Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.6
Pensions
 9 Months Ended
Sep. 30, 2012
Pensions [Abstract]  
Pensions

NOTE 10 – PENSIONS

The Company's U.K. based subsidiary Austin Taylor maintains defined benefit pension plans that cover seven active employees. The Company does not provide any other post-retirement benefits to its employees. Components of net periodic benefit cost of the pension plans for the three and nine-months ended September 30, 2012 and 2011 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

 

 

2012

 

2011

 

2012

 

2011

 

Service Cost

 

$

10,000

 

$

11,000

 

$

28,000

 

$

35,000

 

Interest Cost

 

 

67,000

 

 

62,000

 

 

188,000

 

 

196,000

 

Expected return on plan assets

 

 

(75,000

)

 

(58,000

)

 

(210,000

)

 

(185,000

)

Amortization of prior service cost

 

 

13,000

 

 

—

 

 

36,000

 

 

—

 

 

 

$

15,000

 

$

15,000

 

$

42,000

 

$

46,000