Employee Stock Ownership Plan

12 Months Ended

Dec. 31, 2011

Employee Stock Ownership Plan [Abstract]

Employee Stock Ownership Plan

Note 16. Employee Stock Ownership Plan

The Company has a noncontributory Employee Stock Ownership Plan ("ESOP") for the benefit of all eligible employees who have completed twelve months of service and who have attained the age of 21 years. Contributions to the plan are at the discretion of the Company's Board of Directors. Contributions are allocated in the ratio to which the covered compensation of each participant bears to the aggregate covered compensation of all participants for the plan year. Allocations are limited to 25% of eligible participant compensation. Participant accounts are 30% vested after two years, 40% vested after three years with vesting increasing 20% each year thereafter, until 100% vested. The plan had 173,740 allocated shares as of December 31, 2011. Contributions to the plan were $75,000 and $75,000 for 2011 and 2010, respectively. There were no dividends on the Company's stock held by the ESOP in 2011 and 2010 except for $8.24 cash in lieu of dividends related to the stock dividends declared in 2010. Shares held by the ESOP are considered outstanding for purposes of computing earnings per share.