Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Employee Benefit Plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation

A reconciliation of the beginning and ending balances of the projected benefit obligation is presented below (in thousands):

	Year Ended December 31,
	2012		2011
Projected benefit obligation at the beginning of the year	$	32,952	$	26,427
Service cost		4,315		4,255
Interest cost		1,475		1,356
Plan amendments		—		1,597
Actuarial loss (gain)		8,464		(683	)
Projected benefit obligation at the end of the year	$	47,206	$	32,952
Fair value of plan assets at the end of the year		—		—
Unfunded at end of the year(1)	$	47,206	$	32,952

(1)

Included within other liabilities on our consolidated balance sheets.

Schedule of future estimated benefit payments, based on current assumptions, including election of lump-sum distributions and expected future service

Future estimated benefit payments, based on current assumptions, including election of lump-sum distributions and expected future service, are as follows (in thousands):

Year Ended December 31,
2013	$	—
2014		—
2015		24,289
2016		—
2017		—
2018-2022		22,454
	$	46,743

Schedule of weighted-average assumptions used to measure the SERP obligation

	Year Ended December 31,
	2012			2011
Discount Rate		3.36	%		4.49	%
Salary Increases		5.00	%		5.00	%

Components of net periodic benefit cost recognized

The components of net periodic pension cost recognized on our consolidated statement of operations consist of the following (in thousands):

	Year Ended December 31,
	2012		2011		2010
Service cost	$	4,315	$	4,255	$	3,688
Interest cost		1,475		1,356		883
Amortization of prior service cost		827		773		370
Amortization of net actuarial loss		—		91		118
Total	$	6,617	$	6,475	$	5,059

Schedule of amounts recognized in other comprehensive income

Amounts relating to the SERP that have been recognized in other comprehensive income are as follows (in thousands):

	Year Ended December 31,
	2012			2011			2010
Net unrecognized actuarial loss (gain)	$	8,464		$	(773	)	$	1,784
Net unrecognized prior service cost		(827	)		824			5,082
Total		7,637			51			6,866
Tax		(2,807	)		(44	)		(2,513	)
Total, net of tax	$	4,830		$	7		$	4,353

Schedule of amounts included in accumulated other comprehensive loss that have not yet been recognized as a component of net periodic pension cost

The table below presents amounts relating to the SERP included in accumulated other comprehensive loss that have not yet been recognized as a component of net periodic pension cost on our consolidated statements of operations (in thousands):

	Year Ended December 31,
	2012			2011			2010
Net unrecognized actuarial loss	$	11,758		$	3,295		$	4,068
Net unrecognized prior service cost		6,525			7,352			6,528
Total		18,283			10,647			10,596
Tax		(6,743	)		(3,936	)		(3,894	)
Total, net of tax	$	11,540		$	6,711		$	6,702

Schedule of estimated amounts included in accumulated other comprehensive income that are expected to be recognized as components of net periodic pension cost

 Estimated amounts included in accumulated other comprehensive income as of December 31, 2012 that are expected to be recognized as components of net periodic pension cost on our statement of operations for the year ended December 31, 2013 comprise the following (in thousands):

Amortization of prior service cost	$	827
Amortization of net actuarial loss		802
Total	$	1,629