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Stock Plans (Tables)
 6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense is as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2015
 
2014
 
2015
 
2014
Stock compensation expense
 
$
1,806

 
$
1,645

 
$
6,787

 
$
6,810

Income tax benefit
 
684

 
603

 
2,596

 
2,490

Stock compensation expense, net of income tax benefit
 
$
1,122

 
$
1,042

 
$
4,191

 
$
4,320
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 six months ended June 30, 2015 follows:
 
 
Shares
 
Weighted Average
Exercise Price
Outstanding at January 1, 2015
 
1,618,561

 
$
35.74

Granted
 
170,683

 
48.64

Exercised
 
(31,022
)
 
38.49

Forfeited
 
(3,222
)
 
49.67

Expired
 
(1,109
)
 
44.36

Outstanding at June 30, 2015
 
1,753,891

 
36.91

Exercisable at June 30, 2015
 
1,300,908

 
$
32.48
Summary of Restricted Stock Activity
A summary of restricted stock activity for the six months ended June 30, 2015 follows:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2015
 
268,743

 
$
45.34

Granted
 
77,977

 
47.94

Vested
 
(102,380
)
 
37.85

Forfeited
 
(2,832
)
 
48.44

Unvested at June 30, 2015
 
241,508

 
$
49.31
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 six months ended June 30, 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

Forfeited
 
(1,088
)
 
52.15

Unvested at June 30, 2015
 
151,012

 
$
51.24