Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] |
|
Schedule of Defined Benefit Plans Disclosures |
The status of the Company’s plans at December 31, 2015, 2014, and 2013 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | | | December 31, | | December 31, | | | 2015 | | 2014 | | 2013 | | | 2015 | | 2014 | | 2013 | | Change in benefit obligation: | | | | | | | | | | | | | | Beginning of year | $ | 2,016 |
| | $ | 2,190 |
| | $ | 2,690 |
| | | $ | 4,926 |
| | $ | 4,827 |
| | $ | 5,700 |
| | Service cost | — |
| | — |
| | — |
| | | 51 |
| | 72 |
| | 127 |
| | Interest cost | 36 |
| | 87 |
| | 83 |
| | | 141 |
| | 149 |
| | 165 |
| | Actuarial loss (gain) | (9 | ) | | 35 |
| | (241 | ) | | | 45 |
| | 1,632 |
| | (558 | ) | | Negative plan amendment benefit | — |
| | — |
| | — |
| | | — |
| | (1,183 | ) | | — |
| | Benefits paid | (2,043 | ) | | (296 | ) | | (342 | ) | | | (482 | ) | | (571 | ) | | (607 | ) | | Benefit obligation at end of year | $ | — |
|
| $ | 2,016 |
| | $ | 2,190 |
| | | $ | 4,681 |
|
| $ | 4,926 |
| | $ | 4,827 |
| |
|
Schedule of Changes in Fair Value of Plan Assets |
The following table shows the change in plan assets: | | | | | | | | | | | Pension Benefit Plans | | | December 31, | | | 2015 | | 2014 | | Fair value of plan assets at beginning of year | $ | 1,300 |
| | $ | 1,550 |
| | Actual return on plan assets | 2 |
| | 46 |
| | Employer contributions | 741 |
| | — |
| | Benefits paid | (2,043 | ) | | (296 | ) | | Fair value of plan assets at end of year | $ | — |
| | $ | 1,300 |
| |
|
Schedule of Assumptions Used |
Assumptions used to determine accumulated benefit obligations as of the year-end were: | | | | | | | | | | | | Pension Benefit Plans | | | Post-Employment Benefit Plan | | | Year Ended December 31, | | | Year Ended December 31, | | | 2015 | | 2014 | | | 2015 | | 2014 | | Discount rate | 3.65% | | 3.58% | | | 3.20% | | 2.99% | | Measurement date | December 31, 2015(a) | | December 31, 2014 | | | December 31, 2015 | | December 31, 2014 | |
| | (a) | The measurement date was June 30, 2015 for termination liabilities in 2015. |
Assumptions used to determine net benefit cost for 2015, 2014, and 2013 were: | | | | | | | | | | | | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | | | Year Ended December 31, | | Year Ended December 31, | | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | Expected return on Assets | 7.00 | % | | 7.00 | % | | 7.00 | % | | — |
| | — |
| | — |
| | Discount rate | 3.58 | % | | 4.11 | % | | 3.19 | % | | 2.99 | % | | 3.95 / 3.39% |
| (a) | 2.98 | % | | Average compensation increase | n/a |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
| |
| | (a) | The pension benefit plan was amended effective April 16, 2014 requiring a re-measurement valuation. The discount rate for 2014 was based on measurement dates of December 31, 2013 and April 16, 2014. |
|
Schedule of Net Benefit Costs |
Components of net benefit cost are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | | | Year Ended December 31, | | Year Ended December 31, | | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | Service cost | $ | — |
| | $ | — |
| | $ | — |
| | $ | 51 |
| | $ | 72 |
| | $ | 127 |
| | Interest cost | 36 |
| | 87 |
| | 83 |
| | 141 |
| | 149 |
| | 165 |
| | Expected return on assets | (45 | ) | | (104 | ) | | (114 | ) | | — |
| | — |
| | — |
| | Amortization of prior service cost | — |
| | — |
| | — |
| | (338 | ) | | (369 | ) | | (647 | ) | | Recognized net actuarial loss | 25 |
| | 21 |
| | 66 |
| | 278 |
| | 18 |
| | 28 |
| | Settlement losses | 414 |
| | 50 |
| | 52 |
| | — |
| | — |
| | — |
| | Net benefit cost | $ | 430 |
|
| $ | 54 |
| | $ | 87 |
| | $ | 132 |
|
| $ | (130 | ) | | $ | (327 | ) | |
