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Stockholders' Equity

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 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, 2020		$	3,532		$	42		$	230,381		$	(44,545)		$	3,209		$	192,619		$	15,350		$	207,969
Common stock options exercised			—			—			704			—			—			704			—			704
Stock-based compensation			—			—			816			—			—			816			—			816
Formation of new subsidiary with noncontrolling interests			—			—			(131)			—			—			(131)			707			576
Sale of common stock to employees in connection with the reorganization			—			—			538			—			—			538			—			538
Purchase of subsidiary shares from noncontrolling interests			—			—			(2,691)			—			—			(2,691)			(1,039)			(3,730)
Net income (loss)			—			—			—			3,425			—			3,425			311			3,736
Other comprehensive loss			—			—			—			—			(131)			(131)			(16)			(147)
Balance as of March 31, 2021		$	3,532		$	42		$	229,617		$	(41,120)		$	3,078		$	195,149		$	15,313		$	210,462

The changes in stockholders’ equity by component for the three months ended March 31, 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

There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020.

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 2020. During the three months ended March 31, 2021, we did not repurchase any shares under the approved stock repurchase program. As of March 31, 2021, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.