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Stock Plans (Tables)

9 Months Ended

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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Schedule of Share-based Payment Award, Equity Instruments Other than Options, Valuation Assumptions [Table Text Block]

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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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.

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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.

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