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Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Shareholders' Equity

7. Shareholders’ Equity

Stock Repurchase Program

In May 2012, our Board of Directors authorized a stock repurchase program to purchase the Company’s common stock in the open market. A total of 272,767 shares costing $2,598 were purchased under this program during the year ended December 31, 2014. The cost of shares purchased were recorded as a reduction to shareholders’ equity. On December 2, 2015, the Company announced the discontinuance of the stock repurchase program along with the initiation of a cash dividend plan. On January 31, 2017, the Company declared its most recent dividend under this plan of $0.05 per share of ClearOne common stock, payable on March 1, 2017 to shareholders of record on February 15, 2017. In addition, on March 1, 2017, our Board of Directors authorized an increase in our quarterly dividend from $0.05 per share to $0.07 per share beginning with the second quarter dividend in 2017 expected to be paid on or about June 1, 2017.

On March 9, 2016, the Board of Directors of the Company authorized the repurchase of up to $10,000 of the Company’s outstanding shares of common stock under a new stock repurchase program. In connection with the repurchase authorization, the Company was authorized to complete the repurchase through open market transactions or through an accelerated share repurchase program, in each case to be executed at management’s discretion based on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. The repurchase program may be suspended or discontinued at any time without prior notice. The transactions effectuated to date occurred in open market purchases.

On March 1, 2017, the Board of Directors of the Company renewed and extended the repurchase program for up to an additional $10 million of common stock over the next twelve months. In connection with the repurchase extension authorization, the Company was authorized to complete the repurchase through open market transactions or through an accelerated share repurchase program, in each case to be executed at management’s discretion based on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. The repurchase program may be suspended or discontinued at any time without prior notice. The transactions effectuated to date occurred in open market purchases.

Period			(a) Total Number of Shares Purchased				(b) Average Price Paid per Share				(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in $ millions)
January 2017				35,794			$	12.29				35,794			$	3.5
February 2017				22,012				11.57				22,012				3.2
March 2017				21,150				11.03				21,150				9.9
Total				78,956				11.75				78,956

Cash Dividends

On January 31, 2017, the Company declared a stock dividend of $0.05 per share of ClearOne common stock paid March 1, 2017 to shareholders of record as of February 15, 2017.

Changes in Shareholders’ Equity

The following table summarizes the change in shareholders’ equity during the three months ended March 31, 2017 and 2016, respectively:

		Three months ended March 31,
		2017				2016
Balance at the beginning of the period		$	77,449			$	82,569
Exercise of stock options			9				293
Stock repurchased			(928	)			(404	)
Options repurchased			—				(1,752	)
Proceeds from stock purchase plan			19				25
Dividends			(439	)			(459	)
Share-based compensation			171				148
Tax benefit - stock option exercise			—				563
Unrealized gain or loss on investments, net of tax			38				121
Foreign currency translation adjustment			12				33
Net income/(loss) during the period			(468	)			1,368
Balance at end of the period		$	75,863			$	82,505