Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

The actuarially computed components of net periodic benefit cost included the following components for the years ended December 31, (in thousands):

	2012		2011
Service costs	$	16	$	14
Interest costs		16		14
Amortization of unrecognized prior service cost		3		2
Net periodic pension expense	$	35	$	30

Change in Benefit Obligation

The following table sets forth the funded status and amounts recognized in the Company’s consolidated statement of operations for the years ended December 31, (in thousands):

	2012		2011
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	337	$	297
Service cost		16		14
Interest cost		16		14
Exchange rate movement		7		(9	)
Actuarial loss		77		21
Projected benefit obligation, end of year	$	453	$	337
Unfunded status	$	453	$	337
Unrecognized loss		-		-
Net amount recognized	$	453	$	337

Weighted Average Assumptions Used

The weighted average assumptions used to determine pension benefit obligations at December 31, were as follows:

	2012			2011
Discount rate		2.8	%		4.0	%
Average remaining service life at year end		12.8 yrs			13.6 yrs
Average rate of future compensation increase		2.5	%		2.5	%