OTE

– Periodic Pension Expense:

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

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2019			2018			2019			2018
Service cost - benefits earned during the period	$	29		$	27		$	58		$	54
Interest cost on projected benefit obligation		271			243			542			485
Expected return on plan assets		(384	)		(430	)		(721	)		(859	)
Recognized actuarial loss		324			283			649			566
Settlement loss		336			-			336			-
Net periodic pension cost	$	576		$	123		$	864		$	246

The pension settlement losses included in the table above relate to lump sum payments made to various employees upon their retirement or termination during the periods specified. The service cost component is included in selling and administrative expenses and the other components are included in other periodic pension costs in our statements of comprehensive income.

Effective on

June 30, 2013,

the Company

longer accrues additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan.

Effective on

December 31, 2014,

the Company

longer accrues additional benefits for future service for the Company’s hourly defined benefit plan.

There were

$0.1

million and

$0.1

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

three

months ended

June 30, 2019

and

2018,

respectively. There were

$0.1

million and

$0.1

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

six

months ended

June 30, 2019

and

2018,

respectively.