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Employee Deferred Compensation Plan and Employee Stock Purchase Plan | 12 Months Ended
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Dec. 31, 2016
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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 $1,258, $1,261 and $1,445 in 2016, 2015 and 2014, respectively. During 2001, the Company’s Board of Directors adopted the AVD Employee Stock Purchase Plan (the “ESPP Plan”). The Plan allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. An original aggregate number 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) were allowed to 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 stockholders’ ratification of the extended expiration date. In December 2013, the Board of Directors resolved to extend the expiration date of the Plan five years, that is, until December 31, 2018. Under the Plan, as amended as of June 30, 2011, 995,000 shares of the Company’s common stock were authorized. As of December 31, 2016, 2015, and 2014, 760,825 803,555, and 854,007 shares, respectively, remained available under the plan. The expense recognized under the Plan was immaterial during the years ended December 31, 2016, 2015 and 2014, respectively. Shares of common stock purchased through the Plan in 2016, 2015 and 2014 were 42,730, 50,452 and 47,213, respectively.

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- Definition The Deferred Plan is a deferred compensation plan for all eligible employees to make contribution 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 Employee Stock Purchase Plan is a plan that allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. + References No definition available. + Details
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- References No definition available. + Details
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