PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Multiemployer Plans [Table Text Block]

Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: 

		Pension Protection Act				Contributions made
		Zone Status				by the Company
Pension Plan	EIN / Pension Plan Number	2012	2011		Rehabilitation Plan Status	2012		2011		2010
AMO Pension Plan	13-1936709	Yellow (1)		Red (1)	Implemented	$	890	$	805	$	773
MEBA Pension Plan	51-6029896	Green (1)		Green (1)	None		448		-		-
Seafarers Pension Plan	13-6100329	Green (1)		Green (1)	None		416		425		374
					Total contributions	$	1,754	$	1,230	$	1,147

(1) A “Red” Zone Status plan is a plan that is funded 65% or less and currently has a funding deficiency or a funding deficiency that is projected in the near term.  A “Yellow” Zone Status plan is a plan that is greater than 65% but less than 80% funded. A “Green” Zone Status plan is a plan that is 80% funded or more.

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow:

	Pension Benefits				Other Benefits
At December 31,	2012		2011		2012		2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	46,854	$	42,460	$	6,395	$	5,402
Cost of benefits earned (service cost)		-		-		195		226
Interest cost on benefit obligation		2,032		2,171		237		292
Amendments		-		-		(3,012)		-
Actuarial losses		4,374		4,445		804		599
Benefits paid		(2,238)		(2,222)		(153)		(124)
Benefit obligation at year end		51,022		46,854		4,466		6,395
Change in plan assets:
Fair value of plan assets at beginning of year		28,897		30,329		-		-
Actual return on plan assets		3,161		(634)		-		-
Employer contributions		1,545		1,348		-		-
Benefits paid		(2,211)		(2,146)		-		-
Fair value of plan assets at year end		31,392		28,897		-		-
Unfunded status at December 31	$	(19,630)	$	(17,957)	$	(4,466)	$	(6,395)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Information for domestic defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows:

At December 31,	2012		2011
Projected benefit obligation	$	51,022	$	46,854
Accumulated benefit obligation		51,022		46,854
Fair value of plan assets		31,392		28,897

Schedule of Net Benefit Costs [Table Text Block]

	Pension benefits						Other benefits
For the year ended December 31,	2012		2011		2010		2012		2011		2010
Components of expense:
Cost of benefits earned	$	-	$	-	$	-	$	195	$	226	$	223
Interest cost on benefit obligation		2,032		2,171		2,212		237		292		295
Expected return on plan assets		(1,873)		(2,030)		(1,796)		-		-		-
Amortization of prior-service costs		-		-		-		(233)		(157)		(240)
Amortization of transition obligation		-		-		-		10		20		20
Recognized net actuarial loss		316		30		25		160		122		91
Net periodic benefit cost	$	475	$	171	$	441	$	369	$	503	$	389

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

	1% increase		1% decrease
Effect on total of service and interest cost components in 2012	$	96	$	(71)
Effect on postretirement benefit obligation as of December 31, 2012	$	530	$	(421)

Schedule of Expected Benefit Payments [Table Text Block]

Expected benefit payments are as follows:

	Pension benefits		Other benefits
2013	$	2,232	$	181
2014		2,313		186
2015		2,405		189
2016		2,565		193
2017		2,586		203
Years 2018-2022		14,528		1,152
	$	26,629	$	2,104

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values of the Company’s pension plan assets at December 31, 2012, by asset category are as follows:

			Level 1:
			Quoted prices in active
			markets for identical
Description	Fair Value		assets or liabilities
Cash and cash equivalents	$	1,432	$	1,432
Equity securities:
U.S. companies		14,133		14,133
International companies		4,856		4,856
Corporate debt securities		1,992		1,992
Mutual funds(1)		2,942		2,942
U.S. Treasury securities		3,534		3,534
Mortgage-backed securities		2,503		2,503
Total	$	31,392	$	31,392

⁽¹⁾ The mutual fund investments are invested in intermediate term bonds of government and government sponsored entities.

Benefit Obligations [Member]

Schedule of Assumptions Used [Table Text Block]

The weighted-average assumptions used to determine benefit obligations follow:

	Pension benefits							Other benefits
At December 31,	2012			2011			2012				2011
Discount rate		3.75	%		4.50	%			4.00	%		4.50	%
Rate of future compensation increases		-			-				-			-

Net Periodic Benefit Cost [Member]

Schedule of Assumptions Used [Table Text Block]

The weighted-average assumptions used to determine net periodic benefit cost follow:

	Pension benefits									Other benefits
For the year ended December 31,	2012			2011			2010			2012			2011			2010
Discount rate		4.50	%		5.25	%		5.50	%		4.50	%		5.25	%		5.50	%
Expected (long-term) return on plan assets		6.50	%		6.75	%		6.75	%		-			-			-
Rate of future compensation increases		-			-			-			-			-			-