Employee Benefit Plans

6 Months Ended

Jun. 30, 2012

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 8: Employee Benefit Plans

The Company has a non-contributory, defined benefit pension plan for all full-time employees over 21 years of age. Under this cash balance plan, until December 31, 2012, the account balance for each participant will grow each year with annual pay credits based on age and years of service and monthly interest credits based on an amount established each year by the Company’s Board of Directors. Effective December 31, 2012, this plan will be frozen. Subsequently, annual pay credits will be discontinued, but each participant’s account balance will continue to grow based on monthly interest credits. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act.

The Company sponsors a postretirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree’s eligible medical and life insurance benefits expenses.

Components of Net Periodic Benefit Cost

(Unaudited)

	Pension Benefits						Post Retirement Benefits
Six months ended June 30,	2012			2011			2012		2011
Service cost	$	127,142		$	137,474		$	13,001	$	11,141
Interest cost		89,149			103,988			14,978		15,886
Expected return on plan assets		(160,932	)		(176,574	)		—		—
Amortization of unrecognized prior service cost		(26,981	)		(26,982	)		—		—
Amortization of unrecognized net loss		35,720			21,210			1,457		84
Remaining amortization of unrecognized net loss due to settlements		112,313			—			—		—
Net gain due to curtailment		(191,177	)		—			—		—
Amortization of transition obligation		—			—			1,471		1,456
Net periodic benefit cost	$	(14,766	)	$	59,116		$	30,907	$	28,567

The Company expects to make no contribution to its pension plan and $22,061 to its post-retirement benefit plan in 2012. The Company has contributed $7,655 toward the post-retirement plan during the first six months of 2012.