HECLA MINING CO/DE/ Earnings Per Share Disclosure
Note 8: Income (Loss) per Common Share
We calculate basic income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, performance based and restricted stock units, and if-converted method for convertible preferred shares.
Potential dilutive common shares include outstanding unvested restricted stock unit awards, deferred restricted stock units, performance based units, warrants and convertible preferred stock (collectively referred to as dilutive units) for periods in which we have reported net income. The 2024 dilutive units exclude the impact of 2,068,000 warrants exercisable at $8.02 per warrant, due to their anti-dilutive impact. For periods in which we reported net losses, potential dilutive units are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.
The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share):
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Year ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator |
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Net income (loss) |
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$ |
321,712 |
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$ |
35,802 |
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$ |
(84,217 |
) |
Preferred stock dividends |
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(552 |
) |
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(552 |
) |
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(552 |
) |
Net income (loss) applicable to common stockholders |
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$ |
321,160 |
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$ |
35,250 |
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$ |
(84,769 |
) |
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Denominator |
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Basic weighted average common shares |
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651,965 |
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620,848 |
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605,668 |
|
Dilutive units |
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|
3,803 |
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|
1,687 |
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|
— |
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Diluted weighted average common shares |
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655,768 |
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|
622,535 |
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605,668 |
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Basic income (loss) per common share |
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$ |
0.49 |
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|
$ |
0.06 |
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|
$ |
(0.14 |
) |
Diluted income (loss) per common share |
|
$ |
0.49 |
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|
$ |
0.06 |
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|
$ |
(0.14 |
) |
For the year ended December 31, 2023, 3,616,006 outstanding dilutive units were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have no effect on the calculation of loss per share.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.