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Stock Plans (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
Stock compensation (benefit) expense(a)
$(1,309)$4,044 $3,042 $10,130 
Income tax (expense) benefit(319)987 742 2,472 
Stock compensation (benefit) expense, net of tax$(990)$3,057 $2,300 $7,658 
(a) The Company adjusted cumulative stock compensation expense for changes in expected performance against target metrics for unvested performance stock units. This resulted in a benefit during the three months ended September 30, 2020.
Summary of Stock Option Activity
A summary of stock option activity for the nine months ended September 30, 2020, follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 2020559,656 $45.78 
Exercised(162,983)42.76 
Forfeited(954)42.00 
Outstanding at September 30, 2020395,719 47.03 
Exercisable at September 30, 2020392,726 $47.03 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the nine months ended September 30, 2020, follows:
SharesWeighted Average
Grant Date Fair Value
Unvested at January 1, 2020172,701 $90.38 
Granted48,138 122.69 
Vested(63,104)81.56 
Forfeited(5,081)104.53 
Unvested at September 30, 2020152,654 $103.75 
Schedule of Fair Value Assumptions for Units The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2020.
Fair value per unit$127.36
Risk-free interest rate1.16%
Expected dividend yield1.48%
Expected volatility24.8%
MSA stock beta0.988
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the nine months ended September 30, 2020, follows:
SharesWeighted Average
Grant Date Fair Value
Unvested at January 1, 2020238,035 $85.39 
Granted65,982 127.33 
Performance adjustments33,499 72.36 
Vested(132,036)73.00 
Forfeited(3,698)120.69 
Unvested at September 30, 2020201,782 $104.41