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Capital Stock
6 Months Ended
Jun. 30, 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 June 30, 2015. There were no treasury purchases of preferred stock during the quarter ended June 30, 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 June 30, 2015.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,349,911 and 37,448,310 shares outstanding at June 30, 2015 and December 31, 2014, respectively.
Treasury Shares - On May 12, 2015, the Board of Directors adopted a new stock repurchase program to replace the existing program. The new program authorizes up to $100.0 million in repurchases of MSA common stock in the open market and in private 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 repurchased 150,000 shares during the three months ended June 30, 2015. We do not have any other share purchase programs. There were 24,731,480 and 24,633,081 Treasury Shares at June 30, 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 117,529 Treasury Shares issued for these purposes during the six months ended June 30, 2015.