EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 30, 2015

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

9. 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						Nine months ended
	September 30,						September 30,
(in thousands)	2015			2014			2015			2014
Interest cost	$	474		$	487		$	1,422		$	1,460
Expected return on plan assets		(565	)		(560	)		(1,695	)		(1,680	)
Amortization of net losses		198			133			594			399
Net periodic benefit cost	$	107		$	60		$	321		$	179

The Company contributions to this plan were $850,000 during the nine months ended September 30, 2015 and $765,000 during the nine months ended September 30, 2014.

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 $15,461,000 as of September 30, 2015 and $16,491,000 as of December 31, 2014. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as part of other income (expense), net. Trading gains (losses) related to the SERP assets were approximately as follows:

	Three months ended						Nine months ended
	September 30,						September 30,
(in thousands)	2015			2014			2015			2014
Trading gains, net	$	(1,424	)	$	(253	)	$	(1,030	)	$	384

The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.