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Stock Plans (Tables) | 6 Months Ended
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Jun. 30, 2016
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) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Stock compensation expense |  | $ | 1,453 |  |  | $ | 1,806 |  |  | $ | 6,951 |  |  | $ | 6,787 |
Income tax benefit |  | 563 |  |  | 684 |  |  | 2,695 |  |  | 2,596 |
Stock compensation expense, net of income tax benefit |  | $ | 890 |  |  | $ | 1,122 |  |  | $ | 4,256 |  |  | $ | 4,191 |
Schedule of Weighted Average Risk Assumptions | 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 2016.
Fair value per option | $11.69
Risk-free interest rate | 1.64 | %
Expected dividend yield | 2.81 | %
Expected volatility | 33.71 | %
Expected life (years) | 7.01 |
Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2016 follows:
|  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2016 |  | 1,694,675 |  |  | $ | 36.69 |
Granted |  | 235,233 |  |  | 44.50 |
Exercised |  | (111,990 | ) |  | 39.17 |
Forfeited |  | (6,173 | ) |  | 46.95 |
Outstanding at June 30, 2016 |  | 1,811,745 |  |  | 37.51 |
Exercisable at June 30, 2016 |  | 1,316,322 |  |  | $ | 33.79 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock and unit activity for the six months ended June 30, 2016 follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2016 |  | 217,709 |  |  | $ | 49.70 |
Granted |  | 80,456 |  |  | 45.12 |
Vested |  | (64,570 | ) |  | 48.97 |
Forfeited |  | (3,978 | ) |  | 49.33 |
Unvested at June 30, 2016 |  | 229,617 |  |  | $ | 48.20 |
Schedule of Fair Value Assumptions for Units | The following weighted average assumptions were used in the Monte Carlo model for units granted in 2016 with a market condition modifier.
Fair value per unit | $43.77
Risk-free interest rate | 0.96 | %
Expected dividend yield | 2.81 | %
Expected volatility | 29.00 | %
MSA stock beta | 1.202 |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity for the six months ended June 30, 2016 follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2016 |  | 171,644 |  |  | $ | 50.24 |
Granted |  | 64,800 |  |  | 44.08 |
Performance adjustments |  | (15,594 | ) |  | 58.54 |
Vested |  | (31,181 | ) |  | 58.54 |
Forfeited |  | (1,903 | ) |  | 46.67 |
Unvested at June 30, 2016 |  | 187,766 |  |  | $ | 46.08 |

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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