Net Periodic Benefit Cost-Defined Benefit Plans

9 Months Ended

Sep. 30, 2012

Net Periodic Benefit Cost-Defined Benefit Plans

Net Periodic Benefit Cost-Defined Benefit Plans

Note 7.  Net Periodic Benefit Cost-Defined Benefit Plans

For a detailed disclosure on the Company’s pension and employee benefits plans, please refer to Note 12 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2011.

The following sets forth the components of the net periodic benefit cost of the domestic non-contributory defined benefit plan for the three and nine months ended September 30, 2012 and 2011, respectively:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In Thousands)	2012			2011			2012			2011
Service cost	$	156		$	106		$	469		$	318
Interest cost	187			178			559			534
Expected return on plan assets	(195		)	(186		)	(586		)	(556		)
Amortization of transition obligation	(1		)	(1		)	(2		)	(3		)
Amortization of prior service cost	6			6			19			19
Amortization of net loss	109			41			327			123
Net periodic cost	$	262		$	144		$	786		$	435

Employer Contributions

The Company previously disclosed in its consolidated financial statements, included in the Annual Report on Form 10-K for the year ended December 31, 2011, that it expected to contribute a minimum of $750,000 to its defined benefit plan in 2012.  As of September 30, 2012, there were contributions of $1,450,000 made to the plan with additional contributions of at least $225,000 anticipated during the fourth quarter of 2012.  The increased level of contributions is the result of management’s plan to reduce the unfunded portion of the Company’s defined benefit pension plan.