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Shareholders' Equity and Other Comprehensive Income

3 Months Ended

Mar. 31, 2018

Shareholders' Equity and Accumulated Other Comprehensive Income

9. Shareholders’ Equity and Accumulated Other Comprehensive Income

(in thousands, except					Accumulated
Share amounts)	Common	Common	Additional		Other	Total
	Stock	Stock	Paid-in	Accumulated	Comprehensive	Shareholders’
	Shares	Amount	Capital	Deficit	Income	Equity
Balance at December 31, 2017	58,434,566	584	$69,312	$(40,343)	$ 576	$30,129
Cumulative-effect adjustment change in accounting principle	-	-	-	576	(576)	-
Adjusted balance January 1, 2018	58,434,566	584	69,312	(39,767)	-	30,129
Stock option expense	-	-	10	-	-	10
Purchase of shares for cancellation	(52,614)	-	(26)	-	-	(26)
Net loss	-	-	-	(1,004)	-	(1,004)
Balance at March 31, 2018	58,381,952	$584	$69,296	$(40,771)	$ -	$29,109

Solitario adopted ASU No. 2016-01 in the first quarter of 2018. Solitario recorded a cumulative-effect adjustment for the change in accounting principle to retained earnings of $576,000 related to the adoption of ASU 2016-01. In addition, Solitario eliminated its previously recorded gain on sale of marketable equity securities of $221,000 in its consolidated statement of operations for the three months ended March 31, 2017 resulting in an adjusted unrealized gain on marketable equity securities of $128,000 for the three months ended March 31, 2017 as a result of the adoption of ASU 2016-01. These changes increased the net loss for the three months ended March 31, 2017 from $13,000 to $106,000. These changes as a result of the adoption of ASU 2016-01 were similarly reflected in the adjustment to net income for marketable equity securities in the statement of cash flows for the three months ended March 31, 2017.

Share Repurchase Program

On October 28, 2015, Solitario’s Board of Directors approved a share repurchase program that authorized Solitario to purchase up to two million shares of its outstanding common stock. During 2017, Solitario’s Board of Directors extended the expiration date of the share repurchase program through December 31, 2018. During the three months ended March 31, 2018 and 2017, Solitario purchased 52,614 and 8,400 shares of Solitario common stock, respectively, for an aggregate purchase price of $26,000 and $6,000, respectively. As of March 31, 2018, Solitario has purchased a total of 720,414 shares for an aggregate purchase price of $374,000 under the share repurchase program since its inception.