Note 4 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2013

Pension and Other Postretirement Benefits Disclosure [Text Block]

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 June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Service cost - benefits earned during the period	$	150,000		$	149,000		$	299,000		$	298,000
Interest cost on projected benefit obligation		261,000			255,000			521,000			511,000
Expected return on plan assets		(333,000	)		(317,000	)		(666,000	)		(635,000	)
Amortization of prior service cost		3,000			4,000			6,000			8,000
Recognized actuarial loss		286,000			239,000			573,000			479,000
Settlement loss		249,000			-			249,000			-
Net periodic pension cost	$	616,000		$	330,000		$	982,000		$	661,000

Effective June 30, 2013, the Company will no longer accrue additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan. As a result of this change, the Company re-measured its pension obligations as of June 30, 2013 and the Company recognized a curtailment gain of $1,991,000, which is net of a tax expense of $1,097,000. This net gain is reflected in other comprehensive income on the consolidated statements of income for the three and six-month periods ended June 30, 2013.

Contributions of $500,000 were made to the Company’s benefit plans during the six-month period ended June 30, 2013. Contributions of $550,000 were made to the Company’s benefit plans during the six-month period ended June 30, 2012.