Equity

6 Months Ended

Jan. 31, 2013

Equity [Abstract]

Equity

Note 5—Equity

Changes in the components of equity were as follows:

	Six Months Ended January 31, 2013
	Attributable to IDT Corporation			Noncontrolling Interests			Total
	(in thousands)
Balance, July 31, 2012	$	102,230		$	495		$	102,725
Dividends declared ($0.75 per share)		(17,124	)		—			(17,124	)
Restricted Class B common stock purchased from employees		(300	)		—			(300	)
Repurchases of Class B common stock through repurchase program		(778	)		—			(778	)
Distributions to noncontrolling interests		—			(816	)		(816	)
Purchases of stock of subsidiary		(1,795	)		(9	)		(1,804	)
Sale of stock of subsidiary		(58	)		203			145
Stock-based compensation		3,843			188			4,031
Comprehensive income:
Net income		6,567			1,096			7,663
Foreign currency translation adjustments		3,320			(47	)		3,273
Comprehensive income		9,887			1,049			10,936
Balance, January 31, 2013	$	95,905		$	1,110		$	97,015

Dividend Payments

On October 16, 2012, the Company paid a cash dividend of $0.15 per share to stockholders of record of the Company’s Class A common stock and Class B common stock at the close of business on October 9, 2012. On November 13, 2012, the Company paid a special dividend of $0.60 per share to stockholders of record of the Company’s Class A common stock and Class B common stock as of the close of business on November 5, 2012. The aggregate dividends paid were $17.1 million. The Company suspended payment of its regular $0.15 per share quarterly dividends for the remainder of fiscal 2013.

Purchases of Stock of Subsidiary

In December 2012, a wholly-owned subsidiary of the Company purchased shares of the Company’s subsidiary, Fabrix T.V., Ltd. (“Fabrix”), for cash of $1.8 million. The shares were purchased from holders of noncontrolling interests in Fabrix representing 4.5% of the equity in Fabrix, which increased the Company’s ownership in Fabrix to 86.1% from 81.6%.

Sale of Stock of Subsidiary

On November 21, 2012, the Company’s subsidiary, Zedge Holdings, Inc. (“Zedge”), sold shares to Shaman II, L.P. for cash of $0.1 million, which increased Shaman II, L.P.’s ownership in Zedge to 11.17% from 11.1%. One of the limited partners in Shaman II, L.P. is a former employee of the Company.

Stock-Based Compensation

On September 24, 2012, the Company’s Board of Directors approved a grant of 10% of the equity of the Company’s subsidiary, Innovative Communications Technologies, Inc. (“ICTI”) to Howard Jonas. These ICTI shares vested immediately. The Company recorded stock-based compensation expense of $1.2 million in the six months ended January 31, 2013 for the grant of these shares, based on the estimated fair value of the shares on the grant date.

Stock Repurchase Program

The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.3 million shares of the Company’s Class B common stock. In the six months ended January 31, 2013, the Company repurchased 77,843 shares of Class B common stock for an aggregate purchase price of $0.8 million. There were no repurchases under the program in the six months ended January 31, 2012. As of January 31, 2013, 5.1 million shares remained available for repurchase under the stock repurchase program.