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Stock Plans (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31,
(In thousands)20242023
Stock compensation expense$4,187 $6,270 
Income tax benefit1,026 1,536 
Stock compensation expense, net of tax$3,161 $4,734 
We have not capitalized any stock-based compensation expense.
Summary of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2024, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202426,536 $45.95 
Exercised(5,465)46.32 
Outstanding and exercisable at March 31, 202421,071 $45.85 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the three months ended March 31, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024173,851 $142.73 
Granted71,472 177.30 
Vested(21,864)169.67 
Forfeited(2,454)143.89 
Unvested at March 31, 2024221,005 $151.23 
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 2024.
Fair value per unit$181.31
Risk-free interest rate4.34%
Expected dividend yield1.19%
Expected volatility25.9%
MSA stock beta0.728
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the three months ended March 31, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024189,221 $146.17 
Granted40,231 177.30 
Performance adjustments(a)
18,714 197.16 
Vested(69,504)175.53 
Forfeited(2,202)141.61 
Unvested at March 31, 2024176,460 $147.17 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2021 performance unit awards which vested in the first quarter of 2024 at 174% 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.