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Deferred Compensation Plans
3 Months Ended
Mar. 31, 2019
Postemployment Benefits [Abstract]  
Deferred Compensation Plans Deferred Compensation Plans
The Company has a non-qualified deferred compensation plan for executive officers, directors and certain eligible employees. The assets of the deferred compensation plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The plan allows for deferral of up to 90% of a participant’s base salary, bonus, commissions, director fees and restricted stock unit awards. A Company owned life insurance policy held in a rabbi trust is utilized as a source of funding for the plan. The cash surrender value of the life insurance policy is $1.2 million and $966,000 as of March 31, 2019 and 2018, respectively. For the three months ending March 31, 2019, we reported in other income (expense) in the consolidated income statement a gain related to the policy of approximately $99,000 and for the same period in 2018, a loss of approximately $67,000.

For deferrals of base salary, bonus, commissions and director fees, settlement payments are made to participants in cash, either in a lump sum or in periodic installments. The obligation to pay the deferred compensation and the deferred director fees is adjusted to reflect the positive or negative performance of investment measurement options selected by each participant and was $1.2 million and $992,000 as of March 31, 2019 and 2018, respectively. The deferred obligation is included in other long-term liabilities in the condensed consolidated balance sheet.

For deferrals of restricted stock units, the plan does not allow for diversification, therefore, distributions are paid in shares of common stock and the obligation is carried at grant value. As of March 31, 2019 and 2018, respectively, 63,062 and 104,590 unvested restricted stock units have been deferred of which 78,771 and 32,037 units have been released and issued to the deferred compensation plan with a value of $1.7 million and $816,373, respectively.