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Equity
 6 Months Ended
Jan. 31, 2017
Equity [Abstract]  
Equity

Note 7—Equity

 

Changes in the components of equity were as follows:

 

  Six Months Ended January 31, 2017 
  Attributable to IDT Corporation  Noncontrolling Interests  Total 
  (in thousands) 
Balance, July 31, 2016 $123,797  $406  $124,203 
Dividends declared ($0.38 per share)  (8,765)  —   (8,765)
Restricted Class B common stock purchased from employees  (1,838)  —   (1,838)
Exercise of stock options  835   —   835 
Issuance of member interests in CS Pharma Holdings, LLC (see Note 3)  1,850   8,150   10,000 
Distributions to noncontrolling interests  —   (817)  (817)
Stock-based compensation  2,128   —   2,128 
Comprehensive income:            
Net income  22,794   758   23,552 
Other comprehensive loss  (2,466)  —   (2,466)
Comprehensive income  20,328   758   21,086 
Balance, January 31, 2017 $138,335  $8,497  $146,832 

 

Dividend Payments

 

In the six months ended January 31, 2017, the Company paid cash dividends of $0.38 per share on its Class A common stock and Class B common stock, or $8.8 million in total. In the six months ended January 31, 2016, the Company paid cash dividends of $0.37 per share on its Class A common stock and Class B common stock, or $8.6 million in total.

 

In March 2017, the Company’s Board of Directors declared a dividend of $0.19 per share for the second quarter of fiscal 2017 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about March 24, 2017 to stockholders of record as of the close of business on March 17, 2017.

 

Stock Repurchases

 

The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.0 million shares of the Company’s Class B common stock. There were no repurchases under the program in the six months ended January 31, 2017. In the six months ended January 31, 2016, the Company repurchased 398,376 shares of Class B common stock for an aggregate purchase price of $4.6 million. At January 31, 2017, 8.0 million shares remained available for repurchase under the stock repurchase program.

  

In the six months ended January 31, 2017 and 2016, the Company paid $1.8 million and $0.1 million, respectively, to repurchase 94,338 shares and 11,250 shares of Class B common stock, respectively, that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date.

 

2015 Stock Option and Incentive Plan

 

On December 14, 2016, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 0.1 million shares.

 

The Company received proceeds from the exercise of its stock options of $0.8 million in the six months ended January 31, 2017. There were no stock option exercises in the six months ended January 31, 2016. In the six months ended January 31, 2017, the Company issued 73,471 shares of its Class B common stock for the stock option exercises.