Dividends Redemption Liquidation Preference Voting Rights Conversion Stock Award Plans [ HL:10-K ] F-23 Series B preferred stockholders are entitled to receive, when, as and if declared by the Board of Directors out of our assets legally available therefor,  cumulative cash dividends at the rate per annum of $3.50 per share of Series B Preferred Stock. Dividends on the Series B Preferred Stock are payable  quarterly in arrears on October 1, January 1, April 1 and July 1 of each year (and, in the case of any undeclared and unpaid dividends, at such  additional times and for such interim periods, if any, as determined by the Board of Directors), at such annual rate. Dividends are cumulative from the  date of the original issuance of the Series B Preferred Stock, whether or not in any dividend period or periods we have assets legally available for the  payment of such dividends. Accumulations of dividends on shares of Series B Preferred Stock do not bear interest. We declared and paid our regular  quarterly dividend of $0.875 per share on the outstanding Preferred B shares through the third quarter of 2008. Dividends on our 6.5% Mandatory Convertible Preferred Stock were payable on a cumulative basis when, as, and if declared by our board of  directors, at an annual rate of 6.5% per share on the liquidation preference of $100 per share in cash, common stock, or a combination thereof, on  January 1, April 1, July 1, and October 1 of each year to, and including, January 1, 2011. We declared and paid our quarterly dividends on the 6.5%  Mandatory Convertible Preferred Stock through the third quarter of 2008. On August 29, 2008 the Board of Directors declared that the regular  quarterly dividend on the outstanding 6.5% Mandatory Convertible Preferred Stock in the amount of $1.625 per share would be paid in common stock  of Hecla, for a total amount of approximately $3.27 million in common stock (with cash for fractional shares). The value of the shares of common stock  issued as dividends was calculated at 97% of the average of the closing prices of our common stock over the five consecutive trading day period  ending on the second trading day immediately preceding the dividend payment date. On December 5, 2008 the Board of Directors announced that in the interest of cash conservation, quarterly payment of dividends to the holders of  both the Hecla Series B Preferred Stock and the 6.5% Mandatory Convertible Preferred Stock would be deferred. On December 1, 2009, we  announced that our Board of Directors elected to declare and pay all dividends in arrears and the dividend scheduled for the fourth quarter of 2009 for  each of our outstanding series of preferred stock. In January 2010, the $0.7 million in dividends declared and unpaid on our Series B Preferred Stock  was paid in cash, and the dividends declared and unpaid on our 6.5% Mandatory Convertible Preferred stock were paid in common stock, for a total  amount of approximately $16.4 million in our common stock (with cash for fractional shares). We continued to declare and pay quarterly dividends on  our Series B and 6.5% Mandatory Convertible Preferred Stock in 2010. Each quarterly dividend declared for the Series B Preferred Stock through 2010  was paid in cash, for a total of $0.6 million in cash dividends declared in 2010, or $3.50 per share. Dividends declared for the first and second quarters  of 2010 for the 6.5% Mandatory Convertible Preferred Stock were paid in shares of common stock (with cash for fractional shares). The value of the  shares of common stock issued as dividends was calculated at 97% of the average of the closing prices of our common stock over the five consecutive  trading day period ending on the second day immediately preceding the dividend payment date. Dividends declared for the third and fourth quarters  of 2010 for the 6.5% Mandatory Convertible Preferred Stock were paid in cash, for a total $6.5 million in cash dividends declared in 2010, or $3.25 per  share. The fourth quarter dividend, which was the final dividend to be paid on the 6.5% Mandatory Convertible Preferred Stock as a result of its  mandatory conversion to common stock, was paid in cash in January 2011. All quarterly dividends on our Series B Preferred Stock for 2011 and 2012  were declared and paid in cash. The Series B Preferred Stock is redeemable at our option, in whole or in part, at $50 per share, plus, all dividends undeclared and unpaid on the  Series B Preferred Stock up to the date fixed for redemption. The Series B preferred stockholders are entitled to receive, in the event that we are liquidated, dissolved or wound up, whether voluntary or  involuntary, $50 per share of Series B Preferred Stock plus an amount per share equal to all dividends undeclared and unpaid thereon to the date of  final distribution to such holders (the “Liquidation Preference”), and no more. Until the Series B preferred stockholders have been paid the Liquidation  Preference in full, no payment will be made to any holder of Junior Stock upon our liquidation, dissolution or winding up. The term “Junior Stock”  means our common stock and any other class of our capital stock issued and outstanding that ranks junior as to the payment of dividends or amounts  payable upon liquidation, dissolution and winding up to the Series B Preferred Stock. As of December 31, 2012 and 2011, our Series B Preferred Stock  had a liquidation preference of $7.9 million. Except in certain circumstances and as otherwise from time to time required by applicable law, the Series B preferred stockholders have no voting  rights and their consent is not required for taking any corporate action. When and if the Series B preferred stockholders are entitled to vote, each  holder will be entitled to one vote per share. Each share of Series B Preferred Stock is convertible, in whole or in part at the option of the holders thereof, into shares of common stock at a  conversion price of $15.55 per share of common stock (equivalent to a conversion rate of 3.2154 shares of common stock for each share of Series B  Preferred Stock). The right to convert shares of Series B Preferred Stock called for redemption will terminate at the close of business on the day  preceding a redemption date (unless we default in payment of the redemption price). Each share of our 6.5% Mandatory Convertible Preferred Stock automatically converted on January 1, 2011, into 9.3773 shares of our Common  Stock, representing approximately 18.9 million common shares. We use stock-based compensation plans to aid us in attracting, retaining and motivating our employees, as well as to provide us with the ability to  provide incentives more directly linked to increases in stockholder value. These plans provide for the grant of options to purchase shares of our  common stock and the issuance of restricted share units of our common stock. Stock-based compensation expense amounts recognized for the years ended December 31, 2012, 2011 and 2010 were approximately $3.1 million,  $2.1 million, and $3.4 million, respectively. Over the next twelve months, we expect to recognize approximately $2.0 million in additional compensation 