Equity

6 Months Ended

Jan. 31, 2016

Equity [Abstract]

Equity

Note 6—Equity

Changes in the components of equity were as follows:

		Six Months Ended January 31, 2016
		Attributable to IDT Corporation			Noncontrolling Interests			Total
		(in thousands)
Balance, July 31, 2015	$	133,831		$	1,109		$	134,940
Dividends declared ($0.37 per share)		(8,626	)		—			(8,626	)
Restricted Class B common stock purchased from employees		(134	)		—			(134	)
Repurchases of Class B common stock through repurchase program		(4,639	)		—			(4,639	)
Distributions to noncontrolling interests		—			(1,220	)		(1,220	)
Stock-based compensation		1,644			—			1,644
Comprehensive income:
Net income		8,259			981			9,240
Other comprehensive loss		(3,515	)		—			(3,515	)
Comprehensive income		4,744			981			5,725
Balance, January 31, 2016	$	126,820		$	870		$	127,690

Dividend Payments

In the six months ended January 31, 2016, the Company paid aggregate cash dividends of $0.37 per share on its Class A common stock and Class B common stock, or $8.6 million in total. In the six months ended January 31, 2015, the Company paid aggregate cash dividends of $1.67 per share on its Class A common stock and Class B common stock, or $38.9 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 March 2016, the Company’s Board of Directors declared a dividend of $0.19 per share for the second quarter of fiscal 2016 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about March 25, 2016 to stockholders of record as of the close of business on March 15, 2016.

Stock Repurchases

The Company had 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, 2016, the Company repurchased 398,376 shares of Class B common stock for an aggregate purchase price of $4.6 million. In the six months ended January 31, 2015, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. On January 22, 2016, the Company’s Board of Directors approved a stock repurchase program to purchase up to 8.0 million shares of the Company’s Class B common stock and cancelled the previous stock repurchase program, which had 4.6 million shares remaining available for repurchase. At January 31, 2016, 8.0 million shares remained available for repurchase under the stock repurchase program.

In the six months ended January 31, 2016 and 2015, the Company paid $0.1 million and $0.3 million, respectively, to repurchase 11,250 and 16,330 shares of Class B common stock, respectively, that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares are repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date.

2015 Stock Option and Incentive Plan

On December 14, 2015, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 0.1 million shares.