Note 3 - Periodic Pension Expense

9 Months Ended

Sep. 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						Nine Months
	Ended September 30,						Ended September 30,
	2015			2014			2015			2014
Service cost - benefits earned during the period	$	(16,000	)	$	20,000		$	36,000		$	60,000
Interest cost on projected benefit obligation		237,000			250,000			713,000			751,000
Expected return on plan assets		(336,000	)		(349,000	)		(1,007,000	)		(1,046,000	)
Recognized actuarial loss		199,000			81,000			598,000			243,000
Settlement loss		16,000			60,000			327,000			60,000
Net periodic pension cost	$	100,000		$	62,000		$	667,000		$	68,000

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 $1,000,000 in contributions made to the Company’s benefit plans during the nine-month period ended September 30, 2015. There were no contributions made to the Company’s benefit plans during the nine-month period ended September 30, 2014.