Employee Benefit Plan

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plan

The Company previously sponsored a cash balance defined benefit pension plan that covered 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. The Pension Plan was frozen in March 2013 pending regulatory approvals which were received in August 2014. The Company expects that the Pension Plan’s assets should be distributed to participants before December 26, 2014 and any remaining assets are expected to be used to pay additional benefits and excise taxes. Any remaining assets will revert back to the Company in late 2014 or early 2015. Upon settlement, the Company expects to recognize further estimated losses before income taxes of approximately $18 million to $21 million as a result of terminating the Company's Pension Plan. The Company cannot, however, at this time provide any assurance as to the timing or the amount of the final distributions.

A summary of the net periodic pension cost are as follows:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2014		2013		2014		2013
Service cost	$	—	$	—	$	—	$	224
Interest cost	149		172		496		484
Expected loss (return) on assets	137		138		412		(580		)
Settlement charges	529		212		969		606
Amortization of loss	115		50		373		248
Net periodic pension cost	$	930	$	572	$	2,250	$	982

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

	September 30, 2014	June 30, 2014	March 31, 2014	December 31, 2013
Discount rate	3.75%	3.70%	3.93%	4.37%
Expected long term rate on plan assets	—%	—%	—%	—%
Rate of compensation increase	N/A	N/A	N/A	N/A