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Stock-Based Compensation and Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation and Employee Benefit Plans | 3. STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Vicor currently grants options for the purchase of common stock (i.e., “stock options”) under the following equity compensation plans that are stockholder-approved: Amended and Restated 2000 Stock Option and Incentive Plan (the “2000 Plan”) — Under the 2000 Plan, the Board of Directors or the Compensation Committee of the Board of Directors may grant stock incentive awards based on the Company’s Common Stock, including stock options, stock appreciation rights, restricted stock, performance shares, unrestricted stock, deferred stock, and dividend equivalent rights. Awards may be granted to employees and other key persons, including non-employee directors. Incentive stock options may be granted to employees at a price at least equal to the fair market value per share of the Common Stock on the date of grant, and non-qualified options may be granted to non-employee directors at a price at least equal to 85% of the fair market value of the Common Stock on the date of grant. A total of 4,000,000 shares of Common Stock have been reserved for issuance under the 2000 Plan. The period of time during which an option may be exercised and the vesting periods are determined by the Compensation Committee. The term of each option may not exceed 10 years from the date of grant. Picor Corporation (“Picor”), a privately held, majority-owned subsidiary of Vicor, currently grants stock options under the following equity compensation plan that has been approved by its Board of Directors: 2001 Stock Option and Incentive Plan, as amended (the “2001 Picor Plan”) — Under the 2001 Picor Plan, the Board of Directors of Picor may grant equity-based awards associated with Picor Common Stock, including stock options, restricted stock, or unrestricted stock. Awards may be granted to employees and other key persons, including non-employee directors and full or part-time officers. No incentive stock options have been granted since November 11, 2011, and no such options were outstanding as of December 31, 2015. Non-qualifying stock options may be granted to employees at a price at least equal to the fair market value per share of Picor Common Stock, based on judgments made by Picor’s Board of Directors on the date of grant. All stock option awards must be approved by both the Picor Board of Directors and the Compensation Committee of the Company’s Board of Directors. A total of 20,000,000 shares of Picor Common Stock have been reserved for issuance under the 2001 Picor Plan. The period of time during which an option may be exercised and the vesting periods are determined by the Picor Board of Directors. The term of each option may not exceed 10 years from the date of grant. VI Chip Corporation (“VI Chip”), a privately held, majority-owned subsidiary of Vicor, currently grants stock options under the following equity compensation plan that has been approved by its Board of Directors: 2007 Stock Option and Incentive Plan, as amended (the “2007 VI Chip Plan”) — Under the 2007 VI Chip Plan, the Board of Directors of VI Chip may grant equity-based awards associated with VI Chip Common Stock, including stock options, restricted stock, or unrestricted stock. Awards may be granted to employees and other key persons, including non-employee directors and full or part-time officers. No incentive stock options have been granted since November 11, 2011, and no such options were outstanding as of December 31, 2015. Non-qualifying stock options may be granted to employees at a price at least equal to the fair market value per share of the VI Chip Common Stock, based on judgments made by VI Chip’s Board of Directors on the date of grant. A total of 12,000,000 shares of VI Chip Common Stock have been reserved for issuance under the 2007 VI Chip Plan. The period of time during which an option may be exercised and the vesting periods are determined by the VI Chip Board of Directors. The term of each option may not exceed 10 years from the date of grant. All time-based (i.e., non-performance-based) options for the purchase of Vicor common stock are granted at an exercise price equal to or greater than the market price for Vicor common stock at the date of the grant. All time-based (i.e., non-performance-based) options for the purchase of VI Chip or Picor common stock are granted at an exercise price equal to or greater than the estimated fair market value of the respective share price, based on a value calculated using a discounted cash flow model at the date of grant consistent with the requirements of Section 409A of the Internal Revenue Code. On May 17, 2013, the Company commenced an Offer to Exchange (the “Exchange Offer”) to its employees and directors to voluntarily exchange certain outstanding options to purchase shares of the Company’s common stock granted under the 2000 Plan, on a one-for-one basis, for replacement options to purchase shares of common stock, also to be granted under the Company’s 2000 Plan (the “Option Exchange”). All outstanding options under the 2000 Plan granted to employees and directors prior to January 1, 2013, whether or not vested, were eligible for the Option Exchange (“Eligible Options”). Eligible Options included those options with time-based vesting provisions (“Time-Based Eligible Options”) and those options with performance-based vesting provisions tied to the achievement of certain quarterly revenue targets by the