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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Employee Benefit Plans  
Schedule of funded status of the retirement income plan
December 31,
 
2012
   
2011
 
(in thousands)
           
Accumulated Benefit Obligation at end of year
  $ 42,699     $ 38,278  
                 
CHANGE IN PROJECTED BENEFIT OBLIGATION:
               
Benefit obligation at beginning of year
  $ 38,278     $ 35,873  
Service cost
           
Interest cost
    1,869       1,916  
Amendments
           
Actuarial loss
    4,221       2,123  
Benefits paid
    (1,669 )     (1,634 )
Projected benefit obligation at end of year
  $ 42,699     $ 38,278  
CHANGE IN PLAN ASSETS:
               
Fair value of plan assets at beginning of year
  $ 24,180     $ 26,523  
Actual return on plan assets
    2,712       (1,309 )
Employer contribution
    4,296       600  
Benefits paid
    (1,669 )     (1,634 )
Fair value of plan assets at end of year
    29,519       24,180  
                 
Funded status at end of year
  $ (13,180 )   $ (14,098 )
 
 
December 31,
 
2012
   
2011
 
(in thousands)
           
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
           
Noncurrent assets
  $     $  
Current liabilities
           
Noncurrent liabilities
    (13,180 )     (14,098 )
    $ (13,180 )   $ (14,098 )
 
December 31,
 
2012
   
2011
 
(in thousands)
           
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:
           
Net loss (gain)
  $ 23,129     $ 20,441  
Prior service cost (credit)
           
Net transition obligation (asset)
           
    $ 23,129     $ 20,441  
Schedule of amounts recognized in balance sheet
December 31,
 
2012
   
2011
 
(in thousands)
           
Funded status
  $ (13,180 )   $ (14,098 )
SERP liability
    (13,363 )     (10,347 )
Long-term pension liability
  $ (26,543 )   $ (24,445 )
Schedule of net periodic benefit cost
Years ended December 31,
 
2012
   
2011
   
2010
 
(in thousands)
                 
Service cost for benefits earned during the period
  $     $     $  
Interest cost on projected benefit obligation
    1,869       1,916       1,893  
Expected return on plan assets
    (1,846 )     (1,831 )     (1,720 )
Amortization of net loss
    667       463       409  
Net periodic benefit plan cost
  $ 690     $ 548     $ 582  
 
Schedule of amounts recognized in other comprehensive loss
(in thousands)
 
2012
   
2011
   
2010
 
Net loss
  $ 3,355     $ 5,263     $ 2,534  
Amortization of net loss
    (667 )     (463 )     (409 )
Net transition obligation (asset)
                 
Amount recognized in accumulated other comprehensive loss
  $ 2,688     $ 4,800     $ 2,125
Schedule of components of net periodic benefit
 
(in thousands)
 
2013
 
Amortization of net loss
  $ 789  
Prior service cost (credit)
     
Net transition obligation (asset)
     
Estimated net periodic benefit plan cost
  $ 789
Schedule of weighted average assumptions
December 31,
 
2012
   
2011
   
2010
 
Projected Benefit Obligation:
                 
Discount rate
    4.16 %     5.00 %     5.49 %
Rate of compensation increase
    N/A       N/A       N/A  
Net Benefit Cost:
                       
Discount rate
    5.00 %     5.49 %     6.00 %
Expected return on plan assets
    7.00 %     7.00 %     7.00 %
Rate of compensation increase
    N/A       N/A       N/A  
Schedule of allocation of plan assets
The plan’s weighted average asset allocation at December 31, 2012 and 2011 by asset category along with the target allocation for 2013 are as follows: 
                   
Asset Category
 
Target
Allocation
for 2013
 
Percentage of
Plan Assets as of
December 31,
2012
Percentage of
Plan Assets as of
December 31,
2011
Cash and Cash Equivalents
  0%  -
 
