
Subtotal | 23,009 | 17,117 | |||
Accumulated depreciation | -4,958 | -3,067 | |||
Total property and equipment, net | $ | 18,051 | $ | 14,050 | |
Depreciation expense for the three and nine months ended September 30, 2013 was $0.7 million and $1.9 million, respectively. Depreciation expense for the three and nine months ended September 30, 2012 was $0.6 million and $1.1 million, respectively. | |||||
In May and June 2013, the Company entered into financing transactions with certain equipment financing companies whereby the Company sold to them mining equipment that was purchased by the Company from February 2013 through June 2013. The equipment was subsequently leased back to the Company for a three-year period with a bargain purchase option at the end of the lease term, which the Company intends to exercise. The Company will retain full use and all benefits attributable to the leased equipment. | |||||
The equipment leases qualify as capital leases and have been recorded at the present value of the future minimum lease payments, including the bargain purchase option and transaction fees, which approximates the net carrying value of the equipment. The equipment leases bear interest at 4.5% to 5.5% per annum, with monthly principal and interest payments of approximately $0.1 million over the three-year lease term. The Company has an option to purchase the equipment at the end of the lease term for less than $0.1 million. The present value of the future minimum lease payments, including the bargain purchase options and up-front transaction fees, totaled $4.8 million, of which $3.1 million represents machinery and equipment and $1.7 represents facilities and mine construction expenses. Depreciation on the leased assets is recorded over their estimated useful lives. | |||||
As of September 30, 2013, the Company’s obligations under capital leases are as follows: | |||||
September 30, | |||||
2013 | |||||
(in thousands) | |||||
2013 | $ | 412 | |||
2014 | 1,621 | ||||
2015 | 1,578 | ||||
2016 | 901 | ||||
Total payments due | 4,512 | ||||
Less amounts representing interest | -293 | ||||
Subtotal | 4,219 | ||||
Less current portion | -1,462 | ||||
Non-current portion | $ | 2,757 | |||
Asset_Retirement_Obligation
Asset Retirement Obligation | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Asset Retirement Obligation [Abstract] | ' | ||||
Asset Retirement Obligation | ' | ||||
6. Asset Retirement Obligation | |||||
The Company’s asset retirement obligation (“ARO”) relates to the estimated reclamation, remediation, and closure costs for its El Aguila Project. The following table presents the changes in ARO at September 30, 2013 and December 31, 2012. | |||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Asset retirement obligation – opening balance | $ | 2,790 | $ | 2,281 | |
Additions and changes in estimates | - | 258 | |||
Foreign currency exchange (gain) loss | -30 | 170 | |||
Accretion | 84 | 81 | |||
Asset retirement obligation – ending balance | $ | 2,844 | $ | 2,790 | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
7. Shareholders’ Equity | |
The Company declared dividends of $4.8 million and $9.5 million and paid gross cash dividends of $4.8 million and $9.5 million during the three months ended September 30, 2013 and 2012, respectively. During the nine months ended the Company declared dividends of $19.1 million and $27.0 million and paid gross cash dividends of $20.7 million and $26.4 million, respectively. Under our dividend exchange program during the three months ended September 30, 2013 our shareholders who participated in the program exchanged gross cash dividends of $0.2 million for approximately 108 ounces of gold and 605 ounces of silver and for September 30, 2012 exchanged gross cash dividends of $0.5 million for approximately 311 ounces of gold and 764 ounces of silver, respectively. For the nine months ended September 30, 2013 our shareholders who participated in the program exchanged gross cash dividends of $1.1 million for approximately 670 ounces of gold and 2,847 ounces of silver and for September 30, 2012 gross cash dividends of $1.3 million for approximately 742 ounces of gold and 3,818 ounces of silver, respectively. The Board of Directors has authorized the Company’s dividends to be charged to paid-in-capital until such time as the Company has retained earnings, at which time dividends will be charged to retained earnings to the extent that the Company has retained earnings. For the nine months ended September 30, 2013 and 2012, all dividends were charged to paid-in capital. | |
Concentrate_Sale_Settlements
Concentrate Sale Settlements | 9 Months Ended |
Sep. 30, 2013 | |
Concentrate Sale Settlements [Abstract] | ' |
Concentrate Sale Settlements | ' |
8. Concentrate Sale Settlements | |