Company’s Brick Business Unit (the “BBU”) (“Performance-Based Eligible Options”). Options for the purchase of shares of common stock of the Company’s subsidiaries, VI Chip and Picor, were not eligible for the Option Exchange. Pursuant to the Exchange Offer, which expired June 17, 2013 (the “Offer Expiration Date”), 638 eligible participants tendered, and the Company accepted for exchange, options to purchase an aggregate of 1,531,077 shares of the Company’s common stock, representing approximately 91% of Eligible Options. Upon acceptance, the tendered options were cancelled, and the Company granted an equivalent number of new options (the “Replacement Options”) under the 2000 Plan. All Replacement Options vest over five years, have a 10 year term, and have terms substantially similar to other time-based vesting options awarded under the 2000 Plan. Replacement Options granted in exchange for Time-Based Eligible Options have an exercise price equal to $6.29 (being 120% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date). Replacement Options granted in exchange for Performance-Based Eligible Options have an exercise price equal to (i) $6.29 (being 120% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date) with respect to Replacement Options that vest on or prior to the first anniversary of the Offer Expiration Date; (ii) $7.34 (being 140% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date) with respect to Replacement Options that vest after the first anniversary of the Offer Expiration Date but on or prior to the second anniversary of the Offer Expiration Date; (iii) $8.38 (being 160% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date) with respect to Replacement Options that vest after the second anniversary of the Offer Expiration Date but on or prior to the third anniversary of the Offer Expiration Date; (iv) $9.43 (being 180% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date) with respect to Replacement Options that vest after the third anniversary of the Offer Expiration Date but on or prior to the fourth anniversary of the Offer Expiration Date; and (v) $10.48 (being 200% of the last reported sale price per share of the Company’s common stock on the NASDAQ on the Offer Expiration Date) with respect to Replacement Options that vest after the fourth anniversary of the Offer Expiration Date. For financial reporting purposes, the exchange of Time-Based Eligible Options for Replacement Options was considered a modification of both the exercise price and the vesting terms of the cancelled options. The accounting for these modifications resulted in total incremental expense of approximately $365,000, which, combined with the remaining unrecognized expense from the original grant date value of approximately $318,000, is being recognized over the associated service period (i.e., the five year vesting period) for each new vesting tranche. Because the Company had not previously recorded stock-based compensation expense for the Performance-Based Eligible Options, as the Company determined it was not probable the Brick Business Unit would meet the revenue targets required to trigger vesting of such options, the exchange of Replacement Options for Performance-Based Eligible Options has been accounted for as the grant of new options as of June 17, 2013, the Offer Expiration Date. As referenced above, because these Replacement Options have five different exercise prices (i.e., an increasing exercise price for each of the five different vesting periods, each with a different term to expiration), the value of such Replacement Options, calculated using the Black-Scholes methodology, was based on the assumption each vesting tranche represented a distinct instrument. The resulting total expense of approximately $2,300,000 will be recognized over the associated service period for each vesting tranche, as if the grant were, in substance, five grants of distinct instruments with different exercise prices and different, sequentially shorter, terms to expiration. The unrecognized compensation expense for these Replacement Options was approximately $370,000 as of December 31, 2015. Under the retirement provisions of the 2000 Plan and the option agreements applicable to the Replacement Options, the Company records all stock-based compensation expense for an option grant by the earlier of (a) the end of the associated service period (i.e., the vesting period) or (b) by age 62.5 of the employee or director to whom the options were awarded. Because of the age of certain recipient employees and directors, a number of Replacement Options granted were subject to immediate recognition of the associated total stock-based compensation expense. Accordingly, as a result of the Option Exchange, the Company recorded stock-based compensation expense during the second quarter of 2013 of approximately $625,000, of which approximately $450,000 was the result of immediate expense recognition due to the age of the recipient employee or director. Separate from the Option Exchange, on May 14, 2013, the Company awarded options to purchase, at an exercise price of $5.35 per share, an aggregate of 150,000 shares of common stock, under the 2000 Plan, to certain officers. In addition, on June 21, 2013, the Company awarded options to purchase, at an exercise price of $5.67 per share, an aggregate of 70,552 shares of common stock, under the 2000 Plan, to directors as a component of their annual compensation. The total stock-based compensation expense recognized during the second quarter of 2013 for these awards was approximately $208,000, of which