Equity

3 Months Ended

Mar. 31, 2021

Equity In April 2020, the board of directors authorized a share repurchase program with no stated expiration date that allows the buy back of up to 3.5 million shares of Class B common stock. No other program existed as of March 31, 2021. 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 Hermes' 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 first three months of 2021, Federated Hermes repurchased approximately 1.5 million shares of its Class B common stock for $45.0 million ($7.1 million of which was accrued in Other Current Liabilities as of March 31, 2021), all of which were repurchased in the open market. At March 31, 2021, approximately 157 thousand shares remained available to be repurchased under this buyback program. See Note (18) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on April 29, 2021.

The following table presents the activity for the Class B common stock and Treasury stock for the three months ended March 31, 2021 and 2020. Class A shares have been excluded as there was no activity during these same periods.


	Three Months Ended
	March 31,
	2021	2020
Class B Shares
Beginning Balance	99,331,443	101,130,379
Stock Award Activity	712,924	649,581
Purchase of Treasury Stock	(1,505,000)	(714,251)
Ending Balance	98,539,367	101,065,709

Treasury Shares
Beginning Balance	10,174,013	8,375,077
Stock Award Activity	(712,924)	(649,581)
Purchase of Treasury Stock	1,505,000	714,251
Ending Balance	10,966,089	8,439,747

Redeemable Noncontrolling Interest in Subsidiaries

The following table presents the changes in Redeemable Noncontrolling Interest in Subsidiaries:


(in thousands)	Consolidated Investment Companies		HFML and other entities		Total
Balance at December 31, 2020	$	24,246	$	212,741	$	236,987
Net Income (Loss)	(1,091)		953		(138)
Other Comprehensive Income (Loss), net of tax	0		1,430		1,430
Subscriptions—Redeemable Noncontrolling Interest Holders	25,762		0		25,762
Consolidation/(Deconsolidation)	(25,419)		9,182		(16,237)
Stock Award Activity	0		2,481		2,481
Distributions to Noncontrolling Interest in Subsidiaries	(1,320)		(578)		(1,898)

Change in Estimated Redemption Value of Redeemable Noncontrolling Interests	0		(2,670)		(2,670)
Balance at March 31, 2021	$	22,178	$	223,539	$	245,717



Balance at December 31, 2019	$	19,872	$	192,214	$	212,086
Net Income (Loss)	(2,802)		1,889		(913)
Other Comprehensive Income (Loss), net of tax	0		(11,454)		(11,454)
Subscriptions—Redeemable Noncontrolling Interest Holders	5,577		0		5,577
Consolidation/(Deconsolidation)	(4,019)		0		(4,019)
Stock Award Activity	0		2,153		2,153
Distributions to Noncontrolling Interest in Subsidiaries	(6,039)		0		(6,039)

Change in Estimated Redemption Value of Redeemable Noncontrolling Interests	0		1,870		1,870
Balance at March 31, 2020	$	12,589	$	186,672	$	199,261