Equity

9 Months Ended

Apr. 30, 2016

Equity [Abstract]

Equity

Note 6—Equity

Changes in the components of equity were as follows:

	Nine Months Ended April 30, 2016
	Attributable to IDT Corporation			Noncontrolling Interests			Total
	(in thousands)
Balance, July 31, 2015	$	133,831		$	1,109		$	134,940
Dividends declared ($0.56 per share)		(12,983	)		—			(12,983	)
Restricted Class B common stock purchased from employees		(134	)		—			(134	)
Repurchases of Class B common stock through repurchase program		(4,639	)		—			(4,639	)
Exercise of subsidiary stock options		—			9			9
Stock issued for matching contributions to the 401(k) Plan		1,411			—			1,411
Distributions to noncontrolling interests		—			(1,545	)		(1,545	)
Stock-based compensation		2,317			—			2,317
Comprehensive income:
Net income		12,496			1,445			13,941
Other comprehensive loss		(1,553	)		—			(1,553	)
Comprehensive income		10,943			1,445			12,388
Balance, April 30, 2016	$	130,746		$	1,018		$	131,764

Dividend Payments

In the nine months ended April 30, 2016, the Company paid aggregate cash dividends of $0.56 per share on its Class A common stock and Class B common stock, or $13.0 million in total. 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  in the nine months ended April 30, 2015 included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively.

In June 2016, the Company’s Board of Directors declared a dividend of $0.19 per share for the third 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 June 17, 2016 to stockholders of record as of the close of business on June 13, 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. 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. In the nine months ended April 30, 2016, the Company repurchased 398,376 shares of Class B common stock for an aggregate purchase price of $4.6 million. 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. At April 30, 2016, 8.0 million shares remained available for repurchase under the stock repurchase program.

In the nine months ended April 30, 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.

401(k) Plan Matching Contributions

The Company contributed 94,712 and 70,843 shares of its Class B common stock to the Company’s 401(k) Plan for matching contributions in the nine months ended April 30, 2016 and 2015, respectively. The Company’s cost for contributions to the 401(k) Plan was $1.4 million and $1.3 million in the nine months ended April 30, 2016 and 2015, respectively.

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.

Stock Option Modification in connection with the Zedge Spin-Off

On June 7, 2016, in connection with the Zedge Spin-Off, the Compensation Committee of the Company’s Board of Directors approved a $2.25 reduction in the exercise price of each outstanding option to purchase the Company’s Class B common stock. The Company accounted for the reduction in the exercise price of the Company’s outstanding stock options as a modification. The Company determined that there was no incremental value from the modification, therefore, the Company was not required to record a stock-based compensation charge.