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EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
The Company has a 401(k) plan whereby all employees generally can participate in the plan. Employees may contribute up to 100 percent of their compensation subject to certain limits based on federal tax laws. The Company makes an enhanced safe-harbor matching contribution that equals to 100 percent of the first 4 percent of the employee’s deferral rate not to exceed 4 percent of the employee’s compensation. The safe-harbor matching contribution is fully vested by the participant when made.
For the years ended December 31, 2017, 2016 and 2015, expense attributable to 401(k) plans amounted to $3.1 million, $3.9 million and $3.6 million, respectively.
The Company has adopted a Deferred Compensation Plan under Section 401 of the IRC. The purpose of this plan is to provide specified benefits to a select group of management and highly compensated employees. Participants may elect to defer compensation, which accrues interest quarterly at the Prime Rate as of the last business day of the prior quarter. The Company does not make contributions to the Plan.
Employee Equity Ownership Plan
The Company established the Employee Equity Ownership Plan (EEOP) effective October 15, 2013 for the benefit of employees. The EEOP is administered under the Company’s 2013 Omnibus Stock Incentive Plan and the awards thereunder are issued upon the terms and conditions and subject to the restrictions of the Company’s 2013 Omnibus Stock Incentive Plan. The EEOP provides that employees eligible to receive restricted stock awards or units under the EEOP are any employees who are not otherwise given shares pursuant to any other Company-sponsored equity program, with grants generally vesting in five equal annual installments beginning on the first anniversary of the date of grant.
The Company issued 35,016, 98,693 and 58,073 shares, respectively, of restricted stock awards and units under the EEOP for the years ended December 31, 2017, 2016 and 2015. At December 31, 2017, there were 64,755 shares of unvested restricted stock awards and units with an unrecognized stock-based compensation expense of $1.1 million.