Capital Stock

Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law.

Share Repurchase Plan — In November 2012, our board of directors authorized a repurchase program of up to $100 million of our Class A Common shares through December 2014. Under the authorization, we repurchased $21.2 million of shares at prices ranging from $16.35 to $19.99 per share during the first nine months of 2014. For the nine months ended September 30, 2013, we purchased $69.3 million of shares at prices ranging from $10.83 to $17.94 per share. As of September 30, 2014, we have $5 million remaining for share repurchases under this authorization.

In May 2014, our board of directors authorized a new repurchase program of up to $100 million of our Class A Common shares through December 2016. No shares have been repurchased under this program as of September 30, 2014.

Based on the terms of the Master Transaction Agreement with Journal Communications, we are precluded from repurchasing shares prior to closing the transactions.

Options Outstanding — Information about options outstanding and options exercisable by year of grant as of September 30, 2014 is as follows:



			Options Outstanding and Exercisable
Year of Grant	Range of Exercise Prices	Average Remaining Term (in years)	Options on Shares Outstanding	Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)

2004 – expire in 2014	$10	0.18	3,794	$	9.78	$	—
2005 – expire in 2015	10-11	0.54	43,188	10.90		0.3
2006 – expire in 2016	10-11	1.66	47,737	10.03		0.3
2007 – expire in 2015	9-10	0.42	349,497	10.27		2.1
2008 – expire in 2016	7-10	1.50	1,610,994	8.73		12.2
Total	$7-11	1.29	2,055,210	$	9.07	$	14.9