Pension Benefits

6 Months Ended

Jun. 30, 2012

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension Benefits

Note 8 - Pension Benefits

Pension Plans

The Company has a non-contributory pension plan covering substantially all employees who meet age and service requirements (the “Qualified Pension Plan”). The Company also has a supplemental non-contributory pension plan covering certain management employees (the “Nonqualified Pension Plan”).

Components of Net Periodic Benefit Cost for Both Pension Plans

The following table presents the components of the net periodic benefit cost for both the Qualified Pension Plan and the Nonqualified Pension Plan:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2012			2011			2012			2011
	(in thousands)
Service cost	$	1,515		$	1,052		$	2,465		$	1,900
Interest cost	393			312			689			592
Expected return on plan assets that reduces periodic pension costs	(352		)	(281		)	(572		)	(440		)
Amortization of prior service costs	9			—			9			—
Amortization of net actuarial loss	293			111			394			202
Net periodic benefit cost	$	1,858		$	1,194		$	2,985		$	2,254

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10 percent of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants.

Contributions

The Company is required to contribute a total of $5.4 million to its Qualified Pension Plan for the 2012 plan year. The Company has contributed $4.6 million of such amount as of June 30, 2012.