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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Employee Benefit Plans |
Schedule of funded status of the retirement income plan |
December 31, |  | 2015 |  |  | 2014 |
(in thousands) |  |  |  |  |  |
Accumulated benefit obligation at end of year |  | $ | 42,894 |  |  | $ | 47,410 |
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 47,410 |  |  | $ | 37,528 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 1,898 |  |  |  | 1,946 |
Amendments |  |  | — |  |  |  | — |
Actuarial loss (gain) |  |  | (4,593 | ) |  |  | 9,725 |
Benefits paid |  |  | (1,821 | ) |  |  | (1,789 | )
Projected benefit obligation at end of year |  | $ | 42,894 |  |  | $ | 47,410 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 32,622 |  |  | $ | 32,426 |
Actual return on plan assets |  |  | (714 | ) |  |  | 1,220 |
Employer contribution |  |  | 850 |  |  |  | 765 |
Benefits paid |  |  | (1,821 | ) |  |  | (1,789 | )
Fair value of plan assets at end of year |  | $ | 30,937 |  |  | $ | 32,622 |
Funded status at end of year |  | $ | (11,957 | ) |  | $ | (14,788 | )
December 31, |  | 2015 |  |  | 2014 |
(in thousands) |  |  |  |  |  |
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | — |
Current liabilities |  |  | — |  |  |  | — |
Noncurrent liabilities |  |  | (11,957 | ) |  |  | (14,788 | )
|  | $ | (11,957 | ) |  | $ | (14,788 | )
December 31, |  | 2015 |  |  | 2014 |
(in thousands) |  |  |  |  |  |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF: |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 23,172 |  |  | $ | 25,583 |
Prior service cost (credit) |  |  | — |  |  |  | — |
Net transition obligation (asset) |  |  | — |  |  |  | — |
|  | $ | 23,172 |  |  | $ | 25,583 |
Schedule of amounts recognized in balance sheet |
December 31, |  | 2015 |  |  | 2014 |
(in thousands) |  |  |  |  |  |
Funded status |  | $ | (11,957 | ) |  | $ | (14,788 | )
SERP liability |  |  | (21,052 | ) |  |  | (19,611 | )
Long-term pension liability |  | $ | (33,009 | ) |  | $ | (34,399 | )
Schedule of net periodic benefit cost |
Years ended December 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |  |  |  |  |
Service cost for benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 1,898 |  |  |  | 1,946 |  |  |  | 1,741 |
Expected return on plan assets |  |  | (2,259 | ) |  |  | (2,240 | ) |  |  | (2,043 | )
Amortization of net loss |  |  | 790 |  |  |  | 531 |  |  |  | 784 |
Net periodic benefit plan cost |  | $ | 429 |  |  | $ | 237 |  |  | $ | 482 |
Schedule of amounts recognized in other comprehensive loss |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Net loss (gain) |  | $ | (1,621 | ) |  | $ | 10,745 |  |  | $ | (6,976 | )
Amortization of net loss |  |  | (790 | ) |  |  | (531 | ) |  |  | (784 | )
Net transition obligation (asset) |  |  | — |  |  |  | — |  |  |  | — |
Amount recognized in accumulated other comprehensive loss |  | $ | (2,411 | ) |  | $ | 10,214 |  |  | $ | (7,760 | )
Schedule of components of net periodic benefit |
(in thousands) |  | 2016 |
Amortization of net loss |  | $ | 753 |
Prior service cost (credit) |  |  | — |
Net transition obligation (asset) |  |  | — |
Estimated net periodic benefit plan cost |  | $ | 753 |
Schedule of weighted average assumptions |
December 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.70 | % |  |  | 4.15 | % |  |  | 5.20 | %
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Net Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.15 | % |  |  | 5.20 | % |  |  | 4.16 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Schedule of allocation of plan assets |
Asset Category |  | Target Allocation for 2016 |  |  | Percentage of Plan Assets as of December 31, 2015 |  |  | Percentage of Plan Assets as of December 31, 2014 |
Cash and Cash Equivalents |  |  | 0% - 5 | % |  |  | 0.7 | % |  |  | 1.0 | %
Debt Securities – Core Fixed Income |  |  | 15% - 50 | % |  |  | 25.8 | % |  |  | 24.3 | %
Domestic Equity Securities |  |  | 0% - 40 | % |  |  | 38.5 | % |  |  | 37.0 | %
International Equity Securities |  |  | 0% - 30 | % |  |  | 23.2 | % |  |  | 22.8 | %
Real Estate |  |  | 0% - 20 | % |  |  | 7.2 | % |  |  | 10.5 | %
Real Return |  |  | 0% - 20 | % |  |  | — | % |  |  | 1.6 | %
Alternative/Opportunistic/Special funds |  |  | 0% - 20 | % |  |  | 4.6 | % |  |  | 2.8 | %
Total |  |  | 100 | % |  |  | 100.0 | % |  |  | 100.0 | %
Schedule of level three defined benefit plan assets | Fair Value Hierarchy as of December 31, 2015:
