EMPLOYEE BENEFIT PLAN

3 Months Ended

Mar. 31, 2019

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 March 31,
(in thousands)	2019			2018
Interest cost	$	490		$	458
Expected return on plan assets		(650	)		(709	)
Amortization of net losses		230			206
Net periodic benefit cost (credit)	$	70		$	(45	)

The Company did not make any contributions to this plan during the three months ended March 31, 2019 and 2018.

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 $25,668,000 as of March 31, 2019 and $22,815,000 as of December 31, 2018. 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 (losses), net related to the SERP assets were approximately as follows:

	Three months ended March 31,
(in thousands)	2019		2018
Unrealized gains (losses), net	$	2,852	$	(486	)

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.