Share Based PaymentsOur company is moving ahead nicely. I note that ounces this year have been revised down from 20,000 to between 14k to 17k which is no big deal and in my projections is offset by increases in the gold price. I have gross profits projected around $35 to $40m for 2012 but don't have a handle on how the" Share based payment" works. I see note 7B and amount of $874k in the first 6 months but does anyone know if there is an annual cap? I have $ 5million pencilled in for total Expenses and Other Income for 2012 but that's just a guess as the Share based payments may eat a much larger chunk of the profits than I'd like it too.
With taxes in at 20% I'm looking for around EPS of 3.4cents this year and 7.5 cents next. The FD numbers look like 3 cents and 6.3 cents.
What do you boys and girls think? And any feed back on how the Share Based Payment works would be appreciated.
PS: I used $1,600 as the GP in my workings as I prefer to lean on the conservative side. Every $100 above this should translate into and extra 0.8 cents EPS.