Common Stock and Treasury Stock

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Common Stock and Treasury Stock

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 March 31, 2018:

	Common Stock Issued
	Class A		Class B
	(Shares in thousands)
Balance, January 1, 2017		6,638		878
Conversion of shares		17		(17)
Issuance of restricted stock		19		29
Forfeiture of restricted stock		(1)		—
Exercise of stock options		21		8
Balance, December 31, 2017		6,694		898
Issuance of restricted stock		4		—
Balance, March 31, 2018		6,698		898

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 March 31, 2018 we have remaining authorization of $22.3 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 except during internal trading blackout periods. During the quarter ended March 31, 2018, approximately 2,500 shares were repurchased for $93,000 related to the stock buy-back program.