Shareholders’ Equity

Class A and Class B common stock share equally in our earnings and are identical with certain exceptions. Other than on matters relating to the election of directors or as required by law where the holders of Class A and Class B shares vote as separate classes, Class A shares have limited voting rights, with each share of Class A being entitled to one-tenth of a vote on most matters, and each share of Class B being entitled to one vote. Class A shareholders are entitled, subject to certain limitations, to elect at least 25% of the Board of Directors (rounded up to the nearest whole number) with Class B shareholders entitled to elect the balance of the directors. No cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the shareholder. The number of common shares issued reflects conversion of Class B to Class A of 37,485 in 2017, 28,183 in 2016 and 11,087 in 2015.

Class A shares and Class B shares reserved for issuance at September 30, 2017 are as follows:



	Shares
Conversion of Class B to Class A shares	7,575,427
Employee Stock Purchase Plan	2,000,000
2014 Long Term Incentive Plan	1,992,436
2008 Stock Appreciation Rights Plan	1,376,353
2003 Stock Option Plan	24,682
Class A and B shares reserved for issuance	12,968,898

We are authorized to issue up to 10,000,000 shares of preferred stock. The Board of Directors may authorize, without further shareholder action, the issuance of additional preferred stock which ranks senior to both classes of our common stock with respect to the payment of dividends and the distribution of assets on liquidation. The preferred stock, when issued, would have such designations relative to voting and conversion rights, preferences, privileges and limitations as determined by the Board of Directors.

We issue common stock under our equity compensation plans from treasury stock. As of September 30, 2017, in addition to the shares reserved for issuance upon the exercise of outstanding equity awards, there were 1,568,220 shares authorized for awards that may be granted in the future under the 2014 Long Term Incentive Plan, assuming performance-based awards currently outstanding are all settled at the targeted payout.

Our Board of Directors has authorized a share repurchase program that has been amended from time to time to authorize additional repurchases. During 2017, we repurchased 2,190 shares of our Class B common stock for $147. During 2016, we repurchased 850,546 of our Class A and Class B common stock for $39,103. During 2015, we repurchased 4,795,568 of our Class A and Class B common stock for $337,739. As of September 30, 2017, the total remaining authorization for future common share repurchases under our program is 3,349,819 shares.