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Pension Plan
9 Months Ended
Sep. 30, 2011
Compensation and Retirement Disclosure [Abstract] 
Pension Plan
Pension Plan
The Company sponsors an unfunded non-qualified defined benefit plan (“SERP”) for certain senior executives. No assets are held with respect to the SERP; therefore benefits are funded as paid to participants. For each of the three months ended September 30, 2011 and 2010, the Company recorded $0.1 million in expenses related to the SERP which are included in SG&A expense in the accompanying consolidated statements of income. The expenses related to the SERP for each of the nine month periods ended September 30, 2011 and 2010 was $0.4 million. Benefit payments totaling $0.4 million are currently scheduled to be remitted within the next twelve months.

The following table presents the components of net periodic benefit costs for the three and nine months ended September 30, 2011 and 2010:
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands)
2011
 
2010
 
2011
 
2010
Components of net periodic pension cost:
 
 
 
 
 
 
 
Interest cost
$
135

 
$
135

 
$
406

 
$
404

Net periodic pension cost
$
135

 
$
135

 
$
406

 
$
404


The 2011 monthly net periodic pension costs are approximately $0.5 million. The components of projected pension costs for the year ended December 31, 2011 are as follows:
 
(in thousands)
 
Components of net periodic pension cost:
 
Interest cost
$
541

Net periodic pension cost
$
541


The following is a reconciliation of the changes in the projected benefit obligation for the nine months ended September 30, 2011:
 
(in thousands)
 
Projected benefit obligation, December 31, 2010
$
10,034

Interest cost
406

Actuarial loss
16

Benefit payments
(318
)
Projected benefit obligations September 30, 2011
$
10,138


The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit costs at September 30, 2011 are as follows:
 
(in thousands)
 
Transition asset (obligation)
$
0

Prior service cost
0

Accumulated loss
(657
)
Total
$
(657
)