Note 3 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 3

– Periodic Pension Expense:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Service cost - benefits earned during the period	$	14,000		$	26,000		$	28,000		$	52,000
Interest cost on projected benefit obligation		247,000			238,000			494,000			476,000
Expected return on plan assets		(297,000	)		(335,000	)		(594,000	)		(671,000	)
Recognized actuarial loss		258,000			200,000			523,000			399,000
Settlement loss		52,000			311,000			307,000			311,000
Net periodic pension cost	$	274,000		$	440,000		$	758,000		$	567,000

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.

Effective December 31, 2014, the Company no longer accrues additional benefits for future service for the Company’s hourly defined benefit plan.

There were $500,000 and $0 in contributions made to the Company’s defined benefit plans during the six month period ended June 30, 2016 and 2015, respectively.