Equity

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 March 31, 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 three months ended March 31, 2019, Federated repurchased approximately 61 thousand shares of its Class B common stock for $1.5 million, most of which were repurchased in the open market. At March 31, 2019, 1.0 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 months ended March 31, 2019 and 2018. Class A shares have been excluded as there was no activity during the three months ended March 31, 2019 or 2018.



	Three Months Ended
	March 31,
	2019		2018
Class B Shares
Beginning Balance	100,803,382		101,100,453
Stock Award Activity	498,324		454,769
Purchase of Treasury Stock	(60,833	)	(118,645	)
Ending Balance	101,240,873		101,436,577

Treasury Shares
Beginning Balance	8,702,074		8,405,003
Stock Award Activity	(498,324	)	(454,769	)
Purchase of Treasury Stock	60,833		118,645
Ending Balance	8,264,583		8,068,879