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Capital Stock
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. 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 three months ended March 31, 2024 or 2023. 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, 2024, or December 31, 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 March 31, 2024 and December 31, 2023. No new shares were issued during the three months ended March 31, 2024 or 2023. There were 39,381,219 and 39,317,212 shares outstanding at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024, and 2023, no shares were repurchased under this program. There were 22,700,172 and 22,764,179 treasury shares at March 31, 2024 and December 31, 2023, 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 95,428 and 26,774 Treasury shares issued for these purposes during the three months ended March 31, 2024 and 2023, respectively.
Common stock activity is summarized as follows:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$312,324 $(361,684)$281,980 $(359,838)
Stock compensation expense4,187 — 6,270 — 
Restricted and performance stock awards(1,436)1,436 (1,244)1,244 
Stock options exercised166 87 3 1 
Treasury shares purchased for stock compensation programs— (5,838)— (3,687)
Balance at end of period$315,241 $(365,999)$287,009 $(362,280)
(a)Excludes treasury cost related to preferred stock.