Note 7—Equity

Changes in the components of equity were as follows:

	Three Months Ended March 31, 2017
	Attributable to Genie			Noncontrolling Interests			Total
	(in thousands)

Balance, December 31, 2016	$	96,534		$	(16,669	)	$	79,865
Dividends on preferred stock		(370	)		—			(370	)
Dividends on common stock ($0.075 per share)		(1,850	)		—			(1,850	)
Restricted Class B common stock purchased from employees		(23	)		—			(23	)
Purchase of equity of subsidiary		(655	)		377			(278	)
Stock-based compensation		822			—			822
Comprehensive income:
Net income (restated see Note 2)		4,582			(443	)		4,139
Foreign currency translation adjustments		700			(258	)		442
Comprehensive income (restated see Note 2)		5,282			(701	)		4,581
Balance, March 31, 2017 (restated see Note 2)	$	99,740		$	(16,993	)	$	82,747

Dividend Payments

On February 15, 2017, 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 2016. The aggregate dividends paid on the Company’s Preferred Stock in the three months ended March 31, 2017 and 2016 was $0.4 million. On March 29, 2017, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the first quarter of 2017. The dividend will be paid on or about May 15, 2017 to stockholders of record as of the close of business on May 4, 2017.

On March 24, 2017, the Company paid a quarterly dividend of $0.075 per share on its Class A common stock and Class B common stock in the aggregate amount of $1.9 million. On February 12, 2016, the Company paid a quarterly dividend of $0.06 per share on its Class A common stock and Class B common stock in the aggregate amount of $1.5 million. On May 2, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.075 per share on its Class A common stock and Class B common stock for the first quarter of 2017. The dividend will be paid on or about May 19, 2017 to stockholders of record as of the close of business on May 15, 2017.

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 7.0 million shares of the Company’s Class B common stock. There were no repurchases under this program in the three months ended March 31, 2017 and 2016. At March 31, 2017, 6.9 million shares remained available for repurchase under the stock repurchase program.

Purchase of Equity of Subsidiary

In March 2017, GOGAS purchased from an employee of Afek a 1% fully vested interest in Afek for $0.3 million in cash.

Variable Interest Entities

Citizens Choice Energy, LLC (“CCE”), is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.

The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015. The option expires on October 22, 2023.

Net loss related to CCE and aggregate net funding repaid to (provided by) the Company in order to finance CCE’s operations were as follows:

	Three Months Ended March 31,
	2017			2016
	(in thousands)

Net loss	$	(197	)	$	(571	)
Aggregate funding repaid to (provided by) the Company, net	$	71		$	(371	)

Summarized combined balance sheet amounts related to CCE was as follows:

	March 31, 2017			December 31, 2016
	(in thousands)
Assets
Cash and cash equivalents	$	168		$	150
Restricted cash		14			17
Trade accounts receivable		1,047			1,008
Prepaid expenses		377			450
Other current assets		8			26
Other assets		440			439
Total assets	$	2,054		$	2,090
Liabilities and noncontrolling interests
Current liabilities	$	939		$	707
Due to IDT Energy		1,227			1,298
Noncontrolling interests		(112	)		85
Total liabilities and noncontrolling interests	$	2,054		$	2,090

The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities.