Note 7—Equity

Changes in the components of equity were as follows:

	Nine Months Ended April 30, 2017
	Attributable to IDT Corporation			Noncontrolling Interests			Total
	(in thousands)
Balance, July 31, 2016	$	123,797		$	406		$	124,203
Dividends declared ($0.57 per share)		(13,155	)		—			(13,155	)
Sale of Class B common stock to Howard S. Jonas		10,000			—			10,000
Restricted Class B common stock purchased from employees		(1,838	)		—			(1,838	)
Exercise of stock options		835			—			835
Sale of interest and rights in Rafael Pharmaceuticals, Inc. to Howard S. Jonas (see Note 3)		(185	)		1,185			1,000
Issuance of member interests in CS Pharma Holdings, LLC (see Note 3)		1,850			8,150			10,000
Distributions to noncontrolling interests		—			(1,139	)		(1,139	)
Stock-based compensation		2,793			—			2,793
Comprehensive income:
Net income		18,018			1,081			19,099
Other comprehensive loss		(1,307	)		—			(1,307	)
Comprehensive income		16,711			1,081			17,792
Balance, April 30, 2017	$	140,808		$	9,683		$	150,491

Dividend Payments

In the nine months ended April 30, 2017, the Company paid aggregate cash dividends of $0.57 per share on its Class A common stock and Class B common stock, or $13.2 million in total. 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 June 2017, the Company’s Board of Directors declared a dividend of $0.19 per share for the third quarter of fiscal 2017 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about June 30, 2017 to stockholders of record as of the close of business on June 19, 2017.

Sales of Class B Common Stock and Options to Purchase Class B Common Stock Granted to Howard S. Jonas

In April 2017, the Company sold 728,332 treasury shares of its Class B common stock to Howard S. Jonas for aggregate consideration of $10.0 million. The price per share of $13.73 was equal to the closing price of the Company’s Class B common stock on April 10, 2017 (see Note 13).

On May 2, 2017, the Company’s Board of Directors and its Compensation and Corporate Governance Committees approved the grant to Howard S. Jonas of options to purchase up to 1.0 million shares of the Company’s Class B common stock at an exercise price of $14.93 per share, the closing price of the Company’s Class B common stock on May 1, 2017. The options were immediately exercisable and will expire on May 1, 2022. Subject to certain vesting provisions in Mr. Jonas’ employment agreement with the Company, the unexercised portion of the options will terminate should Mr. Jonas cease to provide services as an officer or director of the Company or one or more of its subsidiaries. The Company will have the right to repurchase the Class B common stock issued upon exercise of the options at a purchase price equal to the exercise price of the option should Mr. Jonas cease to provide services as an officer or director of the Company or one or more of its subsidiaries. The Company’s repurchase right will lapse as to 333,333 shares underlying the options on each of May 2, 2018 and 2019 and as to 333,334 shares underlying the option on May 2, 2020. Mr. Jonas will be prohibited from transferring any shares of the Class B common stock issued on exercise of the option that are subject to the Company’s repurchase right. The options have not been granted under the Company’s 2015 Stock Option and Incentive Plan, but, except to the extent otherwise provided in the related grant agreement, will be subject to the terms of the 2015 Stock Option and Incentive Plan. The grant of the options is subject to ratification by the stockholders of the Company. The Company estimated that the fair value of the options on the date of grant was $3.3 million.

Also on May 2, 2017, the Company’s Board of Directors and its Corporate Governance Committee approved the sale by the Company of 1.0 million shares of its Class B common stock to Howard S. Jonas for aggregate consideration of $14.93 million. The price per share of $14.93 was equal to the closing price of the Class B common stock on May 1, 2017. On June 9, 2017, the cash was received and the shares were issued.

Stock Repurchases

The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.0 million shares of the Company’s Class B common stock. There were no repurchases under the program in the nine months ended April 30, 2017. 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. At April 30, 2017, 8.0 million shares remained available for repurchase under the stock repurchase program.

In the nine months ended April 30, 2017 and 2016, the Company paid $1.8 million and $0.1 million, respectively, to repurchase 94,338 shares and 11,250 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 were 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, 2016, 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.

The Company received proceeds from the exercise of its stock options of $0.8 million in the nine months ended April 30, 2017, and issued 73,471 shares of its Class B common stock for the stock option exercises. There were no stock option exercises in the nine months ended April 30, 2016.