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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the retirement income plan

December 31,		2018				2017
(in thousands)
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR		$	5,833			$	6,379
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	6,379			$	6,083
Service cost			—				—
Interest cost			251				266
Actuarial loss			(554	)			273
Benefits paid			(243	)			(243	)
Projected benefit obligation at end of year		$	5,833			$	6,379
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		$	6,722			$	6,032
Actual return on plan assets			(447	)			933
Employer contributions			770				—
Benefits paid			(243	)			(243	)
Fair value of plan assets at end of year		$	6,802			$	6,722
Funded status at end of year		$	969			$	343

December 31,		2018				2017
(in thousands)
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets		$	969			$	343
Current liabilities			—				—
Noncurrent liabilities			—				—
		$	969			$	343

December 31,		2018				2017
(in thousands)
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss		$	3,311			$	2,997
Prior service cost (credit)			—				—
Net transition obligation (asset)			—				—
		$	3,311			$	2,997

Schedule of amounts recorded in the consolidated balance sheets

December 31,		2018				2017
(in thousands)
SERP liability		$	(7,045	)		$	(6,732	)
Funded status of Retirement Income Plan			—				—
Pension liabilities		$	(7,045	)		$	(6,732	)

Schedule of net periodic benefit cost

Years ended December 31,		2018				2017				2016
(in thousands)
Service cost for benefits earned during the period		$	—			$	—			$	—
Interest cost on projected benefit obligation			251				266				274
Expected return on plan assets			(501	)			(415	)			(406	)
Amortization of net loss			81				91				84
		$	(169	)		$	(58	)		$	(48	)

Schedule of amounts recognized in other comprehensive loss

(in thousands)		2018				2017				2016
Net loss (gain)		$	395			$	(243	)		$	474
Amortization of net loss			(81	)			(91	)			(84	)
Net transition obligation (asset)			—				—				—
Amount recognized in accumulated other comprehensive income		$	314			$	(334	)		$	390

Schedule of components of net periodic benefit

(in thousands)		2019
Amortization of net loss		$	94
Prior service cost (credit)			—
Net transition obligation (asset)			—
Estimated net periodic cost		$	94

Schedule of weighted average assumptions

December 31,		2018				2017				2016
PROJECTED BENEFIT OBLIGATION:
Discount rate			4.65	%			4.05	%			4.50	%
Rate of compensation increase			N/A				N/A				N/A
NET BENEFIT COST:
Discount rate			4.05	%			4.50	%			4.75	%
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 2019				Percentage of Plan Assets as of December 31, 2018				Percentage of Plan Assets as of December 31, 2017
Cash and Cash Equivalents			0% - 3%				3.0	%			2.9	%
Domestic Equity Securities			0% - 40%				39.5				42.3
International Equity Securities			0% - 30%				19.0				20.7
Fixed Income Securities			15% - 100%				29.1				23.8
Investments measured at net asset value			0% - 12%				9.4				10.3
Total			100.0	%			100.0	%			100.0	%

Schedule of plan assets using the fair value hierarchy

Fair Value Hierarchy as of December 31, 2018:

Investments (in thousands)						Total				Level 1				Level 2
Cash and Cash Equivalents			(1	)		$	202			$	202			$	—
Fixed Income Securities			(2	)			1,979				—				1,979
Domestic Equity Securities			(3	)			2,693				993				1,700
International Equity Securities			(4	)			1,290				—				1,290
Total Assets in the Fair Value Hierarchy						$	6,164			$	1,195			$	4,969
Investments Measured at Net Asset Value							638
Investments at Fair Value						$	6,802

Fair Value Hierarchy as of December 31, 2017:

Investments (in thousands)						Total				Level 1				Level 2
Cash and Cash Equivalents			(1	)		$	192			$	192			$	—
Fixed Income Securities			(2	)			1,601				—				1,601
Domestic Equity Securities			(3	)			2,844				1,047				1,797
International Equity Securities			(4	)			1,394				—				1,394
Total Assets in the Fair Value Hierarchy						$	6,031			$	1,239			$	4,792
Investments Measured at Net Asset Value							691
Investments at Fair Value						$	6,722

(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)
2019		$	301
2020			294
2021			298
2022			295
2023			309
2024-2028		$	1,704

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

		Shares				Weighted Average Grant-Date Fair Value
Non-vested shares at January 1, 2018			1,040,800			$	7.76
Granted			193,500				13.97
Vested			(283,790	)			6.45
Forfeited			(2,800	)			8.54
Non-vested shares at December 31, 2018			947,710			$	9.41

		Shares				Weighted Average Grant-Date Fair Value
Non-vested shares at January 1, 2017			1,200,900			$	6.58
Granted			202,400				13.39
Vested			(344,250	)			6.92
Forfeited			(18,250	)			8.47
Non-vested shares at December 31, 2017			1,040,800				7.76

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