XML 71 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefit Plans
12 Months Ended
Dec. 31, 2014
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. The Company provides matching contributions to the Company’s 401(k) plan. Company contributions are generally discretionary.  The Company’s policy is to fund all benefit costs accrued. For the years ended December 31, 2014, 2013 and 2012, expenses related to these plans amounted to $1,280,  $1,173 and $1,122, respectively. 

 

Long-Term Cash Incentive Plan

 

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.

 

The Company granted Phantom Share awards in 2013 that vest in February 2016 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, 2014, the Company has recorded a liability of $245 for the awards granted under the LTCIP which was included on the consolidated balance sheet as a component of other long-term liabilities.  There were no awards granted under the LTCIP during the year ended December 31, 2014 or 2012.