Employee Benefits

6 Months Ended

Jun. 30, 2015

Note 10.

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, 2015 and 2014 were as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
Pension benefits	2015			2014			2015			2014
Service cost	$	—		$	41		$	—		$	82
Interest cost		55			65			109			130
Amortization of prior service cost		—			—			—			—
Actuarial net loss		184			58			368			115
Net periodic benefit cost	$	239		$	164		$	477		$	327

Postretirement benefits
Service cost	$	—		$	—		$	—		$	—
Interest cost		1			7			8			15
Amortization of prior service cost		(29	)		(755	)		(58	)		(1,509	)
Actuarial net loss		328			488			762			1,023
Net periodic benefit cost (credit)	$	300		$	(260	)	$	712		$	(471	)

For the six months ended June 30, 2015, 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 2015.

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 2015, we made company contributions of $0.5 million related to calendar year 2014.

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 2015, we contributed to the trust an additional 58,000 shares from our treasury and released 58,200 shares from the trust leaving 200 shares remaining in the trust as of June 30, 2015.