Employee Benefit Plans

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Employees Benefit Plans

Employee Benefit Plans.

Post Retirement Benefits.  The Company and its subsidiaries provide certain post-retirement health care and life insurance benefits to certain retired employees.  The liability for such benefits is unfunded.

The components of the Net Periodic Benefit Cost/Income for the quarter and year to date periods ended September 30, 2013 and 2012, respectively, are as follows:

	Quarter Ended						Year to Date Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Service cost	$	32		$	48		$	96		$	159
Interest cost	41			52			123			169
Amortization of prior service cost	(162		)	(57		)	(485		)	(65		)
Amortization of net actuarial loss	7			(79		)	21			(79		)
Total post-retirement benefit cost / (income)	$	(82	)	$	(36	)	$	(245	)	$	184

The Company disclosed in its financial statements for the year ended December 31, 2012, amounts expected to be paid to plan participants.  There have been no revisions to these estimates and there have been no changes in the estimate of total employer contributions expected to be made for the year ended December 31, 2013.  The Company reclassified $464 of prior service cost and net actuarial loss from accumulated other comprehensive income (loss) into post-retirement benefit income for the year to date period ended September 30, 2013.

Total employer contributions accrued for the quarter ended September 30, 2013 were $0.

Pension Benefits.  The Company and its subsidiaries also provide defined retirement benefits to certain employees covered under collective bargaining agreements.  Under the collective bargaining agreements, the Company’s pension funding contributions are determined as a percentage of wages paid.  The funding is divided between the defined benefit plans and a union 401(k) plan.  It has been management’s policy to fund the defined benefit plans in accordance with the collective bargaining agreements.  The collective bargaining agreements allow the plans’ trustees to develop changes to the pension plan to allow benefits to match funding, including reductions in benefits.  The benefits under these pension plans are based upon years of qualified credited service; however, benefit accruals under the defined benefit plans were frozen in 2009.

The components of the Net Periodic Benefit Cost/(Income) for the quarter periods ended September 30, 2013 and 2012, respectively, are as follows:

	Quarter Ended						Year to Date Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Interest cost	$	21		$	51		$	62		$	153
Expected return on plan assets	(29		)	(57		)	(86		)	(171		)
Amortization of net actuarial loss	17			28			50			84
Total pension benefit cost / (income)	$	9		$	22		$	26		$	66

The Company reclassified $50 of net actuarial loss from accumulated other comprehensive income (loss) into pension benefit income for the year to date period ended September 30, 2013.

The Company previously disclosed in its financial statements for the year ended December 31, 2012, the assumptions used to determine accumulated benefit obligation.

The Company has made employer contributions to its pension plan and union 401(k) during the quarter ended September 30, 2013, of $0.

Equity-Based Compensation Plans.  The Company’s equity based compensation plans provide for the awarding of stock options, stock appreciation rights, and shares of restricted common stock (“restricted stock”) for senior executives and salaried employees as well as outside directors.  As of September 30, 2013, 1,113,376 shares of restricted common stock and restricted stock units (net of forfeitures) were outstanding under the Company’s long-term incentive plans.  Compensation expense related to these awards is based on the market price of the stock on the date the Board of Directors approved the grant and is amortized over the vesting period of the restricted stock award. 

As of September 30, 2013, the Company was authorized to issue 40,000,000 shares of Common Stock.  In connection with the Reorganization described in Note 1, the Company retired its treasury stock, which had historically been used for issuance of Common Stock under the Company’s equity-based compensation plans.  With the retirement of these treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under its equity-based compensation plans.  Reserved shares of Common Stock at September 30, 2013 were as follows:

Stock options granted but not exercised	20,000
Restricted stock to non-employees  (authorized but not granted)	39,797
Restricted stock to employees and executives (authorized but not granted)	1,338,012
Total	1,397,809