EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 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 September 30						Nine months ended September 30
(in thousands)	2013			2012			2013			2012
Service cost	$	-		$	-		$	-		$	-
Interest cost		436			468			1,306			1,402
Expected return on plan assets		(511	)		(462	)		(1,533	)		(1,386	)
Amortization of net losses		197			167			588			501
Net periodic benefit cost	$	122		$	173		$	361		$	517

The Company contributions to this plan were approximately $0.8 million during the nine months ended September 30, 2013 and $4,146,000 during the nine months ended September 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 $12,477,000 as of September 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 September 30				Nine months ended September 30
(in thousands)	2013		2012		2013		2012
Gains (losses), net	$	806	$	680	$	1,374	$	860

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