MOVADO GROUP, INC. Consolidated Statements of Changes in Shareholders’ Equity S ee Notes to Consolidated Financial Statements 41 Accumulated Class A Capital in Other Comp- Preferred Common Common Excess of Retained rehensive Treasury (in thousands, except per share amounts) Stock Stock Stock Par Value Earnings Income Stock Balance, January 31, 1998 — $93 $36 $64,475 $086,194 $0(5,137) $,00(128) Net income 20,973 Dividends ($0.08 per share) (1,026) Stock options exercised, net of tax benefit 857 Common stock repurchased (2,860) Foreign currency translation adjustment (869) Conversion of Class A Common Stock to Common Stock 1 (1) Balance, January 31, 1999 — 94 35 65,332 106,141 (6,006) (2,988) Net income 13,721 Dividends ($0.10 per share) (1,247) Stock options exercised, net of tax benefit 781 Common stock repurchased (17,593) Foreign currency translation adjustment (10,456) Conversion of Class A Common Stock to Common Stock 1 Balance, January 31, 2000 — 95 35 66,113 118,615 (16,462) (20,581) Net income 20,767 Dividends ($0.105 per share) (1,206) Stock options exercised, net of tax benefit 1 1,129 Common stock repurchased (7,329) Foreign currency translation adjustment (1,707) Balance, January 31, 2001 — $96 $35 $67,242 $138,176 $(18,169) $(27,910)