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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2014

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 year ended December 31:

		2014				2013				2012
Service cost		$	118			$	222			$	1,300
Interest cost			1,362				1,251				1,411
Expected return on plan assets			(1,792	)			(1,436	)			(1,186	)
Recognized net actuarial loss			16				493				750
Net periodic pension cost (income)		$	(296	)		$	530			$	2,275

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:

		2014				2013
Projected benefit obligation at beginning of the year		$	27,525			$	31,590
Service cost			118				222
Interest cost			1,362				1,251
Actuarial (gain) loss			7,991				(4,901	)
Benefits paid			(803	)			(637	)
Projected benefit obligation at end of year		$	36,193			$	27,525
Fair value of plan assets at beginning of the year		$	22,499			$	18,406
Actual return on plan assets			1,555				3,154
Employer contributions			439				1,576
Benefits paid			(803	)			(637	)
Fair value of plan assets at end of the year		$	23,690			$	22,499
Unfunded pension obligation		$	12,503			$	5,026

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:

		2014				2013
Balance at January 1		$	(1,886	)		$	(6,305	)
Reclassification adjustments:
Pretax amortized net actuarial loss			16				493
Tax provision			(6	)			(187	)
			10				306
Adjustment to recognize gain (loss) on unfunded pension obligations:
Pretax gain (loss)			(8,227	)			6,619
Tax (benefit) provision			3,115				(2,506	)
			(5,112	)			4,113
Balance at December 31		$	(6,988	)		$	(1,886	)

Accumulated Benefit Obligations in Excess of Plan Assets

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

		2014				2013
Accumulated benefit obligation		$	36,193			$	27,525
Fair market value of assets			23,690				22,499

Weighted-Average Assumptions Used to Determine Benefit Obligations

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

		2014				2013
Discount rate			4.00	%			5.00	%
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 year ended December 31 are as follows:

		2014				2013				2012
Discount rate			5.00	%			4.00	%			4.50	%
Rate of compensation increase			n/a				n/a				2.50
Expected long-term return on plan assets			8.00				8.00				8.00

Fair Value of the Plan Assets

 The fair value of the Plan assets as of December 31, 2014 and 2013, by category, are as follows:

		At December 31, 2014
		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		$	410			$	410			$	0			$	0
Equity Securities			8,231				8,231				0				0
U.S. Treasury Bonds			4,834				4,834				0				0
Mutual Funds - Equity			6,474				6,474				0				0
Corporate Bonds			3,741				0				3,741				0
Total		$	23,690			$	19,949			$	3,741			$	0

		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

Weighted-Average Asset Allocations of Plan Assets

The Plan weighted-average asset allocations at December 31, 2014 and 2013, by asset category, are as follows:

		Plan assets at December 31
		2014				2013
Asset category
Equity securities			62	%			63	%
Debt securities			36				32
Cash and equivalents			2				5
			100	%			100	%

Weighted-Average Target Allocations of Plan Assets

In recognition of the expected returns and volatility from financial assets, 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
2015		$	767,571
2016			849,366
2017			927,494
2018			1,004,453
2019			1,098,536
2020-2024			7,133,715

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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