7. Deferred Compensation and Retirement Plans

The Company has several deferred compensation and retirement plans for eligible consultants and vice-presidents that provide defined benefits to participants based on the deferral of current compensation or contributions made by the Company subject to vesting and retirement or termination provisions.

The components of net periodic benefit costs are as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2011		2010		2011		2010
	(in thousands)
Service cost	$	—	$	34	$	—	$	68
Interest cost		884		925		1,768		1,850
Amortization of actuarial loss		355		105		710		210

Net periodic benefit costs	$	1,239	$	1,064	$	2,478	$	2,128

The Company has an Executive Capital Accumulation Plan ("ECAP"), which is intended to provide certain employees an opportunity to defer salary and/or bonus on a pre-tax basis or make an after-tax contribution. The Company made contributions to the ECAP during the three months ended October 31, 2011 and 2010, of $3.0 million and $0.1 million, respectively. The Company made contributions to the ECAP during the six months ended October 31, 2011 and 2010, of $15.3 million and $0.4 million, respectively. Participants generally vest in Company contributions over a four year period. The ECAP is accounted for whereby the changes in the fair value of the vested amounts owed to the participants are adjusted with a corresponding charge (or credit) to compensation and benefits costs. During the three and six months ended October 31, 2011, deferred compensation liability decreased; therefore, the Company recognized a reduction in compensation expenses of $2.3 million and $3.6 million, respectively. During the three and six months ended October 31, 2010, deferred compensation liability increased; therefore the Company recognized compensation expenses of $2.5 million and $1.3 million, respectively.