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 71,340 shares issued and 52,878 shares held in treasury at December 31, 2015. There were 33 shares of preferred stock repurchased and subsequently canceled during 2015. The Treasury shares at cost line of the Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock during the years ended December 31, 2014 or 2013. 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, 2015 or 2014.

Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,372,474 and 37,448,310 shares outstanding at December 31, 2015 and December 31, 2014, respectively. Common stock activity is summarized as follows:



	Shares					Dollars
(Dollars in thousands)	Issued	Stock Compensation Trust		Treasury		Common Stock			Stock Compensation Trust			Treasury Cost
Balances January 1, 2013	62,081,391	(745,430	)	(24,328,162	)	$	112,135		$	(3,891	)	$	(267,987	)
Restricted stock awards	—	96,686		—		(505		)	505			—
Restricted stock expense	—	—		—		4,244			—			—
Restricted stock forfeitures	—	—		(7,365	)	(115		)	—			—
Stock options exercised	—	277,687		—		8,194			1,449			—
Stock option expense	—	—		—		2,825			—			—
Performance stock issued	—	67,389		—		(352		)	352			—
Performance stock expense	—	—		—		3,383			—			—
Tax benefit related to stock plans	—	—		—		2,246			—			—
Treasury shares purchased for stock compensation programs	—	—		(240,097	)	—			—			(11,785		)
Balances December 31, 2013	62,081,391	(303,668	)	(24,575,624	)	132,055			(1,585		)	(279,772		)
Restricted stock awards	—	72,291		13,936		(538		)	377			161
Restricted stock expense	—	—		—		4,372			—			—
Restricted stock forfeitures	—	—		(4,078	)	(346		)	—			—
Stock options exercised	—	150,962		39,781		5,678			788			460
Stock option expense	—	—		—		2,355			—			—
Performance stock issued	—	80,415		—		(420		)	420			—
Performance stock expense	—	—		—		2,705			—			—
Performance stock forfeitures	—	—		—		(33		)	—			—
Tax benefit related to stock plans	—	—		—		2,573			—			—
Treasury shares purchased for stock compensation programs	—	—		(107,096	)	—			—			(5,654		)
Balances December 31, 2014	62,081,391	—		(24,633,081	)	148,401			—			(284,805		)
Restricted stock awards	—	—		34,624		(404		)	—			404
Restricted stock expense	—	—		—		3,461			—			—
Restricted stock forfeitures	—	—		(18,468	)	(426		)	—			—
Stock options exercised	—	—		52,708		1,714			—			216
Stock option expense	—	—				2,572			—			—
Stock option forfeitures	—	—		—		(118		)	—			—
Performance stock issued	—	—		52,839		(616		)	—			616
Performance stock expense	—	—		—		2,265			—			—
Performance stock forfeitures	—	—		—		(155		)	—			—
Employee stock purchase plan	—	—		11,517		352			—			136
Tax benefit related to stock plans	—	—		—		596			—			—
Treasury shares purchased for stock compensation programs	—	—		(59,056	)	—			—			(2,781		)
Share repurchase program	—	—		(150,000	)	—			—			(7,104		)
Balances December 31, 2015	62,081,391	—		(24,708,917	)	$	157,642		$	—		$	(293,318	)

The Mine Safety Appliances Company Stock Compensation Trust was established to provide shares for certain benefit plans, including the management and non-employee directors’ equity incentive plans. Shares held by the Stock Compensation Trust, and the corresponding cost of those shares, are reported as a reduction of common shares issued. Differences between the cost of the shares held by the Stock Compensation Trust and the market value of shares released for stock-related benefits are reflected in common stock issued. The Company began issuing Treasury Shares for all Board of Director share based benefit plans in April 2014. The Company subsequently began issuing Treasury Shares for all share based benefit plans when the stock compensation trust was depleted in September 2014. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction.

On May 12, 2015, the Board of Directors adopted a new stock repurchase program replacing the existing program. The new program authorizes up to $100 million to repurchase 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 since the program was approved in May. We do not have any other share purchase programs.