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DEFINED CONTRIBUTIONS PLANS
12 Months Ended
Dec. 31, 2016
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]  
DEFINED CONTRIBUTIONS PLANS
DEFINED CONTRIBUTION PLANS

The Company sponsors the LMI Profit Sharing and Savings Plan (the "Plan"), which covers virtually all of its employees. The Plan includes both 401(k) and profit sharing components under which the Company may make discretionary contributions. The Company’s contributions to the Plan are determined and approved by the Board of Directors and may be settled in cash or shares of LMI common stock. In 2016, 2015, and 2014, Company contributions under the Plan were made in stock.

Matching contributions under the 401(k) component of the Plan are based upon a percentage of employee contributions. For the years ended December 31, 2016 and 2015, the Company made 401(k) contributions up to a maximum of 3.0% or 5.0% of eligible annual wages per employee.  The applicable percent of eligible wages for each participant was determined by the operating segment to which the employee belonged. Matching contributions to the Plan made in 2016 and 2015 are vested to the employee over four years at 25% per annum. For the year ended December 31, 2014, the Company made matching contributions of 50% for each one dollar contributed by each participant up to a maximum employer matching contribution of $1 per employee.  Matching contributions made in 2014 were immediately vested.

Profit sharing contributions made by the Company vest over time and are fully vested after six years.  No profit sharing contributions were made in 2016, 2015, or 2014.  

The Company recognized costs for 401(k) matching contributions under the Plan totaling $1,451, $1,519, and $729 in 2016, 2015, and 2014, respectively.  

At December 31, 2014, the Company also sponsored the Valent 401(k) plan (the "Valent Plan.") The Valent Plan was merged into the Plan effective June 4, 2015 and was subsequently terminated. Under the Valent Plan, the Company could contribute a discretionary matching contribution.  The exact percentage, if any, was determined each year and could not exceed 3.0% of a participant’s compensation for the year. During 2014, the Company recognized expense under the Valent Plan of $848, equating to 100% of the first 3.0% of participant compensation.