Employee Benefits

6 Months Ended

Jun. 30, 2014

Employee Benefits [Abstract]

Employee Benefits

Note 11. Employee Benefits

The components of net periodic benefit cost (credit) for our defined benefit plans and postretirement benefit plans for the three months and six months ended June 30, 2014 and 2013 were as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Pension benefits	2014			2013			2014			2013
Service cost	$	41		$	45		$	82		$	90
Interest cost		65			58			130			117
Amortization of prior service cost		—			7			—			14
Actuarial net loss		58			171			115			345
Net periodic benefit cost	$	164		$	281		$	327		$	566
Postretirement benefits
Service cost	$	—		$	—		$	—		$	1
Interest cost		7			10			15			19
Amortization of prior service cost		(755	)		(1,087	)		(1,509	)		(2,174	)
Actuarial net loss		488			605			1,023			1,216
Net periodic benefit credit	$	(260	)	$	(472	)	$	(471	)	$	(938	)

For the six months ended June 30, 2014, we made employee benefit contributions of $0.5 million related to our postretirement plans.  Based on current estimates, we believe we will be required to make approximately $1 million in contributions for 2014.

We maintain a Supplemental Executive Retirement Plan (“SERP”) for key employees.  Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees.  In March 2014, contributions of $0.4 million were made to the plan related to calendar year 2013.

We also have an Employee Stock Ownership Plan and Trust for employees who are not covered by a collective bargaining agreement.  In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock.  We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the plan. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released.  The trustees will vote the shares in accordance with their fiduciary duties.  During 2014, we contributed to the trust an additional 58,570 shares from our treasury and released 58,600 shares from the trust leaving 400 shares remaining in the trust as of June 30, 2014.