The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2016 is as follows: | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | Actuarial net loss | $ | — |
| | $ | (269 | ) | Net prior service credits | — |
| | 338 |
| Net amount recognized | $ | — |
| | $ | 69 |
|
|
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | | Year Ended December 31, | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Net actuarial (loss) gain | $ | (35 | ) | | $ | (92 | ) | | $ | 298 |
| | $ | (35 | ) | | $ | (1,632 | ) | | $ | 558 |
| Settlement losses | 414 |
| | 50 |
| | 52 |
| | — |
| | — |
| | — |
| Plan amendment and curtailment | — |
| | — |
| | — |
| | — |
| | 1,183 |
| | — |
| Recognized net actuarial loss | 25 |
| | 20 |
| | 66 |
| | 278 |
| | 18 |
| | 28 |
| Amortization of prior service cost | — |
| | — |
| | — |
| | (338 | ) | | (369 | ) | | (647 | ) | Recognition of prior service cost due to curtailments | — |
| | — |
| | — |
| | — |
| | (52 | ) | | — |
| Total other comprehensive income (loss), pre-tax | 404 |
|
| (22 | ) | | 416 |
| | (95 | ) |
| (852 | ) | | (61 | ) | Income tax expense (benefit) | 160 |
| | (155 | ) | | 166 |
| | (41 | ) | | (6 | ) | | (22 | ) | Total other comprehensive income (loss), net of tax | $ | 244 |
|
| $ | 133 |
|
| $ | 250 |
|
| $ | (54 | ) |
| $ | (846 | ) | | $ | (39 | ) |
|
Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the Consolidated Balance Sheets are as follows: | | | | | | | | | | | | | | | | | | Pension Benefit Plans | | Post-Employment Benefit Plan | | As of December 31, | | As of December 31, | | 2015 | | 2014 | | 2015 | | 2014 | Accrued expenses | $ | — |
| | $ | — |
| | $ | (545 | ) | | $ | (506 | ) | Other non-current liabilities | — |
| | (716 | ) | | — |
| | — |
| Accrued retirement benefits | — |
| | — |
| | (4,136 | ) | | (4,420 | ) | Net amount recognized | $ | — |
| | $ | (716 | ) | | $ | (4,681 | ) | | $ | (4,926 | ) |
|
Schedule of Health Care Cost Trend Rates |
The assumed average annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) is as follows: | | | | | | | | | | | | | | | | | Post-Employment Benefit Plan | | Year Ended December 31, | | 2015 | | 2014 | | Group Plan | | Lifetime Prescription Cost | | Medicare Supplement | | Pre-Medicare | | Post-Medicare | Health care cost trend rate | 7.50 | % | | 9.00 | % | | 5.00 | % | | 8.00 | % | | 7.00 | % | Ultimate trend rate | 5.00 | % | | 5.00 | % | | 5.00 | % | | 5.00 | % | | 5.00 | % | Year rate reaches ultimate trend rate | 2024 |
| | 2025 |
| | 2017 |
| | 2028 |
| | 2024 |
|
|
Schedule of Expected Benefit Payments |
As of December 31, 2015, the following expected benefit payments (net of Medicare Part D subsidiary for Post-Employment Benefit Plan Payments), and the related expected subsidy receipts which reflect expected future service, as appropriate, are expected to be paid to plan participants: | | | | | | | | | | | | | | Pension Benefit Plan | | Post-Employment Benefit Plan | | Expected Benefit Payments (a) | | Expected Benefit Payments | | Expected Subsidy Receipts | 2016 | $ | — |
| | $ | 567 |
| | $ | 22 |
| 2017 | — |
| | 561 |
| | 21 |
| 2018 | — |
| | 549 |
| | 19 |
| 2019 | — |
| | 561 |
| | 18 |
| 2020 | — |
| | 528 |
| | 17 |
| 2021-2025 | — |
| | 1,908 |
| | 61 |
| Total | $ | — |
| | $ | 4,674 |
| | $ | 158 |
|
| | (a) | This expected pay-out schedule considers the termination of the pension benefit plan during 2015. |
|
Schedule of Allocation of Plan Assets |
The weighted average asset allocation by asset category is as follows: | | | | | | | | | | Pension Benefit Plan | | As of December 31, | | Asset Category | | 2015(a) | | 2014 | | Cash and cash equivalents | | — | % | | 58 | % | | Equity Securities | | — |
| | 26 |
| | Debt Securities | | — |
| | 12 |
| | Other | | — |
| | 4 |
| | Total | | — | % |
