Stockholders' Equity

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 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, 2021	$	3,532	$	43	$	231,622	$	(29,970)	$	6,302	$	211,529	$	18,317	$	229,846
Investment in subsidiary with noncontrolling interest		—		—		(410)		—		—		(410)		204		(206)
Noncontrolling interest portion of Tongmei stock-based compensation		—		—		17		—		—		17		(7)		10
Stock-based compensation		—		—		875		—		—		875		—		875
Tongmei stock-based compensation		—		—		213		—		—		213		—		213
Net income		—		—		—		3,165		—		3,165		389		3,554
Investment in subsidiary from noncontrolling interest		—		—		—		—		—		—		1,887		1,887
Other comprehensive income		—		—		—		—		327		327		45		372
Balance as of March 31, 2022	$	3,532	$	43	$	232,317	$	(26,805)	$	6,629	$	215,716	$	20,835	$	236,551

Net income and other comprehensive income attributable to redeemable noncontrolling interests was $418,000 and $46,000, respectively, not shown in the table above.

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

There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021.

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 2021. During the three months ended March 31, 2022, we did not repurchase any shares under the approved stock repurchase program. As of March 31, 2022, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.