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Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity

Stockholders' Equity

Note 8. Stockholders’ Equity

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2020 are as follows:


														Accumulated
														Other			AXT, Inc.						Total
		Preferred			Common			Additional			Accumulated			Comprehensive			Stockholders’			Noncontrolling			Stockholders’
		Stock			Stock			Paid-In Capital			Deficit			Income (Loss)			Equity			Interests			Equity
Balance as of December 31, 2019		$	3,532		$	41		$	236,957		$	(47,783)		$	(4,862)		$	187,885		$	4,877		$	192,762
Common stock options exercised			—			—			441			—			—			441			—			441
Stock-based compensation			—			—			643			—			—			643			—			643
Net income (loss)			—			—			—			(178)			—			(178)			395			217
Other comprehensive loss			—			—			—			—			(1,775)			(1,775)			(98)			(1,873)
Balance as of March 31, 2020		$	3,532		$	41		$	238,041		$	(47,961)		$	(6,637)		$	187,016		$	5,174		$	192,190
Common stock options exercised			—			—			72			—			—			72			—			72
Stock-based compensation			—			—			641			—			—			641			—			641
Net income			—			—			—			361			—			361			598			959
Net dividend declared by joint ventures			—			—			—			—			—			—			(89)			(89)
Other comprehensive income			—			—			—			—			272			272			9			281
Balance as of June 30, 2020		$	3,532		$	41		$	238,754		$	(47,600)		$	(6,365)		$	188,362		$	5,692		$	194,054
Common stock options exercised			—			—			624			—			—			624			—			624
Sale of subsidiary shares to noncontrolling interests			—			—			396			—			—			396			—			396
Stock-based compensation			—			—			648			—			—			648			—			648
Net income			—			—			—			991			—			991			490			1,481
Other comprehensive income			—			—			—			—			4,373			4,373			316			4,689
Balance as of September 30, 2020		$	3,532		$	41		$	240,422		$	(46,609)		$	(1,992)		$	195,394		$	6,498		$	201,892

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2019 are as follows:


														Accumulated
														Other			AXT, Inc.						Total
		Preferred			Common			Additional			Accumulated			Comprehensive			Stockholders’			Noncontrolling			Stockholders’
		Stock			Stock			Paid-In Capital			Deficit			Income (Loss)			Equity			Interests			Equity
Balance as of December 31, 2018		$	3,532		$	40		$	234,418		$	(45,183)		$	(1,972)		$	190,835		$	3,697		$	194,532
Reclassification out of accumulated other comprehensive income and noncontrolling interests upon the deconsolidation of a subsidiary			—			—			—			—			(1,150)			(1,150)			533			(617)
Stock-based compensation			—			—			558			—			—			558			—			558
Net income (loss)			—			—			—			(1,104)			—			(1,104)			81			(1,023)
Other comprehensive income			—			—			—			—			2,389			2,389			142			2,531
Balance as of March 31, 2019		$	3,532		$	40		$	234,976		$	(46,287)		$	(733)		$	191,528		$	4,453		$	195,981
Common stock options exercised			—			—			232			—			—			232			—			232
Purchase of subsidiary shares from noncontrolling interests			—			—			(74)			—			—			(74)			(339)			(413)
Stock-based compensation			—			—			568			—			—			568			—			568
Net income			—			—			—			1,451			—			1,451			287			1,738
Other comprehensive loss			—			—			—			—			(2,397)			(2,397)			(54)			(2,451)
Balance as of June 30, 2019		$	3,532		$	40		$	235,702		$	(44,836)		$	(3,130)		$	191,308		$	4,347		$	195,655
Common stock options exercised			—			—			35			—			—			35			—			35
Stock-based compensation			—			—			583			—			—			583			—			583
Net income			—			—			—			(898)			—			(898)			403			(495)
Other comprehensive loss			—			—			—			—			(4,110)			(4,110)			(214)			(4,324)
Balance as of September 30, 2019		$	3,532		$	40		$	236,320		$	(45,734)		$	(7,240)		$	186,918		$	4,536		$	191,454

Except as shown above related to the deconsolidation of a subsidiary, there were no reclassification adjustments from accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019.

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 from 2016 through 2019. During the three and nine months ended September 30, 2020, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2020, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.