Stockholders’ equity was as follows (in thousands):

	Three Months Ended March 31,
	2013									2014
	Atlantic Tele- Network, Inc.			Non-Controlling Interests			Total Equity			Atlantic Tele- Network, Inc.			Non-Controlling Interests			Total Equity
Equity, beginning of period	$	334,146		$	60,094		$	394,240		$	643,330		$	56,525		$	699,855
Stock-based compensation	844			—			844			1,058			—			1,058
Comprehensive income:
Net income	8,776			1,142			9,918			7,841			2,560			10,401
Other comprehensive income-Gain on interest rate swap (net of tax)	641			—			641			—			—			—
Total comprehensive income	9,417			1,142			10,559			7,841			2,560			10,401
Issuance of common stock upon exercise of stock options	2,667			—			2,667			930			—			930
Dividends declared on common stock	(3,933		)	—			(3,933		)	(4,305		)	—			(4,305		))
Distributions to non-controlling interests	—			(1,469		)	(1,469		)	—			(1,482		)	(1,482		)
Investments made by minority shareholders	—			60			60			—			—			—
Purchase of treasury stock	(3,272		)	—			(3,272		)	(1,756		)	—			(1,756		)
Equity, end of period	$	339,869		$	59,827		$	399,696		$	647,098		$	57,603		$	704,701