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Employee Benefit Plans

9 Months Ended

Sep. 30, 2012

Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For each of the three months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $1.8 million. For each of the nine months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $2.5 million. The Company expects to make additional Pension Plan cash contributions of approximately $1.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Benefits

The Company’s Other Benefits Plan covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $1.8 million and $1.5 million, respectively. For the nine months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $1.0 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2012			2011			2012			2011

Service Cost	$	550		$	394		$	446		$	326
Interest Cost		604			566			467			401
Expected Return on Assets		(615	)		(571	)		(314	)		(256	)
Amortization of Unrecognized Losses		387			141			441			219
Amortization of Unrecognized Prior Service Cost		2			2			—			—
Amortization of Transition Obligation		—			—			33			33
Net Periodic Benefit Cost	$	928		$	532		$	1,073		$	723


	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2012			2011			2012			2011

Service Cost	$	1,649		$	1,181		$	1,338		$	979
Interest Cost		1,812			1,696			1,401			1,203
Expected Return on Assets		(1,844	)		(1,712	)		(943	)		(769	)
Amortization of Unrecognized Losses		1,162			424			1,324			658
Amortization of Unrecognized Prior Service Cost		7			7			—			—
Amortization of Transition Obligation		—			—			101			101
Net Periodic Benefit Cost	$	2,786		$	1,596		$	3,221		$	2,172