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Common Stock and Treasury Stock
 9 Months Ended
Sep. 30, 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 September 30, 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
 
 
 
—
 
Forfeiture of restricted stock
 
 
(1
)
 
 
—
 
Balance, September 30, 2018
 
 
6,697
 
 
 
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 September 30, 2018, we have remaining authorization of $21.1 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 was effective until September 1, 2018. During the three and nine months ended September 30, 2018, approximately 20,100 and 34,600 shares, respectively were repurchased for $748,000 and $1,295,000 respectively, related to the Stock Buy-Back Program.