XML 35 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Defined Benefit Pension Plan
 6 Months Ended
Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Defined Benefit Pension Plan
Defined Benefit Pension Plan
The Company’s Executive Retirement Plan provides benefits upon retirement for three of the Company’s founding officers. The plan is unfunded and benefits will be paid from cash flows of the Company. The maximum annual benefits payable to each individual under the Executive Retirement Plan is $0.9 million, subject to cost-of-living adjustments. As of June 30, 2014, only the Company’s Chief Executive Officer was eligible to retire under the Executive Retirement Plan.

Net periodic benefit cost recorded related to the Company’s pension plan for the three and six months ended June 30, 2014 and 2013 is detailed in the following table.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in thousands)
2014
 
2013
 
2014
 
2013
Service cost
$
22

 
$
22

 
$
44

 
$
43

Interest cost
172

 
149

 
343

 
298

Amortization of net gain/loss
117

 
344

 
234

 
690

Amortization of prior service cost
(297
)
 
(297
)
 
(594
)
 
(594
)
Total recognized in net periodic benefit cost
$
14

 
$
218

 
$
27

 
$
437