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Stock Plans (Tables) | 9 Months Ended
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Sep. 30, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Compensation Expense | Stock compensation expense is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Stock compensation expense |  | $ | 4,044 |  |  | $ | 1,904 |  |  | $ | 10,130 |  |  | $ | 9,595 |
Income tax benefit |  | 987 |  |  | 463 |  |  | 2,472 |  |  | 2,332 |
Stock compensation expense, net of income tax benefit |  | $ | 3,057 |  |  | $ | 1,441 |  |  | $ | 7,658 |  |  | $ | 7,263 |
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 2019 with a market condition modifier.
Fair value per unit | $99.82
Risk-free interest rate | 2.47%
Expected dividend yield | 1.57%
Expected volatility | 26.6%
MSA stock beta | 1.094
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 2019.
|  | 2019
Fair value per option |  | $ | 59.07 |
Risk-free interest rate |  | 2.3 | %
Expected dividend yield |  | 1.7 | %
Expected volatility |  | 31 | %
Expected life (years) |  | 6.4 |
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2019, follows:
|  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2019 |  | 735,001 |  |  | $ | 43.79 |
Granted (Note 19) |  | 23,285 |  |  | 43.54 |
Exercised |  | (109,501 | ) |  | 38.96 |
Forfeited |  | (95 | ) |  | 49.19 |
Outstanding at September 30, 2019 |  | 648,690 |  |  | 44.59 |
Exercisable at September 30, 2019 |  | 640,683 |  |  | $ | 44.58 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock and unit activity for the nine months ended September 30, 2019, follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2019 |  | 205,449 |  |  | $ | 68.97 |
Granted |  | 67,808 |  |  | 103.75 |
Vested |  | (72,539 | ) |  | 52.32 |
Forfeited |  | (4,559 | ) |  | 80.05 |
Unvested at September 30, 2019 |  | 196,159 |  |  | $ | 87.19 |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity for the nine months ended September 30, 2019, follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2019 |  | 218,886 |  |  | $ | 68.43 |
Granted |  | 83,819 |  |  | 101.03 |
Performance adjustments |  | 76,960 |  |  | 44.24 |
Vested |  | (139,478 | ) |  | 44.75 |
Unvested at September 30, 2019 |  | 240,187 |  |  | $ | 85.52 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=116856206&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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