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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans

Schedule of funded status of retirement income plan

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)	​		​	​		​
Accumulated benefit obligation at end of year	​	$	41,038	​	$	41,120
​	​	​	​	​	​	​
CHANGE IN PROJECTED BENEFIT OBLIGATION:	​			​
Benefit obligation at beginning of year	​	$	41,120	​	$	48,519
Service cost	​		—	​		—
Interest cost	​		988	​		1,645
Actuarial loss	​		1,365	​		3,066
Benefits paid	​		(2,435)	​		(2,581)
Settlement	​	​	—	​	​	(9,529)
Projected benefit obligation at end of year	​	$	41,038	​	$	41,120
CHANGE IN PLAN ASSETS:	​		​	​		​
Fair value of plan assets at beginning of year	​	$	39,068	​	$	40,142
Actual return on plan assets	​		(1,294)	​		6,586
Employer contribution	​		—	​		4,450
Benefits paid	​		(2,435)	​		(2,581)
Settlement	​	​	—	​	​	(9,529)
Fair value of plan assets at end of year	​	$	35,339	​	$	39,068
Funded status at end of year	​	$	(5,699)	​	$	(2,052)

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)	​		​	​		​
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:		​			​
Net loss	​	$	23,468	​	$	20,108
Prior service cost (credit)	​		—	​		—
Net transition obligation (asset)	​		—	​		—
​	​	$	23,468	​	$	20,108

Schedule of amounts recognized in balance sheet

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)	​		​	​		​
Funded status of the Retirement Income Plan	​	$	(5,699)	​	$	(2,052)
SERP liability	​		(29,677)	​		(31,028)
Long-term pension liabilities	​	$	(35,376)	​	$	(33,080)

Schedule of net periodic benefit cost

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
(in thousands)	​	2021		​	2020		​	2019
Service cost for benefits earned during the period	​	$	—	​	$	—	​	$	—
Interest cost	​	​	988		​	1,645		​	1,960
Expected return on plan assets	​	​	(1,509)		​	(1,581)		​	(2,598)
Amortization of net losses	​	​	808		​	986		​	919
Settlement loss	​	​	—	​	​	4,660	​	​	—
Net periodic benefit cost	​	$	287	​	$	5,710	​	$	281

Schedule of amounts recognized in other comprehensive loss

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2021			2020			2019
Net loss (gain)	​	$	4,169	​	$	(1,217)	​	$	3,962
Amortization of net loss	​	​	(808)	​	​	(986)	​	​	(919)
Net transition obligation (asset)		​	—		​	—		​	—
Settlement loss	​	​	—	​	​	(4,660)	​	​	—
Amount recognized in accumulated other comprehensive loss	​	$	3,361	​	$	(6,863)	​	$	3,043

Schedule of weighted average assumptions

​	​	​	​	​	​	​	​
December 31,		2021		2020		2019
Projected Benefit Obligation:	​		​		​
Discount rate	​	Note (1)	%	2.50	%	3.60	%
Rate of compensation increase		N/A		N/A		N/A	​
Net Benefit Cost:							​
Discount rate		2.50	%	3.60	%	4.65	%
Expected return on plan assets		4.00	%	4.00	%	7.00	%
Rate of compensation increase		N/A		N/A		N/A	​

(1) Projected benefit obligation as of December 31, 2021 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.

Schedule of allocation of plan assets

​

​	​	​	​	​	​	​	​
​		Target Allocation		Percentage of Plan Assets
December 31,	​	2022	​	2021	​	2020
Asset Category	​		​		​
Cash and cash equivalents		0% - 5	%	1.3	%	2.0	%
Fixed income securities		15% - 100	%	98.7	%	98.0	%
Total		​	​	100.0	%	100.0	%

Schedule of level three defined benefit plan assets

Fair Value Hierarchy as of December 31, 2021:

​

​	​	​	​	​	​	​	​	​	​	​	​
Investments (in thousands)		​		Total			Level 1			Level 2
Cash and Cash Equivalents	​	(1)	​	$	444	​	$	444	​	$	—
Fixed Income Securities	​	(2)	​	​	34,895	​	​	—	​	​	34,895
Total Assets in the Fair Value Hierarchy	​	​	​	$	35,339	​	$	444	​	$	34,895
Investments measured at Net Asset Value	​		​		—	​	​
Investments at Fair Value	​	​	​	$	35,339	​	​

​

Fair Value Hierarchy as of December 31, 2020:

​

​	​	​	​	​	​	​	​	​	​	​	​
Investments (in thousands)		​		Total			Level 1		​	Level 2
Cash and Cash Equivalents	​	(1)	​	$	736	​	$	736	​	$	—
Fixed Income Securities	​	(2)	​	​	38,332	​	​	—	​	​	38,332
Total Assets in the Fair Value Hierarchy	​	​	​	$	39,068	​	$	736	​	$	38,332
Investments measured at Net Asset Value	​	​	​		—	​	​
Investments at Fair Value	​	​	​	$	39,068	​	​

​

(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.

​

Schedule of future benefits payable for the retirement income plan over the next ten years

​

​	​	​	​
(in thousands)		​	​
2022	​	$	9,026,000
2023		​	35,511,000
2024		​	—
2025		​	—
2026		​	—
2027‑2031	​	$	—

Schedule of summary of the changes in non-vested restricted shares

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2021:

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​		Shares		Grant-Date Fair Value
Non-vested shares at January 1, 2021	​	2,235,179	​	$	6.81
Granted		1,010,700		​	3.87
Vested		(434,208)		​	14.96
Forfeited		(191,980)		​	7.71
Non-vested shares at December 31, 2021		2,619,691	​	$	7.89

​

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2020:

​

​	​	​	​	​	​
​		​	​	Weighted Average
​		Shares		Grant-Date Fair Value
Non-vested shares at January 1, 2020	​	2,393,557	​	$	13.23
Granted		1,085,875		​	4.59
Vested		(875,202)		​	14.96
Forfeited		(369,051)		​	13.60
Non-vested shares at December 31, 2020		2,235,179	​	$	6.81

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