Remington will make a profit of $12 per share when covering his short position at $61 a share.
When Remington shorts a stock, he essentially borrows shares with the expectation that the stock's price will decline. In this case, he shorted CDE at $73 a share. Later, to close his position, he needs to buy back the same number of shares in the market. The key to calculating his profit lies in the difference between the short sale price and the cover price.
In this scenario, with a short sale at $73 and covering at $61, the profit per share stands at $12. This means that for each share he shorted, Remington gains $12 when he buys it back at the lower cover price. The total profit on his short position is contingent upon the quantity of shares he initially shorted.
Shorting stocks involves a certain level of risk, as the potential losses are theoretically unlimited if the stock price rises significantly. However, in Remington's case, covering the short position at $61 a share, when initially shorting at $73, has resulted in a positive outcome of $12 per share.