EMPLOYEE BENEFIT PLAN

3 Months Ended

Mar. 31, 2014

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)	2014			2013
Interest cost	$	486		$	435
Expected return on plan assets		(560	)		(510	)
Amortization of net losses		133			196
Net periodic benefit cost	$	59		$	121

The Company contributions to this plan were $765,000 during the three months ended March 31, 2014 and $800,000 during the three months ended March 31, 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 $14,147,000 as of March 31, 2014 and $13,963,000 as of December 31, 2013. 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 reported in the consolidated statement of operations as part of other (expense) income, net. Trading gains (losses) related to the SERP assets were approximately as follows:

	Three months ended March 31
(in thousands)	2014		2013
Trading gains (losses), net	$	184	$	614

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