EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2013

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

10. EMPLOYEE BENEFIT PLANS

The Company participates in a multiple employer pension plan.  The following represents the net periodic benefit (credit) cost and related components for the plan:

(in thousands)	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Interest cost	$	58		$	64			117			127
Expected return on plan assets		(92	)		(83	)		(184	)		(165	)
Amortization of net losses		17			16			34			31
Net periodic benefit	$	(17	)	$	(3	)		(33	)		(7	)

During the second quarter of 2013, the Company made a $150 thousand cash contribution to this plan.

The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”).  The Company maintains certain securities in the SERP that have been classified as trading.  The SERP assets are marked to market and totaled $6,122,000 as of June 30, 2013 and $6,026,000 as of December 31, 2012.  The SERP assets are reported in other assets on the consolidated balance sheets and changes to the fair value of the assets are included in selling, general and administrative expenses in the consolidated statements of operations.

Trading gains or losses related to the SERP assets totaled approximately $96,000 during the six months ended June 30, 2013 and approximately $53,000 during the six months ended June 30, 2012.