Retirement Benefit Plans

12 Months Ended

Dec. 31, 2011

Retirement Benefit Plans [Abstract]

Retirement Benefit Plans

Note 12: Retirement Benefit Plans

The Company has non-qualified supplemental executive retirement agreements with certain retired officers. The agreements provide supplemental retirement benefits payable in installments over a period of years upon retirement or death. The Company also has supplemental executive retirement agreements with certain current executive officers. These agreements provide a stream of future payments in accordance with individually defined vesting schedules upon retirement, termination, or in the event that the participating executive leaves the Company following a change of control event.

The after tax components of accumulated other comprehensive income (loss), which have not yet been recognized in net periodic benefit cost, related to postretirement benefits are net actuarial losses related to supplemental retirement plans of $17 and $56, as of December 31, 2011 and 2010, respectively.

A December 31 measurement date is used for the supplemental executive retirement plans. The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plans as of and for the years ended December 31:

	Supplemental Executive Retirement Plans
	Fiscal Year Ending
	2011			2010
Obligations and Funded Status
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,370		$	3,286
Service cost		49			184
Interest cost		190			180
Actuarial gain (including change in discount rate)		(55	)		(71	)
Benefits paid		(205	)		(209	)
Benefit obligation at end of year	$	3,349		$	3,370
Change in plan assets
Fair value of plan assets at beginning of year	$	-		$	-
Employer contributions		205			209
Benefits paid		(205	)		(209	)
Fair value of plan assets at end of year	$	-		$	-
Over (under) funded status at end of year	$	(3,349	)	$	(3,370	)

As of December 31, 2011 and 2010, the Company had recognized liabilities of $3,349 and $3,370, respectively, for the supplemental executive retirement plans. These amounts are reported within other liabilities on the consolidated balance sheets.

The following table summarizes the assumptions used to determine the benefit obligations and net periodic benefit costs for the years ended December 31, 2011, 2010, and 2009:

	Supplemental Executive Retirement Plans
Assumptions	Fiscal Year Ending
	2011		2010		2009
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	3.76	%	5.75	%	6.00	%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended
December 31:
Discount rate	5.75	%	6.00	%	6.00	%

The net periodic benefit cost for the years ended December 31 included the following components:

	Supplemental Executive Retirement Plans
	Fiscal Year Ending
	2011			2010			2009
Components of Net Periodic Benefit Cost and Other Amounts Recognized in the Consolidated Income Statements
Service cost	$	49		$	184		$	222
Interest cost		190			180			179
Recognition of net actuarial gain		4			9			9
Total recognized in the consolidated income statements	$	243		$	373		$	410
Other Changes and Benefit Obligations Recognized in Other Comprehensive Income (pre-tax)
Recognition of net actuarial (gain) loss		(4	)		(9	)		(9	)
Total recognized in other comprehensive income (pre-tax)		(4	)		(9	)		(9	)
Total recognized in the consolidated income statements and other comprehensive income (pre-tax)	$	239		$	364		$	401

The estimated net actuarial loss for the supplemental executive retirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is ($2).

The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:

2012	$	206
2013		206
2014		340
2015		291
2016		291
2017 and thereafter		5,043

401(k) Plan: The Company maintains a Section 401(k) savings plan for substantially all of its employees. Employees are eligible to participate in the 401(k) Plan on the first day of any quarter following their date of hire. Under the plan, the Company makes a matching contribution of a portion of the amount contributed by each participating employee, up to a percentage of the employee's annual salary. The plan allows for supplementary profit sharing contributions by the Company, at its discretion, for the benefit of participating employees. The total expense for this plan in 2011, 2010 and 2009 was $299, $296, and $276, respectively.