Capital Stock

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023. 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, 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 December 31, 2024 or 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 December 31, 2024 and December 31, 2023. There were 39,260,080 and 39,317,212 shares outstanding at December 31, 2024 and 2023, respectively.

Treasury Shares—The Company's 2024 stock repurchase program authorizes up to $200.0 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 this and prior stock repurchase programs, there were 166,292 shares repurchased during 2024, no shares repurchased during 2023, and 251,408 shares repurchased during 2022. There were 22,821,311 and 22,764,179 Treasury shares at December 31, 2024 and 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 149,179 and 132,797 Treasury shares issued for these purposes during the years ended December 31, 2024 and 2023, respectively.

Common stock activity is summarized as follows:

	Shares		Dollars
(Dollars in thousands)	Issued	Treasury	Common Stock		Treasury Cost(a)
Balance at January 1, 2022	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 shares issued	—	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 shares issued	—	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)
Restricted stock awards	—	52,098	(842)		842
Restricted stock expense	—	—	15,769		—
Restricted stock forfeitures	—	—	(4,530)		—
Stock options exercised	—	10,666	327		174
Stock option expense	—	—	41		—
Stock option forfeitures	—	—	(41)		—
Performance stock issued	—	77,544	(1,256)		1,256
Performance stock expense	—	—	8,394		—
Performance stock forfeitures	—	—	(1,634)		—
Employee stock purchase plan shares issued	—	8,871	1,215		148
Employee stock purchase plan expense	—	—	186		—
Treasury shares purchased	—	(40,019)	—		(7,408)
Share repurchase program	—	(166,292)	—		(29,932)
Balances December 31, 2024	62,081,391	(22,821,311)	$	329,953	$	(396,604)
(a)Excludes treasury cost related to preferred stock.