Note 8. Stockholders’ Equity

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2019, 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, 2018	$	3,532	$	40	$	234,418	$	(45,183)	$	(1,972)	$	190,835	$	3,697	$	194,532
Reclassification out of accumulated other comprehensive income and noncontrolling interests upon the deconsolidation of a subsidiary		—		—		—		—		(1,150)		(1,150)		533		(617)
Stock-based compensation		—		—		558		—		—		558		—		558
Net loss		—		—		—		(1,104)		—		(1,104)		81		(1,023)
Other comprehensive income		—		—		—		—		2,389		2,389		142		2,531
Balance as of March 31, 2019	$	3,532	$	40	$	234,976	$	(46,287)	$	(733)	$	191,528	$	4,453	$	195,981
Common stock options exercised		—		—		232		—		—		232		—		232
Purchase of subsidiary shares from noncontrolling interests		—		—		(74)		—		—		(74)		(339)		(413)
Stock-based compensation		—		—		568		—		—		568		—		568
Net income		—		—		—		1,451		—		1,451		287		1,738
Other comprehensive loss		—		—		—				(2,397)		(2,397)		(54)		(2,451)
Balance as of June 30, 2019	$	3,532	$	40	$	235,702	$	(44,836)	$	(3,130)	$	191,308	$	4,347	$	195,655
Common stock options exercised		—		—		35		—		—		35		—		35
Stock-based compensation		—		—		583		—		—		583		—		583
Net loss		—		—		—		(898)		—		(898)		403		(495)
Other comprehensive loss		—		—		—		—		(4,110)		(4,110)		(214)		(4,324)
Balance as of September 30, 2019	$	3,532	$	40	$	236,320	$	(45,734)	$	(7,240)	$	186,918	$	4,536	$	191,454

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2018, 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, 2017	$	3,532	$	39	$	231,679	$	(54,837)	$	3,407	$	183,820	$	4,497	$	188,317
Common stock options exercised		—		—		66		—		—		66		—		66
Stock-based compensation		—		—		467		—		—		467		—		467
Net income		—		—		—		2,875		—		2,875		315		3,190
Other comprehensive income		—		—		—		—		2,439		2,439		260		2,699
Balance as of March 31, 2018	$	3,532	$	39	$	232,212	$	(51,962)	$	5,846	$	189,667	$	5,072	$	194,739
Common stock options exercised		—		—		112		—		—		112		—		112
Purchase of subsidiary shares from noncontrolling interests		—		—		196		—		—		196		(1,551)		(1,355)
Stock-based compensation		—		—		464		—		—		464		—		464
Net income		—		—		—		3,901		—		3,901		650		4,551
Other comprehensive loss		—		—		—		—		(4,674)		(4,674)		(304)		(4,978)
Balance as of June 30, 2018	$	3,532	$	39	$	232,984	$	(48,061)	$	1,172	$	189,666	$	3,867	$	193,533
Common stock options exercised		—		—		86		—		—		86		—		86
Purchase of subsidiary shares from noncontrolling interests		—		—		(9)		—		—		(9)		(243)		(252)
Stock-based compensation		—		—		461		—		—		461		—		461
Net income		—		—		—		3,939		—		3,939		208		4,147
Other comprehensive loss		—		—		—		—		(3,018)		(3,018)		(239)		(3,257)
Balance as of September 30, 2018	$	3,532	$	39	$	233,522	$	(44,122)	$	(1,846)	$	191,125	$	3,593	$	194,718

Except as shown above related to the deconsolidation of a subsidiary, there were no reclassification adjustments from accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018.

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 2018. During the three and nine months ended September 30, 2019, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2019, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.