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Stock Plans (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense is as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Stock compensation expense
 
$
1,453

 
$
1,806

 
$
6,951

 
$
6,787

Income tax benefit
 
563

 
684

 
2,695

 
2,596

Stock compensation expense, net of income tax benefit
 
$
890

 
$
1,122

 
$
4,256

 
$
4,191
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 six months ended June 30, 2016 follows:
 
 
Shares
 
Weighted Average
Exercise Price
Outstanding at January 1, 2016
 
1,694,675

 
$
36.69

Granted
 
235,233

 
44.50

Exercised
 
(111,990
)
 
39.17

Forfeited
 
(6,173
)
 
46.95

Outstanding at June 30, 2016
 
1,811,745

 
37.51

Exercisable at June 30, 2016
 
1,316,322

 
$
33.79
Summary of Restricted Stock and Unit Activity
A summary of restricted stock and unit activity for the six months ended June 30, 2016 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2016
 
217,709

 
$
49.70

Granted
 
80,456

 
45.12

Vested
 
(64,570
)
 
48.97

Forfeited
 
(3,978
)
 
49.33

Unvested at June 30, 2016
 
229,617

 
$
48.20
Schedule of Fair Value Assumptions for Units
The following weighted average assumptions were used in the Monte Carlo model for units granted in 2016 with a market condition modifier.
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 six months ended June 30, 2016 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2016
 
171,644

 
$
50.24

Granted
 
64,800

 
44.08

Performance adjustments
 
(15,594
)
 
58.54

Vested
 
(31,181
)
 
58.54

Forfeited
 
(1,903
)
 
46.67

Unvested at June 30, 2016
 
187,766

 
$
46.08