The Company records adjustments to sales of metals concentrate that result from final settlement of provisional invoices in the period that the final invoice settlement occurs. The Company also reviews assays taken at the mine site on its concentrate shipments, upon which the Company’s provisional invoices are based, to assays obtained from samples taken at the buyer’s warehouse prior to final settlement, upon which the final invoices are in part based, to assess whether an adjustment to sales is required prior to final invoice settlement. These adjustments resulted in a decrease of $3.5 million and $3.8 million to sales during the three and nine months ended September 30, 2013, respectively, and a decrease to sales of $3.7 million for the three and nine months ended September 30, 2012, respectively. | |
In addition to the final settlement adjustments on provisional invoices, the Company records a sales adjustment to mark-to-market outstanding provisional invoices at the end of each reporting period. These adjustments resulted in a decrease to sales of $0.9 million and $0.9 million for the three and nine months ended September 30, 2013, respectively, and an increase to sales of $2.1 million and $1.4 million for the three and nine months ended September 30, 2012. | |
Sales of metals concentrate are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $3.5 million and $11.0 million for the three and nine months ended September 30, 2013 and $4.1 million and $12.7 million for the three and nine months ended September 30, 2012. | |
Stock_Options
Stock Options | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stock Options [Abstract] | ' | |||||||||
Stock Options | ' | |||||||||
9. Stock Options | ||||||||||
The Company has a non-qualified stock option and stock grant plan under which equity awards may be granted to key employees, directors and others (the “Plan”). A summary of activity under the Plan for the nine months ended September 30, 2013 is presented below: | ||||||||||
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in yrs.) | Aggregate Intrinsic Value | |||||||
Outstanding as of January 1, 2013 | 6,020,000 | $ | 8.55 | 6.1 | $ | 46,698,100 | ||||
Granted | 1,220,000 | 10.01 | ||||||||
Forfeited | -390,000 | 17.64 | ||||||||
Exercised | -700,000 | 0.78 | ||||||||
Outstanding as of September 30, 2013 | 6,150,000 | $ | 9.13 | 6.5 | $ | 10,719,000 | ||||
Vested and exercisable as of September 30, 2013 | 4,008,333 | $ | 6.28 | 5.0 | $ | 10,719,000 | ||||
The fair value of options granted during the three and nine months ended September 30, 2013 was $2.2 million and $5.2 million, respectively. The options vest over a three year period and have an exercise term of 10 years. The total fair value of stock options vested during the three and nine months ended September 30, 2013 was $6.7 and $7.4 million, respectively. | ||||||||||
The following table summarizes information about stock options outstanding at September 30, 2013: | ||||||||||
Outstanding | Exercisable | |||||||||
Range of Exercise Prices | Number of Options | Weighted Average Remaining Contractual Term (in yrs.) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||
$0.25 | 800,000 | 0.3 | $ | 0.25 | 800,000 | $ | 0.25 | |||
$3.40 - $3.95 | 1,900,000 | 5.0 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$7.24 - $14.36 | 1,830,000 | 8.7 | $ | 10.68 | 845,000 | $ | 11.51 | |||
$17.10 - $20.51 | 1,620,000 | 8.9 | $ | 18.19 | 463,333 | $ | 17.91 | |||
6,150,000 | 6.5 | $ | 9.13 | 4,008,333 | $ | 6.28 | ||||
The fair value of stock option grants is amortized over the respective vesting period. Total stock-based compensation expense related to stock options for the three and nine months ended September 30, 2013 was $2.3 million and $6.0 million, respectively, and for the three and nine months ended September 30, 2012 was $1.9 million and $6.6 million, respectively. Stock-based compensation expense has been allocated between production costs and general and administrative expense for the three and nine months ended September 30, 2013 and 2012 as follows: | ||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
(in thousands) | (in thousands) | |||||||||
Production costs | $ | 679 | $ | 800 | $ | 1,871 | $ | 2,988 | ||
General and administrative expenses | 1,628 | 1,180 | 4,125 | 3,652 | ||||||
Total stock-based compensation | $ | 2,307 | $ | 1,980 | $ | 5,996 | $ | 6,640 | ||
The estimated unrecognized stock-based compensation expense from unvested options as of September 30, 2013 was approximately $13.9 million, and is expected to be recognized over the remaining vesting periods of up to 3.0 years. | ||||||||||
The assumptions used to determine the value of stock-based awards under the Black-Scholes method are summarized below: | ||||||||||
Nine months ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Risk-free interest rate | 0.68% - 1.62% | 1.59% - 2.31% | ||||||||
Dividend yield | 2.87% - 3.40% | 2.47% - 3.11% | ||||||||
Expected volatility | 62.74% - 63.21% | 66.17% - 67.11% | ||||||||
Expected life in years | 5 | 10 | ||||||||
Other_Expense
Other Expense | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Expense [Abstract] | ' | ||||||||
Other Expense | ' | ||||||||
10. Other Expense | |||||||||
Other expense for the three and nine months ended September 30, 2013 and 2012 consisted of the following: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
(in thousands) | (in thousands) | ||||||||
Unrealized foreign currency exchange loss | $ | -494 | $ | -791 | $ | -711 | $ | -1,496 | |
