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Shareholders' Equity and Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

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
Stock option expense	-	-	432	-	-	432
Purchase of shares for cancellation	(92,586)	(1)	(38)	-	-	(39)
Net loss	-	-	-	(613)	-	(613)
Balance at June 30, 2018	58,289,366	$583	$69,690	$(41,384)	$ -	$28,889
Stock option expense	-	-	68	-	-	68
Purchase of shares for cancellation	(28,000)	-	(10)	-	-	(10)
Net loss	-	-	-	(723)	-	(723)
Balance at September 30, 2018	58,261,366	$583	$69,748	$(42,107)	$ -	$28,224

Solitario adopted ASU 2016-01 in the first quarter of 2018. Solitario recorded a cumulative-effect adjustment for the change in accounting principle to accumulated deficit of $576,000 on January 1, 2018 related to the adoption of ASU 2016-01. In addition, as a result of the adoption of ASU 2016-01, Solitario (i) eliminated its previously recorded gain on sale of marketable equity securities of $357,000 and $578,000, respectively, in its consolidated statement of operations for the three and nine months ended September 30, 2017, and (ii) eliminated its previously recorded income tax (expense) benefit of $(74,000) and $15,000, respectively, for the three and nine months ended September 30, 2017, which resulted in an adjusted unrealized gain on marketable equity securities of $157,000 and $618,000, respectively, for the three and nine months ended September 30, 2017. These changes decreased the net income to a net (loss) for the three months ended September 30, 2017 from $77,000 to $(49,000) and reduced the net loss for the nine months ended September 30, 2017 from $453,000 to $428,000. These changes as a result of the adoption of ASU 2016-01 were similarly reflected in the adjustments to net income and marketable equity securities in the statement of cash flows for the nine months ended September 30, 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 September 30, 2018 Solitario purchased 28,000 shares of Solitario common stock for an aggregate purchase price of $10,000. Solitario did not purchase any shares during the three months ended September 30, 2017. During the nine months ended September 30, 2018 and 2017, Solitario purchased 173,200 and 38,700 shares of Solitario common stock, respectively, for an aggregate purchase price of $75,000 and $28,000, respectively. As of September 30, 2018, Solitario has purchased a total of 841,000 shares for an aggregate purchase price of $423,000 under the share repurchase program since its inception.