Note 3 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE

3

– Periodic Pension Expense:

The following table details the net periodic pension expense under the Company's plans for the periods presented:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2017			2016			2017			2016
Service cost - benefits earned during the period	$	16,000		$	14,000		$	32,000		$	28,000
Interest cost on projected benefit obligation		242,000			247,000			483,000			494,000
Expected return on plan assets		(305,000	)		(297,000	)		(609,000	)		(594,000	)
Recognized actuarial loss		270,000			258,000			547,000			523,000
Settlement loss		277,000			52,000			277,000			307,000
Net periodic pension cost	$	500,000		$	274,000		$	730,000		$	758,000

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

$1,520,000

and

$500,000

in contributions made to the Company’s defined benefit plans during the

six

-month periods ended

June 30, 2017

and

2016,

respectively.