Realized foreign currency exchange (loss) gain | -59 | 325 | 95 | -237 | |||||
Impairment loss on gold and silver bullion | - | - | -1,743 | - | |||||
Realized gain (loss) from gold and silver bullion converted | 20 | -19 | -69 | -109 | |||||
Interest income | 28 | 31 | 93 | 93 | |||||
Interest expense | -48 | - | -48 | - | |||||
Other expense | -107 | -31 | -175 | -33 | |||||
Total other expense | $ | -660 | $ | -485 | $ | -2,558 | $ | -1,782 | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
11. Income Taxes | |
The Company recorded an income tax (benefit) expense of $(0.7) million and $3.0 million for the three and nine months ending September 30, 2013, respectively. During the three and nine months ending September 30, 2012, the Company recorded income tax expense of $5.6 million and $16.4 million, respectively. | |
During the three and nine months ending September 30, 2013, the Company has received advances of $2.7 million and $21.0 million, respectively, from its Mexican operations. The company has historically asserted permanent reinvestment of all Mexico earnings. The impact of the planned annual dividend for 2013, net of foreign tax credits, is reflected in the estimated annual effective tax rate. | |
During the quarter ended September 30, 2013, the Company experienced an increase in its annualized effective tax rate principally due to lower than expected foreign tax credits resulting from lower forecasted earnings. | |
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of September 30, 2013, the Company believes it has sufficient positive evidence to conclude that realization of its federal, state and foreign deferred tax assets of Gold Resource Corporation and Golden Trump Resources, S.A. de C.V. are more likely than not to be realized. | |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2013, the Company has not identified any uncertain tax positions. The Company files income tax returns in U.S. federal and state jurisdictions, Mexico and Turkey. There are currently no U.S. federal or state, Mexico or Turkey income tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject to U.S. federal income tax examination by the Internal Revenue Service or by state and local tax authorities for tax years ended on or before December 31, 2010 or Mexican tax examinations for tax years ended on or before December 31, 2007, or Turkey tax examinations for tax years ended on or before December 31, 2011. Although certain tax years are closed under the statute of limitations, tax authorities can still adjust tax losses being carried forward to open tax years. | |
Net_Loss_Income_Per_Common_Sha
Net (Loss) Income Per Common Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Net (Loss) Income Per Common Share [Abstract] | ' | ||||||||
Net (Loss) Income Per Common Share | ' | ||||||||
12. Net (Loss) Income per Common Share | |||||||||
Basic (loss) earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. | |||||||||
The effect of potentially dilutive stock options on the weighted average number of shares outstanding for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
(in thousands, except share data) | (in thousands, except share data) | ||||||||
Net (loss) income | $ | -1,830 | $ | 6,872 | $ | 4,183 | $ | 24,501 | |
Basic weighted average common shares outstanding | 53,320,673 | 52,848,586 | 53,093,288 | 52,885,640 | |||||
Dilutive effect of stock options | - | 3,406,046 | 2,271,129 | 3,479,676 | |||||
Diluted weighted average common shares outstanding | 53,320,673 | 56,254,632 | 55,364,417 | 56,365,316 | |||||
Net (loss) income per basic share | $ | -0.03 | $ | 0.13 | $ | 0.08 | $ | 0.46 | |
Net (loss) income per diluted share | $ | -0.03 | $ | 0.12 | $ | 0.08 | $ | 0.43 | |
Stock options totaling 2.8 million and 2.7 million for the three and nine months ending September 30, 2013, respectively, were excluded from the computation of diluted weighted average shares outstanding, since the exercise price of those stock options exceeded the average market price of the Company’s common shares of $7.92 and $10.40 during the three and nine months ended September 30, 2013, respectively. Stock options totaling 0.3 and nil million for the three and nine months ending September 30, 2012 were excluded from the computation of diluted weighted average shares outstanding, since the exercise price of those stock options exceeded the average market price of the Company’s common shares of $20.66 and $23.77 during the three and nine months ended September 30, 2012, respectively. | |||||||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
13. Legal Proceedings | |
A purported securities class action lawsuit filed against the Company on October 25, 2012 and subsequently captioned In re Gold Resource Corp. Securities Litigation, No.1:12-cv-02832 was pending in U.S. District Court for the District of Colorado. The complaint alleged violations of federal securities laws by the Company and certain of its officers and directors. On July 15, 2013, the federal district court granted the Company’s motion to dismiss the lawsuit with prejudice. The plaintiff filed notice it intends to appeal the District Court’s decision to the United States Court of Appeals for the Tenth Circuit. | |