approximately $190,000 was the result of immediate expense recognition due to the age of the recipient officer or director. During the third quarter of 2010, the Company granted an aggregate of 1,243,750 Performance-Based Eligible Options. Based on the final results of the Option Exchange, a total of 44,500 of these Performance-Based Eligible Options remain outstanding as of December 31, 2015. Under the accounting rules for performance-based awards, the Company is required to assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. If and when achievement is deemed probable, the Company will begin to recognize the associated compensation expense for the remaining stock options over the relevant performance period. As of December 31, 2015, the Company determined it was not probable the revenue targets would be achieved and, accordingly, has not recorded any compensation expense relating to these options since the grant date. The unrecognized compensation expense of these performance-based options was approximately $279,000 as of December 31, 2015. On December 31, 2010, the Company granted 2,984,250 non-qualified stock options under the 2007 VI Chip Plan with performance-based vesting provisions tied to achievement of certain margin targets by VI Chip Corporation. As of December 31, 2010, the Company determined it was probable the margin targets would be achieved and, accordingly, began recording stock-based compensation expense relating to these options beginning January 1, 2011. This determination remains the same as of December 31, 2015 and, accordingly, expense has been recorded through that date. The unrecognized compensation expense for these performance-based options was approximately $485,000 as of December 31, 2015. During the fourth quarter of 2014, the Company, in effect, cancelled certain stock options previously awarded to three corporate officers in 2013 and awarded to those officers new stock options representing an equivalent value, as calculated using the Black-Scholes option-pricing model. Subsequent to the 2013 awards, the Company determined those grants exceeded the limit on the number of stock options that may be granted to an individual in a year, according to the terms of the 2000 Plan. In connection with this action, recorded for financial reporting purposes as a modification of existing options, a total of 129,028 stock options awarded in 2013 were cancelled and a total of 150,355 new stock options were awarded. The cancellation of the 2013 stock options and the award of new stock options did not have a material impact on the Company’s results of operations. Stock-based compensation expense for the years ended December 31 was as follows (in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Cost of revenues |  | $ | 230 |  |  | $ | 183 |  |  | $ | 163 |
Selling, general and administrative |  |  | 1,246 |  |  |  | 1,176 |  |  |  | 1,942 |
Research and development |  |  | 306 |  |  |  | 275 |  |  |  | 345 |
Total stock-based compensation |  | $ | 1,782 |  |  | $ | 1,634 |  |  | $ | 2,450 |
The decrease in stock-based compensation expense in 2015 and 2014 compared to 2013 were primarily due to the Offer to Exchange, described above. The fair value for options awarded for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Non Performance- based Stock Options |
Vicor: |  | 2015 |  |  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 2.0 | % |  |  | 2.2 | % |  |  | 1.2 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Expected volatility |  |  | 51 | % |  |  | 52 | % |  |  | 39 | %
Expected lives (years) |  |  | 7.2 |  |  |  | 6.6 |  |  |  | 4.9 |
VI Chip: |  | 2015 |  |  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 2.1 | % |  |  | 2.3 | % |  |  | 1.6 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Expected volatility |  |  | 37 | % |  |  | 41 | % |  |  | 48 | %
Expected lives (years) |  |  | 6.5 |  |  |  | 6.5 |  |  |  | 6.5 |
Picor: |  | 2015 |  |  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 1.9 | % |  |  | 2.2 | % |  |  | 1.2 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Expected volatility |  |  | 41 | % |  |  | 42 | % |  |  | 49 | %
Expected lives (years) |  |  | 6.5 |  |  |  | 6.5 |  |  |  | 6.5 |
Risk-free interest rate: Vicor — The Company uses the yield on zero-coupon U.S. Treasury “Strip” securities for a period that is commensurate with the expected term assumption for each vesting period. Picor and VI Chip — Picor and VI Chip use the yield to maturity of a seven-year U.S. Treasury bond, as it most closely aligns to the expected exercise period. Expected dividend yield: Vicor — The Company determines the expected dividend yield by annualizing the most recent prior cash dividends declared by the Company’s Board of Directors, if any, and dividing that result by the closing stock price on the date of that dividend declaration. Dividends are not paid on options. Picor and VI Chip — Picor and VI Chip have not and do not expect to declare and pay dividends in the foreseeable future. Therefore, the expected dividend yield is not applicable. Expected volatility: Vicor — Vicor uses historical volatility to estimate the grant-date fair value of the options, using the expected term for the period over which to calculate the volatility (see below). The Company does not expect its future volatility to differ from its historical volatility. The computation of the Company’s volatility is based on a simple average calculation of monthly volatilities over the expected term. Picor — As Picor is a nonpublic entity, historical volatility information is not available. An industry sector