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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the retirement income plan

December 31,		2015				2014
(in thousands)
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR		$	5,703			$	6,355
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	6,355			$	4,873
Service cost			—				—
Interest cost			259				261
Actuarial (gain) loss			(671	)			1,450
Benefits paid			(240	)			(229	)
Projected benefit obligation at end of year		$	5,703			$	6,355
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		$	6,014			$	5,887
Actual return on plan assets			(131	)			221
Employer contributions			170				135
Benefits paid			(240	)			(229	)
Fair value of plan assets at end of year		$	5,813			$	6,014
Funded status at end of year		$	110			$	(341	)

December 31,		2015				2014
(in thousands)
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets		$	110			$	—
Current liabilities			—				—
Noncurrent liabilities			—				(341	)
		$	110			$	(341	)

December 31,		2015				2014
(in thousands)
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss		$	2,944			$	3,139
Prior service cost (credit)			—				—
Net transition obligation (asset)			—				—
		$	2,944			$	3,139

Schedule of amounts recorded in the consolidated balance sheet

December 31,		2015				2014
(in thousands)
SERP liability		$	(6,590	)		$	(6,698	)
Funded status			—				(341	)
Pension liabilities		$	(6,590	)		$	(7,039	)

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			259				261				235
Expected return on plan assets			(421	)			(411	)			(369	)
Amortization of net loss			76				37				68
		$	(86	)		$	(113	)		$	(66	)

Schedule of amounts recognized in other comprehensive loss

(in thousands)		2015				2014				2013
Net (gain) loss		$	(119	)		$	1,639			$	(1,143	)
Amortization of net loss			(76	)			(37	)			(68	)
Net transition obligation (asset)			—				—				—
Amount recognized in accumulated other comprehensive income		$	(195	)		$	1,602			$	(1,211	)

Schedule of components of net periodic benefit

(in thousands)		2016
Amortization of net loss		$	76
Prior service cost (credit)			—
Net transition obligation (asset)			—
Estimated net periodic cost		$	76

Schedule of weighted average assumptions

December 31,		2015				2014				2013
PROJECTED BENEFIT OBLIGATION:
Discount rate			4.75	%			4.25	%			5.35	%
Rate of compensation increase			N/A				N/A				N/A
NET BENEFIT COST:
Discount rate			4.25	%			5.35	%			4.34	%
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%				0.0				1.6
Alternative/Opportunistic/Special			0% - 20%				4.6				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, 2015:
Investments (in thousands)						Total				Level 1				Level 2				Level 3
Cash and Cash Equivalents			(1	)		$	39			$	39			$	—			$	—
Fixed Income Securities			(2	)			1,501				—				1,501				—
Domestic Equity Securities							2,237				805				1,432				—
International Equity Securities			(3	)			1,346				—				1,346				—
Real Estate			(4	)			418				—				—				418
Real Return			(5	)			—				—				—				—
Alternative/Opportunistic/Special			(6	)			272				—				—				272
						$	5,813			$	844			$	4,279			$	690

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							2,226				797				1,429				—
International Equity Securities			(3	)			1,372				—				1,372				—
Real Estate			(4	)			631				—				—				631
Real Return			(5	)			95				—				95				—
Alternative/Opportunistic/Special			(6	)			170				—				—				170
						$	6,014			$	1,447			$	3,766			$	801

(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)	International equity securities are valued using a market approach based on the quoted market prices of similar instruments in their respective markets.
	(4)	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.

(5) 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.

(6) 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		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
(in thousands)
Real Estate		$	631			$	64			$	(277	)		$	—			$	418
Alternative/Opportunistic/Special			170				17				85				—				272
		$	801			$	81			$	(192	)		$	—			$	690

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

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

(in thousands)
2016		$	278
2017			261
2018			251
2019			257
2020			269
2021-2025		$	1,531

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			1,251,400			$	6.47
Granted			319,750				7.08
Vested			(313,800	)			5.77
Forfeited			(3,150	)			6.89
Non-vested shares at December 31, 2015			1,254,200			$	6.80

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