9. Shareholders’ Equity

Changes in shareholders’ equity accounts for the three months ended May 31, 2016 are as follows (in thousands, except share amounts):

 

		Common Stock								Additional Paid-in				Retained				Accumulated Other Comprehensive				Treasury Stock
		Shares				Amount				Capital				Earnings				Income (Loss)				Shares				Amount				Total
Balance March 1, 2016			30,053,443			$	75,134			$	121,597			$	206,105			$	(27,285	)			(4,437,005	)		$	(77,005	)		$	298,546
Net loss			—				—				—				(16,878	)			—				—				—				(16,878	)
Foreign currency translation, net of deferred tax of $6,087			—				—				—				—				9,940				—				—				9,940
Dividends paid ($0.175 per share)			—				—				—				(4,530	)			—				—				—				(4,530	)
Stock based compensation			—				—				339				—				—				—				—				339
Stock based compensation allocated to loss on sale of discontinued operations			—				—				112				—				—				—				—				112
Exercise of stock options and restricted stock			—				—				(1,810	)			—				—				282,988				4,720				2,910
Balance May 31, 2016			30,053,443			$	75,134			$	120,238			$	184,697			$	(17,345	)			(4,154,017	)		$	(72,285	)		$	290,439

The Board has authorized the repurchase of up to an aggregate of $20.0 million of the Company’s outstanding common stock through a stock repurchase program. Under the repurchase program, share purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice.

There were no repurchases of common stock during the three months ended May 31, 2016. Since the program’s inception in October 2008, there has been 718,511 common shares repurchased at an average price of $13.74 per share. As of May 31, 2016 there was $10.1 million available to repurchase shares of the Company’s common stock under the program.