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, 2019 and 2018.

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

	Outstanding			Treasury			Issued
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	)		-
Stock options exercised		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

2018
Shares outstanding at beginning of year		15,924,938			131,240			16,056,178
Restricted stock awards issued		7,370			(7,370	)		-
Restricted stock awards forfeited		(23,901	)		23,901			-
Stock options exercised		17,450			(17,450	)		-
Stock awards		6,363			(6,363	)		-
Treasury stock purchases		(3,622	)		3,622			-
Shares outstanding at end of year		15,928,598			127,580			16,056,178

Series A 3% Preferred Stock. There were 1,435 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2019 and 2018. 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, 2019 and 2018. 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.