Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

Schedule of funded status of retirement income plan

December 31,	2022		2021
(in thousands)
Accumulated benefit obligation at end of year	$	29,651	$	41,038
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	41,038	$	41,120
Service cost		—		—
Interest cost		972		988
Actuarial (gain) loss		(5,258)		1,365
Benefits paid		(3,248)		(2,435)
Settlement		(3,853)		—
Projected benefit obligation at end of year	$	29,651	$	41,038
Change in Plan assets:
Fair value of Plan assets at beginning of year	$	35,339	$	39,068
Actual return on Plan assets		(8,197)		(1,294)
Employer contribution		—		—
Benefits paid		(3,248)		(2,435)
Settlement		(3,853)		—
Fair value of Plan assets at end of year	$	20,041	$	35,339
Funded status at end of year	$	(9,610)	$	(5,699)

December 31,	2022		2021
(in thousands)
Amounts (pre-tax) recognized in accumulated other comprehensive income (loss) consist of:
Net loss	$	22,476	$	23,468
Prior service cost (credit)		—		—
Net transition obligation (asset)		—		—
	$	22,476	$	23,468

Schedule of amounts recognized in balance sheet

December 31,	2022		2021
(in thousands)
Funded status of the Retirement Income Plan	$	—	$	(5,699)
SERP liability		(23,106)		(29,677)
Long-term pension liabilities	$	(23,106)	$	(35,376)

Schedule of net periodic benefit cost

December 31,	2022		2021		2020
(in thousands)
Interest cost	$	972	$	988	$	1,645
Expected return on Plan assets		—		(1,509)		(1,581)
Amortization of net losses		1,010		808		986
Settlement loss		2,921		—		4,660
Net periodic benefit cost	$	4,903	$	287	$	5,710

Schedule of amounts recognized in other comprehensive loss

December 31,	2022		2021		2020
(in thousands)
Net loss (gain)	$	2,939	$	4,169	$	(1,217)
Amortization of net loss		(1,010)		(808)		(986)
Net transition obligation (asset)		—		—		—
Settlement loss		(2,921)		—		(4,660)
Amount recognized in accumulated other comprehensive loss	$	(992)	$	3,361	$	(6,863)

Schedule of weighted average assumptions

December 31,	2022		2021		2020
Projected Benefit Obligation:
Discount rate	Note (1)	%	Note (1)	%	2.50	%
Rate of compensation increase	N/A		N/A		N/A
Net Benefit Cost:
Discount rate	4.86	%	2.50	%	3.60	%
Expected return on Plan assets	0.0	%	4.00	%	4.00	%
Rate of compensation increase	N/A		N/A		N/A

(1) Projected benefit obligation as of December 31, 2022 and December 31, 2021 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.

Schedule of allocation of plan assets

	Target Allocation		Percentage of Plan Assets
December 31,	2023		2022		2020
Asset Category
Cash and cash equivalents	0% - 5	%	3.7	%	1.3	%
Fixed income securities	15% - 100	%	96.3	%	98.7	%
Total			100.0	%	100.0	%

Schedule of level three defined benefit plan assets

Fair Value Hierarchy as of December 31, 2022:

Investments (in thousands)		Total		Level 1		Level 2
Cash and Cash Equivalents	(1)	$	740	$	740	$	—
Fixed Income Securities	(2)		19,301		—		19,301
Total Assets in the Fair Value Hierarchy		$	20,041	$	740	$	19,301
Investments measured at Net Asset Value			—
Investments at Fair Value		$	20,041

Fair Value Hierarchy as of December 31, 2021:

Investments (in thousands)		Total		Level 1		Level 2
Cash and Cash Equivalents	(1)	$	444	$	444	$	—
Fixed Income Securities	(2)		34,895		—		34,895
Total Assets in the Fair Value Hierarchy		$	35,339	$	444	$	34,895
Investments measured at Net Asset Value			—
Investments at Fair Value		$	35,339

(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. Subsequent to December 31, 2022 these securities were liquidated to fund the annuity purchases.

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

(in thousands)
2023	$	29,888
2024		—
2025		—
2026		—
2027		—
2028‑2032	$	—

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, 2022:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2022	2,619,691	$	7.89
Granted	1,254,276		6.72
Vested	(510,084)		11.86
Forfeited	(115,155)		6.29
Non-vested shares at December 31, 2022	3,248,728	$	6.87

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2021:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2021	2,235,179	$	6.81
Granted	1,010,700		3.87
Vested	(434,208)		14.96
Forfeited	(191,980)		7.71
Non-vested shares at December 31, 2021	2,619,691	$	7.89