Employee Benefit Plan

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plan

The Company sponsors a cash balance defined benefit pension plan that covers substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Company’s Pension Plan. In March 2013, the Pension Plan was frozen until the final regulatory approvals are received and the Pension Plan’s assets will be distributed, used to pay excise taxes and the remaining assets will revert back to the Company. Upon settlement, the Company expects to recognize further estimated losses that will significantly affect the Company’s Condensed Consolidated Statement of Operations once the final regulatory approvals are received and the Pension Plan assets are distributed, which we expect to occur in 2014 or 2015. However, we can not provide any assurance as to the timing of these matters.

A summary of the components of net periodic pension cost is as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2013			2012			2013			2012
Service cost (benefit)	$	(34	)	$	(615	)	$	224		$	425
Interest cost (benefit)	142			(491		)	312			390
Expected return on assets	(272		)	1,382			(718		)	(1,225		)
Amortization of prior service costs (benefit)	—			(220		)	—			218
Amortization of loss	101			—			198			—
Settlement charges	394			963			394			963
Net periodic pension cost	$	331		$	1,019		$	410		$	771

During the six months ended June 30, 2013 and 2012, settlements of future obligations occurred that required the Pension Plan assets and projected benefit obligation to be remeasured. The Company recorded a net gain of $2.0 million from the remeasurement, which was was recorded in other comprehensive income during the three and six months ended June 30, 2013.

The following table includes the assumptions used to develop net periodic pension cost and benefit obligations:

	June 30, 2013	December 31, 2012	June 30 2012	December 31, 2011
Discount rate	4.03%	3.27%	3.35%	4.19%
Expected long term rate on plan assets	0.00%	4.75%	4.75%	5.00%
Rate of compensation increase	—%	—%	3.75%	3.75%

During the six months ended June 30, 2013, the Pension Plan transferred the majority of its investments held in plan assets to cash and cash equivalents and the expected long term rate on plan assets was reduced accordingly.