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Benefit Plans | 12 Months Ended
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Dec. 31, 2012
Benefit Plans [Abstract] |
Benefit Plans | Note 9. Benefit Plans Employee stock ownership plan The Company sponsors an employee stock ownership plan (“ESOP”) that covers substantially all employees who work 1,000 or more hours during the year. The ESOP has, at various times, secured financing from the Company to purchase the Company’s shares on the open market. When the Plan purchases shares with the proceeds of the Company loans, the shares are pledged as collateral for its debt. The shares are maintained in a suspense account until released and allocated to participant accounts. The Plan owns 148,382 shares of the Company’s stock at December 31, 2012. All shares held by the Plan have been released and allocated. The dividends paid by the Company on shares held by the Plan are allocated to the participant accounts. The Plan had no debt to the Company at December 31, 2012. The Company had compensation expense for contributions of $18,000 to the ESOP plan for the years ended December 31, 2012 and 2011. In the event a terminated ESOP participant desires to sell his or her shares of the Company’s stock and the shares are not readily tradable, the Company may be required to purchase the shares from the participant at their fair market value. At December 31, 2012, 148,382 shares of the Company’s stock, with an aggregate fair market value of approximately $559,000, are held by ESOP participants who, if terminated, would be subject to the repurchase requirement. Profit sharing plan and savings plan The Company has a salary reduction and profit sharing plan which conforms to IRS provisions for 401(k) plans. The Company may make profit sharing contributions with the approval of the Board of Directors. The Board of Directors approved Company contributions of $18,000 and $0 for the years ended December 31, 2012 and 2011, respectively, in addition to its matching of 401(k) salary reductions, which totaled $61,000 and $64,000 for 2012 and 2011, respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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- Details
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