Capital Stock

12 Months Ended

Dec. 31, 2023

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 were 71,340 shares issued and 52,998 shares held in treasury at both December 31, 2023 and 2022. The Treasury shares at cost line of the Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the years ended December 31, 2023, or 2022. 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, 2023 or 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, 2023 and December 31, 2022. There were 39,317,212 and 39,213,064 shares outstanding at December 31, 2023 and 2022, 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 2023, 251,408 shares repurchased during 2022 and no shares repurchased during 2021. We do not have any other share repurchase programs. There were 22,764,179 and 22,868,327 Treasury shares at December 31, 2023 and 2022, 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 132,797 and 219,214 Treasury shares issued for these purposes during the years ended December 31, 2023 and 2022, respectively.

Common stock activity is summarized as follows:

	Shares		Dollars
(Dollars in thousands)	Issued	Treasury	Common Stock		Treasury Cost
Balance at January 1, 2021	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 interest	—	—	(4,751)		—
Balances December 31, 2021	62,081,391	(22,804,873)	$	260,121	$	(328,776)
Restricted stock awards	—	52,810	(711)		711
Restricted stock expense	—	—	7,715		—
Restricted stock forfeitures	—	—	(1,227)		—
Stock options exercised	—	103,545	3,021		1,629
Stock option expense	—	—	49		—
Performance stock issued	—	55,447	(880)		880
Performance stock expense	—	—	15,843		—
Performance stock forfeitures	—	—	(2,730)		—
Employee stock purchase plan	—	7,412	779		112
Treasury shares purchased	—	(31,260)	—		(4,021)
Share repurchase program	—	(251,408)	—		(30,373)
Balances December 31, 2022	62,081,391	(22,868,327)	$	281,980	$	(359,838)
Restricted stock awards	—	40,856	(643)		643
Restricted stock expense	—	—	9,476		—
Restricted stock forfeitures	—	—	(1,414)		—
Stock options exercised	—	31,394	970		503
Stock option expense	—	—	11		—
Stock option forfeitures	—	—	(11)		—
Performance stock issued	—	53,407	(855)		855
Performance stock expense	—	—	23,546		—
Performance stock forfeitures	—	—	(1,585)		—
Employee stock purchase plan	—	7,140	849		114
Treasury shares purchased	—	(28,649)	—		(3,961)
Balances December 31, 2023	62,081,391	(22,764,179)	$	312,324	$	(361,684)