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Pension and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Pension and Employee Benefit Plans [Abstract]

Schedule of changes in projected benefit obligations

The following tables set forth the plans’ changes in benefit obligations, plan assets and funded status on the measurement dates, December 31, 2012 and 2011, and amounts recognized in our consolidated balance sheets as of those dates.

		Pension Benefits								Other Benefits
$ in thousands		2012				2011				2012				2011
Change in projected benefit obligation:
Projected benefit obligation at beginning of year		$	7,886			$	7,157				n/a				n/a
Accumulated post retirement benefit obligation			n/a				n/a			$	146			$	156
Service cost			58				41				—				—
Interest cost			328				367				6				7
Actuarial (gain)/loss			629				631				(43	)			12
Benefits paid			(366	)			(310	)			(20	)			(29	)
Projected benefit obligation at end of year			8,535				7,886				89				146
Change in plan assets:
Fair value of plan assets at beginning of year			5,020				5,144				—				—
Actual return (loss) on plan assets			603				(212	)			—				—
Employer contribution			292				398				20				29
Benefits paid			(366	)			(310	)			(20	)			(29	)
Fair value of plan assets at end of year			5,549				5,020				—				—
Funded status		$	(2,986	)		$	(2,866	)		$	(89	)		$	(146	)
Defined benefit liabilities included in accounts payable and accrued expenses		$	—			$	—			$	(15	)		$	(25	)
Defined benefit liabilities included in other liabilities			(2,986	)			(2,866	)			(74	)			(121	)
Deferred tax benefit/ (expense) associated with AOCL			1,505				1,476				(45	)			(31	)
AOCL, net of tax			2,257				2,215				(67	)			(46	)
Net amount recognized		$	776			$	825			$	(201	)		$	(223	)
Other comprehensive income (loss):
Net loss (gain)		$	404			$	1,231			$	(43	)		$	12
Amortization of prior service cost			(1	)			(1	)			—				—
Amortization of net actuarial loss			(332	)			(251	)			8				10
Total recognized in other comprehensive income		$	71			$	979			$	(35	)		$	22
Accumulated other comprehensive income (loss):
Net loss (gain)		$	3,756			$	3,685			$	(112	)		$	(77	)
Prior service cost			5				6				—				—
Amount recognized in accumulated other comprehensive income (loss)		$	3,761			$	3,691			$	(112	)		$	(77	)
Weighted-average assumptions used to determine benefit obligations for the year ended December 31:
Discount rate			3.75	%			4.25	%			3.75	%			4.25	%
Compensation increase rate			N/A				N/A				N/A				N/A

Components of pension and employee benefit expenses

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Income for the years ended December 31, 2012 and 2011 are as follows:

$ in thousands		2012				2011
Service cost		$	58			$	41
Interest cost			328				367
Expected return on plan assets			(377	)			(388	)
Net amortization and deferral			333				252
Net periodic benefit cost		$	342			$	272

Weighted-average assumptions used to determine net periodic benefit cost

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31:
Discount rate			4.25	%			5.25	%
Expected return on assets			7.50	%			7.50	%
Compensation increase rate			N/A				N/A

Details of defined benefit pension plan asset allocation by asset category

Our defined benefit pension plan asset allocation by asset category is as follows:

		Target Allocation 2013				Percentage of Plan Assets
						2012				2011
Asset Category:
Equity securities			70	%			69	%			61	%
Debt securities			30	%			31	%			39	%
Total			100	%			100	%			100	%

Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2012, are summarized in the tables below:

$ in thousands		Level 1				Level 2				Level 3				Total
Pension assets, at fair value:
Cash in money market fund		$	156			$	—			$	—			$	156
U.S. government and agency securities			169				—				—				169
Mutual funds			5,224				—				—				5,224
Total assets		$	5,549			$	—			$	—			$	5,549

The levels assigned to the defined benefit plan assets as of December 31, 2011, are summarized in the tables below:

$ in thousands		Level 1				Level 2				Level 3				Total
Pension assets, at fair value:
Cash in money market fund		$	323			$	—			$	—			$	323
U.S. government and agency securities			172				—				—				172
Corporate bonds and notes			—				348				—				348
Mutual funds			4,177				—				—				4,177
Total assets		$	4,672			$	348			$	—			$	5,020

Summary of Pension Fund general information

Pension Fund

EIN/Pension Plan Number

Pension Protection Act Zone Status 2012

FIF/RP Status Pending/ Implemented

Surcharge Imposed

Expiration of Collective Bargaining Agreement

Sheet Metal Workers’ National Pension Fund

52-6112463/001

Red

FIF: did not disclose

No

various

RP: Yes - Implemented

Sheet Metal Workers Local 224 Pension Plan

31-6171353/001

Red

FIF: Yes - Implemented

No

May 31, 2013

RP: Yes - Implemented

Sheet Metal Workers Local No. 20, Indianapolis Area Pension fund

51-0168516/001

Green

Is not subject

No

May 31, 2014

Sheet Metal Workers Local No. 177 Pension Fund

62-6093256/001

Green

Is not subject

No

not available

X

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