Note 3 - Periodic Pension Expense

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE

3

– Periodic Pension Expense:

The following table details the net periodic pension expense under the Company's plans for the periods presented:

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2017			2016			2017			2016
Service cost - benefits earned during the period	$	17,000		$	15,000		$	49,000		$	43,000
Interest cost on projected benefit obligation		241,000			247,000			724,000			741,000
Expected return on plan assets		(305,000	)		(297,000	)		(914,000	)		(891,000	)
Recognized actuarial loss		253,000			253,000			800,000			776,000
Settlement loss		158,000			94,000			435,000			401,000
Net periodic pension cost	$	364,000		$	312,000		$	1,094,000		$	1,070,000

Effective

June 30, 2013,

the Company

no

longer accrue

s additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan.

Effective

December 31, 2014,

the Company

no

longer accrues additional benefits for future service for the Company

’s hourly defined benefit plan.

There were

$1,520

,000

and

$500,000

in contributions made to the Company’s defined benefit plans during the

nine

-month periods ended

September 30, 2017

and

2016,

respectively.