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Equity
 6 Months Ended
Jun. 30, 2014
Equity and Accumulated Other Comprehensive Income [Abstract]  
Equity
Note 5—Equity
 
Changes in the components of equity were as follows:
 
  
Six Months Ended
June 30, 2014
 
  
Attributable
 to Genie
  
Noncontrolling
Interests
  
Total
 
  
(in thousands)
 
Balance, December 31, 2013
 $121,132  $(4,792) $116,340 
Dividends on preferred stock
  (611)  —   (611)
Exercise of stock options
  27   —   27 
Stock-based compensation
  3,344   —   3,344 
Comprehensive loss:
            
Net loss
  (11,657)  (499)  (12,156)
Foreign currency translation adjustments
  77   (4)  73 
             
Comprehensive loss
  (11,580)  (503)  (12,083)
             
Balance, June 30, 2014
 $112,312  $(5,295) $107,017 
 
Dividend Payments
 
On February 15, 2014, the Company paid a quarterly Base Dividend of $0.1594 per share on its Series 2012-A Preferred Stock (“Preferred Stock”) for the fourth quarter of 2013. On May 15, 2014, the Company paid a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the first quarter of 2014. In July 2014, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the second quarter of 2014. The dividend will be paid on or about August 15, 2014 to stockholders of record as of the close of business on August 7, 2014. The aggregate dividends declared in the six months ended June 30, 2014 and 2013 were $0.6 million and $0.3 million, respectively, and the aggregate dividends paid in the six months ended June 30, 2014 and 2013 were $0.6 million and $0.5 million, respectively.
 
Exchange Offer
 
On May 22, 2014, the Company initiated an offer to exchange up to 5.0 million shares of its outstanding Class B common stock for the same number of shares of its Preferred Stock. The offer expired on June 23, 2014. Prior to this exchange offer, the Preferred Stock were redeemable, in whole or in part, at the option of the Company following October 11, 2016 at 101% of the liquidation preference of $8.50 (the “Liquidation Preference”) plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2017. In conjunction with the closing of this exchange offer, the Company extended the periods related to redemption of the Preferred Stock from October 11, 2016 to October 11, 2017, and from October 11, 2017 to October 11, 2018. On June 27, 2014, the Company issued 404,732 shares of its Preferred Stock in exchange for an equal number of shares of Class B common stock tendered in the exchange offer. As a result of the issuance of additional shares of Preferred Stock, the aggregate quarterly Base Dividend will increase to $0.4 million from $0.3 million.

Sale of Shares to Howard S. Jonas
 
On July 30, 2014, the Company entered into a Second Amended and Restated Employment Agreement with Howard S. Jonas, the Company’s Chairman of the Board and Chief Executive Officer, and a Restricted Stock Sale Agreement. Pursuant to these agreements, (a) options to purchase 3.0 million shares of the Company’s Class B common stock previously granted to Mr. Jonas, with an exercise price of $10.30 per share were cancelled, (b) the term of the existing employment agreement between the Company and Mr. Jonas was extended for an additional one year period, expiring on December 31, 2019, and (c) Mr. Jonas committed to purchase an aggregate of 3.6 million shares of the Company’s Class B common stock from the Company at a price of $6.82 per share (the closing price per share of the Class B common stock on the day that the arrangement was approved by the Company’s Board of Directors and Compensation Committee). On July 30, 2014 and August 4, 2014, Mr. Jonas purchased an aggregate of 3.6 million shares of the Company’s Class B common stock from the Company for an aggregate purchase price of $24.6 million.
 
Stock Repurchase Program
 
On March 11, 2013, the Board of Directors of the Company approved a stock repurchase program for the repurchase of up to an aggregate of 7 million shares of the Company’s Class B common stock. At June 30, 2014, no repurchases had been made and 7 million shares remained available for repurchase under the stock repurchase program.
 
Variable Interest Entity
 
In 2011, an employee of IDT Corporation (“IDT”) until his employment was terminated effective December 30, 2011, incorporated Citizens Choice Energy, LLC (“CCE”), which is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. Tari Corporation (“Tari”) is the sole owner of CCE. In addition, DAD Sales, LLC (“DAD”), which is 100% owned by Tari, used its network of door-to-door sales agents to obtain customers for CCE. In December 2012, DAD ceased to acquire customers for CCE. The Company provided CCE, DAD and Tari with substantially all of the cash required to fund their operations. The Company determined that at the present time it has the power to direct the activities of CCE, DAD and Tari that most significantly impact their economic performance and it has the obligation to absorb losses of CCE, DAD and Tari that could potentially be significant to CCE, DAD and Tari on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, DAD and Tari, and as a result, the Company consolidates CCE, DAD and Tari within its IDT Energy segment. The Company does not own any interest in CCE, DAD or Tari and thus the net income or loss incurred by CCE, DAD and Tari was attributed to noncontrolling interests in the accompanying consolidated statements of operations.
 
Net income (loss) of CCE, DAD and Tari and aggregate funding repaid to the Company by CCE, DAD and Tari from their operations were as follows:
 
  
Three Months Ended
June 30,
  
Six Months Ended
June 30,
 
  
2014
  
2013
  
2014
  
2013
 
  
(in thousands)
 
Net income (loss):
            
CCE
 $132  $72  $112  $1,663 
DAD
 $(6) $(10) $(13) $(35)
Tari
 $—  $1  $(13) $10 
Aggregate funding repaid to the Company, net
 $813  $2,845  $616  $4,403 
 
 
Summarized combined balance sheets of CCE, DAD and Tari are as follows:
 
  
June 30,
2014
  
December 31,
2013
 
  
(in thousands)
 
Assets
      
Cash and cash equivalents
 $14  $434 
Restricted cash
  118   537 
Trade accounts receivable
  1,592   2,459 
Prepaid expenses
  91   364 
Other current assets
  277   353 
Other assets
  449   449 
         
Total assets
 $2,541  $4,596 
         
Liabilities and members’ interests
        
Current liabilities
 $1,412  $2,937 
Due to IDT Energy
  348   964 
Noncontrolling interests
  781   695 
         
Total liabilities and noncontrolling interests
 $2,541  $4,596 
 
The assets of CCE, DAD and Tari may only be used to settle obligations of CCE, DAD and Tari, and may not be used for other consolidated entities. The liabilities of CCE, DAD and Tari are non-recourse to the general credit of the Company’s other consolidated entities.