Employee Benefits Plans

12 Months Ended

Dec. 31, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

Employee Benefits Plans

Defined Contribution Plan

We maintain a defined contribution plan covering substantially all of our employees and make discretionary matching and profit sharing contributions.  We suspended employer contributions to the plan in 2010 and 2011, and reinstated them in 2012. The total plan cost, including employer contributions, was $317,000 in 2012, $84,000 in 2011, and $89,000 in 2010.

Supplemental Retirement Plan

The financial status of our Supplemental Retirement Plan at December 31 follows (in thousands):

	2012	2011
	Supplemental	Supplemental
	Plan	Plan
Change in benefit obligation:
Beginning benefit obligation	$  2,065	$  1,956
Interest cost	82	93
Actuarial loss	223	179
Benefits paid	(163)	(163)
Ending benefit obligation	2,207	2,065
Change in plan assets:
Beginning fair value of plan assets
Employer contributions	163	163
Benefits paid	(163)	(163)
Ending fair value of plan assets
Funded status	$ (2,207)	$ (2,065)

Amount recognized in the consolidated balance sheet:

Current liabilities	$   (161)	$    (162)
Non current liabilities	(2,046)	(1,903)
Total	$ (2,207)	$ (2,065)

Components of pension cost follow (in thousands):

	2012	2011	2010
Interest cost	$      82	$      93	$    101
Net amortization and deferral	223	179	94
Total expense	$    305	$    272	$    195

The assumptions used to determine the plans’ financial status and pension cost were:

	2012	2011	2010
Discount rate for funded status	3.10%	4.15%	4.90%
Discount rate for pension cost	4.15%	4.90%	5.50%

Estimated future benefit payments for the supplemental retirement plan are $162,000 in 2013, $159,000 in 2014, $157,000 in 2015, $154,000 in 2016, $151,000 in 2017 and a total of $707,000 from 2018 through 2022.

Postretirement Benefits Other Than Pensions

Our postretirement health care benefits were terminated for current employees effective January 1, 2010.  Prior to this termination, we provided health care benefits to eligible retired employees between the ages of 55 and 65 and provide life insurance benefits to eligible retired employees from age 55 until death. The plan’s financial status at December 31, the measurement date, follows (in thousands):

	2012	2011
Change in benefit obligation:
Beginning benefit obligation	$ 1,400	$ 1,658
Interest cost	49	61
Actuarial gain	(66)	(143)
Plan participants’ contributions	122	199
Benefits paid	(150)	(375)
Ending benefit obligation	1,355	1,400
Change in plan assets:
Beginning fair value of plan assets
Employer contributions	28	176
Plan participants’ contributions	122	199
Benefits paid	(150)	(375)
Ending fair value of plan assets
Funded status	$(1,355)	$(1,400)

Amount recognized in the consolidated balance sheet (in thousands):

	2012	2011
Current liabilities	$    (184)	$    (208)
Non current liabilities	(1,171)	(1,192)
Total	$ (1,355)	$ (1,400)

Components of net periodic postretirement benefit cost were (in thousands):

	2012	2011	2010
Interest cost	$   49	$   61	$  82
Amortization of transition obligation	(177)	(177)	(153)
Amortization of net actuarial loss	11	8	47
Net periodic postretirement benefit income	$(117)	$(108)	$ (24)

The assumptions used to determine the plan’s financial status and postretirement benefit cost:

	2012	2011	2010
Discount rate for funded status	2.65%	3.70%	4.35%
Discount rate for postretirement benefit cost	3.70%	4.35%	4.75%
Health care cost assumed trend rate for next year	8.00%	8.50%	9.00%
Rate that the cost trend rate gradually declines to	5.50%	5.50%	5.50%
Year that the rate reaches the rate it is assumed to remain at	2018	2018	2018

An increase or decrease in the assumed health care cost trend rate of one percentage point in each future year would affect the accumulated postretirement benefit obligation at December 31, 2012 by approximately $3,000 and the annual postretirement benefit cost by approximately $100.

Estimated future benefit payments are $184,000 in 2013, $151,000 in 2014, $131,000 in 2015, $122,000 in 2016, $112,000 in 2017 and a total of $429,000 from 2018 through 2022.

The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost at December 31, 2012, are as follows (in thousands):

	Supplemental Plan	Other Postretirement Benefits
Net loss	$773	$ 118
Prior service credit		(414)
Total	$773	$(296)

   The amounts in accumulated other comprehensive incomes that are expected to be recognized as components of net periodic benefit cost during 2013 are as follows (in thousands):

	Supplemental Plan	Other Postretirement Benefits
Net loss	$ 33
Prior service credit		$ (168)
Total	$ 33	$ (168)

Deferred Compensation

   We have a deferred compensation plan, funded with life insurance policies, which permitted certain management employees to defer portions of their compensation and earn a fixed rate of return.  No deferrals have been made since 1991.  The accrued liabilities relating to this plan of $1.3 million at December 31, 2012 and $1.3 million at December 31, 2011 are included in accrued salaries, wages and benefits and other long-term liabilities.  The cash surrender value, net of policy loans ($19.5 million and $19.2 million at December 31, 2012 and 2011, respectively), is included in other assets.  Policy loan interest of $2.4 million, $2.2 million, and $2.0 million was charged to interest expense in 2012, 2011 and 2010, respectively.