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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
STOCKHOLDERS' EQUITY: |
STOCKHOLDERS' EQUITY: | NOTE 10 — STOCKHOLDERS’EQUITY: ​ Treasury Stock: ​ Activity in treasury stock in the three-month period ended March 31, 2024 and 2023 is as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Southern Copper common shares | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | 2,766.6 | ​ | $ | 2,766.9
Used for corporate purposes | ​ |  | (*) | ​ |  | (0.1)
Balance as of March 31, | ​ |  | 2,766.6 | ​ |  | 2,766.8
​ | ​ | ​ | ​ | ​ | ​ | ​
Parent Company (Grupo Mexico) common shares | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ |  | 382.3 | ​ |  | 340.7
Other activity, including dividend, interest and foreign currency translation effect | ​ |  | 8.3 | ​ |  | 7.6
Balance as of March 31, | ​ |  | 390.6 | ​ |  | 348.3
Treasury stock balance as of March 31, | ​ | $ | 3,157.2 | ​ | $ | 3,115.1
(*) Less than $0.1 million. 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 December 31, 2022. ​ Southern Copper Common Shares: ​ On March 31, 2024 and on December 31, 2023, there were in treasury 111,482,817 and 111,485,617 shares of SCC’s common stock, respectively. ​ Directors’ Stock Award Plan: ​ The Company has established a Director´s Stock Award Plan for certain non-employee directors. Southern Copper has reserved 600,000 shares of common stock for the plan. Under this plan, participants are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the grant. On May 27, 2022, the Company’s stockholders approved a five-year extension of the Plan until January 27, 2028. The award is not subject to vesting requirements. ​ For 2023 and 2022, the stock-based compensation expense associated with this plan amounted to $0.3 million for both years. ​ The activity of this plan for the years ended March 31, 2024 and 2023 was as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Total SCC shares reserved for the plan |  | 600,000 |  | 600,000
Total shares granted at January 1, |  | (428,800) |  | (416,800)
Granted in the period |  | (2,800) |  | (3,200)
Total shares granted at March 31, |  | (431,600) |  | (420,000)
Remaining shares reserved |  | 168,400 |  | 180,000
​ Parent Company common shares: ​ At March 31, 2024 and 2023 there were in treasury 67,775,330 and 72,325,043 of Grupo Mexico’s common shares, respectively. ​ Employee Stock Purchase Plan: ​ 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 three-month period ended March 31, 2024 and 2023 and the unrecognized compensation expense under this plan were as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023
Stock based compensation expense | ​ | $ | 0.2 |  | $ | 0.2
Unrecognized compensation expense | ​ | $ | 1.5 |  | $ | 2.2
​ ​ The following table presents the stock award activity of this plan for the three-month period ended March 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Unit Weighted Average
​ |  | Shares |  | Grant Date Fair Value
Outstanding shares at January 1, 2024 |  | 1,962,936 | $ | 1.86
Granted |  | — | $ | —
Exercised |  | (22,216) |  | 1.86
Forfeited |  | ​ | ​ | —
Outstanding shares at March 31, 2024 |  | 1,940,720 | $ | 1.86
Outstanding shares at January 1, 2023 | ​ | 2,754,506 | $ | 1.86
Granted | ​ | — | ​ | —
Exercised | ​ | (624,026) | ​ | —
Forfeited | ​ | — | ​ | —
Outstanding shares at March 31, 2023 |  | 2,130,480 | $ | 1.86
​ Executive Stock Purchase Plan: ​ Grupo Mexico also offers a stock purchase plan to certain members of its executive management; to executive management at its subsidiaries; and to certain affiliated companies. Under this plan, participants will receive cash incentive bonuses to purchase shares of Grupo Mexico, which are deposited in a trust. ​ Non-controlling interest: ​ The following table presents the non-controlling interest activity the three-month period ended March 31, 2024 and 2023 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Balance as of January 1, |  | $ | 63.1 |  | $ | 62.7
Net earnings | ​ |  | 2.8 | ​ |  | 2.7
Dividend paid | ​ |  | (1.7) | ​ |  | (1.8)
Balance as of March 31, |  | $ | 64.2 |  | $ | 63.6
​

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