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Stock Plans (Tables)
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense is as follows:
 
 
Three Months Ended March 31,
(In thousands)
 
2016
 
2015
Stock compensation expense
 
$
5,498

 
$
4,981

Income tax benefit
 
2,132

 
1,912

Stock compensation expense, net of income tax benefit
 
$
3,366

 
$
3,069
Schedule of Weighted Average Risk Assumptions
Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2016.
Fair value per option
$11.69
Risk-free interest rate
1.64
%
Expected dividend yield
2.81
%
Expected volatility
33.71
%
Expected life (years)
7.01
Summary of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2016 follows:
 
 
Shares
 
Weighted Average
Exercise Price
Outstanding at January 1, 2016
 
1,694,675

 
$
36.69

Granted
 
235,233

 
44.50

Exercised
 
(72,196
)
 
40.07

Outstanding at March 31, 2016
 
1,857,712

 
37.54

Exercisable at March 31, 2016
 
1,340,863

 
$
33.71
Summary of Restricted Stock and Unit Activity
A summary of restricted stock and unit activity for the three months ended March 31, 2016 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2016
 
217,709

 
$
49.70

Granted
 
65,498

 
44.50

Vested
 
(50,968
)
 
48.87

Forfeited
 
(600
)
 
51.54

Unvested at March 31, 2016
 
231,639

 
$
48.51
Schedule of Fair Value Assumptions for Units
The following weighted average assumptions were used in the Monte Carlo model for units granted in 2016.
Fair value per unit
$43.77
Risk-free interest rate
0.96
%
Expected dividend yield
2.81
%
Expected volatility
29.00
%
MSA stock beta
1.202
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the three months ended March 31, 2016 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2016
 
171,644

 
$
50.24

Granted
 
61,800

 
43.77

Performance adjustments
 
(15,594
)
 
58.54

Vested
 
(31,093
)
 
58.54

Unvested at March 31, 2016
 
186,757

 
$
46.02