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Shareholders' Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Shareholders' Equity

10. Shareholders’ Equity

Shareholders’ Equity for the three months ended March 31, 2018:

(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. ASU No. 2016-01 revised the classification and measurement of investment in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU No. 2016-01 requires the change in fair value of many equity investments to be recognized in net income. 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.

Shareholders’ Equity for the three months ended March 31, 2019:

(in thousands, except
Share amounts)	Common	Common	Additional		Total
	Stock	Stock	Paid-in	Accumulated	Shareholders’
	Shares	Amount	Capital	Deficit	Equity
Balance at December 31, 2018	58,171,466	582	$69,873	$(43,365)	$27,090
Stock option expense	-	-	88	-	88
Purchase of shares for cancellation	(27,900)	-	(9)	-	(9)
Net loss	-	-	-	(441)	(441)
Balance at March 31, 2019	58,143,566	$582	$69,952	$(43,806)	$26,728

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 2018, Solitario’s Board of Directors extended the expiration date of the share repurchase program through December 31, 2019. During the three months ended March 31, 2019 and 2018, Solitario purchased 27,900 and 52,614 shares of Solitario common stock, respectively, for an aggregate purchase price of $9,000 and $26,000, respectively. As of March 31, 2019, Solitario has purchased a total of 958,800 shares for an aggregate purchase price of $458,000 under the share repurchase program since its inception.