Retirement Plans

12 Months Ended

Dec. 31, 2012

Retirement Plans [Abstract]

Retirement Plans

Note 9.  Retirement Plans

The Company maintains a defined contribution 401(k) plan.  The Company's matching and employer discretionary contributions to the defined contribution 401(k) plan were approximately $2.4 million, $1.9 million and $1.5 million for the years ended December 31, 2012, 2011 and 2010, respectively.

The Company previously maintained a noncontributory defined benefit pension plan which was frozen as of January 31, 2007.  The Company received a favorable determination letter from the IRS in February 2010 and completed the settlement of benefits and termination of the plan in June 2010.  The Company contributed approximately $1.0 million to the plan, distributed approximately $12.2 million to participants, and recognized $3.6 million of pension expense from other comprehensive income, mostly during the second quarter of 2010.  Distributions included lump sum payments to individual participants, rollovers to other qualified plans, and purchases of non-participating annuities.

In May 2003, the Company adopted an unfunded nonqualified Supplemental Executive Retirement Plan (the "SERP") for named executives.  The SERP was amended effective January 1, 2007 from a defined benefit plan to a defined contribution plan.  The amended plan is non-contributory.  During June 2010, the Company curtailed future participation in the Company's SERP.  Current participants may remain in the SERP and will continue to earn returns (either gains or losses) on invested balances, but the Company will make no further contributions to the SERP and no new participants will be eligible to join the SERP.  As a result of the curtailment, the Company recognized a curtailment loss of $666 thousand, consisting of actuarial losses previously recorded in other comprehensive income.

The Company contributed $67 thousand to the participants' accounts under the SERP during 2010.  During the first quarter of 2012, the Company distributed $402 thousand in connection with a payout from the plan to a participant. At December 31, 2012 and 2011, the total liability due to participants in the SERP was $2.1 million and $2.2 million, respectively.

In order to provide some protection to the participants, the Company created a rabbi trust to hold assets sufficient to pay obligations under the SERP.  Assets within the trust were invested to mirror participant elections as to investment options (a mix of stock and bond mutual funds); investment income, gains and losses in the trust were used to determine investment returns on the participants' balances in the SERP.