Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity

Stockholders' Equity

Note 8. Stockholders’ Equity

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2021 are as follows:

									Accumulated
									Other		AXT, Inc.				Total
	Preferred		Common		Additional		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Stock		Stock		Paid-In Capital		Deficit		Income (Loss)		Equity		Interests		Equity
Balance as of December 31, 2020	$	3,532	$	42	$	230,381	$	(44,545)	$	3,209	$	192,619	$	15,350	$	207,969
Common stock options exercised		—		—		704		—		—		704		—		704
Stock-based compensation		—		—		816		—		—		816		—		816
Formation of new subsidiary with noncontrolling interests		—		—		(131)		—		—		(131)		707		576
Sale of common stock to employees in connection with the reorganization		—		—		538		—		—		538		—		538
Purchase of subsidiary shares from noncontrolling interests		—		—		(2,691)		—		—		(2,691)		(1,039)		(3,730)
Net income (loss)		—		—		—		3,425		—		3,425		311		3,736
Other comprehensive loss		—		—		—		—		(131)		(131)		(16)		(147)
Balance as of March 31, 2021	$	3,532	$	42	$	229,617	$	(41,120)	$	3,078	$	195,149	$	15,313	$	210,462
Common stock options exercised		—		—		420		—		—		420		—		420
Stock-based compensation		—		—		975		—		—		975		—		975
Formation of new subsidiary with noncontrolling interests		—		—		(131)		—		—		(131)		706		575
Transfer of subsidiary with noncontrolling interest		—		—		(1,229)		—		—		(1,229)		1,229		—
Transfer of subsidiary with redeemable noncontrolling interest		—		—		(1,241)		—		—		(1,241)		—		(1,241)
Net income		—		—		—		4,385		—		4,385		94		4,479
Other comprehensive income		—		—		—		—		1,455		1,455		137		1,592
Balance as of June 30, 2021	$	3,532	$	42	$	228,411	$	(36,735)	$	4,533	$	199,783	$	17,479	$	217,262
Common stock options exercised		—		1		467		—		—		468		—		468
Stock-based compensation		—		—		1,639		—		—		1,639		—		1,639
Net income		—		—		—		3,800		—		3,800		329		4,129
Other comprehensive income		—		—		—		—		50		50		6		56
Balance as of September 30, 2021	$	3,532	$	43	$	230,517	$	(32,935)	$	4,583	$	205,740	$	17,814	$	223,554

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2020 are as follows:

									Accumulated
									Other		AXT, Inc.				Total
	Preferred		Common		Additional		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Stock		Stock		Paid-In Capital		Deficit		Income (Loss)		Equity		Interests		Equity
Balance as of December 31, 2019	$	3,532	$	41	$	236,957	$	(47,783)	$	(4,862)	$	187,885	$	4,877	$	192,762
Common stock options exercised		—		—		441		—		—		441		—		441
Stock-based compensation		—		—		643		—		—		643		—		643
Net income (loss)		—		—		—		(178)		—		(178)		395		217
Other comprehensive loss		—		—		—		—		(1,775)		(1,775)		(98)		(1,873)
Balance as of March 31, 2020	$	3,532	$	41	$	238,041	$	(47,961)	$	(6,637)	$	187,016	$	5,174	$	192,190
Common stock options exercised		—		—		72		—		—		72		—		72
Stock-based compensation		—		—		641		—		—		641		—		641
Net income		—		—		—		361		—		361		598		959
Net dividend declared by joint ventures		—		—		—		—		—		—		(89)		(89)
Other comprehensive income		—		—		—		—		272		272		9		281
Balance as of June 30, 2020	$	3,532	$	41	$	238,754	$	(47,600)	$	(6,365)	$	188,362	$	5,692	$	194,054
Common stock options exercised		—		—		624		—		—		624		—		624
Sale of subsidiary shares to noncontrolling interests		—		—		396		—		—		396		—		396
Stock-based compensation		—		—		648		—		—		648		—		648
Net income		—		—		—		991		—		991		490		1,481
Other comprehensive loss		—		—		—		—		4,373		4,373		316		4,689
Balance as of September 30, 2020	$	3,532	$	41	$	240,422	$	(46,609)	$	(1,992)	$	195,394	$	6,498	$	201,892

There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020.

Stock Repurchase Program

On October 27, 2014, our Board of Directors approved a stock repurchase program pursuant to which we may repurchase up to $5.0 million of our outstanding common stock.  These repurchases can be made from time to time in the open market and are funded from our existing cash balances and cash generated from operations. During 2015, we repurchased approximately 908,000 shares at an average price of $2.52 per share for a total purchase price of approximately $2.3 million under the stock repurchase program.  No shares were repurchased from 2016 through 2020. During the three and nine months ended September 30, 2021, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2021, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.