NOTE 4 – EQUITY

The components of equity for the six months ended July 31, 2018 and 2017 are as follows (in thousands):

	Movado Group, Inc. Shareholders' Equity
	Common Stock (1)		Class A Common Stock (2)		Capital in Excess of Par Value			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income			Total
Balance, January 31, 2018	$	273	$	66	$	189,808		$	388,739		$	(208,894	)	$	100,343		$	470,335
Net income									17,255									17,255
Dividends									(9,229	)								(9,229	)
Adoption of new revenue recognition Standard ( Topic 606)									(724	)								(724	)
Stock repurchase												(2,057	)					(2,057	)
Stock options exercised		3				5,548						(726	)					4,825
Supplemental executive retirement plan						67												67
Stock-based compensation expense						2,823												2,823
Net unrealized gain on investments, net of tax of $19															64			64
Net change in effective portion of hedging contracts, net of tax benefit of $20															(104	)		(104	)
Foreign currency translation adjustment (3)														$	(19,901	)	$	(19,901	)
Balance, July 31, 2018	$	276	$	66	$	198,246		$	396,041		$	(211,677	)	$	80,402		$	463,354

	Common Stock (1)		Class A Common Stock (2)		Capital in Excess of Par Value			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income			Total
Balance, January 31, 2017	$	272	$	66	$	185,354		$	415,919		$	(204,398	)	$	76,780		$	473,993
Net income									1,323									1,323
Dividends									(5,967	)								(5,967	)
Stock repurchase												(1,655	)					(1,655	)
Stock options exercised		1		1		(1	)					(734	)					(733	)
Supplemental executive retirement plan						66												66
Stock-based compensation expense						2,433												2,433
Net unrealized gain on investments, net of tax benefit of $0															1			1
Net change in effective portion of hedging contracts, net of tax of $79															(411	)		(411	)
Foreign currency translation adjustment (3)															9,108			9,108
Balance, July 31, 2017	$	273	$	67	$	187,852		$	411,275		$	(206,787	)	$	85,478		$	478,158

(1)	Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.

(2)

Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation as amended. The class A common stock is not publicly traded, and consequently, there is currently no established public trading market for these shares.

(3)	The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.