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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 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 periods indicated.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Payroll taxes |  | $ | 283,947 |  |  | $ | 264,350 |  |  | $ | 579,139 |  |  | $ | 578,879 |
Medical plans |  |  | 440,645 |  |  |  | 434,470 |  |  |  | 898,148 |  |  |  | 876,789 |
401k match |  |  | 81,131 |  |  |  | 67,414 |  |  |  | 147,719 |  |  |  | 135,013 |
Pension plan |  |  | 329,953 |  |  |  | 227,592 |  |  |  | 659,907 |  |  |  | 455,185 |
Profit-sharing |  |  | 56,000 |  |  |  | 48,000 |  |  |  | 158,000 |  |  |  | 71,000 |
Other |  |  | 124,484 |  |  |  | 58,405 |  |  |  | 173,298 |  |  |  | 99,968 |
Total employee benefits |  | $ | 1,316,160 |  |  | $ | 1,100,231 |  |  | $ | 2,616,211 |  |  | $ | 2,216,834 |
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 periods shown. In addition, employees were able to make additional tax-deferred contributions. Pension Our Company 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 $746,000 of contributions to the defined benefit plan through August 14, 2012, of which $238,000 relates to the 2011 plan year and $508,000 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 2012 |  |  | Actual 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 June 30, (actual) |  | $ | 329,953 |  |  | $ | 227,592 |
Pension expense—six months ended June 30, (actual) |  | $ | 659,907 |  |  | $ | 455,185 |

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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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