On February 8, 2013, a shareholder’s derivative lawsuit entitled City of Bristol Pension Fund v. Reid et al., No. 1:13-CV-00348 was filed in the U.S. District Court for the District of Colorado naming the Company as a nominal defendant, and naming seven of its current and former officers and directors as defendants. The lawsuit alleges breach of fiduciary duty, gross mismanagement and unjust enrichment and seeks to recover, for the Company’s benefit, unspecified damages purportedly sustained by the Company in connection with the alleged misconduct identified in the class action lawsuit discussed above and an award of attorney’s fees and costs. The action was stayed pending resolution of the motion to dismiss in the securities class action lawsuit and the stay has been extended pending the appeal. There has been no discovery as the case is in its initial stages and accordingly, the Company is not in a position to assess the likelihood or estimate the potential range of loss associated with this matter; however, pursuant to the Company’s articles of incorporation, it is obligated to indemnify its officers and directors with respect to this litigation and the Company will bear the cost associated with defense of these claims. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and conform to United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned Mexican subsidiaries, which are Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”) and Golden Trump Mexico S.A. de C.V (“Golden Trump Mexico”) and the Company’s wholly owned Turkish subsidiary, Gold Resource Madencilik Sanayi Ve Ticaret Limited Sirketi. Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2012. Except as noted below, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s Form 10-K. | |
In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2012. However, the results of operations for the interim period ended September 30, 2013 may not be indicative of results of operations to be expected for the full fiscal year. | |
Use Of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Revenue Recognition | ' |
Revenue Recognition: Sales of concentrates are recorded net of treatment and refining charges, plus final settlement and mark-to-market price adjustments. Treatment and refining charges represent payments or price adjustments that are fixed and applied on a per tonne, pound or ounce basis, and in some cases provide for an increase in charges based on increases in metal prices above a base price. Treatment and refining charges are estimated upon shipment of concentrates based on contractual terms, with adjustments made at final settlement. Adjustments at final settlement typically do not vary materially from estimates made upon shipment; however, mark-to-market price adjustments could vary materially based on the precious metals market. In addition, because a portion of the metals contained in concentrates are unrecoverable as a result of the smelting process, the Company’s revenues from sales of concentrates are also recorded net of allowances based on the quantity and value of these estimated unrecoverable metals. These allowances are negotiated with the buyer of the Company’s concentrates. | |
Production Costs | ' |
Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine employees, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support our mining operations. | |
Reclassifications | ' |
Reclassifications: Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. | |
Exploration Stage Company: The Company has not yet demonstrated the existence of proven or probable reserves at its El Aguila Project in Oaxaca, Mexico or any of its other properties under the criteria set forth by the SEC and is therefore considered an exploration stage company in accordance with Guide 7. As a result, substantially all of our investment in mining properties to date, including construction of the mill, mine facilities, asset retirement obligations and mine construction expenditures, have been expensed as incurred, and will continue to be expensed as incurred until such time as mineralized material is classified as proven or probable reserves. Certain expenditures, such as for rolling stock or other general-purpose equipment, may be capitalized, subject to evaluation of the possible impairment of the asset. Although for purposes of ASC 915 Development Stage Entities, the Company commenced its intended operations of mining, processing and selling mineralized material in July 2010, the Company believed that its characterization as an exploration stage company under Guide 7 required it to report its financial statements consistent with a development stage company which required among other things the reporting of inception to date results of operations, cash flows and other financial information. In response to certain comments raised by the SEC staff regarding the Company’s financial statement presentation, the Company has determined that it is no longer required to include the inception to date reporting in its financial statements even though