Investments (in thousands) |  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 210 |  |  | $ | 210 |  |  | $ | — |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 7,987 |  |  |  | — |  |  |  | 7,987 |  |  |  | — |
Domestic Equity Securities |  |  | (3 | ) |  |  | 11,908 |  |  |  | 4,285 |  |  |  | 7,623 |  |  |  | — |
International Equity Securities |  |  | (4 | ) |  |  | 7,163 |  |  |  | — |  |  |  | 7,163 |  |  |  | — |
Real Estate |  |  | (5 | ) |  |  | 2,224 |  |  |  | — |  |  |  | — |  |  |  | 2,224 |
Real Return |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Alternative/Opportunistic/Special funds |  |  | (7 | ) |  |  | 1,445 |  |  |  | — |  |  |  | — |  |  |  | 1,445 |
|  |  |  |  |  | $ | 30,937 |  |  | $ | 4,495 |  |  | $ | 22,773 |  |  | $ | 3,669 |
Fair Value Hierarchy as of December 31, 2014:
Investments (in thousands) |  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 329 |  |  | $ | 329 |  |  | $ | — |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 7,915 |  |  |  | 3,194 |  |  |  | 4,721 |  |  |  | — |
Domestic Equity Securities |  |  | (3 | ) |  |  | 12,076 |  |  |  | 4,324 |  |  |  | 7,752 |  |  |  | — |
International Equity Securities |  |  | (4 | ) |  |  | 7,442 |  |  |  | — |  |  |  | 7,442 |  |  |  | — |
Real Estate |  |  | (5 | ) |  |  | 3,420 |  |  |  | — |  |  |  | — |  |  |  | 3,420 |
Real Return |  |  | (6 | ) |  |  | 515 |  |  |  | — |  |  |  | 515 |  |  |  | — |
Alternative/Opportunistic/Special funds |  |  | (7 | ) |  |  | 925 |  |  |  | — |  |  |  | — |  |  |  | 925 |
|  |  |  |  |  | $ | 32,622 |  |  | $ | 7,847 |  |  | $ | 20,430 |  |  | $ | 4,345 |
| (1) | Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
| (2) | Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
| (3) | Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
| (4) | International equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
| (5) | Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
| (6) | Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
| (7) | Alternative/Opportunistic/Special funds can invest across the capital structure in both liquid and illiquid securities that are valued using a market approach based on the quoted market prices of identical instruments, or if no market price is available, instruments will be held at their fair market value (which may be cost) as reasonably determined by the investment manager, independent dealers, or pricing services.
Schedule of reconciliation of level 3 assets |
Investments (in thousands) |  | Balance at December 31, 2014 |  |  | Net Realized and Unrealized Gains/(Losses) |  |  | Net Purchases, Issuances and Settlements |  |  | Net Transfers In to (Out of) Level 3 |  |  | Balance at December 31, 2015 |
Real Estate |  | $ | 3,420 |  |  | $ | 279 |  |  | $ | (1,475 | ) |  | $ | — |  |  | $ | 2,224 |
Alternative/Opportunistic/Special funds |  |  | 925 |  |  |  | 70 |  |  |  | 450 |  |  |  | — |  |  |  | 1,445 |
|  | $ | 4,345 |  |  | $ | 349 |  |  | $ | (1,025 | ) |  | $ | — |  |  | $ | 3,669 |
Investments (in thousands) |  | Balance at December 31, 2013 |  |  | Net Realized and Unrealized Gains/(Losses) |  |  | Net Purchases, Issuances and Settlements |  |  | Net Transfers In to (Out of) Level 3 |  |  | Balance at December 31, 2014 |
Real Estate |  | $ | 2,705 |  |  | $ | 133 |  |  | $ | 582 |  |  | $ | — |  |  | $ | 3,420 |
Alternative/Opportunistic/Special funds |  |  | — |  |  |  | 21 |  |  |  | 904 |  |  |  | — |  |  |  | 925 |
|  | $ | 2,705 |  |  | $ | 154 |  |  | $ | 1,486 |  |  | $ | — |  |  | $ | 4,345 |
Schedule of future benefits payable for the retirement income plan over the next ten years |
(in thousands) |  |  |
2016 |  | $ | 2,228 |
2017 |  |  | 2,328 |
2018 |  |  | 2,449 |
2019 |  |  | 2,510 |
2020 |  |  | 2,546 |
2021-2025 |  |  | 13,818 |
Schedule of summary of the changes in non-vested restricted shares |
|  | Shares |  |  | Weighted Average Grant- Date Fair Value |
Non-vested shares at January 1, 2015 |  |  | 3,575,150 |  |  | $ | 12.04 |
Granted |  |  | 895,725 |  |  |  | 12.30 |
Vested |  |  | (1,054,625 | ) |  |  | 8.66 |
Forfeited |  |  | (104,075 | ) |  |  | 12.78 |
Non-vested shares at December 31, 2015 |  |  | 3,312,175 |  |  | $ | 13.17 |
|  | Shares |  |  | Weighted Average Grant- Date Fair Value |
Non-vested shares at January 1, 2014 |  |  | 4,114,800 |  |  | $ | 9.67 |
Granted |  |  | 657,375 |  |  |  | 18.84 |
Vested |  |  | (1,108,790 | ) |  |  | 7.20 |
Forfeited |  |  | (88,235 | ) |  |  | 12.83 |
Non-vested shares at December 31, 2014 |  |  | 3,575,150 |  |  | $ | 12.04 |

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