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Stock Plans (Tables)
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense is as follows:
 
 
Three Months Ended March 31,
(In thousands)
 
2015
 
2014
Stock compensation expense
 
$
4,981

 
$
5,165

Income tax benefit
 
1,912

 
1,890

Stock compensation expense, net of income tax benefit
 
3,069

 
3,275
Schedule of Valuation Assumptions, Stock Options
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 2015.
 
2015
Fair value per option
$
15.63

Risk-free interest rate
1.77
%
Expected dividend yield
2.32
%
Expected volatility
38.94
%
Expected life (years)
6.71
Summary of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2015 follows:
 
 
Shares
 
Weighted Average
Exercise Price
Outstanding at January 1, 2015
 
1,618,561

 
$
35.74

Granted
 
170,683

 
48.64

Exercised
 
(29,913
)
 
38.28

Outstanding at March 31, 2015
 
1,759,331

 
36.95

Exercisable at March 31, 2015
 
1,287,076

 
32.38
Summary of Restricted Stock Activity
A summary of restricted stock activity for the three months ended March 31, 2015 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2015
 
268,743

 
$
45.34

Granted
 
60,317

 
48.64

Vested
 
(84,761
)
 
37.00

Forfeited
 
(1,824
)
 
47.73

Unvested at March 31, 2015
 
242,475

 
49.15
Schedule of Value Assumptions, Equity Instruments Other than Options
The following weighted average assumptions were used in the Monte Carlo model for units granted in 2015.
 
2015
Fair value per unit
$
40.06

Risk-free interest rate
0.93
%
Expected dividend yield
2.32
%
Expected volatility
27.00
%
MSA stock beta
1.132
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the three months ended March 31, 2015 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2015
 
143,961

 
$
52.42

Granted
 
54,856

 
40.06

Performance adjustments
 
16,447

 
41.45

Vested
 
(63,164
)
 
41.66

Unvested at March 31, 2015
 
152,100

 
51.24