EMPLOYEE BENEFIT PLAN

6 Months Ended

Jun. 30, 2013

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)	2013			2012			2013			2012
Service cost	$	-		$	-		$	-		$	-
Interest cost		436			467			870			934
Expected return on plan assets		(511	)		(462	)		(1,022	)		(924	)
Amortization of net losses		196			167			391			334
Net periodic benefit cost	$	121		$	172		$	239		$	344

The Company contributed approximately $0.8 million to this plan during the six months ended June 30, 2013.

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 $11,671,000 as of June 30, 2013 and $11,103,000 as of December 31, 2012. The SERP assets are reported in non-current other assets on the consolidated balance sheet and changes in 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)	2013		2012			2013		2012
Gains (losses), net	$	46	$	(470	)	$	568	$	180

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