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STOCKHOLDERS' EQUITY: | 3 Months Ended
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Mar. 31, 2015
STOCKHOLDERS' EQUITY: |
STOCKHOLDERS' EQUITY: | NOTE 11 — STOCKHOLDERS’EQUITY: Treasury Stock: Activity in treasury stock in the three-month period ended March 31, 2015 and 2014 is as follows (in millions):
|  | 2015 |  | 2014 |
Southern Copper common shares |  |  |  |  |
Balance as of January 1, |  | $ | 1,693.5 |  | $ | 1,011.0 |
Purchase of shares |  | 370.1 |  | 52.5 |
Balance as of March 31, |  | 2,063.6 |  | 1,063.5 |
Parent Company (Grupo Mexico) common shares |  |  |  |  |
Balance as of January 1, |  | 207.2 |  | 205.6 |
Other activity, including dividend, interest and currency translation effect |  | (2.9 | ) | 6.3 |
Balance as of March 31, |  | 204.3 |  | 211.9 |
Treasury stock balance as of March 31, |  | $ | 2,267.9 |  | $ | 1,275.4 |
Southern Copper Common Shares: At March 31, 2015 and 2014, there were in treasury 85,058,843 and 51,152,615 SCC’s common shares, respectively. SCC share repurchase program: In 2008, the Company’s Board of Directors (“BOD”) authorized a $500 million share repurchase program that has since been increased by the BOD and is currently authorized to $3 billion. Pursuant to this program, the Company purchased common stock as shown in the table below. These shares are available for general corporate purposes. The Company may purchase additional shares of its common stock from time to time, based on market conditions and other factors. This repurchase program has no expiration date and may be modified or discontinued at any time.
|  |  |  |  |  |  |  | Total Number of |  | Maximum Number |  |  |
|  |  |  |  |  | Average |  | Shares |  | of Shares that May |  |  |
|  |  |  | Total Number |  | Price |  | Purchased as |  | Yet Be Purchased |  |  |
Period |  | of Shares |  | Paid per |  | Part of Publicly |  | Under the Plan |  | Total Cost |
From |  | To |  | Purchased |  | Share |  | Announced Plan |  | @ $29.18 (*) |  | ($ in millions) |
2008 |  | 2012 |  | 46,914,486 |  | $ | 18.72 |  | 46,914,486 |  |  |  | $ | 878.1 |
2013 |  |  |  | 10,245,000 |  | 27.47 |  | 57,159,486 |  |  |  | 281.4 |
2014 |  |  |  | 22,711,428 |  | 30.06 |  | 79,870,914 |  |  |  | 682.8 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/15 |  | 01/31/15 |  | 5,927,154 |  | 27.12 |  | 85,798,068 |  |  |  | 160.7 |
02/01/15 |  | 02/28/15 |  | 2,590,076 |  | 29.45 |  | 88,388,144 |  |  |  | 76.3 |
03/01/15 |  | 03/31/15 |  | 4,563,649 |  | 29.16 |  | 92,951,793 |  |  |  | 133.1 |
Total first quarter |  |  |  | 13,080,879 |  | 29.29 |  |  |  |  |  | 370.1 |
|  |  |  |  |  |  |  |  |  | 26,992,079 |  |  |
Total purchased |  |  |  | 92,951,793 |  | $ | 23.80 |  |  |  |  |  | $ | 2,212.4 |
(*) NYSE closing price of SCC common shares at March 31, 2015. As a result of the repurchase of shares of SCC’s common stock, Grupo Mexico’s direct and indirect ownership was 86.0% as of March 31, 2015. Parent Company common shares: At March 31, 2015 and 2014 there were in treasury 94,325,311 and 72,814,824 of Grupo Mexico’s common shares, respectively. Employee Stock Purchase Plan: 2007 Plan: In January 2007, the Company offered to eligible employees a stock purchase plan (the “Employee Stock Purchase Plan”) through a trust that acquires shares of Grupo Mexico stock for sale to its employees, employees of subsidiaries, and certain affiliated companies. The purchase price is established at the approximate fair market value on the grant date. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight year period of the plan. At the end of the eight year period, the Company will grant the participant a bonus of one share for every ten shares purchased by the employee. If Grupo Mexico pays dividends on shares during the eight year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares. In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price at the date of resignation/termination of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan. In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes. The stock based compensation expense for the first quarter 2015 and 2014 and the unrecognized compensation expense as of March 31, 2015 and 2014 under the Employee Stock Purchase Plan were as follows (in millions):