it remains an exploration stage company for accounting purposes in accordance with Guide 7. Therefore, the Company has revised its financial statement presentation in this report to omit the inception to date reporting in its condensed consolidated statement of operations, condensed consolidated statement of cash flows and other financial information , which differs from the presentation in the Form 10-K for the year ended December 31, 2012. The Company will not exit the exploration stage for accounting purposes unless and until it demonstrates the existence of proven or probable reserves that meet SEC guidelines and will continue to expense its activities as described above until such time as it exits the exploration stage. Please see the Cautionary Note at the beginning of this report for other information regarding our stage company. | |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||
Fair Value, by Balance Sheet Reclassification | ' | |||||||||||
Fair Value as of September 30, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | ||||||||
(in thousands) | ||||||||||||
Receivables related to unsettled invoices (1) | $ | - | $ | 5,212 | $ | - | $ | 5,212 | Accounts receivable | |||
Fair Value as of December 31, 2012 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | ||||||||
(in thousands) | ||||||||||||
Receivables related to unsettled invoices (1) | $ | - | $ | 6,349 | $ | - | $ | 6,349 | Accounts receivable | |||
(1) Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). | ||||||||||||
Gains and losses related to changes in the fair value | ' | |||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
Type | 2013 | 2012 | 2013 | 2012 | Statement of Operations Classification | |||||||
(in thousands) | (in thousands) | |||||||||||
Receivables related to unsettled invoices on provisionally priced sales (1) | Derivative (loss) gain | $ | -915 | $ | 2,065 | $ | -915 | $ | 1,422 | Sales of metals concentrate, net | ||
(1) These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in sales of metals concentrate, net as of each reporting date. | ||||||||||||
Gold_And_Silver_Bullion_Tables
Gold And Silver Bullion (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Gold And Silver Bullion [Abstract] | ' | ||||||||
Schedule Of Company's Holdings | ' | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Gold | Silver | Gold | Silver | ||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | ||||||||
Ounces | 1,710 | 93,669 | 1,774 | 95,495 | |||||
Carrying value per ounce | $ | 1,201.31 | $ | 18.86 | $ | 1,659.83 | $ | 30.00 | |
Total carrying value | $ | 2,054 | $ | 1,767 | $ | 2,945 | $ | 2,864 | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Inventories [Abstract] | ' | ||||
Summary Of Inventories | ' | ||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Ore stockpiles - underground mine | $ | 2,315 | $ | 1,466 | |
Concentrates | 961 | 3,305 | |||
Materials and supplies | 5,621 | 2,762 | |||
Inventories - current | 8,897 | 7,533 | |||
Ore stockpiles - open pit mine | 797 | 809 | |||
Inventories - non-current | 797 | 809 | |||
Total inventories | $ | 9,694 | $ | 8,342 | |
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Property And Equipment [Abstract] | ' | ||||
Schedule Of Property And Equipment | ' | ||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Trucks and autos | $ | 1,802 | $ | 1,631 | |
Building | 1,737 | 1,737 | |||
Office furniture and equipment | 2,705 | 2,275 | |||
Machinery and equipment | 16,765 | 11,474 | |||
Subtotal | 23,009 | 17,117 | |||
Accumulated depreciation | -4,958 | -3,067 | |||
Total property and equipment, net | $ | 18,051 | $ | 14,050 | |
Schedule Of Capital Lease Obligations | ' | ||||
September 30, | |||||
2013 | |||||
(in thousands) | |||||
2013 | $ | 412 | |||
2014 | 1,621 | ||||
2015 | 1,578 | ||||
2016 | 901 | ||||
Total payments due | 4,512 | ||||
Less amounts representing interest | -293 | ||||
Subtotal | 4,219 | ||||
Less current portion | -1,462 | ||||
Non-current portion | $ | 2,757 | |||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Asset Retirement Obligation [Abstract] | ' | ||||
Changes In Asset Retirement Obligation | ' | ||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
(in thousands) | |||||
Asset retirement obligation – opening balance | $ | 2,790 | $ | 2,281 | |
Additions and changes in estimates | - | 258 | |||
Foreign currency exchange (gain) loss | -30 | 170 | |||
Accretion | 84 | 81 | |||
Asset retirement obligation – ending balance | $ | 2,844 | $ | 2,790 | |
Stock_Options_Tables
Stock Options (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stock Options [Abstract] | ' | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in yrs.) | Aggregate Intrinsic Value | |||||||
Outstanding as of January 1, 2013 | 6,020,000 | $ | 8.55 | 6.1 | $ | 46,698,100 | ||||
Granted | 1,220,000 | 10.01 | ||||||||
Forfeited | -390,000 | 17.64 | ||||||||
Exercised | -700,000 | 0.78 | ||||||||
Outstanding as of September 30, 2013 | 6,150,000 | $ | 9.13 | 6.5 | $ | 10,719,000 | ||||
Vested and exercisable as of September 30, 2013 | 4,008,333 | $ | 6.28 | 5.0 | $ | 10,719,000 | ||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||
