Long Term Retention Plan

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

8.	Long Term Retention Plan

The following table summarizes the 2009, 2010, 2011 and 2012 Long Term Retention Plans (LTRP) accrued compensation expense for the six and three-month periods ended June 30, 2013 and 2012:


	Six Months Ended June 30,				Three Months Ended June 30,
	2013		2012		2013		*2012()**
LTRP 2009	$	1,117,678	$	179,924	$	709,758	$	(497,895	)
LTRP 2010		1,017,936		532,918		624,140		(51,239	)
LTRP 2011		1,006,713		686,876		595,513		119,814
LTRP 2012		1,155,216		792,088		657,381		359,637

(*)	The negative amount included in the table above represents a gain, mainly as a consequence of the changes in the share prices of the Company.

In May 2013 the board of directors, upon the recommendation of the Compensation Committee, approved certain amendments to the 2009, 2010, 2011 and 2012 Long-Term Retention Plans (the Amended LTRPs), to give the Company (through the approval of the Compensation Committee) the option to pay the compensation due under the Amended LTRPs in cash, common stock or a combination thereof. The company has granted the right to any Amended LTRP participant to request settlement in cash. The Amended LTRPs have been considered to be a substantive liability and classified accordingly in the balance sheet.

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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