|  | 2015 |  | 2014 |
Stock based compensation expense |  | $ | — |  | $ | 0.5 |
Unrecognized compensation expense |  | $ | — |  | $ | 1.6 |
The following table presents the stock award activity of the Employee Stock Purchase Plan for the three months ended March 31, 2015 and 2014:
|  | Shares |  | Unit Weighted Average Grant Date Fair Value |
Outstanding shares at January 1, 2015 |  | 4,298,612 |  | $ | 1.16 |
Granted |  | — |  | — |
Exercised |  | — |  | — |
Forfeited |  | (3,660,945 | ) | $ | 1.16 |
Outstanding shares at March 31, 2015 |  | 637,667 |  | $ | 1.16 |
Outstanding shares at January 1, 2014 |  | 4,449,599 |  | $ | 1.16 |
Granted |  | — |  | — |
Exercised |  | (40,632 | ) | $ | 1.16 |
Forfeited |  | — |  | — |
Outstanding shares at March 31, 2014 |  | 4,408,967 |  | $ | 1.16 |
2010 Plan: During 2010, the Company offered to eligible employees a stock purchase plan through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, employees of subsidiaries, and certain affiliated companies. The purchase price was established at 26.51 Mexican pesos (approximately $2.05) for the initial subscription. The terms of this Stock Purchase Plan are similar to the terms of the prior Employee Stock Purchase Plan. The stock based compensation expense for the first quarter 2015 and 2014 and the unrecognized compensation expense under this plan were as follows (in millions):
|  | 2015 |  | 2014 |
Stock based compensation expense |  | $ | 0.1 |  | $ | 0.1 |
Unrecognized compensation expense |  | $ | 2.0 |  | $ | 2.5 |
The unrecognized compensation expense under this plan is expected to be recognized over the remaining three year and nine month period. The following table presents the stock award activity of this plan for the three months ended March 31, 2015 and 2014:
|  | Shares |  | Unit Weighted Average Grant Date Fair Value |
Outstanding shares at January 1, 2015 |  | 2,287,891 |  | $ | 2.05 |
Granted |  | — |  | — |
Exercised |  | — |  | — |
Forfeited |  | — |  | — |
Outstanding shares at March 31, 2015 |  | 2,287,891 |  | $ | 2.05 |
Outstanding shares at January 1, 2014 |  | 3,012,464 |  | $ | 2.05 |
Granted |  | — |  | — |
Exercised |  | (249,446 | ) | $ | 2.05 |
Forfeited |  | — |  | — |
Outstanding shares at March 31, 2014 |  | 2,763,018 |  | $ | 2.05 |
2015 Plan: In January 2015, the Company offered to eligible employees a new stock purchase plan (the “New Employee Stock Purchase Plan”) through a trust that acquires series B of shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 38.44 Mexican pesos (approximately $2.63) for the initial subscription, which expires on January 2023. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight year period of the plan. At the end of the eight year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date. If Grupo Mexico pays dividends on shares during the eight year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares. In the case of voluntary resignation of the employee, the Company will pay to the employee the fair market sales price at the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on the following schedule.
|  | % Deducted |
If the resignation occurs during: |  |  |
1st year after the grant date |  | 90 | %
2nd year after the grant date |  | 80 | %
3rd year after the grant date |  | 70 | %
4th year after the grant date |  | 60 | %
5th year after the grant date |  | 50 | %
6th year after the grant date |  | 40 | %
7th year after the grant date |  | 20 | %
In the case of involuntary termination of the employee, the Company will pay to the employee the fair market sales price at the date of termination of employment of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on the following schedule.
|  | % Deducted |
If the termination occurs during: |  |  |
1st year after the grant date |  | 100 | %
2nd year after the grant date |  | 95 | %
3rd year after the grant date |  | 90 | %
4th year after the grant date |  | 80 | %
5th year after the grant date |  | 70 | %
6th year after the grant date |  | 60 | %
7th year after the grant date |  | 50 | %
In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes. For the three months ended March 31, 2015, there was no stock based compensation under this plan.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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