Outstanding | Exercisable | |||||||||
Range of Exercise Prices | Number of Options | Weighted Average Remaining Contractual Term (in yrs.) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||
$0.25 | 800,000 | 0.3 | $ | 0.25 | 800,000 | $ | 0.25 | |||
$3.40 - $3.95 | 1,900,000 | 5.0 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$7.24 - $14.36 | 1,830,000 | 8.7 | $ | 10.68 | 845,000 | $ | 11.51 | |||
$17.10 - $20.51 | 1,620,000 | 8.9 | $ | 18.19 | 463,333 | $ | 17.91 | |||
6,150,000 | 6.5 | $ | 9.13 | 4,008,333 | $ | 6.28 | ||||
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense | ' | |||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
(in thousands) | (in thousands) | |||||||||
Production costs | $ | 679 | $ | 800 | $ | 1,871 | $ | 2,988 | ||
General and administrative expenses | 1,628 | 1,180 | 4,125 | 3,652 | ||||||
Total stock-based compensation | $ | 2,307 | $ | 1,980 | $ | 5,996 | $ | 6,640 | ||
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards | ' | |||||||||
Nine months ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Risk-free interest rate | 0.68% - 1.62% | 1.59% - 2.31% | ||||||||
Dividend yield | 2.87% - 3.40% | 2.47% - 3.11% | ||||||||
Expected volatility | 62.74% - 63.21% | 66.17% - 67.11% | ||||||||
Expected life in years | 5 | 10 | ||||||||
Other_Expense_Tables
Other Expense (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Expense [Abstract] | ' | ||||||||
Schedule Of Other Expense | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
(in thousands) | (in thousands) | ||||||||
Unrealized foreign currency exchange loss | $ | -494 | $ | -791 | $ | -711 | $ | -1,496 | |
Realized foreign currency exchange (loss) gain | -59 | 325 | 95 | -237 | |||||
Impairment loss on gold and silver bullion | - | - | -1,743 | - | |||||
Realized gain (loss) from gold and silver bullion converted | 20 | -19 | -69 | -109 | |||||
Interest income | 28 | 31 | 93 | 93 | |||||
Interest expense | -48 | - | -48 | - | |||||
Other expense | -107 | -31 | -175 | -33 | |||||
Total other expense | $ | -660 | $ | -485 | $ | -2,558 | $ | -1,782 | |
Net_Loss_Income_Per_Common_Sha1
Net (Loss) Income Per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Net (Loss) Income Per Common Share [Abstract] | ' | ||||||||
Net (Loss) Income Per Share | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
(in thousands, except share data) | (in thousands, except share data) | ||||||||
Net (loss) income | $ | -1,830 | $ | 6,872 | $ | 4,183 | $ | 24,501 | |
Basic weighted average common shares outstanding | 53,320,673 | 52,848,586 | 53,093,288 | 52,885,640 | |||||
Dilutive effect of stock options | - | 3,406,046 | 2,271,129 | 3,479,676 | |||||
Diluted weighted average common shares outstanding | 53,320,673 | 56,254,632 | 55,364,417 | 56,365,316 | |||||
Net (loss) income per basic share | $ | -0.03 | $ | 0.13 | $ | 0.08 | $ | 0.46 | |
Net (loss) income per diluted share | $ | -0.03 | $ | 0.12 | $ | 0.08 | $ | 0.43 | |
Fair_Value_Measurement_Balance
Fair Value Measurement (Balance Sheet Classification) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Receivables related to unsettled invoices | $5,212 | [1] | $6,349 | [1] |
Fair Value Inputs Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Receivables related to unsettled invoices | $5,212 | [1] | $6,349 | [1] |
[1] | Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). |
Fair_Value_Measurement_Stateme
Fair Value Measurement (Statement Of Operations Classification) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value Measurement [Abstract] | ' | ' | ' | ' | ||||
Derivative gain (loss) | ($915) | [1] | $2,065 | [1] | ($915) | [1] | $1,422 | [1] |
[1] | These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in sales of metals concentrate, net as of each reporting date. |
Gold_And_Silver_Bullion_Narrat
Gold And Silver Bullion (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Realized gain (loss) on gold/silver coin | $20,000 | ($19,000) | ($69,000) | ($109,000) |
Impairment loss on gold and silver bullion | ' | ' | 1,743,000 | ' |
Gold And Silver [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Total cost of gold and silver | ' | ' | $1,000,000 | $4,700,000 |
Gold [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Ounces of gold purchased | ' | ' | 608 | 1,672 |
Converted ounces | 108 | 311 | 670 | 742 |
Silver [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Ounces of silver purchased | ' | ' | ' | 59,001 |
Converted ounces | 605 | 764 | 2,847 | 3,818 |
Gold_And_Silver_Bullion_Schedu
Gold And Silver Bullion (Schedule Of Company's Holdings) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Total carrying value | $3,821 | $5,809 |
Gold [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Ounces | 1,710 | 1,774 |
Carrying value per ounce | 1,201.31 | 1,659.83 |
Total carrying value | 2,054 | 2,945 |
Silver [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Ounces | 93,669 | 95,495 |
Carrying value per ounce | 18.86 | 30 |
Total carrying value | $1,767 | $2,864 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Line Items] | ' | ' |
Concentrates | $961 | $3,305 |
