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Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity for the nine months ended September 30, 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			-				-				510				-				-				510
Purchase of shares for cancellation			(173,200	)			(1	)			(74	)			-				-				(75	)
Net loss			-				-				-				(2,340	)			-				(2,340	)
Balance at September 30, 2018			58,261,366			$	583			$	69,748			$	(42,107	)		$	-			$	28,224

Solitario adopted Accounting Standards Update No. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 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 nine months ended September 30, 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			-				-				258				-				258
Purchase of shares for cancellation			(36,100	)			(1	)			(11	)			-				(12	)
Net loss			-				-				-				(2,923	)			(2,923	)
Balance at September 30, 2019			58,135,366			$	581			$	70,120			$	(46,288	)		$	24,413

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 September 30, 2019 and 2018, Solitario purchased 2,900 and 28,000 shares of Solitario common stock, respectively, for an aggregate purchase price of $1,000 and $10,000, respectively. During the nine months ended September 30, 2019 and 2018, Solitario purchased 36,100 and 173,200 shares of Solitario common stock, respectively, for an aggregate purchase price of $12,000 and $75,000, respectively. As of September 30, 2019, Solitario has purchased a total of 967,000 shares for an aggregate purchase price of $461,000 under the share repurchase program since its inception.