Benefit Plans

3 Months Ended

Mar. 31, 2012

Benefit Plans [Abstract]

BENEFIT PLANS

(6) BENEFIT PLANS

The Company sponsors an employee incentive savings plan under Section 401(k) for all eligible employees. The Company’s contributions to the plan are discretionary. During the second quarter of 2012 the Company will contribute approximately $31,000 to employee’s 401(k) accounts. During the first quarter of 2011 the Company’s contribution to employee 401(k) accounts totaled $26,589.

The Company also sponsors an unfunded Supplemental Executive Retirement Program (“SERP”), which is a non-qualified plan that provides certain former employees, and one current employee defined pension benefits. Periodic pension expense for the three months ended March 31, 2012 and 2011 consisted of the following:

	Three Months Ended March 31,
	2012		2011
Interest Cost		60,000		60,000

The Company paid pension obligations of $125,515 for both the three months ended March 31, 2012 and March 31, 2011.

The discount rate used in determining the actuarial present value of the projected benefit obligation was 4.5% for the three months ended March 31, 2012 and 5.0% for the three months ended March 31, 2011.

The Company maintains life insurance covering certain current and former employees under its Supplemental Executive Retirement Program with the Company named as beneficiary. The Company intends to use the death benefits of these policies, as well as loans against the accumulating cash surrender value of the policies, to fund future pension obligations. The total death benefit associated with these policies is $10.2 million, with an associated accumulated cash surrender value of approximately $3,337,000 at March 31, 2012. The accumulated cash surrender values of these policies at December 31, 2011 was approximately $3,320,000.

The projected pension benefits paid or expected to be paid under this plan are as follows, assuming retirement at age 65 and life expectancies based on IRS mortality tables:

Period Ending December 31, Unless Stated Otherwise,
Q2 - Q4 2012	412,644
2013	558,660
2014	490,660
2015	449,060
2016	454,340
2017 - 2021	2,547,478