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Employee Benefit Plans
9 Months Ended
Sep. 30, 2011
Employee Benefit Plans [Abstract] 
Employee Benefit Plans
(7)   Employee Benefit Plans

Employee benefits charged to operating expenses are summarized in the table below.

 

                                 
    For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
    2011     2010     2011     2010  

Payroll taxes

   $ 263,999     $ 257,947     $ 842,878     $ 863,587  

Medical plans

     400,995       372,789       1,277,784       1,171,144  

401k match

     79,028       84,300       214,041       238,088  

Pension plan

     227,593       216,298       682,778       648,895  

Profit-sharing

     62,000       (72,468 )      101,000       2  

Other

     37,198       28,288       137,166       102,304  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total employee benefits

   $ 1,070,813     $ 887,154     $ 3,255,647     $ 3,024,020  
   

 

 

    

 

 

    

 

 

    

 

 

  

Our Company’s profit-sharing plan includes a matching 401k portion, in which our Company matches the first 3% of eligible employee contributions. Our Company made annual contributions in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for Federal income tax purposes, for each of the years shown. In addition, employees were able to make additional tax-deferred contributions.

Pension

Our Company also provides a noncontributory defined benefit pension plan for all full-time employees. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under our Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. Our Company made a $554,000 contribution to the defined benefit plan in 2010, and the minimum required contribution for the 2011 plan year is estimated to be $997,000. Our Company has contributed $1,005,000 to the plan during 2011 of which $310,000 relates to the 2010 plan year and $695,000 relates to the 2011 plan year.

The following items are components of net pension cost for the periods indicated:

 

                 
    Estimated
2011		     Actual
2010		  

Service cost—benefits earned during the year

   $ 930,691     $ 844,178  

Interest costs on projected benefit obligations

     603,903       556,047  

Expected return on plan assets

     (702,852 )      (613,982 ) 

Amortization of prior service cost

     78,628       78,628  
   

 

 

    

 

 

  

Net periodic pension expense

   $ 910,370     $ 864,871  
   

 

 

    

 

 

  

Pension expense - three months ended September 30, (actual)

   $ 227,593     $ 216,298  
   

 

 

    

 

 

  

Pension expense - nine months ended September 30, (actual)

   $ 682,778     $ 648,895