Note 3 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 3

– Periodic Pension Expense:

The following table presents the net periodic pension expense under our plans for the following periods:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Service cost - benefits earned during the period	$	26,000		$	20,000		$	52,000		$	40,000
Interest cost on projected benefit obligation		238,000			251,000			476,000			501,000
Expected return on plan assets		(335,000	)		(349,000	)		(671,000	)		(697,000	)
Recognized actuarial loss		200,000			81,000			399,000			162,000
Settlement loss		311,000			-			311,000			-
Net periodic pension cost	$	440,000		$	3,000		$	567,000		$	6,000

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 periods ended June 30, 2015, and June 30, 2014.