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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
EMPLOYEE BENEFIT PLANS |
Schedule of funded status of the retirement income plan |
December 31, |  | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |  |
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR |  | $ | 6,355 |  |  | $ | 4,873 |
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,873 |  |  | $ | 5,695 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 261 |  |  |  | 235 |
Actuarial loss (gain) |  |  | 1,450 |  |  |  | (828 | )
Benefits paid |  |  | (229 | ) |  |  | (229 | )
Projected benefit obligation at end of year |  | $ | 6,355 |  |  | $ | 4,873 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 5,887 |  |  | $ | 5,282 |
Actual return on plan assets |  |  | 221 |  |  |  | 684 |
Employer contributions |  |  | 135 |  |  |  | 150 |
Benefits paid |  |  | (229 | ) |  |  | (229 | )
Fair value of plan assets at end of year |  | $ | 6,014 |  |  | $ | 5,887 |
Funded status at end of year |  | $ | (341 | ) |  | $ | 1,014 |
December 31, | 2014 |  | 2013 |
(in thousands) |  |  |  |
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | 1,014 |
Current liabilities |  |  | — |  |  |  | — |
Noncurrent liabilities |  |  | (341 | ) |  |  | — |
|  | $ | (341 | ) |  | $ | 1,014 |
The funded status of the Retirement Income Plan was recorded in the consolidated balance sheets in pension liabilities as of December 31, 2014 and in other assets as of December 31, 2013.
December 31, | 2014 |  | 2013 |
(in thousands) |  |  |  |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: |  |  |  |
Net loss |  | $ | 3,139 |  |  | $ | 1,537 |
Prior service cost (credit) |  |  | — |  |  |  | — |
Net transition obligation (asset) |  |  | — |  |  |  | — |
|  | $ | 3,139 |  |  | $ | 1,537 |
Schedule of amounts recorded in the consolidated balance sheet |
December 31, | 2014 |  | 2013 |
(in thousands) |  |  |  |
SERP liability |  | $ | (6,698 | ) |  | $ | (6,420 | )
Funded status |  |  | (341 | ) |  |  | — |
Pension liabilities |  | $ | (7,039 | ) |  | $ | (6,420 | )
Schedule of net periodic benefit cost |
Years ended December 31, | 2014 |  | 2013 |  | 2012 |
(in thousands) |  |  |  |  |  |
Service cost for benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 261 |  |  |  | 235 |  |  |  | 253 |
Expected return on plan assets |  |  | (411 | ) |  |  | (369 | ) |  |  | (328 | )
Amortization of net loss |  |  | 37 |  |  |  | 68 |  |  |  | 61 |
|  | $ | (113 | ) |  | $ | (66 | ) |  | $ | (14 | )
Schedule of amounts recognized in other comprehensive loss |
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Net loss (gain) |  | $ | 1,639 |  |  | $ | (1,143 | ) |  | $ | 224 |
Amortization of net loss |  |  | (37 | ) |  |  | (68 | ) |  |  | (61 | )
Net transition obligation (asset) |  |  | — |  |  |  | — |  |  |  | — |
Amount recognized in accumulated other comprehensive income |  | $ | 1,602 |  |  | $ | (1,211 | ) |  | $ | 163 |
Schedule of components of net periodic benefit |
(in thousands) |  | 2015 |
Amortization of net loss |  | $ | 77 |
Prior service cost (credit) |  |  | — |
Net transition obligation (asset) |  |  | — |
Estimated net periodic cost |  | $ | 77 |
Schedule of weighted average assumptions |
December 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.25 | % |  |  | 5.35 | % |  |  | 4.34 | %
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
NET BENEFIT COST: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.35 | % |  |  | 4.34 | % |  |  | 5.09 | %
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 | The plan’s weighted average asset allocation at December 31, 2014 and 2013 by asset category along with the target allocation for 2015 are as follows:
Asset Category |  | Target Allocation for 2015 |  |  | Percentage of Plan Assets as of December 31, 2014 |  |  | Percentage of Plan Assets as of December 31, 2013 |
Cash and Cash Equivalents |  |  | 0% - 5 | % |  |  | 1.0 | % |  |  | 0.6 | %
Debt Securities – Core Fixed Income |  |  | 15% - 50 | % |  |  | 24.3 |  |  |  | 25.3 |
Domestic Equity Securities |  |  | 0% - 40 | % |  |  | 37.0 |  |  |  | 26.6 |
International Equity Securities |  |  | 0% - 30 | % |  |  | 22.8 |  |  |  | 31.4 |
