Note 4 - Periodic Pension Expense

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

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,
	2013			2012			2013			2012
Service cost - benefits earned during the period	$	32,000		$	149,000		$	331,000		$	447,000
Interest cost on projected benefit obligation		252,000			256,000			773,000			767,000
Expected return on plan assets		(332,000	)		(318,000	)		(998,000	)		(953,000	)
Amortization of prior service cost		3,000			5,000			9,000			13,000
Recognized actuarial loss		185,000			239,000			758,000			718,000
Settlement loss		208,000			-			457,000			-
Net periodic pension cost	$	348,000		$	331,000		$	1,330,000		$	992,000

Effective June 30, 2013, the Company no longer accrues 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 comprehensive income for the nine-month period ended September 30, 2013.

Contributions of $1,000,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2013. Contributions of $550,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2012.