EMPLOYEE BENEFIT PLANS (Tables) (Pension Plan)

12 Months Ended

Dec. 31, 2012

Pension Plan

Employee Benefit Plans

Summary of Benefit Plans for Employees

        The following sets forth changes in benefit obligations and plan assets for the years ended December 31, 2012 and 2011 and the funded status of the Pension Plan reconciled with the amounts reported in our consolidated financial statements at December 31, 2012 and 2011, respectively (dollars in thousands):

	2012			2011
Change in benefit obligations:
Benefit obligations at beginning of year	$	73,730		$	57,278
Service cost		2,682			2,312
Interest cost		3,246			3,184
Actuarial loss		8,318			12,260
Benefits paid		(1,508	)		(1,304	)
Benefit obligations at end of year		86,468			73,730
Change in plan assets:
Fair value of plan assets at beginning of year		46,192			43,982
Employer contribution		5,029			4,860
Actual return on plan assets		5,677			(1,346	)
Benefits paid		(1,508	)		(1,304	)
Fair value of plan assets at end of year		55,390			46,192
Funded status at the end of year	$	(31,078	)	$	(27,538	)
Amounts recognized in balance sheet:
Non-current liability	$	(31,078	)	$	(27,538	)
	$	(31,078	)	$	(27,538	)
Amounts recognized in accumulated other comprehensive income consists of:
Net actuarial loss	$	(33,356	)	$	(28,620	)
Weighted-average assumptions to determine benefit obligations as of December 31,
Discount rate		3.99	%		4.49	%
Expected rate of return on plan assets		8.00	%		7.90	%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31,
Discount rate		4.49	%		5.56	%
Expected return on plan assets		7.90	%		8.35	%

Components of Net Periodic Benefit Cost

	2012			2011			2010
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	2,682		$	2,312		$	2,214
Interest cost		3,246			3,184			2,924
Expected return on plan assets		(3,882	)		(3,877	)		(3,270	)
Amortization of net loss		1,788			537			366
Net periodic benefit cost	$	3,834		$	2,156		$	2,234

Schedule of Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income

	2012			2011
	(in thousands)
Other changes in plan assets and benefit obligation recognized in accumulated other comprehensive income:
Net actuarial loss	$	(6,524	)	$	(17,483	)
Reversal of amortization item:
Net actuarial loss		1,788			537
Total recognized in accumulated other comprehensive loss		(4,736	)		(16,946	)
Net periodic benefit cost		(3,834	)		(2,156	)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss	$	8,570		$	19,102

Schedule of Estimated Future Benefit Payments

        Estimated future benefit payments as of December 31, 2012 are as follows (in thousands):

Year Ending December 31,
2013	$	1,814
2014		2,046
2015		2,341
2016		2,641
2017		2,967
2018 - 2022		21,171
	$	32,980

Schedule of Policy Statement's Asset Allocation Guidelines

	Percentage of Total Portfolio
	Minimum			Target			Maximum
Domestic equity securities		50	%		70	%		90	%
Foreign equity securities		0	%		10	%		20	%
Fixed income securities/cash		5	%		20	%		40	%

Schedule of Actual Asset Allocations

Asset allocations as of December 31,	2012			2011
Domestic equity securities		64	%		64	%
Foreign equity securities		16	%		16	%
Fixed income securities/cash		20	%		20	%
		100	%		100	%

Schedule of Fair Value of Plan Assets

        As required by FASB ASC 715, the following information discloses the fair values of the Pension Plan assets, by asset category, for the periods indicated (in thousands):

	December 31, 2012							December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	652	$	—		$	—	$	467	$	—		$	—
Equity securities(a):
U.S. large-cap growth		6,210		—			—		5,404		—			—
U.S. large-cap value		8,219		—			—		6,744		—			—
Fixed income securities:
U.S. Treasury securities(b)		1,781		—			—		1,815		—			—
Corporate bonds(c)		—		2,266			—		—		2,093			—
Taxable municipal bonds(c)		—		202			—		—		315			—
International bonds(c)		—		579			—		—		528			—
Equity mutual funds(d):
U.S. large-cap growth		—		3,458			—		—		3,902			—
U.S. large-cap value		—		1,661			—		—		2,628			—
U.S. large-cap blend		—		2,180			—		—		—			—
U.S. mid-cap growth		—		4,497			—		—		3,688			—
U.S. mid-cap value		—		4,439			—		—		3,782			—
U.S. small-cap growth		—		1,099			—		—		1,887			—
U.S. small-cap value		—		1,158			—		—		1,907			—
U.S. small-cap blend		—		2,232			—		—		—			—
International		—		5,185			—		—		5,513			—
International small/mid-cap blend		—		1,686			—		—		—			—
Emerging Markets		—		2,241			—		—		1,849			—
Fixed income mutual funds(d):
Corporate bond		—		799			—		—		602			—
Mortgage backed-securities		—		1,265			—		—		1,037			—
Short term investment grade bond		—		1,673			—		—		—			—
Intermediate investment grade bond		—		1,023			—		—		1,444			—
High yield bond		—		553			—		—		515			—
International bond		—		262			—		—		242			—
Stock market index options(e):
Puts		—		63			—		—		116			—
Calls		—		(53	)		—		—		(361	)		—
Accrued income(f)		—		60			—		—		75			—
Total	$	16,862	$	38,528		$	—	$	14,430	$	31,762		$	—

(a)

Equity securities include investments in publicly-traded common stock and preferred stock. Publicly-traded common stocks are traded on a national securities exchange and investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned.

(b)

U.S. Treasury securities include agency and treasury debt. These investments are valued using dealer quotes in an active market.

(c)

Bonds are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. The corporate bonds and notes category is primarily comprised of U.S. dollar denominated, investment grade securities. Less than 5 percent of the securities have a rating below investment grade.

(d)

Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Investments initially valued in currencies other than the U.S. dollars are converted to the U.S. dollar using exchange rates obtained from pricing services.

(e)

Options are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, reported trades, issuer spreads, and/or other applicable reference data.

(f)

Accrued income represents dividends declared, but not received, on equity securities owned at December 31, 2012.