Pension and Profit Sharing Plans (Tables)

12 Months Ended

Dec. 31, 2012

Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status

Using an actuarial measurement date of December 31, 2012 and 2011, respectively, benefit obligation activity and fair value of plan assets for the years ended December 31, 2012 and 2011, and a statement of the funded status as of December 31, 2012 and 2011, are as follows (in thousands):

	2012			2011
Reconciliation of benefit obligations:
Benefit obligation at January 1	$	24,608		$	22,263
Interest cost on projected benefit obligation		1,113			1,139
Actuarial loss		3,470			2,320
Benefits paid		(1,353	)		(1,114	)
Benefit obligation at December 31		27,838			24,608
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	$	18,077		$	17,184
Actual return on plan assets		2,387			506
Employer contributions		2,000			1,500
Benefits paid		(1,354	)		(1,114	)
Fair value of plan assets at December 31		21,110			18,076
Funded status	$	(6,728	)	$	(6,532	)

Component Of Accumulated Other Comprehensive Earnings

Amounts recognized as a component of accumulated other comprehensive earnings as of year-end that have not been recognized as a component of the net period benefit cost of the Company’s defined benefit pension plan are as follows (in thousands):

	2012			2011
Net actuarial loss	$	(13,184	)	$	(11,620	)
Deferred tax benefit		4,824			4,277
Amounts included in accumulated other comprehensive earnings, net of tax	$	(8,360	)	$	(7,343	)

Net Periodic Pension Cost

Net periodic pension cost for the years ended December 31, 2012, 2011, and 2010, included (in thousands):

	Year Ended December 31,
	2012			2011			2010
Service cost - benefits earned during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation		1,113			1,139			1,159
Expected return on plan assets		(1,140	)		(1,220	)		(1,092	)
Amortization of unrecognized net loss		659			434			416
Net periodic pension cost	$	632		$	353		$	483

Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets

The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets:

	2012			2011			2010
Weighted average discount rate		3.75	%		4.65	%		5.25	%
Expected long-term rate of return on assets		6.25	%		6.75	%		6.75	%

Pension Plan and Targeted Allocation Percentage

The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2012 and 2011 is as follows:

	December 31, 2012 Allocation			December 31, 2011 Allocation			Targeted Allocation
Equity securities		74	%		82	%		75	%
Debt securities		24	%		16	%		25	%
Cash and equivalents		2	%		2	%		—

Breakdown by Level

The breakdown by level is as follows (in thousands):

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Money market fund	$	513	$	—	$	—	$	513
Obligations of state and political subdivisions		—		708		—		708
Corporate bonds		—		1,833		—		1,833
Mortgage-backed securities		—		1,018		—		1,018
Corporate stocks and mutual funds		17,038		—		—		17,038
Total	$	17,551	$	3,559	$	—	$	21,110

Estimate of Undiscounted Projected Future Payments

An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands):

Year Ending December 31,
2013	$	1,309
2014		1,393
2015		1,403
2016		1,412
2017		1,447
2018 to 2022	$	8,214