index of six publicly traded fabless semiconductor firms was developed for calculating historical volatility for Picor. Historical prices for each of the companies in the index based on the market price of the shares on each day of trading over the expected term were used to determine the historical volatility. VI Chip — As VI Chip is a nonpublic entity, historical volatility information is not available. An industry sector index of 11 publicly traded fabless semiconductor firms was developed for calculating historical volatility for VI Chip. Historical prices for each of the companies in the index based on the market price of the shares on each day of trading over the expected term were used to determine the historical volatility. Expected term: Vicor — The Company uses historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation. The Company believes this historical data is currently the best estimate of the expected term of options, and all groups of the Company’s employees exhibit similar exercise behavior. Picor and VI Chip — Due to the lack of historical information, the “simplified” method as prescribed by the Securities and Exchange Commission is used to determine the expected term. Forfeiture rate: The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. The forfeiture analysis is re-evaluated quarterly and the forfeiture rate is adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those shares that vest. Vicor — The Company currently expects, for Vicor options, based on an analysis of historical forfeitures, approximately 88% of its options will actually vest. An annual forfeiture rate of 4.25% has been applied to all unvested options as of December 31, 2015. For 2014 and 2013, the Company expected 78% of its options would actually vest and applied an annual forfeiture rate of 8.00%. Picor — The Company currently expects, for Picor options, based on an analysis of historical forfeitures, approximately 93% of its options will actually vest. An annual forfeiture rate of 2.5% has been applied to all unvested options as of December 31, 2015. For 2014 and 2013, the Company similarly expected 92% of its options would actually vest and applied an annual forfeiture rate of 2.75%. VI Chip — The Company currently expects, for VI Chip options, based on an analysis of historical forfeitures, approximately 78% of its options will actually vest. An annual forfeiture rate of 8.5% has been applied to all unvested options as of December 31, 2015. For 2014 and 2013, the Company expected 77% and 80%, respectively, of its options would actually vest and applied an annual forfeiture rate of 7.75% and 7.00%, respectively. Vicor Stock Options A summary of the activity under Vicor’s stock option plans as of December 31, 2015 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding on December 31, 2014 |  |  | 1,895,675 |  |  | $ | 8.07 |  |  |  |  |  |  |  |  |
Granted |  |  | 194,561 |  |  | $ | 12.51 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (117,085 | ) |  | $ | 9.30 |  |  |  |  |  |  |  |  |
Exercised |  |  | (125,084 | ) |  | $ | 6.44 |  |  |  |  |  |  |  |  |
Outstanding on December 31, 2015 |  |  | 1,848,067 |  |  | $ | 8.57 |  |  |  | 7.64 |  |  | $ | 2,637 |
Exercisable on December 31, 2015 |  |  | 565,861 |  |  | $ | 7.24 |  |  |  | 7.25 |  |  | $ | 1,269 |
Vested or expected to vest as of December 31, 2015 (1) |  |  | 1,778,075 |  |  | $ | 8.51 |  |  |  | 7.64 |  |  | $ | 2,580 |
(1) | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.
As of December 31, 2014 and 2013, the Company had options exercisable for 306,173 and 54,284 shares respectively, for which the weighted average exercise prices were $6.90 and $9.72, respectively. During the years ended December 31, 2015, 2014, and 2013 under all plans, the total intrinsic value of Vicor options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was $928,000, $751,000, and $15,000, respectively. The total amount of cash received by the Company from options exercised in 2015, 2014, and 2013, was $805,000, $788,000, and $13,000, respectively. The total grant-date fair value of stock options that vested during the years ended December 31, 2015, 2014, and 2013 was approximately $1,194,000, $1,096,000, and $489,000, respectively. As of December 31, 2015, there was $1,393,000 of total unrecognized compensation cost related to unvested non-performance based awards for Vicor. That cost is expected to be recognized over a weighted-average period of 1.8 years for those awards. The expense will be recognized as follows: $726,000 in 2016, $397,000 in 2017, $186,000 in 2018, $71,000 in 2019, and $13,000 in 2020. The weighted-average fair value of Vicor options granted was $6.76, $5.50, and $1.90, in 2015, 2014, and 2013, respectively. Picor Stock Options A summary of the activity under the 2001 Picor Plan as of December 31, 2015 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding on December 31, 2014 |  |  | 9,870,067 |  |  | $ | 0.62 |  |  |  |  |  |  |  |  |
Granted |  |  | 82,000 |  |  | $ | 1.09 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (8,000 | ) |  | $ | 0.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (219,000 | ) |  | $ | 0.76 |  |  |  |  |  |  |  |  |
Outstanding on December 31, 2015 |  |  | 9,725,067 |  |  | $ | 0.62 |  |  |  | 5.01 |  |  | $ | 4,520 |
Exercisable on December 31, 2015 |  |  | 8,053,490 |  |  | $ | 0.64 |  |  |  | 4.48 |  |  | $ | 3,594 |
Vested or expected to vest as of December 31, 2015 (1) |  |  | 9,668,334 |  |  | $ | 0.62 |  |  |  | 4.99 |  |  | $ | 4,488 |
(1) | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.
