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Stock Plans (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock compensation expense is as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Stock compensation expense	$	5,606	$	6,325
Income tax benefit	1,362		2,386
Stock compensation expense, net of income tax benefit	$	4,244	$	3,939

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2018 follows:



	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2018	955,446		$	42.75
Exercised	(24,058	)	35.23
Outstanding at March 31, 2018	931,388		42.95
Exercisable at March 31, 2018	727,302		$	42.51

Summary of Restricted Stock and Unit Activity

A summary of restricted stock and unit activity for the three months ended March 31, 2018 follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2018	227,161		$	57.50
Granted	49,111		83.60
Vested	(50,075	)	52.23
Forfeited	(2,804	)	55.26
Unvested at March 31, 2018	223,393		$	64.92

Schedule of Fair Value Assumptions for Units

The following weighted average assumptions were used in the Monte Carlo model for units granted in the first quarter of 2018 with a market condition modifier.



Fair value per unit	$83.58
Risk-free interest rate	2.36%
Expected dividend yield	1.82%
Expected volatility	28.3%
MSA stock beta	1.240

Summary of Performance Stock Unit Activity

A summary of performance stock unit activity for the three months ended March 31, 2018 follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2018	242,186		$	55.06
Granted	54,299		83.58
Performance adjustments	(3,356	)	44.61
Vested	(41,660	)	40.23
Forfeited	(8,659	)	35.34
Unvested at March 31, 2018	242,810		$	64.50