4. Equity

During the first six months of 2016, we issued 11,000 shares of our Class A common stock under our 2009 Long-Term Incentive Plan to our independent directors, in lieu of cash compensation, for services rendered in 2016. We valued the shares issued to our independent directors at estimated fair value based on the closing price of our shares on the date the shares were issued, which by policy is the last trading day of each quarter in which the services were rendered.

In June, we issued 50,000 shares of our Class A common stock as a charitable contribution to a local organization. We valued the shares at the closing market price of our shares on the date they were issued and recorded a charitable contribution expense of $0.4 million.

During the first six months of 2016, we issued 183,000 shares of our Class A common stock with net proceeds of $1.0 million in connection with option exercises. The following is a reconciliation from December 31, 2015 to June 30, 2016 of the carrying amount of total equity, equity attributable to Gaia, Inc., and equity attributable to the noncontrolling interest.


							Gaia, Inc. Shareholders
(in thousands)	Total			Comprehensive Loss			Accumulated Deficit			Accumulated Other Comprehensive Loss			Class A and Class B Common Stock		Paid-in Capital		Noncontrolling Interest
Balance at December 31, 2015	$	88,793					$	(88,035	)	$	(399	)	$	3	$	172,371	$	4,853
Issuance of Gaia, Inc. common stock for stock option exercises, share-based compensation and charitable contribution		1,847						—			—			—		1,847		—
Elimination of noncontrolling interest resulting from the sale of Natural Habitat		(1,294	)					—			—			—		—		(1,294	)
Dividends paid to noncontrolling interest		(1,944	)					—			—			—		—		(1,944	)
Comprehensive loss:
Net income		(9,754	)		(9,754	)		(10,064	)		—			—		—		310
Foreign currency translation adjustment		59			59			—			31			—		—		28

Comprehensive loss				$	(9,695	)

Balance at June 30, 2016	$	77,707					$	(98,099	)	$	(368	)	$	3	$	174,218	$	1,953

Tender Offer

Effective July 1, 2016, we used a portion of the proceeds from the sale of the Gaiam Brand business to conduct a tender offer to purchase 9,636,848 shares of our Class A common stock and 842,114 stock options at a price of $7.75 per share. In connection with the Gaiam Brand business sale, employee stock options to purchase 189,610 shares received accelerated vesting and were repurchased in the stock option tender amounts above. Subsequent to the Gaiam Brand business sale options to purchase 194,610 shares were cancelled. As a result of the tender offer, our outstanding shares decreased significantly.