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Employee Benefit Plans
12 Months Ended
Dec. 31, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

8. Employee Benefit Plans

 

The Company has certain defined contribution profit sharing and 401(k) plans covering substantially all of its employees in the United States and United Kingdom. Company contributions are generally discretionary.  The Company’s policy is to fund all benefit costs accrued. For the years ended December 31, 2013, 2012 and 2011, expenses related to these plans amounted to $1,469,  $1,527 and $1,801, respectively. 

 

The Company provides matching contributions to the Company’s 401(k) plan covering substantially all of its employees in the United States. 

 

Long-Term Cash Incentive Plans

 

In March 2009, the Company adopted the Stoneridge, Inc. Long-Term Cash Incentive Plan (“LTCIP”) and granted awards to certain officers and key employees.  Awards under the LTCIP provided recipients with the right to receive cash three years from the date of grant depending on the Company’s actual earnings per share performance for the defined performance period. If the participant voluntarily terminated employment or was discharged for cause, as defined in the LTCIP, the award would be forfeited.  In May 2009, the LTCIP was approved by the Company’s shareholders.  At December 31, 2011, the Company had a liability recorded of $2,173, which was paid in March 2012 based on achievement of the performance goal.  As such, no liability remains for this award at December 31, 2012 or 2013.

 

For 2010, the awards under the LTCIP provided recipients with the right to receive an amount of cash equal to the fair market value of a specified number of Common Shares, without par value, of the Company (“Phantom Shares”) three years from the date of grant depending on the Company’s actual earnings per share performance for each fiscal year of 2011, 2012 and 2013 within the performance period.  The Company recorded an accrual based on the fair market value of the Phantom Shares for an award to be paid in the period earned based on anticipated achievement of the performance goals.  If the participant voluntarily terminates employment or is discharged for cause, as defined in the LTCIP, the award will be forfeited.    At December 31, 2012, the Company recorded a liability of $606 for the awards granted under the LTCIP which was included on the consolidated balance sheet as component of accrued expenses and other current liabilities. In February 2013, the 2010 awards were paid based on achievement of the performance goal.  As such, no liability remains for this award at December 31, 2013.

 

For 2013, the Company granted Phantom Share awards that vest three years from the date of grant depending on the Company’s actual earnings per share performance for each fiscal year of 2013, 2014 and 2015 within the performance period.  As of December 31, 2013, the Company has not recorded a liability as the 2013 performance goal was not achieved.  There were no awards granted under the LTCIP during the year ended December 31, 2012 or 2011.