Materials and supplies | 5,621 | 2,762 |
Inventories - current | 8,897 | 7,533 |
Inventories - non-current | 797 | 809 |
Total inventories | 9,694 | 8,342 |
Underground Mine [Member] | ' | ' |
Inventories [Line Items] | ' | ' |
Ore stockpiles | 2,315 | 1,466 |
Open Pit Mine [Member] | ' | ' |
Inventories [Line Items] | ' | ' |
Ore stockpiles | $797 | $809 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Depreciation expense | $0.70 | $0.60 | $1.90 | $1.10 |
Capital lease term | ' | ' | '3 years | ' |
Monthly lease payment amount | ' | ' | 0.1 | ' |
Purchase price option amount after end of lease term | ' | ' | 0.1 | ' |
Present Value of Future Minimum Lease Payments | 4.8 | ' | 4.8 | ' |
Assets under capital lease | 3.1 | ' | 3.1 | ' |
Construction and development expenses | ' | ' | $1.70 | ' |
Maximum [Member] | ' | ' | ' | ' |
Lease interest rate | ' | ' | 5.50% | ' |
Minimum [Member] | ' | ' | ' | ' |
Lease interest rate | ' | ' | 4.50% | ' |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $23,009 | $17,117 |
Accumulated depreciation | -4,958 | -3,067 |
Total property, plant and equipment, net | 18,051 | 14,050 |
Trucks And Autos [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,802 | 1,631 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,737 | 1,737 |
Office Furniture And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,705 | 2,275 |
Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $16,765 | $11,474 |
Property_And_Equipment_Schedul1
Property And Equipment (Schedule Of Capital Lease Obligations) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Property And Equipment [Abstract] | ' |
2013 | $412 |
2014 | 1,621 |
2015 | 1,578 |
2016 | 901 |
Total payments due | 4,512 |
Less amounts representing interest | -293 |
Subtotal | 4,219 |
Less current portion | -1,462 |
Non-current portion | $2,757 |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Asset Retirement Obligation [Abstract] | ' | ' | ' | ' | ' |
Asset retirement obligation - opening balance | ' | ' | $2,790 | $2,281 | $2,281 |
Additions and changes in estimates | ' | ' | ' | ' | 258 |
Foreign currency exchange (gain) loss | ' | ' | -30 | ' | 170 |
Accretion | 27 | 20 | 84 | 60 | 81 |
Asset retirement obligation - ending balance | $2,844 | ' | $2,844 | ' | $2,790 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Dividends declared | $4.80 | $9.50 | $19.10 | $27 |
Dividends paid on common stock | 4.8 | 9.5 | 20.7 | 26.4 |
Gold And Silver [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Dividend Exchange Program | $0.20 | $0.50 | $1.10 | $1.30 |
Gold [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Converted ounces | 108 | 311 | 670 | 742 |
Silver [Member] | ' | ' | ' | ' |
Gold and Silver Bullion [Line Items] | ' | ' | ' | ' |
Converted ounces | 605 | 764 | 2,847 | 3,818 |
Concentrate_Sales_Settlements_
Concentrate Sales Settlements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Smelter refining fees, treatment charges and penalties | $3.50 | $4.10 | $11 | $12.70 |
Settlement Of Provisional Invoices [Member] | ' | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Increase (decrease) in sales revenue | -3.5 | -3.7 | -3.8 | -3.7 |
Fair Value [Member] | ' | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Increase (decrease) in sales revenue | ($0.90) | $2.10 | ($0.90) | $1.40 |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Abstract] | ' | ' | ' | ' |
Aggregate grant date fair value of stock options granted during the period | $2,200,000 | ' | $5,200,000 | ' |
Stock options vesting period | ' | ' | '3 years | ' |
Stock options exercise period | ' | ' | '10 years | ' |
Total fair value of shares vested | 6,700,000 | ' | 7,400,000 | ' |
Non-cash compensation expense related to stock options | 2,307,000 | 1,980,000 | 5,996,000 | 6,640,000 |
Estimated unrecognized compensation cost from unvested options | $13,900,000 | ' | $13,900,000 | ' |
Estimated unrecognized compensation cost from unvested options, period of recognition | ' | ' | '3 years | ' |
Stock_Options_Summary_of_Activ
Stock Options (Summary of Activity Under Stock Option Plan (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding as of January 1, 2013 | 6,020,000 | ' |
Granted | 1,220,000 | ' |
Forfeited | -390,000 | ' |
Exercised | -700,000 | ' |
Outstanding as of September 30, 2013 | 6,150,000 | 6,020,000 |
Vested and exercisable as of September 30, 2013 | 4,008,333 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding as of January 1, 2013 Weighted Average Exercise Price, Beginning Balance | $8.55 | ' |
Weighted Average Exercise Price, Granted | $10.01 | ' |
Weighted Average Exercise Price, Forfeited | $17.64 | ' |
Weighted Average Exercise Price, Exercised | $0.78 | ' |
Outstanding as of September 30, 2013 Weighted Average Exercise Price, Ending Balance | $9.13 | $8.55 |
Weighted Average Exercise Price, Vested and exercisable as of September 30, 2013 | $6.28 | ' |
Weighted -Average Remaining contractual Term (in yrs) | ' | ' |
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of January 1, 2013 | '6 years 6 months | '6 years 1 month 6 days |
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of September 30, 2013 | '6 years 6 months | '6 years 1 month 6 days |
