FORM 10-K
DECEMBER 31, 2004
COMMISSION FILE NO. 1-8491
EXHIBIT 11
HECLA MINING COMPANY AND SUBSIDIARIES
CALCULATION OF WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING
For the Years Ended December 31, 2004, 2003 and 2002
Year Ended December 31,
------------------------------------------------------------
2004 2003 2002
------------------ ------------------ ------------------
Shares of common stock issued at
beginning of period 115,543,695 86,187,468 73,068,796
The incremental effect of the issuance
of stock in exchange for preferred shares 2,211,352 288,930 5,413,094
The incremental effect of the issuance of
new shares for cash, net of issuance costs - - 23,000,000 - -
The incremental effect of the issuance
of new shares under stock option and
warrant plans 300,452 972,928 1,337,437
The incremental effect for the issuance
of stock as compensation 401 168,884 395,052
The incremental effect of the issuance
of stock related to unearned compensation - - - - 57,106
------------------ ------------------ ------------------
118,055,900 110,618,210 80,271,485
Less:
Weighted average treasury shares held 8,274 8,274 21,735
------------------ ------------------ ------------------
Weighted average number of common shares
outstanding during the period 118,047,626 110,609,936 80,249,750
================== ================== ==================