Equity

9 Months Ended

Apr. 30, 2015

Equity [Abstract]

Equity

Note 5—Equity

Changes in the components of equity were as follows:

	Nine Months Ended  April 30, 2015
	Attributable to IDT Corporation			Noncontrolling Interests			Total
	(in thousands)
Balance, July 31, 2014	$	100,239		$	925		$	101,164
Dividends declared ($1.85 per share)		(43,171	)		—			(43,171	)
Restricted Class B common stock purchased from employees		(279	)		—			(279	)
Repurchases of Class B common stock through repurchase program		(424	)		—			(424	)
Exercise of stock options.		3,317			—			3,317
Stock issued for matching contributions to the 401(k) Plan		1,266			—			1,266
Other		—			9			9
Sale of interest in Fabrix Systems Ltd.		102			538			640
Distributions to noncontrolling interests		—			(1,450	)		(1,450	)
Stock-based compensation		4,430			62			4,492
Comprehensive income:
Net income		83,231			1,003			84,234
Other comprehensive loss		(2,900	)		—			(2,900	)
Comprehensive income		80,331			1,003			81,334
Balance, April 30, 2015	$	145,811		$	1,087		$	146,898

Dividend Payments

In the nine months ended April 30, 2015, the Company paid aggregate cash dividends of $1.85 per share on its Class A common stock and Class B common stock, or $43.2 million in total. The aggregate cash dividends included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively. In June 2015, the Company’s Board of Directors declared a dividend of $0.18 per share for the third quarter of fiscal 2015 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about June 23, 2015 to stockholders of record as of the close of business on June 15, 2015.

Stock Repurchase Program

The Company has a stock repurchase program that authorized the repurchase of up to an aggregate of 8.3 million shares of the Company’s Class B common stock. In the nine months ended April 30, 2015, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. There were no repurchases under the program in the nine months ended April 30, 2014. At April 30, 2015, 5.0 million shares remained available for repurchase under the stock repurchase program.

401(k) Plan Matching Contributions

In the nine months ended April 30, 2015, the Company contributed 70,843 shares of its Class B common stock to the Company’s 401(k) Plan for matching contributions. The Company’s cost for contributions to the 401(k) Plan was $1.3 million in the nine months ended April 30, 2015.

Restricted Stock

On March 11, 2015, the Compensation Committee of the Company’s Board of Directors approved an equity grant of 0.3 million restricted shares of the Company’s Class B common stock to its employees, including executive officers. The shares vest 50% in January 2017 and 50% in July 2018. Unrecognized compensation expense related to these restricted shares on the March 11, 2015 grant date was $5.0 million based on the estimated fair value of the shares. The unrecognized compensation expense is recognized over the vesting period.