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Pension Plans | 3 Months Ended
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Mar. 31, 2012
Pension Plans |
Pension Plans | Note 12 – Pension Plans The Company sponsors two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which is generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which is for the benefit of certain senior management executives of the Company. The Company recorded pension expense totaling $1,039,000 and $832,000 for the three months ended March 31, 2012 and 2011, respectively, related to the Pension Plan and the SERP. The following table contains the components of the pension expense.
|  | For the Three Months Ended March 31, |
($ in thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |  |  | 2012 Total |  |  | 2011 Total |
|  | Pension Plan |  |  | Pension Plan |  |  | SERP |  |  | SERP |  |  | Both Plans |  |  | Both Plans |
Service cost – benefits earned during the period |  | $ | 604 |  |  |  | 478 |  |  |  | 94 |  |  |  | 115 |  |  |  | 698 |  |  |  | 593 |
Interest cost |  |  | 436 |  |  |  | 432 |  |  |  | 87 |  |  |  | 102 |  |  |  | 523 |  |  |  | 534 |
Expected return on plan assets |  |  | (492 | ) |  |  | (444 | ) |  |  | ─ |  |  |  | ─ |  |  |  | (492 | ) |  |  | (444 | )
Amortization of transition obligation |  |  | 1 |  |  |  | 1 |  |  |  | ─ |  |  |  | ─ |  |  |  | 1 |  |  |  | 1 |
Amortization of net (gain)/loss |  |  | 267 |  |  |  | 114 |  |  |  | 34 |  |  |  | 26 |  |  |  | 301 |  |  |  | 140 |
Amortization of prior service cost |  |  | 3 |  |  |  | 3 |  |  |  | 5 |  |  |  | 5 |  |  |  | 8 |  |  |  | 8 |
Net periodic pension cost |  | $ | 819 |  |  |  | 584 |  |  |  | 220 |  |  |  | 248 |  |  |  | 1,039 |  |  |  | 832 |
The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to provide the Company with the maximum deduction for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company expects that it will contribute $2,500,000 to the Pension Plan in 2012. The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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