EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 30, 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 September 30						Nine months ended September 30
(in thousands)	2014			2013			2014			2013
Service cost	$	-		$	-		$	-		$	-
Interest cost		487			436			1,460			1,306
Expected return on plan assets		(560	)		(511	)		(1,680	)		(1,533	)
Amortization of net losses		133			197			399			588
Net periodic benefit cost	$	60		$	122		$	179		$	361

          The Company contributions to this plan were $765,000 during the nine months ended September 30, 2014 and $800,000 during the nine months ended September 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 $15,915,000 as of September 30, 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 September 30					Nine months ended September 30
(in thousands)	2014			2013		2014		2013
Gains (losses), net	$	(253	)	$	806	$	384	$	1,374

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