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STOCKHOLDERS' EQUITY: | 9 Months Ended
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Sep. 30, 2022
STOCKHOLDERS' EQUITY: |
STOCKHOLDERS' EQUITY: | ​ NOTE 11 — STOCKHOLDERS’EQUITY: ​ Treasury Stock: ​ Activity in treasury stock in the nine-month period ended September 30, 2022 and 2021 is as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Southern Copper common shares | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | 2,767.2 | ​ | $ | 2,767.5
Used for corporate purposes | ​ |  | (0.2) | ​ |  | (0.1)
Balance as of September 30, | ​ |  | 2,767.0 | ​ |  | 2,767.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Parent Company (Grupo Mexico) common shares | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ |  | 306.8 | ​ |  | 296.0
Other activity, including dividend, interest and foreign currency transaction effect | ​ |  | 22.5 | ​ |  | 17.4
Balance as of September 30, | ​ |  | 329.3 | ​ |  | 313.4
Treasury stock balance as of September 30, | ​ | $ | 3,096.3 | ​ | $ | 3,080.8
​ Common Stock: ​ In September 2022, Grupo Mexico, through its wholly owned subsidiary AMC, purchased 350,000 shares of SCC’s Common Stock. With this purchase and the Company’s repurchase of shares of its Common Stock, the indirect ownership of Grupo Mexico increased to 88.92% at September 30, 2022. ​ Southern Copper Common Shares: ​ On September 30, 2022 and on December 31, 2021, there were in treasury 111,500,417 and 111,509,217 shares of SCC’s common stock, 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 has purchased 119.5 million shares of common stock at a cost of $2.9 billion. 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. ​ There has been no activity in the SCC share repurchase program since the third quarter of 2016. The NYSE closing price for SCC common shares as of September 30, 2022 was $44.84 and the maximum number of shares that the Company could purchase at that price was 1.8 million. ​ As a result of the repurchase of shares of SCC’s common stock, Grupo Mexico’s direct and indirect ownership was 88.9% as of September 30, 2022. ​ Directors’ Stock Award Plan: ​ The Company established a stock award compensation plan for certain directors who are not compensated as employees of the Company. Under this plan, participants received 1,200 shares of common stock upon election and 1,200 additional shares following each annual meeting of stockholders thereafter. 600,000 shares of Southern Copper common stock have been reserved for this plan. On April 26, 2018, the Company's stockholders approved a five-year extension of the Plan until January 29, 2023 and an increase of the shares award from 1,200 to 1,600. The fair value of the award is measured each year at the date of the grant. Commencing with the 2021 grant, the 1,600 shares shall be granted quarterly and conditioned upon the attendance of each director to each Board meeting. The award is not subject to vesting requirements. ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Total SCC shares reserved for the plan |  | 600,000 |  | 600,000
Total shares granted at January 1, |  | (405,200) |  | (391,600)
Granted in the period |  | (8,800) |  | (8,000)
Total shares granted at September 30, |  | (414,000) |  | (399,600)
Remaining shares reserved |  | 186,000 |  | 200,400
​ Parent Company common shares: ​ At September 30, 2022 and at December 31, 2021 there were in treasury 75,332,743 and 79,800,655 of Grupo Mexico’s common shares, respectively. ​ Employee Stock Purchase Plan: ​ 2015 Plan: In January 2015, the Company offered to eligible employees a new stock purchase plan through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was set at 38.44 Mexican pesos (approximately $2.63) for the initial subscription, which expires in 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 or involuntary resignation/termination 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 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 nine months of 2022 and 2021 and the unrecognized compensation expense under this plan were as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Stock based compensation expense | ​ | $ | 0.5 | ​ | $ | 0.5
Unrecognized compensation expense | ​ | $ | 0.5 | ​ | $ | 1.0
​ The following table presents the activity of this plan for the nine months ended September 30, 2022 and 2021: ​ ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Unit Weighted Average
​ | ​ | Shares | ​ | Grant Date Fair Value
Outstanding shares at January 1, 2022 |  | 867,234 | ​ | $ | 2.63
Granted |  | — | ​ |  | —
Exercised |  | (21,339) | ​ | $ | 2.63
Forfeited |  | — | ​ |  | —
Outstanding shares at September 30, 2022 |  | 845,895 | ​ | $ | 2.63
Outstanding shares at January 1, 2021 |  | 1,264,410 | ​ | $ | 2.63
Granted |  | — | ​ |  | —
Exercised |  | (381,288) | ​ | $ | 2.63
Forfeited |  | — | ​ |  | —
Outstanding shares at September 30, 2021 |  | 883,122 | ​ | $ | 2.63
​ 2018 Plan: In November 2018, the Company offered a new stock purchase plan (the “New Employee Stock Purchase Plan”) to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 37.89 Mexican pesos (approximately $1.86) for the initial subscription, which expires in October 2026. 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 or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price on 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 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 nine months ended September 30, 2022 and 2021 and the unrecognized compensation expense under this plan were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 | ​ | 2021
Stock based compensation expense | ​ | $ | 0.5 |  | $ | 0.5
Unrecognized compensation expense | ​ | $ | 2.6 |  | $ | 3.3
​ ​ The following table presents the stock award activity of this plan for the nine months ended September 30, 2022 and 2021: ​ ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Unit Weighted Average
​ |  | Shares |  | Grant Date Fair Value
Outstanding shares at January 1, 2022 |  | 3,173,924 | $ | 1.86
Granted |  | — | ​ | —
Exercised |  | (312,907) | $ | 1.86
Forfeited |  | — | ​ | —
Outstanding shares at September 30, 2022 |  | 2,861,017 | $ | 1.86
Outstanding shares at January 1, 2021 | ​ | 3,918,458 | $ | 1.86
Granted | ​ | — | ​ | —
Exercised | ​ | (716,449) | $ | 1.86
Forfeited | ​ | — | ​ | —
Outstanding shares at September 30, 2021 |  | 3,202,009 | $ | 1.86
​ Non-controlling interest: ​ The following table presents the non-controlling interest activity for the nine months ended September 30, 2022 and 2021 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Balance as of January 1, |  | $ | 58.6 |  | $ | 51.2
Net earnings | ​ |  | 6.8 | ​ |  | 10.6
Dividend paid | ​ |  | (4.2) | ​ |  | (4.4)
Balance as of September 30, |  | $ | 61.2 |  | $ | 57.4
​

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