Pension Plans

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Pension Plans

Note F – Pension Plans

The Company sponsors several noncontributory defined benefit pension plans covering most of its employees. Benefits under the plans are based on years of service and employee compensation. Amounts funded annually by the Company are actuarially determined using the projected unit credit and unit credit methods and are equal to or exceed the minimum required by government regulations.

The table below summarizes the components of the net periodic benefit cost for the Company's pension plans during the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Service cost	$	239		$	213		$	717		$	639
Interest cost		471			472			1,413			1,416
Expected return on plan assets		(466	)		(431	)		(1,398	)		(1,293	)
Recognized net actuarial (gain) loss		4			(3	)		12			(9	)
Amortization of prior service cost		23			23			69			69
Net periodic benefit cost	$	271		$	274		$	813		$	822

The weighted average assumptions used to determine net periodic benefit cost for the nine months ended September 30, 2011 and 2010 were as follows:

	2011	2010
Discount rate	5.50%	5.75% - 6.25%
Expected long-term return on plan assets	6.75% - 7.00%	6.75% - 7.00%
Rate of compensation increase	3.00% - 3.50%	3.00% - 3.50%