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Derivative Instruments
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments

7. Derivative Instruments:

 

Covered call options

From time to time Solitario has sold covered call options against its holdings of Kinross. The business purpose of selling covered calls is to provide additional income on a limited portion of shares of Kinross that Solitario may sell in the near term, which is generally defined as less than one year. Solitario has not designated its covered calls as hedging instruments as described in ASC 815, “Derivatives and Hedging,” and any changes in the fair value of its covered calls are recognized in the statement of operations in the period of the change. As of December 31, 2018, all of the covered calls had expired unexercised and there were no liabilities related to those calls entered during the year.

 

Vendetta Warrants

The Vendetta Warrants were exercised during 2017 and there are none remaining at December 31, 2018; see Note 4, “Other Assets” above.

 

Solitario recorded the following gain on derivative instruments:

(in thousands)

Year ended

December 31,

   2018  2017
  Gain on Kinross calls  $  -   $  55 
  Gain on Vendetta Warrants -  216 
  $  -  $271