DEFINED BENEFIT PENSION EXPENSE

3 Months Ended

Dec. 31, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 12 – DEFINED BENEFIT PENSION EXPENSE

Defined benefit pension expense was as follows:

	Three Months Ended December 31,
	2012			2011
Service cost	$	50		$	52
Interest cost		2,425			2,670
Expected return on plan assets		(3,138	)		(2,933	)
Amortization:
Prior service cost		5			83
Recognized actuarial loss		840			718
Loss on pension settlement		2,142			—
Net periodic expense	$	2,324		$	590

Effective January 1, 2012, the Clopay Pension Plan merged with the Ames True Temper Inc. Pension Plan. The merged Pension Plan was renamed the Clopay Ames True Temper Pension Plan.

Current quarter Selling, general and administrative expenses included a $2,142, non-cash, pension settlement loss resulting from the lump-sum buyout of certain participant’s balances in the Company’s defined benefit plan. The buyouts, funded by the pension plan, reduced the Company’s net pension liability by $3,472 and increased Accumulated Other Comprehensive Income by $3,649.