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Retirement Plans | 6 Months Ended
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Jun. 30, 2017
Compensation And Retirement Disclosure [Abstract] |
Retirement Plans | 10. Retirement Plans We maintain a 401(k) plan for qualified employees which is subject to “safe harbor” provisions and which requires that we match 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. All employer matching funds vest immediately in accordance with the “safe harbor” provision. Contributions to the plan totaled $21,618 and $45,856 for the three and six months ended June 30, 2017, respectively and $21,257 and $45,945 for the three and six months ended June 30, 2016, respectively. The Company’s board of directors adopted an Employee Stock Ownership Plan (“ESOP”) on November 29, 2016, effective January 1, 2016. The ESOP is a non-contributory defined contribution plan covering all employees of the Company. The Company sponsors and maintains the ESOP and related trust for the benefit of its eligible employees. The ESOP is a leveraged ESOP, meaning funds are loaned to the ESOP from the Company. The Company entered into a loan agreement with the ESOP on December 29, 2016, pursuant to which the ESOP may borrow up to $5.0 million to purchase shares of the Company’s common stock on the open market, which serve as collateral for the loan. As of December 31, 2016, the ESOP had not purchased any shares of the Company’s common stock and had not drawn funds under the loan agreement with the Company. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock for an approximate value of $4.9 million. Shares purchased by the ESOP are held in a suspense account for allocation among participants. As contributions are made into the ESOP by the Company they are reflected as unearned ESOP shares on the consolidated balance sheets of the Company. The share allocations are accounted for at fair value on the date of allocation and 16,984 shares have been allocated or committed-to-be-released from the suspense account, with a fair value of $121,305, as of June 30, 2017. The fair value of the unearned shares held by the ESOP on June 30, 2017 and December 31, 2016, was approximately $4.5 million and $0, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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