Employee Benefit Plan

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plan

The Company sponsors a cash balance defined benefit pension plan that covers substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Company’s Pension Plan. In March 2013, the Pension Plan was frozen until the final regulatory approvals are received and the Pension Plan’s assets will be distributed and used to pay excise taxes with any remaining assets to revert back to the Company. Upon settlement, the Company expects to recognize further estimated losses that will significantly affect the Company’s Condensed Consolidated Statement of Operations once the final regulatory approvals are received and the Pension Plan assets are distributed, which we expect to occur in 2014 or 2015. However, we can not provide any assurance as to the timing of these matters.

A summary of the components of net periodic pension cost is as follows:

	Three Months Ended   September 30,					Nine Months Ended   September 30,
	2013		2012			2013			2012
Service cost	$	—	$	230		$	224		$	655
Interest cost	172		164			484			554
Expected return on assets	138		(553		)	(580		)	(1,778		)
Amortization of prior service costs	—		110			—			328
Amortization of loss	50		5			248			5
Settlement charges	212		147			606			1,110
Net periodic pension cost	$	572	$	103		$	982		$	874

During the three and nine months ended September 30, 2013 and 2012, settlements of future obligations occurred that required the Pension Plan assets and projected benefit obligation to be remeasured. During the three and nine months ended September 30, 2013, the Company recorded a net gain of $0.1 million and $2.1 million, respectively, from the remeasurement, which was recorded in Other comprehensive income (loss), net of tax. During the three and nine months ended September 30, 2012, the Company recorded a net loss of $0.3 million from remeasurement, which was recorded in Other comprehensive income (loss), net of tax.

The following table includes the assumptions used to develop net periodic pension cost and benefit obligations:

	September 30, 2013	December 31, 2012	September 30 2012	December 31, 2011
Discount rate	4.15%	3.27%	3.19%	4.19%
Expected long term rate on plan assets	—%	4.75%	4.75%	5.00%
Rate of compensation increase	N/A	N/A	3.75%	3.75%

During the nine months ended September 30, 2013, the Pension Plan transferred the majority of its investments held in plan assets to U.S treasury securities and the expected long term rate on plan assets was reduced accordingly.