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EMPLOYEE BENEFIT PLANS
9 Months Ended
Sep. 30, 2011
EMPLOYEE BENEFIT PLANS
 
12.
EMPLOYEE BENEFIT PLANS
 
The Company participates in a multiple employer pension plan.  The following represents the net periodic benefit cost (credit) and related components for the plan:
 
(in thousands)
  
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2011
    
2010
    
2011
    
2010
  
Service cost
   $ -     $ -     $ -     $ -  
Interest cost
     67       66       200       199  
Expected return on plan assets
     (81 )     (75 )     (243 )     (226 )
Amortization of net losses
     10       8       29       25  
Net periodic benefit
   $ (4 )   $ (1 )   $ (14 )   $ (2 )
 
During the first quarter of 2011, the Company made a contribution of $100,000 to this plan.
 
The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”).  The Company maintains certain securities in the SERP that have been classified as trading.  The SERP assets are marked to market and totaled $4,277,000 as of September 30, 2011 and $4,445,000 as of December 31, 2010.  The SERP assets are reported in other assets on the consolidated balance sheets and changes related to the fair value of the assets are included in selling, general and administrative expenses in the consolidated statements of operations.  Trading (losses) related to the SERP assets totaled approximately $(174,000) during the three months ended September 30, 2011 and approximately $(166,000) during the nine months ended September 30, 2011.  Trading gains (losses) related to the SERP assets totaled approximately $57,000 during the three months ended September 30, 2010 and approximately $(60,000) during the nine months ended September 30, 2010.