Note 4 - Periodic Pension Expense

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 4 – Periodic Pension Expense:

The following table presents the net periodic pension expense under our plans for the following periods:

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2014			2013			2014			2013
Service cost - benefits earned during the period	$	20,000		$	32,000		$	60,000		$	331,000
Interest cost on projected benefit obligation		250,000			252,000			751,000			773,000
Expected return on plan assets		(349,000	)		(332,000	)		(1,046,000	)		(998,000	)
Amortization of prior service cost		-			3,000			-			9,000
Recognized actuarial loss		81,000			185,000			243,000			758,000
Settlement loss		60,000			208,000			60,000			457,000
Net periodic pension cost	$	62,000		$	348,000		$	68,000		$	1,330,000

Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan.

There were no contributions made to the Company’s benefit plans during the nine-month period ended September 30, 2014. Contributions of $1,000,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2013.