Retirement Benefit Plans

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

Defined Benefit Plan

The following tables present the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):

	Three Months Ended March 31, 2016
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	2			$	1		$	3
Interest cost		100				222			322
Expected return on plan assets		(162		)		(299		)	(461		)
Amortization of net loss		71				110			181
Net periodic benefit cost		$	11			$	34		$	45

	Three Months Ended March 31, 2015
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	2			$	1		$	3
Interest cost		101				217			318
Expected return on plan assets		(165		)		(307		)	(472		)
Amortization of net loss		62				100			162
Net periodic benefit cost		$	—			$	11		$	11

The Company amortizes annual pension expense evenly over four quarters. Pension expense was $45,000 and $11,000 the three months ended March 31, 2016 and March 31, 2015, respectively. The Company is not required to contribute to the pension plans for the 2016 plan year but may do so.

Supplemental Retirement Plan

In May of 2015, the Board amended the SERP to allow the Board to modify the retirement benefit percentage either higher or lower than 20%. As of March 31, 2016, the current retirement benefit for the participants is 20%.

The net period expense for the three months ended March 31, 2016 and 2015 was $148,000 and $150,000, respectively.