Capital Stock

12 Months Ended

Dec. 31, 2021

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 at both December 31, 2021 and 2020 and 52,998 shares held in treasury at both December 31, 2021 and 2020. The Treasury shares at cost line of the Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the year ended December 31, 2021, and 120 shares of preferred stock purchased and subsequently held in treasury during the year ended December 31, 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 December 31, 2021 or 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 both December 31, 2021 and December 31, 2020. There were 39,276,518 and 39,067,902 shares outstanding at December 31, 2021 and 2020, respectively.

Treasury Shares - The Company's stock 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 purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. Under the program, there were no shares repurchased during 2021, 175,000 shares repurchased during 2020 and 33,465 shares were repurchased during 2019. We do not have any other share repurchase programs. There were 22,804,873 and 23,013,489 Treasury shares at December 31, 2021 and 2020, respectively.

The Company issues Treasury shares for all stock based benefit plans. Shares are issued from Treasury at the average Treasury share cost on the date of the transaction. There were 246,376 and 471,681 Treasury shares issued for these purposes during the years ended December 31, 2021 and 2020, respectively.

Common stock activity is summarized as follows:

	Shares		Dollars
(Dollars in thousands)	Issued	Treasury	Common Stock		Treasury Cost
Balance at January 1, 2019	62,081,391	(23,554,868)	$	211,806	$	(296,390)
Restricted stock awards	—	96,893	(1,253)		1,253
Restricted stock expense	—	—	7,397		—
Restricted stock forfeitures	—	—	(483)		—
Stock options exercised	—	193,681	5,107		2,364
Stock option expense	—	—	492		—
Stock option forfeitures	—	—	(5)		—
Performance stock issued	—	139,478	(1,778)		1,778
Performance stock expense	—	—	6,574		—
Performance stock forfeitures	—	—	(215)		—
Stock consideration in acquisition	—	—	921		—
Employee stock purchase plan	—	5,895	564		77
Treasury shares purchased	—	(87,811)	—		(9,301)
Share repurchase program	—	(33,465)	—		(3,347)
Balances December 31, 2019	62,081,391	(23,240,197)	$	229,127	$	(303,566)
Restricted stock awards	—	55,691	(773)		773
Restricted stock expense	—	—	7,065		—
Restricted stock forfeitures	—	—	(807)		—
Stock options exercised	—	274,672	8,590		3,856
Stock option expense	—	—	153		—
Stock option forfeitures	—	—	(40)		—
Performance stock issued	—	134,824	(1,826)		1,826
Performance stock expense	—	—	1,305		—
Performance stock forfeitures	—	—	(755)		—
Employee stock purchase plan	—	6,494	654		93
Treasury shares purchased	—	(69,973)	—		(9,025)
Share repurchase program	—	(175,000)	—		(20,113)
Balances December 31, 2020	62,081,391	(23,013,489)	$	242,693	$	(326,156)
Restricted stock awards	—	53,934	(762)		762
Restricted stock expense	—	—	6,562		—
Restricted stock forfeitures	—	—	(765)		—
Stock options exercised	—	122,119	4,003		1,767
Stock option expense	—	—	90		—
Stock option forfeitures	—	—	(9)		—
Performance stock issued	—	64,543	(939)		939
Performance stock expense	—	—	13,227		—
Employee stock purchase plan	—	5,730	772		83
Treasury shares purchased	—	(37,710)	—		(6,171)
Acquisition of noncontrolling interests in consolidated subsidiaries	—	—	(4,751)		—
Balances December 31, 2021	62,081,391	(22,804,873)	$	260,121	$	(328,776)