XML 73 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Deferred Compensation Plan and Employee Stock Purchase Plan
12 Months Ended
Dec. 31, 2012
Employee Deferred Compensation Plan and Employee Stock Purchase Plan

(5) Employee Deferred Compensation Plan and Employee Stock Purchase Plan

The Company maintains a deferred compensation plan (“the Plan”) for all eligible employees. The Plan calls for each eligible employee, at the employee’s election, to participate in an income deferral arrangement under Internal Revenue Code Section 401(k). The plan allows eligible employees to make contributions which cannot exceed 100% of compensation, or the annual dollar limit set by the Internal Revenue Code. The Company matches the first 5% of employee contributions. The Company’s contributions to the Plan amounted to $982, $870 and $792 in 2012, 2011 and 2010.

During 2001, the Company’s Board of Directors adopted the AVD Employee Stock Purchase Plan (the “Plan”). The Plan allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. An aggregate of approximately 1,000,000 shares of the Company’s Common Stock, par value $.10 per share (subject to adjustment for any stock dividend, stock split or other relevant changes in the Company’s capitalization) may be sold pursuant to the Plan, which is intended to qualify under Section 423 of the Internal Revenue Code. The Plan allows for purchases in a series of offering periods, each six months in duration, with new offering periods (other than the initial offering period) commencing on January 1 and July 1 of each year. The initial offering period commenced on July 1, 2001. Pursuant to action taken by the Company’s Board of Directors in December 10, 2010, the expiration of the Plan was extended to December 31, 2013. The Plan was amended and restated on June 30, 2011 following shareholders’ ratification of the extended expiration date. Under the Plan, as amended as of June 30, 2011, 995,000 shares of the Company’s common stock were authorized for sale under the plan, as of December 31, 2012, 941,913 shares remained available for sale.

Shares of common stock purchased through the Plan in 2012, 2011 and 2010 were 40,116, 54,933 and 60,047, respectively.