RETIREMENT PLAN	6 Months Ended
Jun. 30, 2016
RETIREMENT PLAN [Abstract]
RETIREMENT PLAN	5. RETIREMENT PLAN The Company’s retirement plan is noncontributory and covers substantially all eligible employees. The plan conforms to the provisions of the Employee Retirement Income Security Act of 1974, as amended, and the Pension Protection Act of 2006, which requires certain funding rules for defined benefit plans. The Company’s policy is to accrue for all pension costs and to fund the maximum amount allowable for tax purposes. Actuarial gains and losses that arise from changes in assumptions concerning future events are amortized over a period that reflects the long-term nature of pension expense used in estimating pension costs. Certain provisions of the Company’s retirement plan were amended in 2012. These amendments froze the plan such that no additional pension benefits would accumulate. The Company did not record any net pension credit or expense for the three months ended June 30, 2016. For the three months ended June 30, 2015, the Company’s net periodic pension credit was $111 thousand, and $13 thousand and $222 thousand, respectively, for the six months ended June 30, 2016 and 2015. In December 2015, the Company made an optional contribution of $1 million for the plan year ended September 30, 2016. No minimum contribution was required. The Company does not presently expect to contribute to its retirement plan in 2016.

RETIREMENT PLAN

6 Months Ended

Jun. 30, 2016

5. RETIREMENT PLAN

The Company’s retirement plan is noncontributory and covers substantially all eligible employees. The plan conforms to the provisions of the Employee Retirement Income Security Act of 1974, as amended, and the Pension Protection Act of 2006, which requires certain funding rules for defined benefit plans. The Company’s policy is to accrue for all pension costs and to fund the maximum amount allowable for tax purposes. Actuarial gains and losses that arise from changes in assumptions concerning future events are amortized over a period that reflects the long-term nature of pension expense used in estimating pension costs. Certain provisions of the Company’s retirement plan were amended in 2012. These amendments froze the plan such that no additional pension benefits would accumulate.

The Company did not record any net pension credit or expense for the three months ended June 30, 2016. For the three months ended June 30, 2015, the Company’s net periodic pension credit was $111 thousand, and $13 thousand and $222 thousand, respectively, for the six months ended June 30, 2016 and 2015.

In December 2015, the Company made an optional contribution of $1 million for the plan year ended September 30, 2016. No minimum contribution was required. The Company does not presently expect to contribute to its retirement plan in 2016.