Note 3 - Periodic Pension Expense

9 Months Ended

Sep. 30, 2016

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 the Company's plans for the following periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Service cost - benefits earned during the period	$	15,000		$	(16,000	)	$	43,000		$	36,000
Interest cost on projected benefit obligation		247,000			237,000			741,000			713,000
Expected return on plan assets		(297,000	)		(336,000	)		(891,000	)		(1,007,000	)
Recognized actuarial loss		253,000			199,000			776,000			598,000
Settlement loss		94,000			16,000			401,000			327,000
Net periodic pension cost	$	312,000		$	100,000		$	1,070,000		$	667,000

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 $1,000,000 in contributions made to the Company’s defined benefit plans during the nine-month periods ended September 30, 2016 and 2015, respectively.