Retirement and Deferred Compensation Plans

6 Months Ended

Jun. 30, 2017

Compensation And Retirement Disclosure [Abstract]

Retirement and Deferred Compensation Plans

14. Retirement and Deferred Compensation Plans

The Company offers a non-qualified deferred cash incentive plan to certain officers and other employees. Under the plan, eligible employees may defer up to 100% of their annual cash incentive pay.  The Company has elected to fund its deferred compensation obligations through a rabbi trust.  The rabbi trust is subject to creditor claims in the event of insolvency but such assets are not available for general corporate purposes.  Assets held in the rabbi trust are invested in mutual funds, as selected by the participants, which are designated as trading securities and carried at fair value.  As of June 30, 2017 and 2016, the fair value of the mutual fund investments and deferred compensation obligations were $2.9 million and $1.3 million, respectively.  Changes in the fair value of securities held in the rabbi trust are recognized as trading gains and losses and included in other revenues and offsetting increases or decreases in the deferred compensation obligation will be recorded in employee compensation and benefits. For the six months ended June 30, 2017 and 2016, the trading gains and compensation expense were $0.2 million and $0.1 million, respectively.