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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

Net periodic pension cost for the Plan consists of the following components for the years ended December 31:

		2013				2012				2011
Service cost		$	222			$	1,300			$	1,003
Interest cost			1,251				1,411				1,373
Expected return on plan assets			(1,436	)			(1,186	)			(1,089	)
Recognized net actuarial loss			493				750				412
Net periodic pension cost		$	530			$	2,275			$	1,699

Projected Benefit Obligation and Fair Value of Plan Assets

The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31:

		2013				2012
Projected benefit obligation at beginning of the year		$	31,590			$	30,863
Service cost			222				1,300
Interest cost			1,251				1,411
Actuarial (gain) loss			(4,901	)			4,859
Gain on curtailment			0				(6,275	)
Benefits paid			(637	)			(568	)
Projected benefit obligation at end of year		$	27,525			$	31,590
Fair value of plan assets at beginning of the year		$	18,406			$	15,077
Actual return on plan assets			3,154				1,748
Employer contributions			1,576				2,149
Benefits paid			(637	)			(568	)
Fair value of plan assets at end of the year		$	22,499			$	18,406
Unfunded pension obligation		$	5,026			$	13,184

Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan

In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability. The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following:

		2013				2012
Balance at January 1		$	(6,305	)		$	(8,000	)
Reclassification adjustments:
Pretax amortized net actuarial loss			493				750
Tax provision			(187	)			(284	)
			306				466
Adjustment to recognize gain (loss)on unfunded pension obligations:
Pretax gain (loss)			6,619				(4,297	)
Tax (benefit) provision			(2,506	)			1,627
			4,113				(2,670	)
Adjustment to recognize the gain on curtailment of the pension plan:
Pretax curtailment gain			0				6,275
Tax provision			0				(2,376	)
			0				3,899
Balance at December 31		$	(1,886	)		$	(6,305	)

Accumulated Benefit Obligations in Excess of Plan Assets

The Plan had accumulated benefit obligations in excess of Plan assets as follows:

		2013				2012
Accumulated benefit obligation		$	27,525			$	31,590
Fair market value of assets			22,499				18,406

Weighted-Average Assumptions Used to Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:

		2013		2012
Discount rate		5.00%		4.00%
Rate of compensation increase		n/a		n/a

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows:

		2013				2012				2011
Discount rate			4.00	%			4.50	%			5.60	%
Rate of compensation increase			n/a				2.50				3.50
Expected long-term return on plan assets			8.00				8.00				8.00

Fair Value of the Company's Pension Plan Assets

The fair value of the Company’s pension plan assets as of December 31, 2013 and 2012, by category, are as follows:

		At December 31, 2013
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	1,127			$	1,127			$	0			$	0
Equity Securities			7,455				7,455				0				0
U.S. Treasury Bonds			4,161				4,161				0				0
Mutual Funds - Equity			6,776				6,776				0				0
Corporate Bonds			2,950				0				2,950				0
Mortgage-Backed Securities			30				0				30				0
Total		$	22,499			$	19,519			$	2,980			$	0
		At December 31, 2012
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	464			$	464			$	0			$	0
Equity Securities			6,121				6,121				0				0
U.S. Treasury Bonds			4,205				4,205				0				0
Mutual Funds - Equity			4,944				4,944				0				0
Corporate Bonds			2,640				0				2,640				0
Mortgage-Backed Securities			32				0				32				0
Total		$	18,406			$	15,734			$	2,672			$	0

Weighted-Average Asset Allocations of Pension Plan Assets

The Company’s pension plan weighted-average asset allocations at December 31, 2013 and 2012, by asset category, are as follows:

		Plan assets at December 31
		2013				2012
Asset category
Equity securities			63	%			60	%
Debt securities			32				37
Cash and equivalents			5				3
			100	%			100	%

Weighted-Average Target Allocations of Pension Plans

In recognition of the expected returns and volatility from financial assets, retirement plan assets are invested in the following ranges with the target allocation noted:

		Range				Target
Equities			30-80	%			60	%
Fixed Income			20-70	%			40	%
Cash Equivalents			0-10	%

Aggregate Benefits Expected to be Paid Out of Plan Assets

The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:

Year		Pension Benefits
2014		$	715,302
2015			776,134
2016			852,886
2017			926,748
2018			1,005,382
2019-2023			6,482,705

X

- Definition

Disclosures of the pension accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position.

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