Employee Benefits

6 Months Ended

Jun. 30, 2016

Note 11. Employee Benefits

The components of net periodic benefit cost for our postretirement benefit plans for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
Postretirement benefits	2016			2015			2016			2015
Service cost	$	—		$	—		$	—		$	—
Interest cost		3			1			6			8
Amortization of prior service cost		(14	)		(29	)		(27	)		(58	)
Actuarial net loss		115			328			390			762
Net periodic benefit cost (credit)	$	104		$	300		$	369		$	712

For the six months ended June 30, 2016, 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 2016.

We maintain a defined contribution Supplemental Executive Retirement Plan 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 2016, we made company contributions to the plan of $0.3 million related to calendar year 2015.

We also maintain a defined benefit unfunded Supplemental Executive Retirement Plan (“SERP”). The SERP, as amended, is a defined benefit plan pursuant to which we will pay supplemental pension benefits to certain key employees upon the attainment of a contractual participant’s payment date based upon the employees’ years of service and compensation. In October 2015, the sole remaining participant in the unfunded SERP reached his applicable payment date and, in connection therewith, received his corresponding lump-sum distribution of $7.6 million. We recorded no expense related to the plan during the three months and six months ended June 30, 2016. Net periodic benefit cost of $0.2 million and $0.5 million was recorded related to the plan for the three months and six months ended June 30, 2015.

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 the six months ended June 30, 2016, we contributed to the trust an additional 59,200 shares from our treasury and released 59,200 shares from the trust leaving 200 shares remaining in the trust as of June 30, 2016.