EMPLOYEE BENEFIT PLAN

6 Months Ended

Jun. 30, 2018

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

8. EMPLOYEE BENEFIT PLAN

The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2018			2017			2018			2017
Interest cost	$	458		$	483		$	916		$	966
Expected return on plan assets		(709	)		(589	)		(1,418	)		(1,178	)
Amortization of net losses		206			213			412			425
Net periodic benefit (credit) cost	$	(45	)	$	107		$	(90	)	$	213

The Company made a contribution of $5,000,000 to this plan during the six months ended June 30, 2018; and no contribution was made during the six months ended June 30, 2017.

The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $24,705,000 as of June 30, 2018 and $23,463,000 as of December 31, 2017. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Unrealized gains, net related to the SERP assets were approximately as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2018		2017		2018		2017
Unrealized gains, net	$	871	$	936	$	385	$	1,552

The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.