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401(K) RETIREMENT SAVINGS PLAN
12 Months Ended
Dec. 31, 2012
401(K) RETIREMENT SAVINGS PLAN  
401(K) RETIREMENT SAVINGS PLAN

18.                               401(K) RETIREMENT SAVINGS PLAN

 

We maintain a 401(k) Retirement Savings Plan (“Retirement Savings Plan”) that covers substantially all employees of the Company. The Retirement Savings Plan allows employees to direct their own investments among a selection of investment alternatives and is funded by employee elective deferrals, employer matching contributions and employer profit sharing contributions.

 

We match 100% of an employee’s elective deferrals, up to 4% of the employee’s pay each pay period. Our employer matching contributions to the Retirement Savings Plan totaled $1.6 million, $1.4 million and $1.4 million in 2012, 2011 and 2010, respectively.

 

We also have the option of making discretionary profit sharing contributions into the Retirement Savings Plan. Our Board of Directors has sole discretion in determining the annual profit sharing contribution, subject to limitations of the Internal Revenue Code. We did not make any profit sharing contributions in 2012, 2011 and 2010.