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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Employee Benefit Plans [Abstract]

Summary of employee benefits charged to operating expenses

(in thousands)		2012				2011				2010
Payroll taxes		$	1,127			$	1,098			$	1,105
Medical plans			1,772				1,676				1,545
401k match			298				291				319
Pension plan			1,224				907				864
Profit-sharing			58				0				0
Other			318				250				162
Total employee benefits		$	4,797			$	4,222			$	3,995

Obligations and Funded Status

(in thousands)		2012				2011
Change in projected benefit obligation:
Balance, January 1		$	14,217			$	10,655
Service cost			1,168				931
Interest cost			667				604
Actuarial (gain) loss			(458	)			2,240
Benefits paid			(252	)			(213	)
Balance, December 31		$	15,342			$	14,217
Change in plan assets:
Fair value, January 1		$	10,034			$	9,296
Actual gain (loss) return on plan assets			1,193				(54	)
Employer contribution			766				1,005
Expenses paid			(34	)			0
Benefits paid			(252	)			(213	)
Fair value, December 31		$	11,707			$	10,034
Funded status at end of year		$	(3,635	)		$	(4,183	)
Accumulated benefit obligation		$	12,564			$	10,762

Components of net pension cost

(in thousands)		2012				2011				2010
Service cost—benefits earned during the year		$	1,168			$	931			$	844
Interest costs on projected benefit obligations			668				604				556
Expected return on plan assets			(776	)			(706	)			(614	)
Expected administrative expenses			40				0				0
Amortization of prior service cost			78				78				78
Amortization of unrecognized net loss			46				0				0
Net periodic pension expense		$	1,224			$	907			$	864

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss)

(in thousands)		2012				2011
Prior service costs		$	(600	)		$	(679	)
Net accumulated actuarial net loss			(1,849	)			(2,777	)
Accumulated other comprehensive loss			(2,449	)			(3,456	)
Net periodic benefit cost in excess of cumulative employer contributions			(1,185	)			(727	)
Net amount recognized at December 31, balance sheet		$	(3,634	)		$	(4,183	)
Net gain (loss) arising during period		$	881			$	(3,001	)
Prior service cost amortization			79				79
Amortization of net actuarial loss			46				0
Total recognized in other comprehensive income (loss)		$	1,006			$	(2,922	)
Total recognized in net periodic pension cost and other comprehensive income (loss)		$	218			$	3,829

Assumptions utilized to determine benefit obligations and determination of Pension expense

		2012				2011				2010
Determination of benefit obligation at year end:
Discount rate			4.25	%			4.75	%			5.75	%
Annual rate of compensation increase			3.61	%			4.50	%			4.50	%
Determination of pension expense for year ended:
Discount rate for the service cost			4.75	%			5.75	%			5.75	%
Annual rate of compensation increase			3.61	%			4.50	%			4.50	%
Expected long-term rate of return on plan assets			7.00	%			7.00	%			7.00	%

Fair value of the pension plan assets by asset category

		Fair Value Measurements
(in thousands)		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
December 31, 2012
Cash equivalents		$	485			$	485			$	0			$	0
Equity securities:
U.S. large-cap (a)			4,335				4,335				0				0
U.S. mid-cap (b)			575				575				0				0
U.S. small-cap (c)			635				635				0				0
International (d)			1,670				1,670				0				0
Real estate (e)			395				395				0				0
Commodities (f)			370				370				0				0
Fixed income securities:
U.S. gov’t agency obligations (g)			2,726				0				2,726				0
Corporate investment grade (g)			416				0				416				0
Corporate non-investment grade (g)			100				0				100				0
Total		$	11,707			$	8,465			$	3,242			$	0
December 31, 2011
Cash equivalents		$	1,791			$	1,791			$	0			$	0
Equity securities:
U.S. large-cap (a)			3,821				3,821				0				0
U.S. mid-cap (b)			502				502				0				0
U.S. small-cap (c)			595				595				0				0
International (d)			1,278				1,278				0				0
Real estate (e)			203				203				0				0
Commodities (f)			198				198				0				0
Fixed income securities:
U.S. gov’t agency obligations (g)			841				0				841				0
Corporate investment grade (g)			653				0				653				0
Corporate non-investment grade (g)			152				0				152				0
Total		$	10,034			$	8,388			$	1,646			$	0

(a) This category comprises of low-cost equity index funds not actively managed that track the S&P 500.

(b) This category comprises of low-cost equity index funds not actively managed that track the MSCI U.S. mid-cap 450.

(c) This is comprises of actively managed mutual funds.

(d) 37% of this category is comprised of low-cost equity index funds not actively managed that track the MSCI EAFE.

(e) This category comprises of low-cost real estate index exchange traded funds.

(f) This category comprises of exchange traded funds investing in agricultural and energy commodities.

(g) This category comprises of individual bonds.

Future benefit payments expected to be paid

Year		Pension benefits
(in thousands)
2013		$	336
2014			428
2015			452
2016			462
2017			561
2018 to 2022			3,712

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Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

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-Publisher FASB

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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