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Stock Plans (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Compensation Expense | Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Stock compensation expense | $ | 8,477 |  |  | $ | 2,967 |  |  | $ | 21,506 |  |  | $ | 11,325 |
Income tax benefit | 2,077 |  |  | 727 |  |  | 5,269 |  |  | 2,775 |
Stock compensation expense, net of tax | $ | 6,400 |  |  | $ | 2,240 |  |  | $ | 16,237 |  |  | $ | 8,550 |
We have not capitalized any stock-based compensation expense.
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2023, is as follows:
| Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2023 | 58,156 |  |  | $ | 46.48 |
Exercised | (30,735) |  |  | 46.86 |
Forfeited | (226) |  |  | 49.44 |
Outstanding and exercisable at September 30, 2023 | 27,195 |  |  | $ | 46.02 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock activity for the nine months ended September 30, 2023, is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2023 | 145,886 |  |  | $ | 137.36 |
Granted | 74,004 |  |  | 140.37 |
Vested | (39,895) |  |  | 124.51 |
Forfeited | (8,463) |  |  | 141.17 |
Unvested at September 30, 2023 | 171,532 |  |  | $ | 141.66 |
Schedule of Fair Value Assumptions for Units | The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2023.
Fair value per unit | $131.46 |  |  |
Risk-free interest rate | 4.4% |  |  |
Expected dividend yield | 1.43% |  |  |
Expected volatility | 36.7% |  |  |
MSA stock beta | 0.739 |  |  |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity for the nine months ended September 30, 2023, is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1, 2023 | 178,760 |  |  | $ | 146.28 |
Granted | 77,654 |  |  | 132.39 |
Performance adjustments(a) | (3,009) |  |  | 127.40 |
Vested | (53,407) |  |  | 127.36 |
Forfeited | (10,146) |  |  | 147.83 |
Unvested at September 30, 2023 | 189,852 |  |  | $ | 146.14 |
(a)Performance adjustments relate primarily to the final number of shares issued for the 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period.

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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