Capital Stock

6 Months Ended

Jun. 30, 2020

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 June 30, 2020. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were treasury purchases of 120 preferred stock shares during the six months ended June 30, 2020. There were no treasury purchases of preferred stock during the six months ended June 30, 2019. 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 June 30, 2020.

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, 2019. No new shares were issued during the six months ended June 30, 2020, or 2019. There were 38,883,634 and 38,841,194 shares outstanding at June 30, 2020, and December 31, 2019, 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 six months ended June 30, 2020, 175,000 shares were repurchased under this program and all of the repurchases occurred during the first quarter. During the six months ended June 30, 2019, 33,465 shares were repurchased under the program. There were 23,197,757 and 23,240,197 Treasury Shares at June 30, 2020, and December 31, 2019, 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 63,405 and 293,556 Treasury Shares issued for these purposes during the six months ended June 30, 2020 and 2019, respectively.

Common stock activity is summarized as follows:


	Three Months Ended June 30, 2020						Three Months Ended June 30, 2019
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	232,167	$	(328,081)	$	213,099	$	(300,919)
Stock compensation expense	830		—		3,340		—
Restricted and performance stock awards	(226)		226		(232)		232
Stock options exercised	677		330		1,372		395
Treasury shares purchased	—		(524)		—		(148)
Stock consideration in acquisition	—		—		921		—
Employee stock purchase program	338		52		301		43
Share repurchase program	—		—		—		(3,347)
Balance at end of period	$	233,786	$	(327,997)	$	218,801	$	(303,744)


	Six Months Ended June 30, 2020						Six Months Ended June 30, 2019
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	229,127	$	(303,566)	$	211,806	$	(296,390)
Stock compensation expense	4,352		—		6,086		—
Restricted and performance stock awards	(2,464)		2,464		(2,643)		2,643
Stock options exercised	2,433		1,307		2,330		902
Treasury shares purchased	—		(8,141)		—		(7,595)
Stock consideration in acquisition	—		—		921		—
Employee stock purchase program	338		52		301		43
Share repurchase program	—		(20,113)		—		(3,347)
Balance at end of period	$	233,786	$	(327,997)	$	218,801	$	(303,744)