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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
Stockholders' Equity |
Stockholders' Equity | Note 8. Stockholders’ Equity ​ Condensed Consolidated Statements of Stockholders’ Equity (in thousands) ​ The changes in stockholders’ equity by component for the three and nine months ended September 30, 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 | ​
Common stock options exercised | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 420 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 420 | ​ | ​ | — | ​ | ​ | 420 | ​
Stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 975 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 975 | ​ | ​ | — | ​ | ​ | 975 | ​
Formation of new subsidiary with noncontrolling interests | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (131) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (131) | ​ | ​ | 706 | ​ | ​ | 575 | ​
Transfer of subsidiary with noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,229) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,229) | ​ | ​ | 1,229 | ​ | ​ | — | ​
Transfer of subsidiary with redeemable noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,241) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,241) | ​ | ​ | — | ​ | ​ | (1,241) | ​
Net income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,385 | ​ | ​ | — | ​ | ​ | 4,385 | ​ | ​ | 94 | ​ | ​ | 4,479 | ​
Other comprehensive income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,455 | ​ | ​ | 1,455 | ​ | ​ | 137 | ​ | ​ | 1,592 | ​
Balance as of June 30, 2021 |  | $ | 3,532 | ​ | $ | 42 | ​ | $ | 228,411 | ​ | $ | (36,735) | ​ | $ | 4,533 | ​ | $ | 199,783 | ​ | $ | 17,479 | ​ | $ | 217,262 | ​
Common stock options exercised | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 467 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 468 | ​ | ​ | — | ​ | ​ | 468 | ​
Stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,639 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,639 | ​ | ​ | — | ​ | ​ | 1,639 | ​
Net income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,800 | ​ | ​ | — | ​ | ​ | 3,800 | ​ | ​ | 329 | ​ | ​ | 4,129 | ​
Other comprehensive income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50 | ​ | ​ | 50 | ​ | ​ | 6 | ​ | ​ | 56 | ​
Balance as of September 30, 2021 |  | $ | 3,532 | ​ | $ | 43 | ​ | $ | 230,517 | ​ | $ | (32,935) | ​ | $ | 4,583 | ​ | $ | 205,740 | ​ | $ | 17,814 | ​ | $ | 223,554 | ​
​ 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 loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 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
​ ​ There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three and nine months ended September 30, 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 and nine months ended September 30, 2021, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2021, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.

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