Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2012

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 5. Accumulated Other Comprehensive Income (Loss)

In addition to net income, our comprehensive income includes the unrecognized Net Periodic Benefit related to our Post-Retirement Benefit Plans. In the second quarter of 2012, a valuation adjustment related to our post-retirement benefit plan was recorded increasing accumulated other comprehensive income by $622,000, net of tax. This adjustment was made to correct an immaterial valuation error made at December 31, 2011. The large decrease in accumulated other comprehensive income is driven by plan changes related to our post-retirement health care. Comprehensive income for the year ended December 31, 2012 and 2011 was $12,992,000 and $7,809,000, respectively, in relation to net income of $8,298,000 and $8,401,000.

The following summary sets forth the components of accumulated other comprehensive income (loss), net of tax:

										Accumulated
	Unrecognized			Unrecognized			Unrecognized			Other
	Net Actuarial			Prior Service			Transition			Comprehensive
(Dollars in thousands)	Loss (1)			Credit (1)			Asset (1)			Income/(Loss)
December 31, 2009	$	(3,380	)	$	213		$	(109	)	$	(3,276	)
2010 Activity		(270	)		(33	)		36			(267	)
December 31, 2010		(3,650	)		180			(73	)		(3,543	)
2011 Activity		(725	)		97			36			(592	)
December 31, 2011		(4,375	)		277			(37	)		(4,135	)
2012 Activity		307			4,350			37			4,694
December 31, 2012	$	(4,068	)	$	4,627		$	-		$	559

(1) Amounts pertain to our post-retirement benefit plans.

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The increase (decrease) in income tax benefits associated with each component of accumulated other comprehensive income (loss) is as follows:

(Dollars in thousands)	2012			2011			2010
Income tax related to OCI components beginning of year	$	2,736		$	2,344		$	2,168
Income tax (liability) changes related to:
Unrecognized net actuarial loss		(203	)		480			178
Unrecognized prior service credit		(2,879	)		(64	)		22
Unrecognized transition asset		(24	)		(24	)		(24	)
Income tax related to OCI components end of year	$	(370	)	$	2,736		$	2,344