Capital Stock

9 Months Ended

Sep. 30, 2021

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, 2021. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock shares during the nine months ended September 30, 2021. There were treasury purchases of 120 preferred stock shares during the nine months ended September 30, 2020. 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, 2021.

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, 2020. No new shares were issued during the nine months ended September 30, 2021, or 2020. There were 39,207,440 and 39,067,902 shares outstanding at September 30, 2021, and December 31, 2020, 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, 2021, no shares were repurchased under this program. During the nine months ended September 30, 2020, 175,000 shares were repurchased under the program. There were 22,873,951 and 23,013,489 Treasury Shares at September 30, 2021, and December 31, 2020, 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 37,478 and 66,893 Treasury Shares issued for these purposes during the nine months ended September 30, 2021 and 2020, respectively.

Common stock activity is summarized as follows:


	Three Months Ended September 30, 2021				Three Months Ended September 30, 2020
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	253,773	$	(329,439)	$	233,786	$	(327,997)
Stock compensation expense	2,867		—		(1,309)		—
Restricted and performance stock awards	(159)		159		(50)		50
Stock options exercised	354		155		2,276		954
Treasury shares purchased	—		(625)		—		(439)

Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19)	(4,751)		—		—		—


Balance at end of period	$	252,084	$	(329,750)	$	234,703	$	(327,432)


	Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2020
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	242,693	$	(326,156)	$	229,127	$	(303,566)
Stock compensation expense	13,562		—		3,042		—
Restricted and performance stock awards	(1,662)		1,662		(2,513)		2,513
Stock options exercised	1,833		838		4,709		2,260
Treasury shares purchased	—		(6,137)		—		(8,578)

Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19)	(4,751)		—		—		—
Employee stock purchase program	409		43		338		52
Share repurchase program	—		—		—		(20,113)
Balance at end of period	$	252,084	$	(329,750)	234,703		(327,432)