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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2012
EMPLOYEE BENEFIT PLANS  
Schedule of assumptions used in the measurement of the entity's benefit obligations

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Discount Rate

 

6.00

%

7.00

%

Expected Return on Plan Assets

 

8.00

%

8.50

%

Rate of Compensation Increase

 

4.73

%

4.67

%

Schedule of expected pension benefit payments

The following schedule reflects the expected pension benefit payments during each of the next five years and the aggregate for the following five years (in thousands):

 

 

 

Expected
Benefit 
Payments

 

 

 

 

 

2013

 

$

4

 

2014

 

57

 

2015

 

57

 

2016

 

56

 

2017

 

56

 

2018-2022

 

267

 

 

 

 

 

Total

 

$

497

 

Components of Net Periodic Benefit Cost

The following schedules provide the components of the Net Periodic Pension Costs for the periods ended December 31, 2012, 2011 and 2010 (in thousands):

 

 

 

December 31,

 

December 31,

 

December 31,

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

Service Cost

 

$

 

$

36

 

$

33

 

Interest Cost

 

42

 

36

 

29

 

Expected Return on Plan Assets

 

(47

)

(31

)

(25

)

Amortization of Net (Gain) Loss

 

76

 

10

 

9

 

 

 

 

 

 

 

 

 

Net Periodic Pension Cost

 

$

71

 

$

51

 

$

46

 

Schedule of reconciliation of the changes in the plan's benefit obligation, fair value of assets and a statement of the funded status and amounts recognized in the Balance Sheets and Accumulated Other Comprehensive Income

The following schedules set forth a reconciliation of the changes in the plan’s benefit obligation and fair value of assets for the periods ending December 31, 2012  and 2011 and a statement of the funded status and amounts recognized in the Balance Sheets and Accumulated Other Comprehensive Income as of December 31, 2012 and 2011 and (in thousands):

 

 

 

December 31,
2012

 

December 31,
2011

 

 

 

 

 

 

 

Change in Benefit Obligation

 

 

 

 

 

Obligation at the Beginning of the Period

 

$

515

 

$

475

 

Service Cost

 

36

 

36

 

Interest Cost

 

37

 

33

 

Actuarial (Gain) Loss

 

115

 

(29

)

Benefits Paid

 

 

 

 

 

 

 

 

 

Obligation at the End of the Period

 

$

703

 

$

515

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

Fair Value at the Beginning of the Period

 

$

367

 

$

331

 

Actual Returns on Plan Assets

 

81

 

(6

)

Employer Contributions

 

76

 

42

 

Benefits Paid

 

 

 

 

 

 

 

 

 

Fair Value at the End of the Period

 

$

524

 

$

367

 

 

 

 

 

 

 

Funded Status

 

 

 

 

 

Funded Status as of Period Ended

 

$

(179

)

$

(148

)

 

 

 

 

 

 

Net Amount Recognized

 

$

(179

)

$

(148

)

 

 

 

December 31,
2012

 

December 31,
2011

 

 

 

 

 

 

 

Amounts Recognized in the Balance Sheets

 

 

 

 

 

Noncurrent Assets

 

$

 

$

 

Current Liabilities

 

 

 

Noncurrent Liabilities

 

(179

)

(148

)

 

 

 

 

 

 

Net Amount Recognized

 

$

(179

)

$

(148

)

 

 

 

 

 

 

Accumulated Gain (Loss) Recognized in Accumulated Other Comprehensive Income Accumulated Gain (Loss) Beginning of the Period

 

$

(148

)

$

(144

)

Recognized in Periodic Cost

 

51

 

2

 

Amount Arising During the Period

 

(82

)

(6

)

 

 

 

 

 

 

Accumulated Gain (Loss) End of the Period

 

$

(179

)

$

(148

)

Schedule of estimated amount to be amortized from Accumulated Other Comprehensive Income into net periodic benefit cost

The estimated amount that will be amortized from Accumulated Other Comprehensive Income at December 31, 2012 into net periodic benefit cost in fiscal 2013 is as follows (in thousands):

 

Prior Service (Cost)

 

$

 

Accumulated Gain (Loss)

 

76

 

 

 

 

 

Total

 

$

76