Capital Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Capital Stock

Capital Stock

Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,340 shares issued and 52,998 shares held in treasury at September 30, 2022. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock shares during both the nine months ended September 30, 2022 and 2021. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of September 30, 2022.

Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of December 31, 2021. No new shares were issued during the nine months ended September 30, 2022 or 2021. There were 39,197,700 and 39,276,518 shares outstanding at September 30, 2022 and December 31, 2021, respectively.

Treasury Shares - The Company's share repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the nine months ended September 30, 2022, 251,408 shares were repurchased under this program. During the nine months ended September 30, 2021, no shares were repurchased under this program. There were 22,883,691 and 22,804,873 Treasury Shares at September 30, 2022 and December 31, 2021, respectively.

The Company issues Treasury Shares for all stock-based compensation plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 203,619 and 37,478 Treasury Shares issued for these purposes during the nine months ended September 30, 2022 and 2021, respectively.

Common stock activity is summarized as follows:

	Three Months Ended September 30, 2022				Three Months Ended September 30, 2021
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	267,645	$	(359,314)	$	253,773	$	(329,439)
Stock compensation expense	2,967		—		2,867		—
Restricted and performance stock awards	(103)		103		(159)		159
Stock options exercised	2,501		1,364		354		155
Treasury shares purchased for stock compensation programs	—		(59)		—		(625)
Acquisition of noncontrolling interest in consolidated subsidiaries	—		—		(4,751)		—
Share repurchase program	—		(2,150)		—		—
Balance at end of period	$	273,010	$	(360,056)	$	252,084	$	(329,750)

	Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	260,121	$	(328,776)	$	242,693	$	(326,156)
Stock compensation expense	11,325		—		13,562		—
Restricted and performance stock awards	(1,564)		1,564		(1,662)		1,662
Stock options exercised	2,704		1,459		1,833		838
Treasury shares purchased for stock compensation programs	—		(3,990)		—		(6,137)
Acquisition of noncontrolling interest in consolidated subsidiaries	—		—		(4,751)		—
Employee stock purchase program	424		62		409		43
Share repurchase program	—		(30,375)		—		—
Balance at end of period	$	273,010	$	(360,056)	$	252,084	$	(329,750)