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Retirement Plans | 12 Months Ended
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Dec. 31, 2011
Retirement Plans [Abstract] |
Retirement Plans |
10. | RETIREMENT PLANS:
The Company has a defined contribution retirement plan that covers substantially all of its employees and provides for a Company match of up to 50% of the first 6% of employee contributions to the plan, subject to certain limitations. The defined contribution retirement plan offers fourteen investment options. The Company has a non-qualified retirement savings plan that covers officers and selected highly compensated employees. The non-qualified plan generally matches up to 50% of the first $10,000 of officer contributions to the plan and the first $5,000 of other selected highly compensated employee contributions, subject to certain limitations. It also provides a Company funded component for the employees with a retirement target benefit. The retirement target benefit amount is an actuarially estimated amount necessary to provide 35% of final base pay after a 35-year career with the Company or 1% of final base pay per year of service. The actual benefit, however, assumes an investment growth at 8% per year. Should the investment growth be greater than 8%, the benefit will be more, but if it is less than 8%, the amount will be less and the Company does not make up any deficiency. The Company also has two noncontributory defined benefit plans. Effective 2001, both plans were frozen, and participants were fully vested in their accrued benefits as of the date each plan was frozen. No additional participants can be added to the plans and no additional service can be earned by participants subsequent to the date the plans were frozen. The funding policy for each noncontributory defined benefit plan is based on current plan costs plus amortization of the unfunded plan liability. All current employees covered by these plans are now covered by the defined contribution retirement plan. As of December 31, 2011 the Company had recorded, in accordance with the actuarial valuation, an accrued pension liability of $2.6 million and an unrecognized actuarial loss, net of tax, of $2.3 million in accumulated other comprehensive loss. As of December 31, 2010, the Company had recorded an accrued pension liability of $1.4 million and an unrecognized actuarial loss, net of tax, of $1.7 million in accumulated other comprehensive loss. Additionally, as of December 31, 2011 and 2010, the projected (and accumulated) benefit obligation was $6.4 million and $5.4 million, respectively, and the fair value of plan assets was $3.8 million and $4.0 million, respectively. The net periodic benefit cost was $0.3 million for both the year ended December 31, 2011, and the year ended December 31, 2010. The weighted average discount rate used to measure the projected benefit obligation as of December 31, 2011 was 4.06%. The plan assets are invested in growth mutual funds, consisting of a mix of debt and equity securities, which are categorized as Level 2 under the fair value hierarchy. The expected weighted average long term rate of return on plan assets was 7.5% and 8.0% as of December 31, 2011 and 2010, respectively. Total expense for all retirement plans in 2011, 2010 and 2009 was $1.3 million, $1.3 million and $1.5 million, respectively.

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