10. RETIREMENT PLANS

9 Months Ended

Sep. 30, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

10. RETIREMENT PLANS

Prior to the fourth quarter of 2011, we sponsored a noncontributory defined benefit pension plan covering non-union workers in our Ohio and Puerto Rico operations. Benefits under the non-union plan are based upon years of service and highest compensation levels as defined. On December 31, 2005, we froze the noncontributory defined benefit pension plan for all non-U.S. territorial employees. In the fourth quarter of 2011, we made a determination to fully fund and terminate the pension plan.

Net pension cost of the Company’s plan is as follows:

	(Unaudited)					(Unaudited)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2012		2011			2012		2011
Service cost	$	-	$	30,840		$	-	$	92,520
Interest		-		156,331			-		468,991
Expected return on assets		-		(156,592	)		-		(469,774	)
Amortization of unrecognized
net gain or loss		-		54,762			-		164,288
Amortization of unrecognized
transition obligation		-		-			-		-
Amortization of unrecognized
prior service cost		-		18,802			-		56,404
Net pension cost	$	-	$	104,143		$	-	$	312,429