EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2012

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

NOTE K—EMPLOYEE BENEFITS

Savings Plan

        The Company maintains a 401(k) Savings and Retirement plan that covers all of the employees of the Company. Under this 401(k) plan, employees may defer such amounts of their compensation up to the levels permitted by the Internal Revenue Service. The Company recorded matching contributions of $4.2 million, $3.9 million, and $3.5 million under this plan during 2012, 2011 and 2010, respectively.

Supplemental Executive Retirement Plan

        Effective January 2004, the Company implemented an unfunded noncontributory defined benefit plan (the "Plan") for certain senior executives. The Company has engaged an actuary to calculate the benefit obligation and net benefits cost at December 31, 2012 and has utilized such to establish the benefit obligation liability. The Plan, which is administered by the Company, calls for annual payments upon retirement based on years of service and final average salary. Net periodic benefit expense is actuarially determined.

        The Plan's net benefit cost is as follows:

(In thousands)
Change in Benefit Obligation
Benefit obligation at December 31, 2010	$	17,510
Service cost		986
Interest cost		807
Payments		(526	)
Actuarial loss		1,453
Benefit obligation at December 31, 2011	$	20,230
Service cost		878
Interest cost		761
Amortization of (Gain)/Loss		40
Payments		(706	)
Actuarial loss		1,174
Benefit obligation at December 31, 2012	$	22,377
Unfunded status	$	22,377
Unamortized net (gain) loss		—
Net amount recognized	$	22,377
Amounts Recognized in the Consolidated Balance Sheet
Current Accrued liabilities		1,247
Non-Current Accrued liabilities		21,130
Total Accrued liabilities	$	22,377

        The Company recorded comprehensive losses of $(1.2) million and $(1.4) million, which consists of actuarial losses for the years 2012 and 2011, respectively. The company recorded a tax benefit on the unrealized losses for the plan years 2012 and 2011 of $0.4 million and $0.5 million, respectively. There were no other components such as prior service costs or transition obligations relating to Plan costs recorded within accumulated other comprehensive income (loss) during 2012 or 2011.  Accumulated other comprehensive loss at December 31, 2012 and 2011 was comprised of actuarial losses of $0.7 million and $0.9 millon, net of tax. 

        The following weighted average assumptions were used to determine the benefit obligation and net benefit cost at December 31:

	2012			2011
Discount rate		3.25	%		3.90	%
Average rate of increase in compensation		3.00	%		3.00	%

        At December 31, 2012, the estimated accumulated benefit obligation is $22.4 million. Future payments under the Plan are as follows:

(In thousands)
2013	$	1,247
2014		1,578
2015		1,578
2016		1,578
2017		1,578
Thereafter		14,818
	$	22,377