Note 4 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 4 – Periodic Pension Expense:

The following table presents the net periodic pension expense under our plans for the following periods:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2012			2011			2012			2011
Service cost - benefits earned during the period	$	149,000		$	141,000		$	298,000		$	280,000
Interest cost on projected benefit obligation		255,000			273,000			511,000			546,000
Expected return  on  plan assets		(317,000	)		(337,000	)		(635,000	)		(674,000	)
Amortization of prior service cost		4,000			6,000			8,000			13,000
Recognized actuarial loss		239,000			119,000			479,000			239,000
Net periodic pension cost	$	330,000		$	202,000		$	661,000		$	404,000

Contributions of $550,000 were made to the Company’s benefit plans during the six-month period ended June 30, 2012.  No contributions were made to the Company’s benefit plans during the six-month period ended June 30, 2011.