Weighted Average Remaining Contractual Term (in yrs), Vested and exercisable as of September 30, 2013 | '5 years | ' |
Aggregate Intrinsic value | ' | ' |
Aggregate Intrinsic Value, Outstanding as of January 1, 2013 | $46,698,100 | ' |
Aggregate Intrinsic Value, Outstanding as of September 30, 2013 | 10,719,000 | 46,698,100 |
Aggregate Intrinsic Value, Vested and exercisable as of September 30, 2013 | $10,719,000 | ' |
Stock_Options_Summarized_Infor
Stock Options (Summarized Information About Stock Options Outstanding (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options outstanding | 6,150,000 |
Weighted Average Remaining Contractual Term (in yrs) | '6 years 6 months |
Weighted Average Exercise Price | $9.13 |
Number of Options Exercisable | 4,008,333 |
Weighted Average Exercise Price for Exercisable options | $6.28 |
Range 1 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, upper limit | $0.25 |
Stock options outstanding | 800,000 |
Weighted Average Remaining Contractual Term (in yrs) | '3 months 18 days |
Weighted Average Exercise Price | $0.25 |
Number of Options Exercisable | 800,000 |
Weighted Average Exercise Price for Exercisable options | $0.25 |
Range 2 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $3.40 |
Stock options exercise price range, upper limit | $3.95 |
Stock options outstanding | 1,900,000 |
Weighted Average Remaining Contractual Term (in yrs) | '5 years |
Weighted Average Exercise Price | $3.66 |
Number of Options Exercisable | 1,900,000 |
Weighted Average Exercise Price for Exercisable options | $3.66 |
Range 3 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $7.24 |
Stock options exercise price range, upper limit | $14.36 |
Stock options outstanding | 1,830,000 |
Weighted Average Remaining Contractual Term (in yrs) | '8 years 8 months 12 days |
Weighted Average Exercise Price | $10.68 |
Number of Options Exercisable | 845,000 |
Weighted Average Exercise Price for Exercisable options | $11.51 |
Range 4 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $17.10 |
Stock options exercise price range, upper limit | $20.51 |
Stock options outstanding | 1,620,000 |
Weighted Average Remaining Contractual Term (in yrs) | '8 years 10 months 24 days |
Weighted Average Exercise Price | $18.19 |
Number of Options Exercisable | 463,333 |
Weighted Average Exercise Price for Exercisable options | $17.91 |
Stock_Options_Schedule_Of_Stoc
Stock Options (Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Options [Abstract] | ' | ' | ' | ' |
Production costs | $679 | $800 | $1,871 | $2,988 |
General and administrative expenses | 1,628 | 1,180 | 4,125 | 3,652 |
Total stock-based compensation | $2,307 | $1,980 | $5,996 | $6,640 |
Stock_Options_Assumptions_Used
Stock Options (Assumptions Used to Determine Value of Stock-Based Awards under Black-Scholes Method (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Abstract] | ' | ' |
Risk-free interest rate, Minimum | 0.68% | 1.59% |
Risk-free interest rate, Maximum | 1.62% | 2.31% |
Dividend yield, minimum | 2.87% | 2.47% |
Dividend yield, maximum | 3.40% | 3.11% |
Expected volatility, Minimum | 62.74% | 66.17% |
Expected volatility, Maximum | 63.21% | 67.11% |
Expected life in years | '5 years | '10 years |
Other_Expense_Details
Other Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Expense [Abstract] | ' | ' | ' | ' |
Unrealized foreign currency exchange loss | ($494) | ($791) | ($711) | ($1,496) |
Realized foreign currency exchange (loss) gain | -59 | 325 | 95 | -237 |
Impairment loss on gold and silver bullion | ' | ' | -1,743 | ' |
Realized gain (loss) from gold and silver bullion converted | 20 | -19 | -69 | -109 |
Interest income | 28 | 31 | 93 | 93 |
Interest expense | -48 | ' | -48 | ' |
Other expense | -107 | -31 | -175 | -33 |
Total other expense | ($660) | ($485) | ($2,558) | ($1,782) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income tax (benefit) expense | ($714,000) | $5,600,000 | $2,953,000 | $16,398,000 |
Repatriated dividends from Mexican operations | $2,700,000 | ' | $21,000,000 | ' |
Net_Loss_Income_Per_Share_Narr
Net (Loss) Income Per Share (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net (Loss) Income Per Common Share [Abstract] | ' | ' | ' | ' |
Stock options excluded from the computation of diluted weighted average shares outstanding | 2.8 | 0.3 | 2.7 | 0 |
Average share price | $7.92 | $20.66 | $10.40 | $23.77 |
Net_Loss_Income_Per_Share_Addi
Net (Loss) Income Per Share (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net (Loss) Income Per Common Share [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($1,830) | $6,872 | $4,183 | $24,501 |
Basic weighted average common shares outstanding | 53,320,673 | 52,848,586 | 53,093,288 | 52,885,640 |
Dilutive effect of stock options | ' | 3,406,046 | 2,271,129 | 3,479,676 |
Diluted weighted average common shares outstanding | 53,320,673 | 56,254,632 | 55,364,417 | 56,365,316 |
Basic: | ' | ' | ' | ' |
Net (loss) income per basic share | ($0.03) | $0.13 | $0.08 | $0.46 |
Diluted: | ' | ' | ' | ' |
Net (loss) income per diluted share | ($0.03) | $0.12 | $0.08 | $0.43 |