Note 8. Stockholders’ Equity

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three months ended March 31, 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

The changes in stockholders’ equity by component for the three months ended March 31, 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 income (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

Except as shown above related to the deconsolidation of a subsidiary, there were no reclassification adjustments from accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019.

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 2019. During the three months ended March 31, 2020, we did not repurchase any shares under the approved stock repurchase program. As of March 31, 2020, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.