Subsequent Events

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

Subsequent Events

(11)  Subsequent Events

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date that these consolidated financial statements were issued.  On March 29, 2012, the Company announced that its Board of Directors declared a quarterly dividend of $.03 per common share.  The dividend is payable on May 1, 2012 to shareholders of record on April 13, 2012.

On May 14, 2012, the company informed its employees of its decision to freeze participation and benefit accruals under our non-contributory, tax qualified defined benefit pension plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan.  The freeze will be effective June 30, 2012.  Compensation earned by employees up to June 30, 2012 shall be used for purposes of calculating benefits under our pension plan but there will be no future benefit accruals after this date.  Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work.  As a result, the Company expects to save approximately $300,000 in pension expenses in the final two quarters of the 2012 fiscal year.

Starting July 1, 2012, we expect to increase benefits under our defined contribution 401(k) savings plan, in the form of an enhanced employer match of employee contributions.  This improved match would be combined with a qualified automatic contribution arrangement (or QACA) in order to encourage participation and to permit the plan to qualify for a "safe harbor" from annual discrimination testing.