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Stock Plans (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2023202220232022
Stock compensation expense$6,759 $4,629 $13,029 $8,358 
Income tax benefit1,656 1,134 3,192 2,048 
Stock compensation expense, net of tax$5,103 $3,495 $9,837 $6,310 
We have not capitalized any stock-based compensation expense.
Summary of Stock Option Activity
A summary of stock option activity for the six months ended June 30, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(11,533)46.99 
Outstanding and exercisable at June 30, 202346,623 $46.35 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the six months ended June 30, 2023, is as follows:
SharesWeighted Average
Grant Date Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted68,996 137.31 
Vested(38,950)124.37 
Forfeited(4,343)138.89 
Unvested at June 30, 2023171,589 $140.45 
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 for the six months ended June 30, 2023.
Fair value per unit$131.46
Risk-free interest rate4.4%
Expected dividend yield1.43%
Expected volatility36.7%
MSA stock beta0.739
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the six months ended June 30, 2023, is as follows:
SharesWeighted Average
Grant Date Fair Value
Unvested at January 1, 2023178,760 $146.28 
Granted76,285 129.98 
Performance adjustments(a)
(3,009)127.40 
Vested(53,407)127.36 
Forfeited(2,306)139.97 
Unvested at June 30, 2023196,323 $146.04 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period.