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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the retirement income plan

December 31,		2016				2015
(in thousands)
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR		$	6,083			$	5,703
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	5,703			$	6,355
Service cost			—				—
Interest cost			274				259
Actuarial loss (gain)			342				(671	)
Benefits paid			(236	)			(240	)
Projected benefit obligation at end of year		$	6,083			$	5,703
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		$	5,813			$	6,014
Actual return on plan assets			275				(131	)
Employer contributions			180				170
Benefits paid			(236	)			(240	)
Fair value of plan assets at end of year		$	6,032			$	5,813
Funded status at end of year		$	(51	)		$	110

December 31,		2016				2015
(in thousands)
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets		$	—			$	110
Current liabilities			—				—
Noncurrent liabilities			(51	)			—
		$	(51	)		$	110

December 31,		2016				2015
(in thousands)
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss		$	3,335			$	2,944
Prior service cost (credit)			—				—
Net transition obligation (asset)			—				—
		$	3,335			$	2,944

Schedule of amounts recorded in the consolidated balance sheet

December 31,		2016				2015
(in thousands)
SERP liability		$	(5,563	)		$	(6,590	)
Funded status of Retirement Income Plan			(51	)			—
Pension liabilities		$	(5,614	)		$	(6,590	)

Schedule of net periodic benefit cost

Years ended December 31,		2016				2015				2014
(in thousands)
Service cost for benefits earned during the period		$	—			$	—			$	—
Interest cost on projected benefit obligation			274				259				261
Expected return on plan assets			(406	)			(421	)			(411	)
Amortization of net loss			84				76				37
		$	(48	)		$	(86	)		$	(113	)

Schedule of amounts recognized in other comprehensive loss

(in thousands)		2016				2015				2014
Net loss (gain)		$	474			$	(119	)		$	1,639
Amortization of net loss			(84	)			(76	)			(37	)
Net transition obligation (asset)			—				—				—
Amount recognized in accumulated other comprehensive income		$	390			$	(195	)		$	1,602

Schedule of components of net periodic benefit

(in thousands)		2017
Amortization of net loss		$	91
Prior service cost (credit)			—
Net transition obligation (asset)			—
Estimated net periodic cost		$	91

Schedule of weighted average assumptions

December 31,		2016				2015				2014
PROJECTED BENEFIT OBLIGATION:
Discount rate			4.50	%			4.75	%			4.25	%
Rate of compensation increase			N/A				N/A				N/A
NET BENEFIT COST:
Discount rate			4.75	%			4.25	%			5.35	%
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 2017				Percentage of Plan Assets as of December 31, 2016				Percentage of Plan Assets as of December 31, 2015
Cash and Cash Equivalents			0% - 5%				3.3	%			0.7	%
Domestic Equity Securities			0% - 40%				25.5				27.6
International Equity Securities			0% - 40%				20.8				19.1
Fixed Income Securities			15% - 50%				25.3				25.8
Investments measured at net asset value			0% - 20%				25.1				26.8
Total			100.0%				100.0	%			100.0	%

Schedule of plan assets using the fair value hierarchy

Fair Value Hierarchy as of December 31, 2016:
Investments (in thousands)						Total				Level 1				Level 2
Cash and Cash Equivalents			(1	)		$	200			$	200			$	—
Fixed Income Securities			(2	)			1,529				—				1,529
Domestic Equity Securities			(3	)			1,539				775				764
International Equity Securities			(4	)			1,252				—				1,252
Total Assets in the Fair Value Hierarchy						$	4,520			$	975			$	3,545
Investments measured at Net Asset Value							1,512
Investments at Fair Value						$	6,032

Fair Value Hierarchy as of December 31, 2015:
Investments (in thousands)						Total				Level 1				Level 2
Cash and Cash Equivalents			(1	)		$	39			$	39			$	—
Fixed Income Securities			(2	)			1,501				—				1,501
Domestic Equity Securities			(3	)			1,602				804				799
International Equity Securities			(4	)			1,111				—				1,111
Total Assets in the Fair Value Hierarchy						$	4,253			$	843			$	3,411
Investments measured at Net Asset Value							1,560
Investments at Fair Value						$	5,813

(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 identical instruments in their respective markets.

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

(in thousands)
2017		$	284
2018			292
2019			299
2020			293
2021			298
2022-2026		$	1,596

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

		Shares				Weighted Average Grant-Date Fair Value
Non-vested shares at January 1, 2016			1,254,200			$	6.80
Granted			371,950				5.77
Vested			(422,533	)			6.52
Forfeited			(2,717	)			6.21
Non-vested shares at December 31, 2016			1,200,900			$	6.58

		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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