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, 2018. 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, 2018, 2017 or 2016. 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, 2018 or 2017.

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 both December 31, 2018 and December 31, 2017. There were 38,526,523 and 38,222,928 shares outstanding at December 31, 2018 and 2017, respectively.

Treasury Shares - The Company's stock repurchase program authorizes up to $100.0 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. There were 168,941 shares repurchased during 2017. No shares were repurchased during 2018 or 2016. We do not have any other share repurchase programs. There were 23,554,868 and 23,858,463 Treasury Shares at December 31, 2018 and 2017, respectively.

The Company issues Treasury Shares for all share based benefit plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 357,510 and 648,164 Treasury Shares issued for these purposes during the years ended December 31, 2018 and 2017, respectively.

Common stock activity is summarized as follows:



	Shares			Dollars
(Dollars in thousands)	Issued	Treasury		Common Stock			Treasury Cost
Balances January 1, 2016	62,081,391	(24,708,917	)	$	157,643		$	(293,318	)
Restricted stock awards	—	29,836		(355		)	355
Restricted stock expense	—	—		3,604			—
Restricted stock forfeitures	—	(2,800	)	(148		)	—
Stock options exercised	—	341,063		5,617			6,859
Stock option expense	—	—		2,484			—
Stock option forfeitures	—	—		(25		)	—
Performance stock issued	—	31,093		(371		)	371
Performance stock expense	—	—		3,324			—
Performance stock forfeitures	—	—		(28		)	—
Employee stock purchase plan	—	9,500		458			113
Tax benefit related to stock plans	—	—		478			—
Treasury shares purchased for stock compensation programs	—	(44,588	)	—			(1,881		)
Balances December 31, 2016	62,081,391	(24,344,813	)	$	172,681		$	(287,501	)
Restricted stock awards	—	34,798		(422		)	422
Restricted stock expense	—	—		4,746			—
Restricted stock forfeitures	—	(690	)	(49		)	(6		)
Stock options exercised	—	620,646		10,901			7,564
Stock option expense		—		380			—
Performance stock issued	—	72,504		(866		)	866
Performance stock expense	—	—		6,687			—
Employee stock purchase plan	—	7,127		445			87
Treasury shares purchased for stock compensation programs	—	(79,094	)	—			(5,732		)
Stock Repurchase program	—	(168,941	)	—			(11,781		)
Acquisition of noncontrolling interest	—	—		450			—
Balances December 31, 2017	62,081,391	(23,858,463	)	$	194,953		$	(296,081	)
Restricted stock awards	—	92,401		(1,079		)	1,079
Restricted stock expense	—	—		6,504			—
Restricted stock forfeitures	—	—		(283		)	—
Stock options exercised	—	215,724		5,738			2,835
Stock option expense	—	—		272			—
Stock option forfeitures	—	—		(55		)	—
Performance stock issued	—	41,660		(523		)	523
Performance stock expense	—	—		6,186			—
Performance stock forfeitures	—	—		(385		)	—
Employee stock purchase plan	—	7,725		478			78
Treasury shares purchased for stock compensation programs	—	(53,915	)	—			(4,824		)
Balances December 31, 2018	62,081,391	(23,554,868	)	$	211,806		$	(296,390	)