Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

Components of Net Periodic Pension Benefits and Other Benefit Costs

Net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the years ended December 31 included the following components:

	Pension Benefits									Other Benefits
(In thousands)	2011			2010			2009			2011			2010			2009
Components of net periodic benefit cost
Service cost	$	2,589		$	2,254		$	2,222		$	17		$	17		$	17
Interest cost		3,544			3,613			3,413			202			228			205
Expected return on plan assets		(7,720	)		(7,166	)		(5,591	)		-			-			-
Amortization of initial unrecognized asset		-			-			(23	)		-			-			-
Amortization of prior service cost		309			322			296			(202	)		(202	)		(202	)
Amortization of unrecognized net loss		1,353			1,447			2,374			205			201			136
Net periodic pension cost	$	75		$	470		$	2,691		$	222		$	244		$	156
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax)
Net loss (gain)	$	16,108		$	1,620		$	(6,053	)	$	(562	)	$	955		$	289
Prior service cost		-			21			127			-			-			-
Amortization of initial unrecognized asset		-			-			23			-			-			-
Amortization of prior service cost		(309	)		(322	)		(296	)		202			202			202
Amortization of unrecognized net gain		(1,353	)		(1,447	)		(2,374	)		(205	)		(201	)		(136	)
Total recognized in other comprehensive loss (income)		14,446			(128	)		(8,573	)		(565	)		956			355
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax	$	14,521		$	342		$	(5,882	)	$	(343	)	$	1,200		$	511

Components of Accumulated other comprehensive income (loss), Net periodic benefit cost

 The Company expects that $3.3 million in net actuarial loss and $0.1 million in prior service cost will be recognized as components of net periodic benefit cost in 2012.

	Pension Benefits				Other Benefits
(In thousands)	2011		2010		2011			2010
Net actuarial loss	$	37,914	$	23,161	$	2,323		$	3,089
Prior service cost		1,430		1,739		(874	)		(1,076	)
Total amounts recognized in accumulated other comprehensive loss (pre-tax)	$	39,344	$	24,900	$	1,449		$	2,013

Changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and postretirement benefits

The following table sets forth changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and other postretirement benefits:

	Pension Benefits						Other Benefits
(In thousands)	2011			2010			2011			2010
Change in benefit obligation
Benefit obligation at beginning of year	$	70,229		$	63,408		$	4,554		$	3,838
Service cost		2,589			2,254			17			17
Interest cost		3,544			3,613			202			228
Plan participants' contributions		-			-			263			277
Actuarial loss (gain)		5,935			4,940			(562	)		955
Amendments		-			21			-			-
Benefits paid		(4,273	)		(4,007	)		(489	)		(761	)
Projected benefit obligation at end of year		78,024			70,229			3,985			4,554
Change in plan assets
Fair value of plan assets at beginning of year		97,821			90,891			-			-
Actual return (loss) on plan assets		(2,452	)		10,487			-			-
Employer contributions		479			450			226			484
Plan participants' contributions		-			-			263			277
Benefits paid		(4,273	)		(4,007	)		(489	)		(761	)
Fair value of plan assets at end of year		91,575			97,821			-			-
Funded status at year end	$	13,551		$	27,592		$	(3,985	)	$	(4,554	)

Amounts recognized in Balance Sheet

The accumulated benefit obligation for other postretirement benefits was $4.0 million and $4.6 million at December 31, 2011 and 2010, respectively.

	Pension Benefits						Other Benefits
(In thousands)	2011			2010			2011			2010
Other assets	$	23,973		$	35,895		$	-		$	-
Other liabilities		(10,422	)		(8,303	)		(3,985	)		(4,554	)
Funded status	$	13,551		$	27,592		$	(3,985	)	$	(4,554	)

Assumptions used to determine benefit obligations and net periodic pension cost

The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:

	Years ended December 31,
(In thousands)	2011			2010			2009
Weighted average assumptions:
The following assumptions were used to determine benefit obligations:
Discount rate		4.10	%		5.15	%		5.70	%
Expected long-term return on plan assets		7.50	%		8.00	%		8.00	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%
The following assumptions were used to determine net periodic pension cost:
Discount rate		5.15	%		5.70	%		6.30	%
Expected long-term return on plan assets		8.00	%		8.00	%		8.00	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%

Estimated future benefit payments for the pension plans and other postretirement benefit plans

The following table sets forth estimated future benefit payments for the pension plans and other postretirement benefit plans:

