Equity

9 Months Ended

Sep. 30, 2019

In October 2016, the board of directors authorized a share repurchase program with no stated expiration date that allows Federated to buy back up to 4 million shares of Federated Class B common stock. No other programs existed as of September 30, 2019. The program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated's board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury). During the first nine months of 2019, Federated repurchased approximately 0.2 million shares of its Class B common stock for $4.1 million, most of which were repurchased in the open market. At September 30, 2019, 0.9 million shares remain available to be purchased under Federated's buyback program.

The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2019 and 2018. Class A shares have been excluded as there was no activity during the three and nine months ended September 30, 2019 or 2018.



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Class B Shares
Beginning Balance	101,211,023		100,763,162		100,803,382		101,100,453
Stock Award Activity	7,500		5,000		528,574		501,219
Purchase of Treasury Stock	(79,592	)	(276,982	)	(193,025	)	(1,110,492	)
Ending Balance	101,138,931		100,491,180		101,138,931		100,491,180

Treasury Shares
Beginning Balance	8,294,433		8,742,294		8,702,074		8,405,003
Stock Award Activity	(7,500	)	(5,000	)	(528,574	)	(501,219	)
Purchase of Treasury Stock	79,592		276,982		193,025		1,110,492
Ending Balance	8,366,525		9,014,276		8,366,525		9,014,276