NOTE 2 – EQUITY

The components of equity for the six months ended July 31, 2015 and 2014 are as follows (in thousands):

	Movado Group, Inc. Shareholders' Equity
	Common Stock (1)		Class A Common Stock (2)		Capital in Excess of Par Value		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income			Noncontrolling Interests			Total
Balance, January 31, 2015	$	268	$	66	$	174,826	$	358,006		$	(149,811	)	$	98,854		$	2,076		$	484,285
Net income								15,674									(101	)		15,573
Dividends								(5,239	)											(5,239	)
Stock repurchase											(39,129	)								(39,129	)
Stock options exercised, net of tax benefit of $42		1				188					(636	)								(447	)
Supplemental executive retirement plan						137														137
Stock-based compensation expense						3,100														3,100
Net unrealized gain on investments, net of tax of $7														15						15
Net change in effective portion of hedging contracts, net of tax of $0														(4	)					(4	)
Foreign currency translation adjustment (3)														(13,321	)		114			(13,207	)
Balance, July 31, 2015	$	269	$	66	$	178,251	$	368,441		$	(189,576	)	$	85,544		$	2,089		$	445,084

	Common Stock (1)		Class A Common Stock (2)		Capital in Excess of Par Value		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income			Noncontrolling Interests			Total
Balance, January 31, 2014	$	266	$	66	$	165,342	$	316,334		$	(122,406	)	$	103,702		$	2,686		$	465,990
Net income								19,516									83			19,599
Dividends								(5,059	)											(5,059	)
Stock repurchase											(7,684	)								(7,684	)
Stock options exercised, net of tax benefit of $1,204		2				2,717					(1,407	)								1,312
Supplemental executive retirement plan						82														82
Stock-based compensation expense						2,612														2,612
Net unrealized gain on investments, net of tax of $39														69						69
Stock donation						671					385									1,056
Gain on available-for-sale securities, net of tax benefit of $50														(81	)					(81	)
Foreign currency translation adjustment (3)														(615	)		(18	)		(633	)
Balance, July 31, 2014	$	268	$	66	$	171,424	$	330,791		$	(131,112	)	$	103,075		$	2,751		$	477,263

(1)	Each share of common stock is entitled to one vote per share.

(2)

Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation as amended. The class A common stock is not publicly traded and consequently, there is currently no established public trading market for these shares.

(3)	The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.