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Capital Stock | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and December 31, 2022. The Treasury shares at cost line in the unaudited Condensed 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 nine months ended September 30, 2023 or 2022. 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 September 30, 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 September 30, 2023 and December 31, 2022. No new shares were issued during the nine months ended September 30, 2023 or 2022. There were 39,310,511 and 39,213,064 shares outstanding at September 30, 2023 and December 31, 2022, 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 stock repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the nine months ended September 30, 2023, no shares were repurchased under this program. During the nine months ended September 30, 2022, 251,408 shares were repurchased under this program. There were 22,770,880 and 22,868,327 treasury shares at September 30, 2023 and December 31, 2022, 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 125,967 and 203,619 Treasury shares issued for these purposes during the nine months ended September 30, 2023 and 2022, respectively. Common stock activity is summarized as follows:
| Three Months Ended September 30, 2023 |  | Three Months Ended September 30, 2022
(In thousands) | Common Stock |  | Treasury Cost(a) |  | Common Stock |  | Treasury Cost(a)
Balance at beginning of period | $ | 294,364 |  |  | $ | (362,025) |  |  | $ | 267,645 |  |  | $ | (359,314) |
Stock compensation expense | 8,477 |  |  | — |  |  | 2,967 |  |  | — |
Restricted and performance stock awards | (15) |  |  | 15 |  |  | (103) |  |  | 103 |
Stock options exercised | 591 |  |  | 307 |  |  | 2,501 |  |  | 1,364 |
Treasury shares purchased for stock compensation programs | — |  |  | (70) |  |  | — |  |  | (59) |
Share repurchase program | — |  |  | — |  |  | — |  |  | (2,150) |
Balance at end of period | $ | 303,417 |  |  | $ | (361,773) |  |  | $ | 273,010 |  |  | $ | (360,056) |
(a)Excludes treasury cost related to preferred stock.
| Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
(In thousands) | Common Stock |  | Treasury Cost(a) |  | Common Stock |  | Treasury Cost(a)
Balance at beginning of period | $ | 281,980 |  |  | $ | (359,838) |  |  | $ | 260,121 |  |  | $ | (328,776) |
Stock compensation expense | 21,506 |  |  | — |  |  | 11,325 |  |  | — |
Restricted and performance stock awards | (1,449) |  |  | 1,449 |  |  | (1,564) |  |  | 1,564 |
Stock options exercised | 948 |  |  | 492 |  |  | 2,704 |  |  | 1,459 |
Treasury shares purchased for stock compensation programs | — |  |  | (3,941) |  |  | — |  |  | (3,990) |
Employee stock purchase program | 432 |  |  | 65 |  |  | 424 |  |  | 62 |
Share repurchase program | — |  |  | — |  |  | — |  |  | (30,375) |
Balance at end of period | $ | 303,417 |  |  | $ | (361,773) |  |  | $ | 273,010 |  |  | $ | (360,056) |
(a)Excludes treasury cost related to preferred stock.

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