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Defined Contribution Plan
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Defined Contribution Plan

 

NOTE 11 DEFINED CONTRIBUTION PLAN

We have a defined contribution plan (401k) covering substantially all of our employees. In the past three calendar years, we made matching cash contributions equal to 50% of each participant’s contribution during the plan year up to a maximum amount equal to the lesser of 3% of each participant’s annual compensation or $7,350 for the years 2011, 2010 and 2009, and such amounts were recorded as expense in the corresponding years. We may also contribute additional discretionary amounts to the defined contribution plan as we may determine. For the years ended December 31, 2011, 2010 and 2009, we contributed to the plan approximately $46,000, $51,000 and $76,000, respectively. No discretionary contributions have been made to the plan since its inception.