As of December 31, 2014 and 2013, Picor had options exercisable for 6,643,377 and 5,869,044 shares, respectively, for which the weighted average exercise prices were $0.67 and $0.69, respectively. During the years ended December 31, 2015, and 2013, the total intrinsic value of Picor options exercised was $72,000 and $146,000, respectively. There were no Picor options exercised in 2014. The total amounts of cash received by Picor from options exercised in 2015 and 2013 was $14,000 in both years. The total grant-date fair value of stock options vesting during the years ended December 31, 2015, 2014, and 2013 was approximately $39,000, $0, and $398,000, respectively. As of December 31, 2015, there was $307,000 of total unrecognized compensation cost related to unvested share-based awards for Picor. That cost is expected to be recognized over a weighted-average period of 2.6 years for all Picor awards. The expense will be recognized as follows: $148,000 in 2016, $86,000 in 2017, $51,000 in 2018, $19,000 in 2019, and $3,000 in 2020. The weighted-average fair value of Picor options granted was $0.48 in 2015, $0.19 in 2014, and $0.31 in 2013. VI Chip Stock Options A summary of the activity under the 2007 VI Chip Plan as of December 31, 2015 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding on December 31, 2014 |  |  | 10,715,000 |  |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Granted |  |  | 82,500 |  |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (699,000 | ) |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,000 | ) |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Outstanding on December 31, 2015 (1) |  |  | 10,097,500 |  |  | $ | 1.00 |  |  |  | 2.87 |  |  | $ | — |
Exercisable on December 31, 2015 |  |  | 7,042,600 |  |  | $ | 1.00 |  |  |  | 1.75 |  |  | $ | — |
Vested or expected to vest as of December 31, 2015 (2) |  |  | 9,821,129 |  |  | $ | 1.00 |  |  |  | 2.80 |  |  | $ | — |
(1) | Of the total VI Chip options outstanding on December 31, 2015, 5,500,000 options had been granted to Dr. Vinciarelli, the Company’s Chief Executive Officer.
(2) | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.
As of December 31, 2014 and 2013, VI Chip had options exercisable for 7,377,950 and 7,267,600 shares, respectively, for which the weighted average exercise price was $1.00. The total intrinsic value of VI Chip options exercised in 2015 was zero. The total amount of cash received by VI Chip from options exercised in 2015 was $1,000. There were no VI Chip options exercised in 2014 and 2013. As of December 31, 2015, there was $589,000 of total unrecognized compensation cost related to unvested share-based awards for VI Chip. That cost is expected to be recognized over a weighted-average period of 3.0 years for all VI Chip awards. The expense will be recognized as follows: $192,000 in 2016, $178,000 in 2017, $150,000 in 2018, and $69,000 in 2019. The weighted-average fair value of VI Chip options granted was $0.01, $0.02, and $0.29 in 2015, 2014, and 2013, respectively. 401(k) Plan The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the Internal Revenue Code. Employees may contribute to the plan in amounts representing from 1% to 80% of their pre-tax salary, subject to statutory limitations. The Company matches employee contributions to the plan at a rate of 50%, up to the first 3% of an employee’s compensation. The Company’s matching contributions currently vest at a rate of 20% per year, based upon years of service. The Company’s contributions to the plan were approximately $854,000, $877,000, and $825,000 in 2015, 2014, and 2013, respectively. Stock Bonus Plan Under the Company’s 1985 Stock Bonus Plan, as amended, shares of Common Stock may be awarded to employees from time to time as determined by the Board of Directors. On December 31, 2015, 109,964 shares were available for further award. All shares awarded to employees under this plan have vested. No further awards are contemplated under this plan at the present time.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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