Pension Benefits

9 Months Ended

Sep. 30, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension Benefits

Note 8 - Pension Benefits

Pension Plans

The Company has a non-contributory pension plan covering substantially all employees who meet age and service requirements (the “Qualified Pension Plan”). The Company also has a supplemental non-contributory pension plan covering certain management employees (the “Nonqualified Pension Plan” and together with the Qualified Pension Plan, the “Pension Plans”).

Components of Net Periodic Benefit Cost for the Pension Plans

The following table presents the components of the net periodic benefit cost for the Pension Plans:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Service cost	$	1,584		$	1,572		$	4,752		$	4,718
Interest cost	548			407			1,643			1,220
Expected return on plan assets that reduces periodic pension costs	(494		)	(384		)	(1,483		)	(1,153		)
Amortization of prior service costs	4			4			13			13
Amortization of net actuarial loss	172			306			516			917
Net periodic benefit cost	$	1,814		$	1,905		$	5,441		$	5,715

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10 percent of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants.

Contributions

The Company contributed $5.3 million to the Pension Plans during the nine month period ended September 30, 2014.