Pension Plans (Tables)

12 Months Ended

Dec. 31, 2012

The following table sets forth the plans’ funded status and amounts recognized in our consolidated balance sheets as of December 31:

	2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	17,014,000		$	14,707,000
Service cost	—			1,030,000
Interest cost	852,000			865,000
Actuarial loss	2,171,000			2,685,000
Curtailment	—			(2,006,000		)
Benefits paid	(373,000		)	(267,000		)
Other	3,000			—
Benefit obligation at end of year	19,667,000			17,014,000
Change in plan assets:
Fair value of plan assets at beginning of year	11,239,000			9,758,000
Actual gain (loss) on plan assets	1,267,000			(2,000		)
Employer contribution	425,000			1,750,000
Benefits paid	(373,000		)	(267,000		)
Fair value of plan assets at end of year	12,558,000			11,239,000
Unfunded status	$	(7,109,000	)	$	(5,775,000	)

Schedule of amounts recognized in the company's consolidated balance sheets

The following table presents the amounts recognized in our consolidated balance sheets as of December 31:

	2012			2011
Accrued benefit cost	$	(226,000	)	$	(205,000	)
Liability for pension benefits	(6,883,000		)	(5,570,000		)
	$	(7,109,000	)	$	(5,775,000	)

Schedule of amounts recognized in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost

Amounts recognized in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31 are as follows:

	2012		2011
Net actuarial loss	$	5,450,000	$	3,692,000

Schedule of components of net periodic pension cost

The components of net periodic pension cost for the years ended December 31, 2012, 2011 and 2010 are as follows:

	2012			2011			2010
Service cost	$	—		$	1,030,000		$	1,295,000
Interest cost	852,000			865,000			773,000
Expected return on plan assets	(912,000		)	(880,000		)	(697,000		)
Curtailment gain	—			(13,000		)	—
Recognized net actuarial loss	57,000			27,000			26,000
Recognized prior service cost	—			4,000			9,000
	$	(3,000	)	$	1,033,000		$	1,406,000

Schedule of amounts included in accumulated comprehensive loss which are expected to be recognized as components of net periodic benefit cost in next fiscal year

For the year ending December 31, 2013, we expect to recognize the following amounts as components of net periodic benefit cost which are included in accumulated comprehensive loss as of December 31, 2012:

Actuarial loss

99,000

Schedule of principal assumptions used to determine net periodic pension cost and actuarial value of the benefit obligation

The principal assumptions used to determine the net periodic pension cost for the years ended December 31, 2012, 2011 and 2010, and the actuarial value of the benefit obligation at December 31, 2012 and 2011 (the measurement dates) for our pension plans are as follows:

	Net Periodic Pension Cost						Benefit Obligation
	2012		2011		2010		2012		2011
Weighted-average discount rate	5.1	%	6.2	%	6.5	%	4.4	%	5.1	%
Weighted-average rate of compensation increase	n/a		4.0	%	5.0	%	n/a		n/a
Expected long-term rate of return on plan assets	8.0	%	8.5	%	8.5	%	n/a		n/a

Schedule of fair values of the company's pension assets by asset category

The fair values of our pension assets as of December 31, 2012 by asset category are as follows (refer to NOTE 9 — Financial Instruments for a description of Level 1, Level 2 and Level 3 categories):

Asset Category	Total		Level 1		Level 2		Level 3
Corporate common stock	$	1,244,000	$	1,244,000	$	—	$	—
Mutual funds/ETFs:
Equity-large cap	2,515,000		2,515,000		—		—
Equity-mid cap	1,122,000		1,122,000		—		—
Equity-small cap	245,000		245,000		—		—
Equity-international	1,756,000		1,756,000		—		—
Fixed income	4,701,000		4,701,000		—		—
Real estate	662,000		662,000		—		—
Money market	313,000		313,000		—		—
Total mutual funds/ETFs	11,314,000		11,314,000		—		—
Grand total	$	12,558,000	$	12,558,000	$	—	$	—

The fair values of our pension assets as of December 31, 2011 by asset category are as follows (refer to NOTE 9 — Financial Instruments for a description of Level 1, Level 2 and Level 3 categories):

Asset Category	Total		Level 1		Level 2		Level 3
Corporate common stock	$	1,110,000	$	1,110,000	$	—	$	—
Mutual funds/ETFs:
Equity-large cap	2,220,000		2,220,000		—		—
Equity-mid cap	1,017,000		1,017,000		—		—
Equity-small cap	223,000		223,000		—		—
Equity-international	1,460,000		1,460,000		—		—
Fixed income	4,208,000		4,208,000		—		—
Real estate	595,000		595,000		—		—
Money market	406,000		406,000		—		—
Total mutual funds/ETFs	10,129,000		10,129,000		—		—
Grand total	$	11,239,000	$	11,239,000	$	—	$	—

Schedule of benefit payments expected to be paid

2013	$	681,000
2014	$	499,000
2015	$	572,000
2016	$	720,000
2017	$	650,000
2018-2022	$	4,016,000