Capital Stock

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023. The Treasury shares at cost line in the unaudited Condensed 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 six months ended June 30, 2024 or 2023. 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, 2024, or December 31, 2023.

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 June 30, 2024 and December 31, 2023. No new shares were issued during the six months ended June 30, 2024 or 2023. There were 39,349,528 and 39,317,212 shares outstanding at June 30, 2024 and December 31, 2023, respectively.

Treasury Shares - The Company has a stock repurchase program that authorizes up to $200.0 million to repurchase MSA common stock in the open market and in private transactions. The stock 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, 2024, and 2023, the Company repurchased 52,561 and no shares, respectively, under this program. There were 22,731,863 and 22,764,179 treasury shares at June 30, 2024 and December 31, 2023, 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 121,790 and 105,894 Treasury shares issued for these purposes during the six months ended June 30, 2024 and 2023, respectively.

Common stock activity is summarized as follows:

	Three Months Ended June 30, 2024				Three Months Ended June 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	315,241	$	(365,999)	$	287,009	$	(362,280)
Stock compensation expense	5,042		—		6,759		—
Restricted and performance stock awards	(348)		348		(190)		190
Stock options exercised	47		27		354		184
Treasury shares purchased for stock compensation programs	—		(992)		—		(184)
Employee stock purchase program	574		60		432		65
Share repurchase program	—		(10,000)		—		—
Balance at end of period	$	320,556	$	(376,556)	$	294,364	$	(362,025)
(a)Excludes treasury cost related to preferred stock.

	Six Months Ended June 30, 2024				Six Months Ended June 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	312,324	$	(361,684)	$	281,980	$	(359,838)
Stock compensation expense	9,229		—		13,029		—
Restricted and performance stock awards	(1,783)		1,783		(1,434)		1,434
Stock options exercised	212		114		357		185
Treasury shares purchased for stock compensation programs	—		(6,829)		—		(3,871)
Employee stock purchase program	574		60		432		65
Share repurchase program	—		(10,000)		—		—
Balance at end of period	$	320,556	$	(376,556)	$	294,364	$	(362,025)
(a)Excludes treasury cost related to preferred stock.