Real Estate |  |  | 0% - 20 | % |  |  | 10.5 |  |  |  | 8.3 |
Real Return |  |  | 0% - 20 | % |  |  | 1.6 |  |  |  | 7.8 |
Alternative/Opportunistic/Special |  |  | 0% - 20 | % |  |  | 2.8 |  |  |  | — |
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
Schedule of plan assets using the fair value hierarchy |
Fair Value Hierarchy as of December 31, 2014:
Investments (in thousands) |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 61 |  |  | $ | 61 |  |  | $ | — |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 1,459 |  |  |  | 589 |  |  |  | 870 |  |  |  | — |
Domestic Equity Securities |  |  | (3 | ) |  |  | 2,226 |  |  |  | 797 |  |  |  | 1,429 |  |  |  | — |
International Equity Securities |  |  | (4 | ) |  |  | 1,372 |  |  |  | — |  |  |  | 1,372 |  |  |  | — |
Real Estate |  |  | (5 | ) |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | 631 |
Real Return |  |  | (6 | ) |  |  | 95 |  |  |  | — |  |  |  | 95 |  |  |  | — |
Alternative/Opportunistic/Special |  |  | (7 | ) |  |  | 170 |  |  |  | — |  |  |  | — |  |  |  | 170 |
|  |  |  |  |  | $ | 6,014 |  |  | $ | 1,447 |  |  | $ | 3,766 |  |  | $ | 801 |
Fair Value Hierarchy as of December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments (in thousands) |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 38 |  |  | $ | 38 |  |  | $ | — |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 1,490 |  |  |  | — |  |  |  | 1,490 |  |  |  | — |
Domestic Equity Securities |  |  | (3 | ) |  |  | 1,559 |  |  |  | 1,559 |  |  |  | — |  |  |  | — |
International Equity Securities |  |  | (4 | ) |  |  | 1,850 |  |  |  | — |  |  |  | 1,850 |  |  |  | — |
Real Estate |  |  | (5 | ) |  |  | 491 |  |  |  | — |  |  |  | — |  |  |  | 491 |
Real Return |  |  | (6 | ) |  |  | 459 |  |  |  | — |  |  |  | 459 |  |  |  | — |
Alternative/Opportunistic/Special |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  |  |  | $ | 5,887 |  |  | $ | 1,597 |  |  | $ | 3,799 |  |  | $ | 491 |
(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 similar 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 | The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2014:
Investments | 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 |
(in thousands) |  |  |  |  |  |  |  |  |  |
Real Estate | $ | 491 |  | $ | 34 |  | $ | 106 |  | $ | — |  | $ | 631 |
Alternative/Opportunistic/Special |  | — |  |  | 4 |  |  | 166 |  |  | — |  |  | 170 |
| $ | 491 |  | $ | 38 |  | $ | 272 |  | $ | — |  | $ | 801 |
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013:
Investments | Balance at December 31, 2012 |  | Net Realized and Unrealized Gains/(Losses) |  | Net Purchases, Issuances and Settlements |  | Net Transfers In to (Out of) Level 3 |  | Balance at December 31, 2013 |
(in thousands) |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 489 |  |  | $ | 39 |  |  | $ | (37 | ) |  | $ | — |  |  | $ | 491 |
|  | $ | 489 |  |  | $ | 39 |  |  | $ | (37 | ) |  | $ | — |  |  | $ | 491 |
Schedule of future benefits payable for the retirement income plan over the next ten years |
(in thousands) |  |  |
2015 |  | $ | 265 |
2016 |  |  | 276 |
2017 |  |  | 256 |
2018 |  |  | 244 |
2019 |  |  | 253 |
2020-2024 |  | $ | 1,476 |
Schedule of stock option |
|  | Shares |  |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value
Outstanding at January 1, 2014 |  |  | 41,600 |  |  | $ | 12.47 |  | 0.33 years |  |  |
Granted |  |  | — |  |  |  | — |  |  |  | N/A |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | N/A |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  | N/A |  |  |
Expired |  |  | (41,600 | ) |  |  | 12.47 |  |  |  | N/A |  |  |
Outstanding and exercisable at December 31, 2014 |  |  | — |  |  | $ | — |  |  |  | — |  | $ | N/A
Schedule of summary of the changes in non-vested restricted shares |
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at January 1, 2014 |  |  | 1,268,200 |  |  | $ | 6.01 |
Granted |  |  | 273,000 |  |  |  | 7.90 |
Vested |  |  | (276,100 | ) |  |  | 5.76 |
Forfeited |  |  | (13,700 | ) |  |  | 6.60 |
Non-vested shares at December 31, 2014 |  |  | 1,251,400 |  |  | $ | 6.47 |

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