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SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN | 3 Months Ended
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Mar. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN |
12. | SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN:
On March 18, 2010, the Compensation Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP), effective as of April 1, 2010. On March 3, 2015, the Compensation Committee and the Board of Directors amended the SERP to include salary and bonus as part of the plan. Prior to this amendment, the SERP benefit did not take into account any bonuses. This change will increase the liability related to the SERP. See the Company's Form 8-K filed on March 9, 2015 for more information regarding the amendments to the SERP. The purpose of the SERP, which is unfunded, is to provide certain of the Company’s executive officers with supplemental pension benefits following a cessation of their employment. As of March 31, 2015 there were six participants in the SERP. The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits. The components of net periodic pension cost were as follows (in thousands):
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
Service cost |  | $ | 229 |  |  | $ | 167 |
Interest cost |  | 120 |  |  | 106 |
Amortization of prior service cost |  | 243 |  |  | 146 |
Total net periodic benefit cost |  | $ | 592 |  |  | $ | 419 |

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