NOTE 14 - BENEFIT PLANS

SERP. The Company established a SERP, which has Rabbi and Secular Trust components, for Mr. Edward E. Cohen (“Mr. E. Cohen”), while he was the Company’s Chief Executive Officer. The plan pays Mr. E. Cohen an annual benefit of $838,000 during his lifetime.

The components of net periodic benefit costs for the SERP were as follows (in thousands):



	Three Months Ended
	March 31,
	2015			2014
Interest cost	$	62		$	68
Less: expected return on plan assets	(19		)	(39		)
Plus: Amortization of unrecognized loss	106			70
Net cost	$	149		$	99

Restricted stock. The value of the restricted stock awarded is based on the closing price of the Company's common stock as of the date of grant. During the three months ended March 31, 2015 and 2014, the Company awarded 440,852 and 417,407 shares of restricted stock valued at $3.9 million and $3.7 million, respectively. Additionally, for the three months ended March 31, 2015, there were 45,306 shares earned as part of a performance-based award valued at $420,000.