Pension Plan

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 7 – Pension Plan

As of December 31, 2003, the benefit service under the pension plan had been frozen and, accordingly, there is no service cost.  As of April 30, 2009, the compensation increments had been frozen and, accordingly, no additional benefits are being accrued under the pension plan.

The following table presents the components of net periodic pension cost:

		Three months ended June 30				Six months ended June 30
In thousands		2016		2015		2016		2015
Interest cost	$	121	$	144	$	241	$	288
Expected return on plan assets		(168)		(169)		(336)		(338)
Amortization of net actuarial loss		48		140		96		280
Net periodic pension cost	$	1	$	115	$	1	$	230

As of June 30, 2016, the Company has recorded a current pension liability of $958,000, which is included in Accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.9 million, which is included in Deferred pension liability and other in the Condensed Consolidated Balance Sheets. The minimum required contribution in 2016 is expected to be $1.0 million. In 2016, the Company has already made $729,000 of contributions to its pension plan, of which $416,000 relates to this year’s minimum required contribution and $313,000 relates to additional contributions above the minimum required contribution. Based on the additional contributions, the PBGC released its lien on all of the Company’s assets. Of the 2016 contributions made, $429,000 was paid during the six months ended June 30, 2016 and $300,000 was paid subsequent to June 30, 2016. At this time, the Company is expecting to make its $594,000 of minimum required contributions remaining for 2016; however there is no assurance that we will be able to make any or all of such remaining payments. If we are unable to fulfill our related obligations, the implementation of any such enforcement remedies would have a material adverse impact on our financial condition, results of operations, and liquidity.