Defined Benefit Pension Plan

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Defined Benefit Pension Plan

Defined Benefit Pension Plan

Effective May 5, 2015, the Company terminated its Executive Retirement Plan and recorded a charge of approximately $5.3 million, inclusive of the acceleration of $2.5 million recorded in accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets that was being amortized resulting in a total benefit obligation of $19.6 million in connection with the termination of the Executive Retirement Plan. The charge includes amounts resulting from assumed additional years of service for two plan participants who have not reached age 65 and payments associated with FICA and other tax obligations.

On May 6, 2016, the Company paid the total benefit obligation of $19.6 million which reduced Other liabilities on the Company's Condensed Consolidated Balance Sheets.

The Company’s chairman and chief executive officer, Mr. David Emery, is the only named executive officer that was a participant under the plan. As a result of the termination of the plan, and included in the payment of the total benefit obligation, Mr. Emery received a lump sum amount equal to his accrued benefit under the plan of approximately $14.4 million in May 2016.

The preceding summary is qualified in its entirety by the full text of the Second Amendment to the Second Amended and Restated Executive Retirement Plan (the "Termination Amendment") and, in the event of any discrepancy, the text of the Termination Amendment shall control.

Net periodic benefit cost recorded related to the Company’s pension plan for the three and six months ended June 30, 2016 and 2015 is detailed in the following table.

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in thousands)	2016		2015			2016		2015
Service cost	$	—	$	8		$	—	$	29
Interest cost	—		56			—		225
Amortization of net loss	—		(50		)	—		(198		)
Amortization of prior service cost	—		86			—		343
Total recognized in net periodic benefit cost	$	—	$	100		$	—	$	399