NOTE 14 - BENEFIT PLANS

SERP. The Company established a SERP, which has Rabbi and Secular Trust components, for Mr. Edward E. Cohen (“Mr. E. Cohen”), while he was the Company’s Chief Executive Officer. The Company pays an annual benefit equal to $838,000 during his lifetime.

The components of net periodic benefit costs for the SERP were as follows (in thousands):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Interest cost	$	68		$	57		$	205		$	169
Less: expected return on plan assets	(38		)	(25		)	(116		)	(75		)
Plus: Amortization of unrecognized loss	70			95			209			285
Net cost	$	100		$	127		$	298		$	379

Restricted stock. During the nine months ended September 30, 2014, the Company awarded a total of 628,841 shares of restricted stock valued at $5.7 million based on the closing price of the stock on the respective grant date. Additionally, the Company issued 12,000 shares that were earned as part of a performance-based award, which were valued at $116,000 based on the closing price of the stock as of the beginning of the measurement period.