RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2015

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

Net periodic benefit cost related to the SERP

The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2015, 2014 and 2013:

	2015		2014		2013
Service Cost	$	552	$	542	$	556
Interest Cost		567		541		448
Net amortization		366		182		307
Net periodic benefit cost	$	1,485	$	1,265	$	1,311

Information about changes in plan assets and benefit obligation, the funded status

Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2015 and 2014 are as follows:

	2015			2014
Fair value of plan assets, January 1	$	-		$	-
Company contributions		85			16
Benefits paid		(85	)		(16	)
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1		14,205			10,830
Service cost		552			542
Interest cost		567			541
Benefits paid		(85	)		(16	)
Actuarial (gains) losses		337			2,308
Benefit obligation, December 31	$	15,576		$	14,205
Underfunded status, December 31	$	(15,576	)	$	(14,205	)

Expected benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid:

Years Ending
December 31,
2016	$	129
2017		280
2018		280
2019		532
2020		647
2021 - 2025		4,662

Gross amounts recognized in accumulated other comprehensive loss, net of tax

The following gross amounts are recognized net of tax in accumulated other comprehensive loss:

	2015		2014
Prior service cost	$	866	$	1,048
Net loss		3,465		3,302
	$	4,331	$	4,350

Weighted average assumptions used in determining the periodic net cost and benefit obligation related to SERP

The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows:

	2015			2014			2013
Net periodic benefit cost
Discount rate		4.00	%		5.00	%		4.00	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%
Benefit obligation
Discount rate		4.25	%		4.00	%		5.00	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%