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Employee Benefit Plans
 6 Months Ended
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