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Note 14 - Employee Benefit Plans
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Dec. 31, 2011
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| Pension and Other Postretirement Benefits Disclosure [Text Block] |
14. Employee
Benefit Plans
The
Company has a defined contribution 401(k) salary reduction
plan intended to qualify under Section 401(a) of the
Internal Revenue Code of 1986 (the
“401(k) Plan”). The 401(k) Plan allows
eligible employees, as defined in the plan document, to defer
up to the federally allowed limits of their eligible
compensation, with the Company contributing an amount
determined at the discretion of the board of directors. The
Company contributed approximately $120,000, $120,000 and
$65,000 to the 401(k) Plan for the years ended
December 31, 2011, 2010 and 2009, respectively.
The
Company also maintained a Non-qualified Deferred Compensation
Plan for certain employees. This plan allowed participants to
defer a portion of their salary on a pre-tax basis and
accumulate tax-deferred earnings plus interest. These
deferrals were in addition to those allowed under the 401(k)
Plan. The Company provided a discretionary matching
contribution of 25 percent of the employee contribution,
subject to a maximum Company contribution of $2,500 per
employee. The Company’s matching contribution expense
for such plans was $0, $0 and $0 for the years ended
December 31, 2011, 2010 and 2009,
respectively. During the fourth quarter of 2009,
the Company decided to terminate this plan effective in
January 2010. Liabilities totaling $350,000 were paid out to
plan participants during 2011 in conjunction with the
termination of the plan.
The
Company has in place an Employee Stock Ownership Plan
(“ESOP”) for all employees. The ESOP allows
employer contributions, at the sole discretion of the board
of directors. To be eligible to receive contributions, an
employee must complete one year of full time service and be
employed on the last day of the year. Contributions to the
ESOP vest over a five-year period. The following table
reflects activity to the Company’s ESOP plan:
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