Note 4 - Periodic Pension Expense

6 Months Ended

Jun. 30, 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 following periods:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Service cost - benefits earned during the period	$	20,000		$	150,000		$	40,000		$	299,000
Interest cost on projected benefit obligation		251,000			261,000			501,000			521,000
Expected return on plan assets		(349,000	)		(333,000	)		(697,000	)		(666,000	)
Amortization of prior service cost		-			3,000			-			6,000
Recognized actuarial loss		81,000			286,000			162,000			573,000
Settlement loss		-			249,000			-			249,000
Net periodic pension cost	$	3,000		$	616,000		$	6,000		$	982,000

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.

There were no contributions made to the Company’s benefit plans during the six-month period ended June 30, 2014. Contributions of $500,000 were made to the Company’s benefit plans during the six-month period ended June 30, 2013.