Common Stock and Treasury Stock

9 Months Ended

Sep. 30, 2019

5. Common Stock and Treasury Stock

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2019:


	Common Stock Issued
	Class A	Class B
	(Shares in thousands)
Balance, January 1, 2018	6,694	898
Conversion of shares	12	(12)
Issuance of restricted stock	27	37
Forfeiture of restricted stock	(1)	—
Balance, December 31, 2018	6,732	923
Forfeiture of restricted stock	(2)	—
Balance, September 30, 2019	6,730	923

We have a Stock Buy-Back Program to allow us to purchase up to $75.8 million of our Class A Common Stock. As of September 30, 2019, we have remaining authorization of $19.8 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5‑1. The Rule 10b5‑1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan will be funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. The authorization is effective until November 29, 2019. During the three and nine months ended September 30, 2019 and September 30, 2018, approximately 9,600, 20,700, 20,100 and 34,600 shares, respectively were repurchased for $276,000, $603,000, $748,000 and $1,295,000 respectively, related to the Stock Buy-Back Program.