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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2012
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
March 31,		  
    2012     2011  

Payroll taxes

   $ 295,192     $ 314,529  

Medical plans

     457,503       442,319  

401k match

     66,588       67,599  

Pension plan

     329,954       227,593  

Profit-sharing

     102,000       23,000  

Other

     48,814       41,563  
   

 

 

    

 

 

  

Total employee benefits

   $ 1,300,051     $ 1,116,603  
   

 

 

    

 

 

  

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 $476,000 of contributions to the defined benefit plan through May 15, 2012, of which $238,000 relates to the 2011 plan year and $238,000 relates to the 2012 plan year. The minimum required contribution for the 2012 plan year is estimated to be $1,048,000. Our Company has not determined whether it will make any contributions other than the minimum required funding contribution for 2012.

Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income

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

 

                 
    Estimated     Actual  
    2012     2011  

Service cost—benefits earned during the year

   $ 1,202,624     $ 930,691  

Interest costs on projected benefit obligations

     667,642       603,903  

Expected return on plan assets

     (721,457 )      (705,767 ) 

Amortization of prior service cost

     78,628       78,628  

Amortization of unrecognized net loss

     92,378       —    
   

 

 

    

 

 

  

Net periodic pension expense

   $ 1,319,815     $ 907,455  
   

 

 

    

 

 

  

Pension expense—three months ended March 31, (actual)

     329,954       227,593