Shareholders' equity

3 Months Ended

Mar. 31, 2018

5. Shareholders' equity

Changes in shareholders' equity for the three months ended March 31, 2018 were as follows (in thousands):

Balance at December 31, 2017	$	26,014
Net income		680
Share-based compensation expense		161
Issuance of shares from exercise of stock options		94
Foreign currency translation adjustment		(1	)
Relinquishment of stock awards upon exercise and fully vested deferred stock units		(246	)
Dividends declared and paid on common stock		(673	)
Purchase of common stock for treasury		(1,562	)
Balance at March 31, 2018	$	24,467

For the three months ended March 31, 2018, our Board of Directors declared a quarterly cash dividend of $0.09 per share, totaling $673 thousand, which was paid on March 15, 2018 to common shareholders of record at the close of business on February 20, 2018. For the three months ended March 31, 2017, dividends declared and paid totaled $587 thousand, or $0.08 per share.