Note 4 - Periodic Pension Expense

9 Months Ended

Sep. 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 Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Service cost - benefits earned during the period	$	149,000		$	139,000		$	447,000		$	419,000
Interest cost on projected benefit obligation		256,000			273,000			767,000			819,000
Expected return  on  plan assets		(318,000	)		(336,000	)		(953,000	)		(1,010,000	)
Amortization of prior service cost		5,000			6,000			13,000			19,000
Recognized actuarial loss		239,000			120,000			718,000			359,000
Net periodic pension cost	$	331,000		$	202,000		$	992,000		$	606,000

Contributions of $550,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2012.

Contributions of $140,000were made to the Company’s benefit plans during the nine-month period ended September 30, 2011.