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DEFINED CONTRIBUTIONS PLANS
12 Months Ended
Dec. 31, 2015
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]  
DEFINED CONTRIBUTIONS PLANS
DEFINED CONTRIBUTION PLANS
 
The Company sponsored two defined contribution plans in 2015:  the LMI Profit Sharing and Savings Plan (the “LMI Plan”) and the Valent 401(k) plan the (“Valent Plan”).  The Valent Plan was merged into the LMI plan effective June 4, 2015 and was subsequently terminated.

At December 31, 2015, the LMI Plan covers virtually all of the employees of the Company, and is a profit sharing plan that allows discretionary profit sharing contributions by the Company.  The LMI Plan also includes a 401(k) component that allows employee deferrals and a discretionary matching contribution component, under which the Company may make contributions based upon a percentage of employee contributions. In 2015, the Company made 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 an employee belongs. Matching contributions to the LMI Plan are vested to the employee over four years at 25% per annum.  Profit sharing contributions by the Company to the LMI Plan become vested over time and are fully vested after six years.  No profit sharing contributions were made to the LMI Plan for 2015, 2014, or 2013.  The Company recognized costs for matching contributions to the LMI Plan totaling $1,519, $729, and $830 in 2015, 2014, and 2013, respectively.  The Company’s matching contributions to the LMI Plan are determined and approved by the Board of Directors, which can be settled in cash or shares of LMI common stock.  For the years ended December 31, 2014 and 2013, 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.  In 2015, 2014, and 2013 the contribution was made in shares of the Company’s common stock.  The amount of the expense is calculated based on the formula described above and is not impacted by the value of the common stock, as the shares contributed are based on the dollar amount of the matching contribution.

Under the Valent Plan, participants could elect to have a portion of their salary contributed to the respective plans within certain limits.  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 and 2013, the Company recognized expense of $848 and $745, respectively, equaling 100% of the first 3.0% of participant compensation in both years.