| 100 | % | |
| | (a) | This weighted average asset allocation by asset category schedule considers the termination of the pension benefit plan during 2015. |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table sets forth the Company’s pension benefit plan assets as of December 31, 2014, by level within the fair value hierarchy. There is no table provided as of December 31, 2015, due to the termination of the pension benefit plan during 2015. | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2014 | | | Level 1 | | Level 2 | | Level 3 | | Total | Cash and cash equivalents | | $ | 753 |
| | $ | — |
| | $ | — |
| | $ | 753 |
| Equity Securities: | | | | |
| | |
| | |
| Domestic equity securities | | 332 |
| | — |
| | — |
| | 332 |
| International equity securities | | — |
| | — |
| | — |
| | — |
| Fixed income securities: | | | | |
| | |
| | |
| Investment grade domestic bonds | | 162 |
| | — |
| | — |
| | 162 |
| Other | | 53 |
| | — |
| | — |
| | 53 |
| Total | | $ | 1,300 |
| | $ | — |
| | $ | — |
| | $ | 1,300 |
|
|
Schedule of Share-based Compensation, Stock Options, Activity |
A summary of the status of stock options awarded under the Company’s equity-based compensation plans for 2015, 2014, and 2013 is presented below: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | Shares |
| Weighted Average Exercise Price | | Shares |
| Weighted Average Exercise Price | | Shares | | Weighted Average Exercise Price | Outstanding at beginning of year | 4,000 |
| | $ | 10.45 |
| | 10,000 |
| | $ | 9.91 |
| | 20,000 |
| | $ | 9.30 |
| Granted | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Canceled/Forfeited | — |
| | — |
| | — |
| | — |
| | (10,000 | ) | | 8.69 |
| Exercised | 4,000 |
| | 17.09 |
| | 6,000 |
| | 9.54 |
| | | | | Outstanding at end of year | — |
| | $ | — |
| | 4,000 |
| | $ | 10.45 |
| | 10,000 |
| | $ | 9.91 |
|
|
Schedule of Nonvested Restricted Stock Units Activity |
A summary of the status of restricted stock awarded under the Company’s equity-based compensation plans for 2015, 2014, and 2013 is presented below: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | Shares | | Weighted Average Grant-Date Fair Value | | Shares | | Weighted Average Grant-Date Fair Value | | Shares | | Weighted Average Grant-Date Fair Value | Non vested balance at beginning of year | 278,900 |
| | $ | 6.28 |
| | 569,296 |
| | $ | 5.26 |
| | 933,887 |
| | $ | 6.22 |
| Granted | 13,585 |
| | 17.02 |
| | 58,669 |
| | 4.42 |
| | 60,805 |
| | 4.88 |
| Forfeited | (30,800 | ) | | 6.27 |
| | (206,282 | ) | | 4.59 |
| | (181,687 | ) | | 5.11 |
| Vested | (133,185 | ) | | 7.80 |
| | (142,783 | ) | | 3.87 |
| | (243,709 | ) | | 8.95 |
| Non vested balance at end of year | 128,500 |
|
| $ | 5.85 |
| | 278,900 |
| | $ | 6.28 |
| | 569,296 |
| | $ | 5.26 |
|
|
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of the status of RSUs awarded under the Company’s equity-based compensation plans for 2015, 2014, and 2013 is presented below: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | Units |
| Weighted Average Grant-Date Fair Value | | Units |
| Weighted Average Grant-Date Fair Value | | Units | | Weighted Average Grant-Date Fair Value | Non vested balance at beginning of year | 413,288 |
| | $ | 5.09 |
| | 371,502 |
| | $ | 4.34 |
| | 423,264 |
| | $ | 4.29 |
| Granted | 89,702 |
| | 16.63 |
| | 247,463 |
| | 5.83 |
| | 33,822 |
| | 5.13 |
| Forfeited | (54,506 | ) | | 6.15 |
| | (135,104 | ) | | 4.60 |
| | (71,223 | ) | | 4.31 |
| Vested | (10,538 | ) | | 14.88 |
| | (70,573 | ) | | 3.22 |
| | (14,361 | ) | | 5.07 |
| Non vested balance at end of year | 437,946 |
| | $ | 7.09 |
| | 413,288 |
| | $ | 5.09 |
| | 371,502 |
| | $ | 4.34 |
|
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