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Stock Plans (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Stock compensation expense$8,477 $2,967 $21,506 $11,325 
Income tax benefit2,077 727 5,269 2,775 
Stock compensation expense, net of tax$6,400 $2,240 $16,237 $8,550 
We have not capitalized any stock-based compensation expense.
Summary of Stock Option Activity
A summary of stock option activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(30,735)46.86 
Forfeited(226)49.44 
Outstanding and exercisable at September 30, 202327,195 $46.02 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted74,004 140.37 
Vested(39,895)124.51 
Forfeited(8,463)141.17 
Unvested at September 30, 2023171,532 $141.66 
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 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 nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023178,760 $146.28 
Granted77,654 132.39 
Performance adjustments(a)
(3,009)127.40 
Vested(53,407)127.36 
Forfeited(10,146)147.83 
Unvested at September 30, 2023189,852 $146.14 
(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.