Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Qualified Employee Benefit Plans [Abstract]

Net (benefit) expense under the Retirement Plan

Net expense under the Retirement Plan consisted of:

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
Interest cost on projected benefit obligations	$	4,627		$	4,600		$	4,419
Expected return on plan assets		(5,133	)		(4,453	)		(3,110	)
Amortization of transition asset		(143	)		(143	)		(143	)
Recognized actuarial loss		399			262			431
Net pension (benefit) charge	$	(250	)	$	266		$	1,597

Change in projected benefit obligation, fair value of plan assets and funded status of plan

The Retirement Plan's projected benefit obligation, fair value of plan assets, and funded status (amounts recognized in the consolidated statements of financial condition) were as follows:

	Years Ended December 31,
	2011			2010
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	87,733		$	77,164
Interest cost		4,627			4,600
Actuarial loss		4,585			9,634
Benefits paid		(2,290	)		(3,665	)
Projected benefit obligation at end of year		94,655			87,733
Change in plan assets:
Plan assets at fair value at beginning of year		64,627			56,592
Actual return on plan assets		(5,912	)		5,600
Employer contribution		6,900			6,100
Benefits paid		(2,290	)		(3,665	)
Plan assets at fair value at end of year		63,325			64,627
Funded status	$	(31,330	)	$	(23,106	)

Defined Benefit Plan amounts recognized in other comprehensive income

The amounts recognized in other comprehensive income (loss) for 2011 and 2010 were as follows:

	2011			2010
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(15,231	)	$	(8,225	)
Unrecognized net plan assets as of January 1, 1987 being recognized over 26.3 years		(143	)		(143	)
		(15,374	)		(8,368	)
Income tax benefit		332			71
Other comprehensive loss	$	(15,042	)	$	(8,297	)

Defined Benefit Plan amounts recognized in accumulated other comprehensive income

The amounts included in accumulated other comprehensive income (loss) as of December 31, 2011 and 2010 were as follows:

	2011			2010
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(39,070	)	$	(23,839	)
Unrecognized net plan assets as of January 1, 1987 being recognized over 26.3 years		190			333
		(38,880	)		(23,506	)
Income tax benefit		849			517
Accumulated other comprehensive loss	$	(38,031	)	$	(22,989	)

Expected future benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid as follows (in thousands):

2012	$	4,364
2013		3,969
2014		3,314
2015		5,072
2016		5,850
2017-2021		25,163

Actuarial assumptions used to determine net periodic benefit costs

Actuarial computations used to determine net periodic costs were made utilizing the following weighted-average assumptions:

	Years Ended December 31,
	2011			2010			2009
Discount rate on benefit obligations		5.50	%		6.05	%		6.20	%
Expected long-term rate of return on plan assets		8.00			8.00			8.00

Retirement plan asset allocation

The Retirement Plan's asset allocation percentages consisted of:

	December 31,
	2011			2010
Equity securities		62	%		60	%
Debt securities		28			32
Real estate		10			8
		100	%		100	%

Assets of retirement benefit plans, fair value measurement

The following table summarizes the valuation of our Retirement Plan assets by pricing observability levels as of December 31, 2011:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash	$	9	$	-	$	-	$	9
Government securities
U.S. Treasury bills		-		662		-		662
Agency Discount notes		-		208		-		208
Real estate mutual fund		6,358		-		-		6,358
Fixed income mutual funds		16,591		-		-		16,591
Equity mutual funds		10,938		-		-		10,938
Equity private investment trusts		-		28,559		-		28,559
Total assets measured at fair value	$	33,896	$	29,429	$	-	$	63,325

The following table summarizes the valuation of our Retirement Plan assets by pricing observability levels as of December 31, 2010:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash	$	63	$	-	$	-	$	63
Government securities
U.S. Treasury bills		-		1,898		-		1,898
Agency Discount notes		-		580		-		580
Real estate mutual fund		5,345		-		-		5,345
Offshore hedge funds
Fixed/equity securities		-		5,515		-		5,515
Private investment trusts
Fixed securities		-		14,015		-		14,015
Equity securities		-		37,211		-		37,211
Total assets measured at fair value	$	5,408	$	59,219	$	-	$	64,627