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Capital Stock
3 Months Ended
Mar. 31, 2015
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 71,373 shares issued and 52,878 shares held in treasury at March 31, 2015. There were no treasury purchases of preferred stock during the quarter ended March 31, 2015. 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 March 31, 2015.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,479,832 and 37,448,310 shares outstanding at March 31, 2015 and December 31, 2014, respectively.
Treasury Shares - The Board of Directors has authorized the purchase of up to $100.0 million of MSA common stock either through private transactions or open market transactions. The share purchase program has no expiration date. The maximum shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. We do not have any other share purchase programs. There were 24,601,559 and 24,633,081 Treasury Shares at March 31, 2015 and December 31, 2014, respectively.
The Company began issuing Treasury Shares for all share based benefit plans during 2014. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 93,366 Treasury Shares issued for these purposes during the three months ended March 31, 2015.