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Retirement Plans | 9 Months Ended
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Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract] |
Retirement Plans | 10. Retirement Plans 401(k) Plan - 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 $12,892 and $12,568 for the three months ended September 30, 2019 and 2018, respectively and $63,453 and $61,607 for the nine months ended September 30, 2019 and 2018, respectively. Employee Stock Ownership Plan - The Company adopted an Employee Stock Ownership Plan in December 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. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock of an aggregate cost of $4.9 million. Shares purchased by the ESOP are held in a suspense account for allocation among participants as contributions are made to the ESOP by the Company. The share allocations will be accounted for at fair value at the date of allocation. As of September 30, 2019, the ESOP had purchased 682,500 shares of the Company’s common stock in the open market for approximately $4.9 million, which the ESOP borrowed from the Company pursuant to the loan agreement. A total of 94,894 and 59,893 shares with a fair value of $634,843 and $416,088 remained allocated or committed to be released from the suspense account as of September 30, 2019 and 2018, respectively. We recognized as compensation cost $170,700 and $173,856 during the nine months ended September 30, 2019 and 2018, respectively. The remaining 584,594 unallocated shares have an approximate fair value of $3.9 million, as of September 30, 2019. At September 30, 2019, the ESOP held a total of 66,308 allocated shares, 28,586 committed-to-be-released shares and 584,594 suspense shares. Dividends on allocated and unallocated shares are used to pay down the ESOP loan from the Operating Partnership. The share allocations are accounted for at fair value on the date of allocation as follows:
|  | September 30, 2019 |  |  | December 31, 2018 |
|  | Number of Shares |  |  | Fair Value |  |  | Number of Shares |  |  | Fair Value |
Allocated shares |  |  | 66,308 |  |  | $ | 443,601 |  |  |  | 33,832 |  |  | $ | 189,798 |
Committed to be released shares |  |  | 28,586 |  |  |  | 191,242 |  |  |  | 35,474 |  |  |  | 199,007 |
Total Allocated and Committed-to-be-Released |  |  | 94,894 |  |  | $ | 634,843 |  |  |  | 69,306 |  |  | $ | 388,805 |
Unallocated shares |  |  | 584,594 |  |  |  | 3,910,932 |  |  |  | 613,194 |  |  |  | 3,440,020 |
Total ESOP Shares |  |  | 679,488 |  |  | $ | 4,545,775 |  |  |  | 682,500 |  |  | $ | 3,828,825 |

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