EMPLOYEE BENEFIT PLAN

6 Months Ended

Jun. 30, 2011

EMPLOYEE BENEFIT PLAN

9.     EMPLOYEE BENEFIT PLAN

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

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2011			2010			2011			2010
Service cost	$	-		$	-		$	-		$	-
Interest cost		479			473			958			947
Expected return on plan assets		(458	)		(430	)		(916	)		(860	)
Amortization of net losses		116			102			232			204
Net periodic benefit cost	$	137		$	145		$	274		$	291

The Company contributed $600,000 to the plan during the six months ended June 30, 2011.

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 $8,567,000 as of June 30, 2011 and $8,445,000 as of December 31, 2010. The SERP assets are reported in other assets on the consolidated balance sheet and changes related to the fair value of these assets are recorded in the consolidated statement of operations as part of other (expense) income, net. Trading gains (losses) related to the SERP assets totaled approximately $(114,000) for the three months ended June 30, 2011 and approximately $(243,000) for the three months ended June 30, 2010.  Trading gains (losses) related to the SERP assets totaled approximately $122,000 for the six months ended June 30, 2011 and approximately $(54,000) for the six months ended June 30, 2010.  The SERP deferrals and the contributions are recorded in pension liabilities with any change in the fair value recorded as compensation cost.