Note 4 - Periodic Pension Expense

3 Months Ended

Mar. 31, 2014

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 three month periods ended March 31:

	2014			2013
Service cost - benefits earned during the period	$	20,000		$	149,000
Interest cost on projected benefit obligation		250,000			261,000
Expected return on plan assets		(348,000	)		(333,000	)
Amortization of prior service cost		-			3,000
Recognized actuarial loss		81,000			287,000
Net periodic pension cost	$	3,000		$	367,000

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.