Quarterly report pursuant to Section 13 or 15(d)

Deferred Compensation And Retirement Plans

v2.4.0.6
Deferred Compensation And Retirement Plans
9 Months Ended
Jan. 31, 2012
Deferred Compensation And Retirement Plans [Abstract]  
Deferred Compensation And Retirement Plans
7. Deferred Compensation and Retirement Plans

The Company has several deferred compensation and retirement plans for eligible consultants and vice-presidents that provide defined benefits to participants based on the deferral of current compensation or contributions made by the Company subject to vesting and retirement or termination provisions.

The components of net periodic benefit costs are as follows:

 

     Three Months Ended
January 31,
     Nine Months Ended
January 31,
 
     2012      2011      2012      2011  
     (in thousands)  

Service cost

   $ —         $ 34       $ —         $ 102   

Interest cost

     884         925         2,652         2,775   

Amortization of actuarial loss

     355         105         1,065         315   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit costs

   $ 1,239       $ 1,064       $ 3,717       $ 3,192   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company has an Executive Capital Accumulation Plan ("ECAP"), which is intended to provide certain employees an opportunity to defer salary and/or bonus on a pre-tax basis or make an after-tax contribution. The Company made contributions to the ECAP during the three months ended January 31, 2012 of $0.2 million and made no contributions during the three months ended January 31, 2011. The Company made contributions to the ECAP during the nine months ended January 31, 2012 and 2011, of $15.5 million and $0.4 million, respectively. Participants generally vest in Company contributions over a four year period. The ECAP is accounted for whereby the changes in the fair value of the vested amounts owed to the participants are adjusted with a corresponding charge (or credit) to compensation and benefits costs. During the three months ended January 31, 2012, deferred compensation liability increased; therefore, the Company recognized compensation expenses of $1.6 million. During the nine months ended January 31, 2012, deferred compensation liability decreased; therefore, the Company recognized a reduction of compensation expenses of $2.0 million. During the three and nine months ended January 31, 2011, deferred compensation liability increased; therefore the Company recognized compensation expenses of $2.1 million and $3.4 million, respectively.