 5%
   
 
0.2
%
 
0.7
%
Debt Securities – Core Fixed Income
  15%  -
 50%
   
20.2
%
23.2
%
Tactical – Fund of Equity and Debt Securities
  10%  -
 20%
   
15.1
%
16.3
%
Domestic Equity Securities
  30%  -
 50%
   
15.2
%
15.2
%
Global Equity Securities
  10%  -
 20%
   
16.0
%
14.8
%
International Equity Securities
  10%  -
 20%
   
15.1
%
14.6
%
Real Estate
  0%  -
 10%
   
9.2
%
5.6
%
Real Return
  0%  -
 10%
   
9.0
%
9.6
%
Other
  0%  -
 5%
   
 0.0
%
0.0
%
Total
   
100%
 
 
100.0
%
100.0
%
Schedule of level three defined benefit plan assets
Fair Value Hierarchy as of December 31, 2012:
 
 
Investments (in thousands)
       
Total
   
Level 1
   
Level 2
   
Level 3
 
 
Cash and Cash Equivalents
    (1 )   $ 61     $ 61     $ -     $ -  
 
Fixed Income Securities
    (2 )     5,959       -       5,959       -  
 
Domestic Equity Securities
            4,475       4,475       -       -  
 
Global Equity Securities
            4,446       4,446       -       -  
 
International Equity Securities
    (3 )     4,737       2,205       2,532       -  
 
Tactical Composite
    (4 )     4,454       -       4,454       -  
 
Real Estate
    (5 )     2,730       -       -       2,730  
 
Real Return
    (6 )     2,657       -       2,657       -  
              $ 29,519     $ 11,187     $ 15,602     $ 2,730  
 
Fair Value Hierarchy as of December 31, 2011:
 
 
Investments (in thousands)
       
Total
   
Level 1
   
Level 2
   
Level 3
 
 
Cash and Cash Equivalents
    (1 )   $ 175     $ 175     $ -     $ -  
 
Fixed Income Securities
    (2 )     5,608       -       5,608       -  
 
Domestic Equity Securities
            3,680       3,680       -       -  
 
Global Equity Securities
            3,568       3,568       -       -  
 
International Equity Securities
    (3 )     3,537       1,671       1,866       -  
 
Tactical Composite
    (4 )     3,935       -       3,935       -  
 
Real Estate
    (5 )     1,350       -       -       1,350  
 
Real Return
    (6 )     2,327       -       2,327       -  
              $ 24,180     $ 9,094     $ 13,736     $ 1,350  
 
 
(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)
Some international equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
 
(4)
Tactical composite funds invest in stocks, bonds and cash, both domestic and international.  These assets are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
 
(5)
Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
 
(6)
Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
Schedule of reconciliation of level 3 assets
 
Investments
(in thousands)
Balance at December 31, 2011
Net Realized and
Unrealized
Gains/(Losses)
Net Purchases, Issuances and Settlements
Net
Transfers
In to (Out
of) Level 3
Balance at December 31, 2012
Real Estate
$ 1,350 $ 365 $ 1,015 $ - $ 2,730
 
 
 
Investments
(in thousands)
Balance at December 31, 2010
Net Realized and
Unrealized
Gains/(Losses)
Net Purchases, Issuances and Settlements
Net
Transfers
In to (Out
of) Level 3
Balance at December 31, 2011
Real Estate
$ 1,210 $ 140 $ - $ - $ 1,350
Alternative Investments
275 (2 ) (273 ) - -
$ 1,485 $ 138 $ (273 ) $ - $ 1,350
 
Schedule of future benefits payable for the retirement income plan over the next ten years
(in thousands)
     
2013
  $ 1,835  
2014
    1,942  
2015
    2,025  
2016
    2,220  
2017
    2,282  
2018-2022
    12,421
Schedule of stock option
   
Shares
   
Weighted Average
Exercise Price
   
Weighted
Average
Remaining
Contractual Life
    Aggregate
Intrinsic Value
 
Outstanding at January 1, 2012
    704,689     $ 1.31    
0.99 years
         
Granted
    -       -       N/A          
Exercised
    704,689       1.31       N/A          
Forfeited
    -       -       N/A          
Expired
    -       -       N/A          
Outstanding and exercisable at December 31, 2012
    -     $ -       -     $ -  
Schedule of summary of the changes in non-vested restricted shares
   
Shares
   
Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2012
    4,440,831     $ 6.62  
Granted
    1,146,750       11.69  
Vested
    (980,140 )     5.51  
Forfeited
    (113,250 )     8.17  
Non-vested shares at December 31, 2012
    4,494,191     $ 8.12