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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Employee Benefit Plans  
Schedule of funded status of the retirement income plan
December 31,   2016     2015  
(in thousands)                
Accumulated benefit obligation at end of year   $ 44,315     $ 42,894  
                 
CHANGE IN PROJECTED BENEFIT OBLIGATION:                
Benefit obligation at beginning of year   $ 42,894     $ 47,410  
Service cost            
Interest cost     2,006       1,898  
Amendments            
Actuarial loss (gain)     1,371       (4,593 )
Benefits paid     (1,956 )     (1,821 )
Projected benefit obligation at end of year   $ 44,315     $ 42,894  
CHANGE IN PLAN ASSETS:                
Fair value of plan assets at beginning of year   $ 30,937     $ 32,622  
Actual return on plan assets     1,464       (714 )
Employer contribution     4,300       850  
Benefits paid     (1,956 )     (1,821 )
Fair value of plan assets at end of year   $ 34,745     $ 30,937  
                 
Funded status at end of year   $ (9,570 )   $ (11,957 )

  

December 31,   2016     2015  
(in thousands)                
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:                
Net loss (gain)   $ 24,412     $ 23,172  
Prior service cost (credit)            
Net transition obligation (asset)            
    $ 24,412     $ 23,172  
Schedule of amounts recognized in balance sheet
December 31,   2016     2015  
(in thousands)                
Funded status of the Retirement Income Plan   $ (9,570 )   $ (11,957 )
SERP liability     (23,294 )     (21,052 )
Long-term pension liabilities   $ (32,864 )   $ (33,009 )
Schedule of net periodic benefit cost
Years ended December 31,   2016     2015     2014  
(in thousands)                        
Service cost for benefits earned during the period   $     $     $  
Interest cost on projected benefit obligation     2,006       1,898       1,946  
Expected return on plan assets     (2,131 )     (2,259 )     (2,240 )
Amortization of net loss     799       790       531  
Net periodic benefit plan cost   $ 674     $ 429     $ 237  
Schedule of amounts recognized in other comprehensive loss
(in thousands)   2016     2015     2014  
Net loss (gain)   $ 2,039     $ (1,621 )   $ 10,745  
Amortization of net loss     (799 )     (790 )     (531 )
Net transition obligation (asset)                  
Amount recognized in accumulated other comprehensive loss   $ 1,240     $ (2,411 )   $ 10,214  
Schedule of components of net periodic benefit
(in thousands)   2017  
Amortization of net loss   $ 825  
Prior service cost (credit)      
Net transition obligation (asset)      
Estimated net periodic benefit plan cost   $ 825  
Schedule of weighted average assumptions
December 31,   2016     2015     2014  
Projected Benefit Obligation:                        
Discount rate     4.45 %     4.70 %     4.15 %
Rate of compensation increase     N/A       N/A       N/A  
Net Benefit Cost:                        
Discount rate     4.70 %     4.15 %     5.20 %
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 2017
    Percentage of
Plan Assets as of
December 31,
2016
    Percentage of
Plan Assets as of
December 31,
2015
 
Cash and cash equivalents     0% -   5 %       3.3 %     0.7 %
Fixed income securities     15% - 50 %       25.3 %     25.8 %
Domestic equity securities     0% - 40 %       25.5 %     27.6 %
International equity securities     0% - 40 %       20.8 %     19.1 %
Investments measured at net asset value     0% - 20 %       25.1 %     26.8 %
Total             100.0 %     100.0 %
Schedule of level three defined benefit plan assets
Fair Value Hierarchy as of December 31, 2016:                        
Investments (in thousands)         Total     Level 1     Level 2  
Cash and Cash Equivalents     (1 )   $ 1,154     $ 1,154     $  
Fixed Income Securities     (2 )     8,804             8,804  
Domestic Equity Securities     (3 )     8,865       4,469       4,396  
International Equity Securities     (4 )     7,215             7,215  
Total Assets in the Fair Value Hierarchy           $ 26,038     $ 5,623     $ 20,415  
Investments measured at Net Asset Value             8,707                  
Investments at Fair Value           $ 34,745                  
                                 
Fair Value Hierarchy as of December 31, 2015:                                
Investments (in thousands)             Total       Level 1       Level 2  
Cash and Cash Equivalents     (1 )   $ 210     $ 210     $  
Fixed Income Securities     (2 )     7,987             7,987  
Domestic Equity Securities     (3 )     8,527       4,285       4,242  
International Equity Securities     (4 )     5,911             5,911  
Total Assets in the Fair Value Hierarchy           $ 22,635     $ 4,495     $ 18,140  
Investments measured at Net Asset Value             8,302                  
Investments at Fair Value           $ 30,937                  

 

(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.
(4) International 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)      
2017   $ 2,432  
2018     2,530  
2019     2,589  
2020     2,626  
2021     2,710  
2022-2026     14,194  
Schedule of summary of the changes in non-vested restricted shares
    Shares     Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2016     3,312,175     $ 13.17  
Granted     920,100       10.77  
Vested     (891,245 )     11.58  
Forfeited     (123,955 )     13.41  
Non-vested shares at December 31, 2016     3,217,075     $ 12.91  
 
    Shares     Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2015     3,575,150     $ 12.04  
Granted     895,725       12.30  
Vested     (1,054,625 )     8.66  
Forfeited     (104,075 )     12.78  
Non-vested shares at December 31, 2015     3,312,175     $ 13.17