NOTE 3 – EQUITY

The components of equity for the three months ended April 30, 2017 and 2016 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, 2017	$	272	$	66	$	185,354		$	415,919		$	(204,398	)	$	76,780		$	—	$	473,993
Net (loss)									(4,159	)										(4,159	)
Dividends									(2,982	)										(2,982	)
Stock repurchase												(1,028	)							(1,028	)
Stock options exercised		1		1		(1	)					(693	)							(692	)
Supplemental executive retirement plan						32														32
Stock-based compensation expense						1,243														1,243
Net unrealized loss on investments, net of tax benefit of $6															(12	)				(12	)
Net change in effective portion of hedging contracts, net of tax benefit of $26															(145	)				(145	)
Foreign currency translation adjustment (3)															(1,730	)				(1,730	)
Balance, April 30, 2017	$	273	$	67	$	186,628		$	408,778		$	(206,119	)	$	74,893		$	—	$	464,520

	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, 2016	$	270	$	66	$	178,118		$	392,788		$	(199,195	)	$	68,505		$	595	$	441,147
Net income									3,308									29		3,337
Dividends									(2,983	)										(2,983	)
Stock repurchase												(943	)							(943	)
Stock options exercised, net of tax of $103		1				(49	)					(1,259	)							(1,307	)
Supplemental executive retirement plan						84														84
Stock-based compensation expense						2,409														2,409
Net unrealized gain on investments, net of tax of $2															6					6
Net change in effective portion of hedging contracts, net of tax benefit of $46															(232	)				(232	)
Foreign currency translation adjustment (3)															17,892			8		17,900
Balance, April 30, 2016	$	271	$	66	$	180,562		$	393,113		$	(201,397	)	$	86,171		$	632	$	459,418

(1)	Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.

(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.