[8] Employee Benefit Plans

Defined Benefit Pension Plan

The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The plan is noncontributory and benefits are based on an employee's years of service and "final average earnings", as defined. The plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company's pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company's plans, except where otherwise indicated.

The Company historically has used the date of its fiscal year-end as its measurement date to determine the funded status of the plan.

Net periodic benefit cost for 2011, 2010 and 2009 is as follows (in thousands):

	2011			2010			2009

Interest cost on projected benefit obligation	$	4,526		$	4,531		$	4,676
Expected return on plan assets		(5,046	)		(4,960	)		(4,871	)
Amortization of net loss		4,050			2,818			1,776
Net periodic benefit cost	$	3,530		$	2,389		$	1,581

Actuarial assumptions used to determine net cost:
Discount rate		5.18	%		5.84	%		6.29	%
Expected return on assets		7.50	%		7.50	%		7.50	%
Rate of increase in compensation	n.a.			n.a.			n.a.

The target asset allocation for the Company's pension plan by asset category for 2012 and the actual asset allocation at December 31, 2011 and 2010 by asset category are as follows:

	Percentage of Plan Assets at December 31,
	Target
	Allocation
Asset Category	2012			2011			2010
Cash		5.0	%		41.8	%		-	%
Equity securities:
Domestic		70.0			49.5			60.2
International		20.0			8.7			14.2
Fixed income securities		5.0			-			25.6
Total		100.0	%		100.0	%		100.0	%

During 2011, the Company established a new target asset allocation based on the current economic environment to maximize returns in consideration of the long-term nature of the obligations. At December 31, 2011, the Company had sold several of its fixed income and equity securities which resulted in an increased cash position (41.8%). The Company's target allocation for 2012 will include 70.0% domestic equity securities, 20% international equity securities, 5.0% fixed income securities. The Company anticipates placing 36.8% of cash into these categories in early 2012.

As of December 31, 2011 and 2010, plan assets included approximately $31.1 million and $36.6 million, respectively, of investments in funds of hedge funds which do not have readily determinable fair values. The underlying holdings of the funds are comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers.

The Company expects to contribute approximately $3.9 million to its defined benefit pension plan in 2012.

Future benefit payments under the plans are estimated as follows (in thousands):

	Amount
2012	$	5,617
2013		5,775
2014		5,859
2015		6,012
2016		6,037
2017 - 2021		31,073

The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during the two-year period ended December 31, 2011, and a summary of the funded status as of December 31, 2011 and 2010 (in thousands):

	2011			2010
Change in Fair Value of Plan Assets
Balance at beginning of year	$	61,702		$	57,715
Actual return on plan assets		(626	)		5,215
Company contribution		6,234			3,766
Benefit payments		(5,205	)		(4,994	)
Balance at end of year	$	62,105		$	61,702

Change in Benefit Obligations
Balance at beginning of year	$	88,146		$	80,597
Interest cost		4,526			4,531
Assumption change loss		11,431			8,478
Actuarial (gain) loss		1,758			(466	)
Benefit payments		(5,205	)		(4,994	)
Balance at end of year	$	100,656		$	88,146

Funded Status
Funded status at December 31,	$	(38,551	)	$	(26,444	)

Amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(264	)	$	(205	)
Long-term liabilities		(38,287	)		(26,239	)

Net amount recognized in Consolidated Balance Sheets	$	(38,551	)	$	(26,444	)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss:
Net actuarial loss	$	(59,239	)	$	(44,428	)
Accumulated other comprehensive loss		(59,239	)		(44,428	)
Cumulative Company contributions in excess of net periodic benefit cost		20,688			17,984
Net amount recognized in Consolidated Balance Sheets	$	(38,551	)	$	(26,444	)

The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2012 is $5.6 million.

	2011			2010
Actuarial assumptions used to determine benefit obligation:
Discount rate		4.10	%		5.18	%
Rate of increase in compensation	n.a.			n.a.
Measurement date	December 31			December 31

The expected long-term rate of return on assets assumption was reduced from 7.50% in 2011 to 7.00% for 2012. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the Company's target asset allocation and full availability of invested assets.

The following table sets forth the plan assets at fair value as of December 31, 2011 and 2010 (in thousands) in accordance with the fair value hierarchy described in Note 3:

	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Total Value as of
	(Level 1)		(Level 2)		(Level 3)		Dec. 31, 2011
Cash and cash equivalents	$	25,951	$	-	$	-	$	25,951
Fixed Income		-		-		-		-
Mutual Funds		5,040		-		-		5,040
Hedge Fund Investments:
Cash		1,385		-		-		1,385
Long-Short Equity Fund		-		-		12,821		12,821
Event Driven Fund		-		-		7,126		7,126
Distressed Credit		-		-		6,252		6,252
Multi-Strategy Fund		-		-		3,530		3,530
Total	$	32,376	$	-	$	29,729	$	62,105

	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Total Value as of
	(Level 1)		(Level 2)		(Level 3)		Dec. 31, 2010
Cash and cash equivalents	$	443	$	-	$	-	$	443
Fixed Income		15,842		-		-		15,842
Mutual Funds		8,800		-		-		8,800
Hedge Fund Investments:
Cash		1,521		-		-		1,521
Long-Short Equity Fund		-		-		12,864		12,864
Event Driven Fund		-		-		8,444		8,444
Distressed Credit		-		-		9,447		9,447
Multi-Strategy Fund		-		-		4,341		4,341
Total	$	26,606	$	-	$	35,096	$	61,702

Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event driven, multi-strategy and distressed credit. Generally the redemption of the Company's hedge fund investments is subject to certain notice-period requirements and as such the Company has classified these assets as Level 3 assets.

