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Deferred Compensation Plan
3 Months Ended
Mar. 31, 2020
Postemployment Benefits [Abstract]  
Deferred Compensation Plan Deferred Compensation Plan
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 $1.3 million and $1.5 million as of March 31, 2020 and December 31, 2019, respectively. We reported in other (expense) income in the condensed consolidated statements of operations a loss related to the policy of approximately $262,000 and a gain of approximately $99,000 for the three months ended March 31, 2020 and 2019, respectively.

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. The deferred compensation liability, which is included in other long-term liabilities in the condensed consolidated balance sheet, was $1.4 million and $1.7 million as of March 31, 2020 and December 31, 2019, respectively.

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, 2020 and 2019, respectively, we had 36,500 and 63,062 unvested restricted stock units being deferred. As of March 31, 2020, we had released and issued 138,252 shares with a value of $2.2 million to the deferred compensation plan. As of March 31, 2019, we had released and issued 78,771 shares with a value of $1.7 million to the deferred compensation plan.