Stockholders' Equity and Earnings Per Share

Capital Stock

The authorized capital stock of the Company consists of Class A Common, Class B Common and one series of Preferred stock. Voting, dividend, conversion and liquidation rights of the Preferred stock is established by the Board upon issuance of such preferred stock.

Hamilton Beach Brands Holding Company Class A Common is traded on the New York Stock Exchange under the ticker symbol “HBB.” Because of transfer restrictions on Class B Common, no trading market has developed, or is expected to develop, for the Class B Common.

Subject to the rights of the holders of any series of preferred stock, each share of Class A Common will entitle the holder of the share to one vote on all matters submitted to stockholders, and each share of the Company's Class B Common will entitle the holder of the share to ten votes on all such matters. Subject to the rights of the preferred stockholders, each share of Class A Common and Class B Common will be equal in respect of rights to dividends, except that in the case of dividends payable in stock, only Class A Common will be distributed with respect to Class A Common and only Class B Common will be distributed with respect to Class B Common. As the liquidation and dividend rights are identical, any distribution of earnings would be allocated to Class A and Class B stockholders on a proportionate basis, and accordingly the net income per share for each class of common stock is identical.

The following table sets forth the Company's authorized capital stock information:



	December 31
	2019	2018
	(In thousands)
Preferred stock, par value $0.01 per share
Preferred stock authorized	5,000	5,000

Class A Common stock⁽¹⁾⁽²⁾
Class A Common stock authorized	70,000	70,000
Treasury Stock	365	—

Class B Common stock⁽¹⁾
Class B Common stock authorized	30,000	30,000

(1) Class B Common converted to Class A Common were 345 shares during 2019 and 387 shares 2018.

(2) The Company issued Class A Common shares of 169 during 2019 and 32 during 2018.

Stock Repurchase Program

In May 2018, the Company approved a stock repurchase program for the purchase of up to $25.0 million of the Company's Class A Common Stock outstanding through December 31, 2019. As of December 31, 2019, the Company repurchased 364,893 shares for an aggregate purchase price of $6.0 million. There were no share repurchases during the years ended December 31, 2018 and 2017, respectively.

On November 5, 2019, the Company's Board adopted a new stock repurchase program for the purchase of up to $25.0 million of the Company's Class A Common outstanding starting January 1, 2020 and ending December 31, 2021.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes in accumulated other comprehensive income (loss) by component and related tax effects for periods shown:



	Foreign Currency			Deferred Gain (Loss) on Cash Flow Hedging			Pension Plan Adjustment			Total
Balance, January 1, 2017 (As Restated)	$	(8,221	)	$	616		$	(8,494	)	$	(16,099	)
Other comprehensive income (loss)	648			(456		)	2,446			2,638
Reclassification adjustment to net income	—			916			511			1,427
Tax effects	—			(568		)	(1,141		)	(1,709		)
Balance, December 31, 2017 (As Restated)	$	(7,573	)	$	508		$	(6,678	)	$	(13,743	)
Reclassification due to adoption of ASU 2018-02	—			118			(1,286		)	(1,168		)
Other comprehensive income (loss)	(1,162		)	174			(2,583		)	(3,571		)
Reclassification adjustment to net income	—			213			729			942
Tax effects	83			(134		)	490			439
Balance, December 31, 2018 (As Restated)	$	(8,652	)	$	879		$	(9,328	)	$	(17,101	)
Other comprehensive income (loss)	481			(2,199		)	1,882			164
Reclassification adjustment to net loss	—			490			727			1,217
Tax effects	(50		)	489			(851		)	(412		)
Balance, December 31, 2019 (As Restated)	$	(8,221	)	$	(341	)	$	(7,570	)	$	(16,132	)

Earnings per share

The weighted average number of shares of Class A Common and Class B Common outstanding used to calculate basic and diluted earnings (loss) per share were as follows:



	As Restated
	2019			2018			2017
Basic weighted average shares outstanding	13,690			13,699			13,673
Dilutive effect of share-based compensation awards	36			32			12
Diluted weighted average shares outstanding	13,726			13,731			13,685

Basic and diluted earnings (loss) per share:
Continuing operations	$	1.10		$	1.68		$	1.32
Discontinued operations	(2.09		)	(0.39		)	(0.16		)
Basic and diluted earnings (loss) per share	$	(0.99	)	$	1.29		$	1.16