NOTE I – Pension Plans

On May 13, 2014, our defined benefit plan (the "Pension Plan") was terminated effective July 20, 2014. During the fourth quarter of 2014 Pension Plan participants received their earned benefits through the payment of lump-sum cash distributions, roll-over payments to other retirement accounts, and the purchase of annuity contracts from a third-party insurance company. The Pension Plan was fully funded so no company contributions were required in 2014 to completely settle our obligations. Additional information regarding the settlement of the Pension Plan can be found in our Annual Report on Form 10K for the year ended December 31, 2014.

We also have a non-qualified, non-contributory supplemental executive retirement plan (SERP) for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP limits the total amount of annual retirement benefits that may be paid to a participant in the SERP from all sources (Retirement Plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants.

Net pension costs included the following components (in thousands):

	SERP				Pension Plan
	Three Months Ended June 30,				Three Months Ended June 30,
	2015		2014		2015			2014
Service cost-benefits earned during period	$	28	$	31	$	N/	A	$	—
Interest cost on projected benefit obligations		85		73					881
Expected return on plan assets		—		—					(1,214	)
Amortization of prior service costs		52		52					—
Amortization of actuarial (gain) loss		55		—					79
Net pension costs	$	220	$	156	$	N/	A	$	(254	)

	SERP				Pension Plan
	Six Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014
Service cost-benefits earned during period	$	64	$	62	$	N/	A	$	—
Interest cost on projected benefit obligations		157		145					1,763
Expected return on plan assets		—		—					(2,428	)
Amortization of prior service costs		105		104					—
Amortization of actuarial (gain) loss		85		—					158
Net pension costs	$	411	$	311	$	N/	A	$	(507	)