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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
EMPLOYEE BENEFIT PLANS |
Schedule of funded status of the Retirement Income Plan | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2019 |  | 2018
(in thousands) |  | ​ |  |  | ​ |
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR | ​ | $ | 6,433 | ​ | $ | 5,833
​ | ​ | ​ | ​ | ​ | ​ | ​
CHANGE IN PROJECTED BENEFIT OBLIGATION: | ​ |  |  | ​ |  |
Benefit obligation at beginning of year | ​ | $ | 5,833 | ​ | $ | 6,379
Service cost | ​ |  | — | ​ |  | —
Interest cost | ​ |  | 255 | ​ |  | 251
Actuarial loss | ​ |  | 570 | ​ |  | (554)
Benefits paid | ​ |  | (225) | ​ |  | (243)
Projected benefit obligation at end of year | ​ | $ | 6,433 | ​ | $ | 5,833
CHANGE IN PLAN ASSETS: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ | $ | 6,802 | ​ | $ | 6,722
Actual return on plan assets | ​ |  | 737 | ​ |  | (447)
Employer contributions | ​ |  | — | ​ |  | 770
Benefits paid | ​ |  | (225) | ​ |  | (243)
Fair value of plan assets at end of year | ​ | $ | 7,314 | ​ | $ | 6,802
Funded status at end of year | ​ | $ | 881 | ​ | $ | 969
​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2019 |  | 2018
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent assets | ​ | $ | 881 | ​ | $ | 969
Current liabilities | ​ |  | — | ​ |  | —
Noncurrent liabilities | ​ |  | — | ​ |  | —
​ | ​ | $ | 881 | ​ | $ | 969
​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2019 |  | 2018
(in thousands) |  | ​ |  |  | ​ |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: |  | ​ |  |  | ​ |
Net loss | ​ | $ | 3,524 | ​ | $ | 3,311
Prior service cost (credit) | ​ |  | — | ​ |  | —
Net transition obligation (asset) | ​ |  | — | ​ |  | —
​ | ​ | $ | 3,524 | ​ | $ | 3,311
Schedule of amounts recorded in the consolidated balance sheet as pension liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2019 |  | 2018
(in thousands) |  | ​ |  |  | ​ |
SERP liability | ​ | $ | (9,980) | ​ | $ | (7,045)
Funded status of Retirement Income Plan | ​ |  | — | ​ |  | —
Pension liabilities | ​ | $ | (9,980) | ​ | $ | (7,045)
Schedule of net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, |  | 2019 |  | 2018 |  | 2017
(in thousands) |  | ​ |  |  | ​ |  |  | ​ |
Service cost for benefits earned during the period | ​ | $ | — | ​ | $ | — | ​ | $ | —
Interest cost on projected benefit obligation | ​ |  | 255 | ​ |  | 251 | ​ |  | 266
Expected return on plan assets | ​ |  | (468) | ​ |  | (501) | ​ |  | (415)
Amortization of net loss | ​ |  | 87 | ​ |  | 81 | ​ |  | 91
​ | ​ | $ | (126) | ​ | $ | (169) | ​ | $ | (58)
Schedule of amounts recognized in other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2019 |  | 2018 |  | 2017
Net loss (gain) | ​ | $ | 300 | ​ | $ | 395 | ​ | $ | (243)
Amortization of net loss | ​ |  | (87) | ​ |  | (81) | ​ |  | (91)
Net transition obligation (asset) | ​ |  | — | ​ |  | — | ​ |  | —
Amount recognized in accumulated other comprehensive income | ​ | $ | 213 | ​ | $ | 314 | ​ | $ | (334)
Schedule of components of net periodic benefit cost | ​
​ | ​ | ​ | ​
(in thousands) |  | 2020
Amortization of net loss | ​ | $ | 98
Prior service cost (credit) | ​ |  | —
Net transition obligation (asset) | ​ |  | —
Estimated net periodic cost | ​ | $ | 98
Schedule of weighted average assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2019 |  | 2018 |  | 2017 |
PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  | ​
Discount rate |  | 3.70 | % | 4.65 | % | 4.05 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |
NET BENEFIT COST: |  |  |  |  |  |  |
Discount rate |  | 4.65 | % | 4.05 | % | 4.50 | %
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Percentage of | ​ | Percentage of |
​ | ​ | ​ | ​ | Plan Assets as of | ​ | Plan Assets as of |
​ | ​ | Target Allocation | ​ | December 31, | ​ | December 31, |
Asset Category |  | for 2020 |  | 2019 |  | 2018 |
Cash and Cash Equivalents |  | 0% - 5% | ​ | 1.3 | % | 3.0 | %
Domestic Equity Securities |  | 0% - 40% | ​ | — |  | 39.5 | ​
International Equity Securities |  | 0% - 20% | ​ | — |  | 19.0 | ​
Fixed Income Securities |  | 15% - 100% | ​ | 91.7 |  | 29.1 | ​
Investments measured at net asset value |  | 0% - 12% | ​ | 7.0 |  | 9.4 | ​
Total |  | 100.0% | ​ | 100.0 | % | 100.0 | %
Schedule of plan assets using the fair value hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments (in thousands) |  | ​ | ​ |  | Total |  | Level 1 |  | Level 2
Cash and Cash Equivalents |  | ​ | (1) | ​ | $ | 92 | ​ | $ | 92 | ​ | $ | —
Fixed Income Securities |  | ​ | (2) | ​ |  | 6,708 | ​ |  | — | ​ |  | 6,708
Domestic Equity Securities |  | ​ | (3) | ​ |  | — | ​ |  | — | ​ |  | ​
International Equity Securities |  | ​ | (4) | ​ |  | — | ​ |  | — | ​ |  | ​
Total Assets in the Fair Value Hierarchy | ​ | ​ | ​ | ​ | $ | 6,800 | ​ | $ | 92 | ​ | $ | 6,708
Investments Measured at Net Asset Value | ​ | ​ | ​ | ​ |  | 514 | ​ |  |  | ​ |  |
Investments at Fair Value | ​ | ​ | ​ | ​ | $ | 7,314 | ​ |  |  | ​ |  |
​ 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 | ​ |  |  | ​ |  |
​
| (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) |  |  | ​
2020 | ​ | $ | 271
2021 | ​ |  | 276
2022 | ​ |  | 291
2023 | ​ |  | 299
2024 | ​ |  | 308
2025-2029 | ​ | $ | 1,713
Schedule of summary of the changes in non-vested restricted shares | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant-Date Fair
​ |  | Shares |  | Value
Non-vested shares at January 1, 2019 |  | 947,710 | ​ | $ | 9.41
Granted |  | 141,600 | ​ | ​ | 17.21
Vested |  | (260,770) | ​ | ​ | 7.65
Forfeited |  | (13,000) | ​ | ​ | 11.68
Non-vested shares at December 31, 2019 |  | 815,540 | ​ | $ | 11.29
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant-Date Fair
​ |  | Shares |  | 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

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