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Stockholders' Equity
 9 Months Ended
Sep. 30, 2017
Stockholders' Equity  
Stockholders' Equity

Note 8. Stockholders’ Equity

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

AXT, Inc

 

 

 

Total

 

 

 

Preferred

 

Common

 

Additional

 

Accumulated

 

Comprehensive

 

Stockholders’

 

Noncontrolling

 

Stockholders’

 

 

  

Stock

  

Stock

  

Paid-In Capital

  

Deficit

  

Income

  

Equity

  

Interests

  

Equity

 

Balance as of December 31, 2016

 

$

3,532

 

$

33

 

$

194,177

 

$

(64,985)

 

$

253

 

$

133,010

 

$

4,380

 

$

137,390

 

Common stock options exercised

 

 

 —

 

 

 1

 

 

1,522

 

 

 —

 

 

 —

 

 

1,523

 

 

 —

 

 

1,523

 

Stock-based compensation

 

 

 —

 

 

 —

 

 

961

 

 

 —

 

 

 —

 

 

961

 

 

 —

 

 

961

 

Issuance of common stock, net of stock issuance costs of $2,639

 

 

 —

 

 

 5

 

 

31,856

 

 

 —

 

 

 —

 

 

31,861

 

 

 —

 

 

31,861

 

Net income (loss)

 

 

 —

 

 

 —

 

 

 —

 

 

7,014

 

 

 —

 

 

7,014

 

 

(226)

 

 

6,788

 

Dividends declared by joint ventures

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(465)

 

 

(465)

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

2,022

 

 

2,022

 

 

337

 

 

2,359

 

Balance as of September 30, 2017

 

$

3,532

 

$

39

 

$

228,516

 

$

(57,971)

 

$

2,275

 

$

176,391

 

$

4,026

 

$

180,417

 

 

There were no reclassification adjustments from accumulated other comprehensive income for the three and nine months ended September 30, 2017 and 2016.

 

Stock Repurchase Program

 

On October 27, 2014, our Board of Directors approved a stock repurchase program pursuant to which we may repurchase up to $5.0 million of our outstanding common stock.  These repurchases can be made from time to time in the open market and are funded from our existing cash balances and cash generated from operations. During 2015, we repurchased approximately 908,000 shares at an average price of $2.52 per share for a total purchase price of approximately $2.3 million under the stock repurchase program.   No shares were repurchased during 2016. During the three and nine months ended September 30, 2017, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2017, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.