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Employee Benefit Plans
 9 Months Ended
Sep. 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.

 

                                 

(in thousands)

   For the Three Months Ended
September 30,		     For the Nine Months  Ended
September 30,		  
    2012     2011     2012     2011  

Payroll taxes

   $ 278     $ 264     $ 857     $ 843  

Medical plans

     448       401       1,346       1,278  

401k match

     70       79       218       214  

Pension plan

     330       228       990       683  

Profit-sharing

     (100 )      30       58       101  

Other

     69       37       242       137  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total employee benefits

   $ 1,095     $ 1,039     $ 3,711     $ 3,256  
   

 

 

    

 

 

    

 

 

    

 

 

  

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 $766,000 of contributions to the defined benefit plan through November 14, 2012, of which $238,000 relates to the 2011 plan year and $528,000 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:

 

                 

(in thousands)

   Estimated
2012		     Actual
2011		  

Service cost - benefits earned during the year

   $ 1,202     $ 930  

Interest costs on projected benefit obligations

     667       604  

Expected return on plan assets

     (721 )      (706 ) 

Amortization of prior service cost

     79       79  

Amortization of unrecognized net loss

     93       0  
   

 

 

    

 

 

  

Net periodic pension expense

   $ 1,320     $ 907  
   

 

 

    

 

 

  

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

   $ 330     $ 228  

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

   $ 990     $ 683