EMPLOYEE BENEFIT PLAN

6 Months Ended

Jun. 30, 2012

Compensation and Retirement Disclosure

EMPLOYEE BENEFIT PLAN

8.     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)	2012			2011			2012			2011
Service cost	$	-		$	-		$	-		$	-
Interest cost		467			479			934			958
Expected return on plan assets		(462	)		(458	)		(924	)		(916	)
Amortization of net losses		167			116			334			232
Net periodic benefit cost	$	172		$	137		$	344		$	274

The Company contributed $3,828,000 to the plan during the six months ended June 30, 2012.

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 $8,431,000 as of June 30, 2012 and $8,251,000 as of December 31, 2011. The SERP assets are reported in non-current 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 as follows:

	Three months ended June 30,							Six months ended June 30,
(in thousands)	2012				2011			2012		2011
Gains (losses), net		$	(470	)	$	(114	)	$	180	$	122

The SERP deferrals and the distributions are recorded in pension liabilities with any change in the fair value recorded as compensation cost.