Equity

3 Months Ended

Apr. 30, 2013

EQUITY

NOTE 2 – EQUITY

The components of equity for the three months ended April30, 2013 and 2012 are as follows (in thousands):

Movado Group, Inc. Shareholders’ Equity

	Common Stock	Class A Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income	Noncontrolling Interests	Total
Balance, January31, 2013	$264	$66	$159,696	$272,094	($110,701)	$102,271	$2,002	$425,692
Net income				8,210			(31)	8,179
Dividends declared				(1,272)				(1,272)
Stock repurchase					(467)			(467)
Stock options exercised, net of tax benefit of $350	2		555		(1,160)			(603)
Supplemental executive retirement plan			6					6
Stock-based compensation expense			572					572
Net unrealized gain on investments, net of tax						1		1
Foreign currency translation adjustment (1)						(5,197)	(38)	(5,235)
Balance, April30, 2013	$266	$66	$160,829	$279,032	($112,328)	$97,075	$1,933	$426,873

Movado Group, Inc. Shareholders’ Equity

	Common Stock	Class A Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income	Noncontrolling Interests	Total
Balance, January31, 2012	$261	$66	$153,331	$251,695	($111,909)	$97,922	$2,708	$394,074
Net income				6,633			128	6,761
Dividends declared				(13,826)				(13,826)
Stock options exercised, net of tax	1		428					429
Supplemental executive retirement plan			22					22
Stock-based compensation expense			481					481
Net unrealized gain on investments, net of tax						23		23
Stock donation			725		1,439			2,164
Foreign currency translation adjustment (1)						3,500	63	3,563
Balance, April30, 2012	$262	$66	$154,987	$244,502	($110,470)	$101,445	$2,899	$393,691

(1)The currency translation adjustmentis not adjusted for income taxes to the extent that they relate to permanent investments in international subsidiaries.