Common Stock and Treasury Stock

9 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Common Stock and Treasury Stock

4. 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, 2017:

	Common Stock Issued
	Class A		Class B
	(Shares in thousands)
Balance, January 1, 2016		6,603		865
Conversion of shares		12		(12)
Issuance of restricted stock		23		25
Balance, December 31, 2016		6,638		878
Exercise of stock options		21		8
Conversion of shares		4		(4)
Forfeiture of restricted stock		(1)		—
Balance, September 30, 2017		6,662		882

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, 2017, we have remaining authorization of $23.3 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of its Class A Common Stock under its trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout periods.  Under the plan, the Company may repurchase its 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 the Company's balance sheet.  The plan does not obligate Saga to acquire any particular amount of Class A Common Stock.  The authorization is effective until September 1, 2018, but may be suspended, extended or amended at any time at the Company's discretion.