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Retirement Plan | 6 Months Ended
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Jun. 30, 2012
Retirement Plan [Abstract] |
RETIREMENT PLAN | NOTE K – RETIREMENT PLAN The Company has a defined benefit plan that covers many of its employees. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) and the Pension Protection Act. The Company anticipates contributing approximately $750,000 to the plan during 2012. Plan assets consist of equity, debt and short-term money market investment funds. The plan’s current investment policy targets 65% equities, 25% debt and 10% money market funds. Equity and debt investment percentages are allowed to fluctuate plus or minus 20% around the respective targets to take advantage of market conditions. As an example, equities can fluctuate from 78% to 52% of plan assets. At June 30, 2012, the investment mix was approximately 68% equity, 27% debt, and 5% money market funds. At December 31, 2011, the investment mix was approximately 66% equity, 29% debt and 5% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate and rate of increase in future compensation levels used in determining the periodic pension cost is 4.4% in 2012 and 2011. The expected long-term rate of return on plan assets is 7.5% in 2012 and 2011. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. The expected total pension and retirement expense was as follows for the six months ended June 30, 2012 and 2011:
(In thousands) |  | 2012 |  |  | 2011 |
Cost components: |  |  |  |  |  |  |  |
Service cost-benefits earned during the period |  | $ | (126 | ) |  | $ | (120 | )
Interest cost on projected benefit obligation |  |  | (192 | ) |  |  | (158 | )
Expected return on plan assets |  |  | 222 |  |  |  | 172 |
Net amortization and deferral |  |  | (210 | ) |  |  | (94 | )
Total net periodic pension cost |  | $ | (306 | ) |  | $ | (200 | )

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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. 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