The Company’s authorized capital stock consists of 50,210,000 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 210,000 of which are preferred stock, par value $100 per share, which is designated into two classes, Class A of which 10,000 shares are authorized, and Class B of which 200,000 shares are authorized. There are two series of Class A preferred stock: Series A 3% preferred stock and the Series A preferred stock. There is one series of Class B preferred stock: Series B-1 8.48% preferred stock. There were 173,282 shares of preferred stock issued and outstanding as of December 31, 2020 and 2019.

The following table sets forth the changes in the number of shares of common stock for the years ended December 31:

	Outstanding			Treasury			Issued
2020
Shares outstanding at beginning of year		16,002,899			96,657			16,099,556
Restricted stock awards issued		12,798			(12,798	)		-
Restricted stock units released		24,921			(24,921	)		-
Stock awards		8,439			(8,439	)		-
Treasury stock purchases		(7,131	)		7,131			-
Shares outstanding at end of year		16,041,926			57,630			16,099,556

2019
Shares outstanding at beginning of year		15,928,598			127,580			16,056,178
Common stock issued for Courier Capital contingent earn-out		43,378			-			43,378
Restricted stock awards issued		8,226			(8,226	)		-
Restricted stock units released		28,080			(28,080	)		-
Stock awards		4,192			(4,192	)		-
Treasury stock purchases		(9,575	)		9,575			-
Shares outstanding at end of year		16,002,899			96,657			16,099,556

In November 2020, the Company’s Board of Directors authorized a share repurchase program of common stock for up to 801,879 shares of common stock. Repurchased shares are recorded in treasury stock, at cost, which includes any applicable transaction costs. No shares were repurchased under this program during the year ended December 31, 2020.

Series A 3% Preferred Stock. There were 1,435 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2020 and 2019. Holders of Series A 3% preferred stock are entitled to receive an annual dividend of $3.00 per share, which is cumulative and payable quarterly. Holders of Series A 3% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company’s capital stock and have no voting rights. Dividend or dissolution payments to the Class A shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments can be declared and paid, or set apart for payment, to the holders of Class B preferred stock or common stock. The Series A 3% preferred stock is not convertible into any other of the Company’s securities.

Series B-1 8.48% Preferred Stock. There were 171,847 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2020 and 2019. Holders of Series B-1 8.48% preferred stock are entitled to receive an annual dividend of $8.48 per share, which is cumulative and payable quarterly. Holders of Series B-1 8.48% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company’s common stock and have no voting rights. Accumulated dividends on the Series B-1 8.48% preferred stock do not bear interest, and the Series B-1 8.48% preferred stock is not subject to redemption. Dividend or dissolution payments to the Class B shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments are declared and paid, or set apart for payment, to the holders of common stock. The Series B-1 8.48% preferred stock is not convertible into any other of the Company’s securities.