Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

The actuarially computed components of net periodic benefit cost included the following components for the years ended December 31, (in thousands):

	2014		2013
Service costs	$	20	$	20
Interest costs		14		13
Amortization of unrecognized prior service cost		3		4
Net periodic pension expense	$	37	$	37

Schedule of Change in Benefit Obligation

The following table sets forth the funded status and amounts recognized in the Company’s consolidated balance sheet and consolidated statements of comprehensive income/(loss) for the years ended December 31, (in thousands):

	2014			2013
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	455		$	453
Service cost		20			20
Interest cost		14			13
Exchange rate movement		(66	)		20
Actuarial loss/(gain)		98			(51	)
Projected benefit obligation, end of year	$	521		$	455
Unfunded status	$	521		$	455
Unrecognized loss		-			-
Net amount recognized	$	521		$	455

Schedule of Weighted Average Assumptions Used

The weighted average assumptions used to determine pension benefit obligations at December 31, were as follows:

	2014			2013
Discount rate		1.5	%		3.15	%
Average remaining service life at year end		12.5 yrs.			13.1 yrs.
Average rate of future compensation increase		2.0	%		2.0	%