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| Equity | Note 20. Equity
The Company’s authorized ordinary shares, with par value of $0.3 per share, were 1,000,000,000 shares at December 31, 2024 and 2025. In accordance with the Company’s board of director’s resolution on December 4, 2024, the Company authorized a share buyback program. The program allows the Company to repurchase up to $20 million of the Company’s ADSs. The Company repurchased $5.3 million or 822,431 ADSs in the open market at an average price of $6.46 per ADS as of December 31, 2025. The Company’s issued and fully paid ordinary shares, with par value of $0.3 per share, were 356,699,482 shares at December 31, 2024 and 2025. The outstanding ordinary shares were 349,826,828 shares and 348,851,828 shares at December 31, 2024 and 2025, respectively. treasury shares and treasury shares were held by the Company as of December 31, 2024 and 2025, respectively. The Company’s ordinary shares have been quoted on the NASDAQ Global Select Market under the symbol “HIMX” in the form of ADSs and two ordinary shares represent one ADS with effect from August 10, 2009.
Balance of additional paid-in capital as of December 31, 2024 and 2025 were as follows:
As a holding company, the major asset of the Company is the 100% ownership interest in Himax Taiwan. Dividends received from the Company’s subsidiaries in Taiwan, if any, will be subjected to withholding tax under ROC law. The ability of the Company’s subsidiaries to pay dividends, repay intercompany loans from the Company or make other distributions to the Company may be restricted by the availability of funds, the terms of various credit arrangements entered into by the Company’s subsidiaries, as well as statutory and other legal restrictions. The Company’s subsidiaries in Taiwan are generally not permitted to distribute dividends or to make any other distributions to shareholders for any year in which it did not have either earnings or retained earnings (excluding reserve). In addition, before distributing a dividend to shareholders following the end of a fiscal year, a Taiwan company must recover any past losses, pay all outstanding taxes and set aside 10% of its annual net income (less prior years’ losses and outstanding taxes) as a legal reserve until the accumulated legal reserve equals its paid-in capital, and may set aside a special reserve. The accumulated legal and special reserve provided by Himax Taiwan as of December 31, 2024 and 2025 amounted to $159,580 thousand and $167,891 thousand, respectively. For the year ended December 31, 2025, the Company declared the cash dividend of $0.185 per share, totaling $64,492 thousand, and was paid on July 11, 2025.
Changes in accumulated other comprehensive income, net of tax, are as follows:
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