	Pension		Other
	Benefits		Benefits
2012		5,010		204
2013		5,236		218
2014		5,361		232
2015		7,034		244
2016		5,590		254
Thereafter		29,745		1,358

Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates

A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2011:

(In thousands)	One Percentage point increase		One Percentage point decrease
Increase (decrease) on total service and interest cost components	$	29	$	(24	)
Increase (decrease) on postretirement accumulated benefit obligation		482		(410	)

Target and actual allocations of defined benefit pension plan's assets

 The target and actual allocations expressed as a percentage of the defined benefit pension plan's assets are as follows:

	Target 2012			2011			2010
Cash and cash equivalents		0 - 20	%		2	%		2	%
Fixed income securities		20 - 40	%		34	%		26	%
Equities		40 - 80	%		64	%		72	%
Total					100	%		100	%

Financial instruments recorded at fair value on a recurring basis by the Plan

The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan as of December 31, 2011 and 2010:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2011
Cash and Cash Equivalents	$	1,503	$	-	$	-	$	1,503
Foreign Equity Mutual Funds		6,577		-		-		6,577
Equity Mutual Funds		9,902		-		-		9,902
US Government Bonds		-		15,683		-		15,683
Corporate Bonds		-		12,954		-		12,954
Common Stock		33,850		-		-		33,850
Municipal bonds and Notes		-		1,799		-		1,799
Foreign Bonds and Notes		-		1,096		-		1,096
Foreign Equity		8,211		-		-		8,211
Totals	$	60,043	$	31,532	$	-	$	91,575

(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2010
Cash and Cash Equivalents	$	1,604	$	-	$	-	$	1,604
Foreign Equity Mutual Funds		6,577		-		-		6,577
Equity Mutual Funds		22,515		-		-		22,515
US Government Bonds		-		16,219		-		16,219
Corporate Bonds		-		5,003		-		5,003
Common Stock		31,213		-		-		31,213
Municipal bonds and Notes		-		2,294		-		2,294
Foreign Bonds and Notes		-		1,666		-		1,666
Foreign Equity		10,730		-		-		10,730
Totals	$	72,639	$	25,182	$	-	$	97,821

Fair value assumptions

The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued:

	Years ended December 31,
	2011	2010	2009
Dividend yield	3.31%–3.82%	3.27%–3.96%	2.86%–3.65%
Expected volatility	33.75%–34.36%	33.00%–33.86%	30.20%–32.91%
Risk-free interest rates	1.48%–2.81%	1.90%–3.17%	1.71%–3.20%
Expected life	7 years	7 years	7 years

Stock option activity

The following table summarizes information concerning stock options outstanding at December 31, 2011:

	Number of Shares			Weighted average exercise price		Weighted Average Remaining Contractual Term (in yrs)		Aggregate  Intrinsic Value
Outstanding at December 31, 2010		2,031,578		$	22.05
Granted		50,700			22.21
Exercised		(142,178	)		16.11
Forfeited		(26,085	)		24.42
Expired		(50,425	)		24.64
Outstanding at December 31, 2011		1,863,590		$	22.41		5.37	$	3,869,134
Exercisable at December 31, 2011		1,457,710		$	22.50		4.71	$	2,872,729
Expected to Vest		399,034		$	22.08		7.73	$	979,661

Cash proceeds, tax benefits and intrinsic value of stock options exercised

Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows:

	Years ended
(dollars in thousands)	2011		2010		2009
Proceeds from stock options exercised	$	1,793	$	1,778	$	2,728
Tax benefits related to stock options exercised		341		140		(243	)
Intrinsic value of stock options exercised		897		574		406
Fair value of shares vested during the year		1,597		1,800		1,700

Unvested restricted awards and unvested restricted units activity

The following table summarizes information for unvested restricted stock awards outstanding as of December 31, 2011:

	Number of Shares			Weighted- Average Grant Date Fair Value
Unvested Restricted Stock Awards
Unvested at January 1, 2011		202,039		$	24.09
Forfeited		(14,000	)		24.44
Vested		(58,110	)		24.48
Granted		25,447			24.09
Unvested at December 31, 2011		155,376		$	23.92

The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2011:

	Number of Shares			Weighted- Average Grant Date Fair Value
Unvested Restricted Stock Units
Unvested at January 1, 2011		57,400		$	22.59
Forfeited		(3,520	)		-
Vested		(625	)		-
Granted		188,652			23.84
Unvested at December 31, 2011		241,907		$	23.95