The table below sets forth a summary of changes in the fair value of the Level 3 assets for the years ended December 31, 2011 and December 31, 2010 (in thousands):

	Changes in Fair Value of Level 3 Assets
	Long- Short Equity Fund			Event Driven Fund			Distressed Credit			Multi- Strategy Fund			Total
Balance, December 31, 2010	$	12,864		$	8,444		$	9,447		$	4,341		$	35,096
Realized gains (losses)		981			672			306			310			2,269
Unrealized gains (losses)		(889	)		(140	)		(219	)		(91	)		(1,339	)
Purchases		7,884			26			7			16			7,933
Sales		(8,019	)		(1,876	)		(3,289	)		(1,046	)		(14,230	)
Issuances		-			-			-			-			-
Balance, December 31, 2011	$	12,821		$	7,126		$	6,252		$	3,530		$	29,729

	Changes in Fair Value of Level 3 Assets
	Long- Short Equity Fund			Event Driven Fund		Distressed Credit		Multi- Strategy Fund			Total
Balance, December 31, 2009	$	14,574		$	4,488	$	8,651	$	3,643		$	31,356
Realized gains (losses)		-			-		-		(21	)		(21	)
Unrealized gains (losses)		(2,128	)		3,682		489		770			2,813
Purchases		418			274		307		141			1,140
Sales		-			-		-		(192	)		(192	)
Issuances		-			-		-		-			-
Balance, December 31, 2010	$	12,864		$	8,444	$	9,447	$	4,341		$	35,096

The net actuarial gain arising during the period, netted against the amortization of the previously existing actuarial loss during the period, resulted in net other comprehensive loss of $14.8 million in 2011, net other comprehensive loss of $4.9 million in 2010, and net other comprehensive income of $2.0 million in 2009. Other comprehensive loss attributable to a change in the unfunded projected benefit obligation amounted to a net increase of $41.5 million recognized in prior years. The cumulative net amount of $59.2 million represents the excess of the projected benefit obligations of the Company's pension plans over the fair value of the plans' assets as of December 31, 2011, compared to a $20.7 million pension asset previously recognized. The net amount of $38.5 million is reflected as a liability as of December 31, 2011 (see above) with the offset being a reduction in stockholders' equity. Adjustments to the amount of this pension liability will be recorded in future years, as required, based upon periodic re-evaluation of the funded status of the Company's pension plans.

The Company's plans have benefit obligations in excess of the fair value of the plans' assets. The following table provides information relating to each of the plans' benefit obligations compared to the fair value of its assets as of December 31, 2011 and 2010 (in thousands):

	2011									2010
				Benefit									Benefit
	Pension			Equalization						Pension			Equalization
	Plan			Plan			Total			Plan			Plan			Total
Projected benefit obligation		$	96,930		$	3,726		$	100,656		$	84,952		$	3,194		$	88,146
Accumulated benefit obligation			96,930			3,726			100,656			84,952			3,194			88,146
Fair value of plan assets			62,105			-			62,105			61,702			-			61,702

Projected benefit obligation greater than fair value of plan assets			34,825			3,726			38,551			23,250			3,194			26,444

Accumulated benefit obligation greater than fair value of plan assets		$	34,825		$	3,726		$	38,551		$	23,250		$	3,194		$	26,444

The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The 401(k) expense provision approximated $4.2 million in 2011, $2.4 million in 2010, and $4.3 million in 2009. The Company's contribution is based on a non-discretionary match of employees' contributions, as defined.

The Company has multiple cash-based compensation plans and a stock-based incentive compensation plan for key employees which are generally based on the Company's achievement of a certain level of profit. For information on the Company's stock-based incentive compensation plan, see Note 11.

Multiemployer Plans

The Company also contributes to various multi-employer union retirement plans under collective bargaining agreements which provide retirement benefits for substantially all of its union employees. The Company's participation in the plans that it considers to be significant for the annual period ended December 31, 2011, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2011 and 2010 is for the plan's year-end at December 31, 2010, and December 31, 2009, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Finally, the acquisitions of Fisk, Anderson, Frontier-Kemper, WDF, FSE, Nagelbush, Lunda, and Becho during 2011 have increased the number of employees covered by the Company's multiemployer plans and contributions made. Aside from these acquisitions, there were no other significant changes that affect the comparability of 2009 through 2011 contributions. Under the Employee Retirement Income Security Act, a contributor to a multi-employer plan is liable, only upon termination or withdrawal from a plan, for its proportionate share of a plan's unfunded vested liability. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates.

Pension Protection Act Zone

Status

Company Contributions

(amounts in millions)

Exp. Date of

Pension Fund

EIN/Pension Plan Number

2011

2010

FIP/RP

Status

Pending Or

Implemented

2011

2010

2009

Surcharge

Imposed

Collective

Bargaining

Agreement

Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account

13-6123601 / 001

Green

6.3 (a)

5/8/13

Steamfitters Industry Pension Fund

13-6149680 / 001

Yellow

Yes

3.5 (a)

6/30/14

Excavators Union Local 731 Pension Fund

13-1809825 / 002

Green

2.9

2.8

0.9

6/30/12

(a)

Amounts pertaining to plans from one of the Company's newly acquired entities during 2011, and as such, there were no contributions made in 2010 or 2009.

In addition to the individually significant plans described above, the Company also contributed approximately $29.8 million in 2011, $18.7 million in 2010, and $25.1 million in 2009 to other multiemployer pension plans.