Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

Schedule of funded status of retirement income plan

December 31,	2020		2019
(in thousands)
Accumulated benefit obligation at end of year	$	41,120	$	48,519
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	48,519	$	43,417
Service cost		—		—
Interest cost		1,645		1,960
Amendments		—		—
Actuarial loss		3,066		5,521
Benefits paid		(2,581)		(2,379)
Settlement		(9,529)		—
Projected benefit obligation at end of year	$	41,120	$	48,519
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	$	40,142	$	38,364
Actual return on plan assets		6,586		4,157
Employer contribution		4,450		—
Benefits paid		(2,581)		(2,379)
Settlements		(9,529)		—
Fair value of plan assets at end of year	$	39,068	$	40,142
Funded status at end of year	$	(2,052)	$	(8,377)

December 31,	2020		2019
(in thousands)
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:
Net loss	$	20,108	$	27,693
Prior service cost (credit)		—		—
Net transition obligation (asset)		—		—
	$	20,108	$	27,693

Schedule of amounts recognized in balance sheet

December 31,	2020		2019
(in thousands)
Funded status of the Retirement Income Plan	$	(2,052)	$	(8,377)
SERP liability		(31,028)		(30,877)
Long-term pension liabilities	$	(33,080)	$	(39,254)

Schedule of net periodic benefit cost

Years ended December 31,	2020		2019		2018
(in thousands)
Service cost for benefits earned during the period	$	—	$	—	$	—
Interest cost on projected benefit obligation		1,645		1,960		1,832
Expected return on plan assets		(1,581)		(2,598)		(2,837)
Amortization of net loss		986		919		824
Settlement loss		4,660		—		—
Net periodic benefit plan cost	$	5,710	$	281	$	(181)

Schedule of amounts recognized in other comprehensive loss

(in thousands)	2020		2019		2018
Net (gain) loss	$	(1,217)	$	3,962	$	2,712
Amortization of net loss		(986)		(919)		(824)
Net transition obligation (asset)		—		—		—
Settlement loss		(4,660)		—		—
Amount recognized in accumulated other comprehensive loss	$	6,863	$	3,043	$	1,888

Schedule of weighted average assumptions

December 31,	2020		2019		2018
Projected Benefit Obligation:
Discount rate	2.50	%	3.60	%	4.65	%
Rate of compensation increase	N/A		N/A		N/A
Net Benefit Cost:
Discount rate	3.60	%	4.65	%	4.00	%
Expected return on plan assets	4.00	%	7.00	%	7.00	%
Rate of compensation increase	N/A		N/A		N/A

Schedule of allocation of plan assets

	Target Allocation		Percentage of Plan Assets
December 31,	2021		2020		2019
Asset Category
Cash and cash equivalents	0% - 5	%	2.0	%	1.3	%
Fixed income securities	15% - 100	%	98.0	%	91.7	%
Investments measured at net asset value	—	%	—	%	7.0	%
Total	100.0	%	100.0	%	100.0	%

Schedule of level three defined benefit plan assets

Fair Value Hierarchy as of December 31, 2020:

Investments (in thousands)		Total		Level 1		Level 2
Cash and Cash Equivalents	(1)	$	736	$	736	$	—
Fixed Income Securities	(2)		38,332		—		38,332
Total Assets in the Fair Value Hierarchy		$	39,068	$	736	$	38,332
Investments measured at Net Asset Value			—
Investments at Fair Value		$	39,068

Fair Value Hierarchy as of December 31, 2019:

Investments (in thousands)		Total		Level 1		Level 2
Cash and Cash Equivalents	(1)	$	505	$	505	$	—
Fixed Income Securities	(2)		36,813		—		36,813
Domestic Equity Securities	(3)		3		3		—
Total Assets in the Fair Value Hierarchy		$	37,321	$	508	$	36,813
Investments measured at Net Asset Value			2,821
Investments at Fair Value		$	40,142

(1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.

(2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.

(3) Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.

Schedule of future benefits payable for the retirement income plan over the next ten years

(in thousands)
2021	$	2,688
2022		2,646
2023		2,615
2024		2,614
2025		2,587
2026‑2030	$	12,112

Schedule of summary of the changes in non-vested restricted shares

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2020:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2020	2,393,557	$	13.23
Granted	1,085,875		4.59
Vested	(875,202)		14.96
Forfeited	(369,051)		13.60
Non-vested shares at December 31, 2020	2,235,179	$	6.81

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2019:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2019	2,352,150	$	17.15
Granted	858,150		11.39
Vested	(625,465)		14.73
Forfeited	(191,278)		15.90
Non-vested shares at December 31, 2019	2,393,557	$	13.23