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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Employee Benefit Plans  
Schedule of funded status of the retirement income plan
 
December 31,
 
2013
   
2012
 
(in thousands)
           
Accumulated Benefit Obligation at end of year
  $ 37,528     $ 42,699  
                 
CHANGE IN PROJECTED BENEFIT OBLIGATION:
               
Benefit obligation at beginning of year
  $ 42,699     $ 38,278  
Service cost
           
Interest cost
    1,741       1,869  
Amendments
           
Actuarial loss
    (5,199 )     4,221  
Benefits paid
    (1,713 )     (1,669 )
Projected benefit obligation at end of year
  $ 37,528     $ 42,699  
CHANGE IN PLAN ASSETS:
               
Fair value of plan assets at beginning of year
  $ 29,519     $ 24,180  
Actual return on plan assets
    3,820       2,712  
Employer contribution
    800       4,296  
Benefits paid
    (1,713 )     (1,669 )
Fair value of plan assets at end of year
    32,426       29,519  
                 
Funded status at end of year
  $ (5,102 )   $ (13,180 )
 
December 31,
 
2013
   
2012
 
(in thousands)
           
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
           
Noncurrent assets
  $     $  
Current liabilities
           
Noncurrent liabilities
    (5,102 )     (13,180 )
    $ (5,102 )   $ (13,180 )
 

 

 
December 31,
 
2013
   
2012
 
(in thousands)
           
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:
           
Net loss (gain)
  $ 15,369     $ 23,129  
Prior service cost (credit)
           
Net transition obligation (asset)
           
    $ 15,369     $ 23,129  
 
Schedule of amounts recognized in balance sheet
December 31,
 
2013
   
2012
 
(in thousands)
           
Funded status
  $ (5,102 )   $ (13,180 )
SERP liability
    (16,864 )     (13,363 )
Long-term pension liability
  $ (21,966 )   $ (26,543 )
Schedule of net periodic benefit cost
 
Years ended December 31,
 
2013
   
2012
   
2011
 
(in thousands)
                 
Service cost for benefits earned during the period
  $     $     $  
Interest cost on projected benefit obligation
    1,741       1,869       1,916  
Expected return on plan assets
    (2,043 )     (1,846 )     (1,831 )
Amortization of net loss
    784       667       463  
Net periodic benefit plan cost
  $ 482     $ 690     $ 548  
Schedule of amounts recognized in other comprehensive loss
(in thousands)
 
2013
   
2012
   
2011
 
Net (gain) loss
  $ (6,976 )   $ 3,355     $ 5,263  
Amortization of net loss
    (784 )     (667 )     (463 )
Net transition obligation (asset)
                 
Amount recognized in accumulated other comprehensive loss
    (7,760 )   $ 2,688     $ 4,800  
Schedule of components of net periodic benefit
(in thousands)
 
2014
 
Amortization of net loss
  $ 484  
Prior service cost (credit)
     
Net transition obligation (asset)
     
Estimated net periodic benefit plan cost
  $ 484  
Schedule of weighted average assumptions
December 31,
 
2013
   
2012
   
2011
 
Projected Benefit Obligation:
                 
Discount rate
    5.20 %     4.16 %     5.00 %
Rate of compensation increase
    N/A       N/A       N/A  
Net Benefit Cost:
                       
Discount rate
    4.16 %     5.00 %     5.49 %
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
Asset Category
 
Target
Allocation
for 2014
   
Percentage of
Plan Assets as of
December 31,
2013
   
Percentage of
Plan Assets as of
December 31,
2012
 
                         
Cash and Cash Equivalents
    0% - 5 %     0.6 %     0.2 %
Debt Securities – Core Fixed Income
    15% - 50 %     25.3 %     20.2 %
Tactical – Fund of Equity and Debt Securities
                15.1 %
Domestic Equity Securities
    0% - 30 %     26.6 %     15.2 %
Global Equity Securities
                16.0 %
International Equity Securities
    0% - 30 %     31.4 %     15.1 %
Real Estate
    0% - 20 %     8.3 %     9.2 %
Real Return
    0% - 20 %     7.8 %     9.0 %
Total
    100 %     100.0 %     100.0 %
 
Schedule of level three defined benefit plan assets
 
Fair Value Hierarchy as of December 31, 2013:
 
  Investments (in thousands)
       
Total
   
Level 1
   
Level 2
   
Level 3
 
  Cash and Cash Equivalents
    (1 )   $ 210     $ 210     $     $  
  Fixed Income Securities
    (2 )     8,201             8,201        
  Domestic Equity Securities
            8,590       8,590              
  Global Equity Securities
                               
  International Equity Securities
    (3 )     10,192             10,192        
  Tactical Composite
    (4 )                        
  Real Estate
    (5 )     2,705                   2,705  
  Real Return
    (6 )     2,528             2,528        
            $ 32,426     $ 8,800     $ 20,921     $ 2,705  
 
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  
 
 
(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
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013: 
 
Investments (in thousands)
 
Balance at December 31, 2012
   
Net Realized and
Unrealized
Gains/(Losses)
   
Net Purchases, Issuances and Settlements
   
Net 
Transfers 
In to (Out 
of) Level 3
   
Balance at December 31, 2013
 
Real Estate
  $ 2,730     $ 217     $ (242 )   $     $ 2,705  
 
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2012: 
 
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  
 
Schedule of future benefits payable for the retirement income plan over the next ten years
(in thousands)
     
2014
  $ 1,896  
2015
    1,989  
2016
    2,189  
2017
    2,254  
2018
    2,346  
2019-2023
    12,614  
Schedule of summary of the changes in non-vested restricted shares
   
Shares
   
Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2013
    4,494,191     $ 8.12  
Granted
    850,500       13.68  
Vested
    (1,078,534 )     6.36  
Forfeited
    (151,357 )     9.72  
Non-vested shares at December 31, 2013
    4,114,800     $ 9.67