Employee Benefit Plan

12 Months Ended

Dec. 31, 2018

Postemployment Benefits [Abstract]

Employee Benefit Plan

Employee Benefit Plan

In October 2010, the Company established a safe harbor 401(k) plan, which is available to full-time office employees who meet the plan’s eligibility requirements. The plan allows participants to contribute to the plan a percentage of pre-tax compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The Company is matching contributions amounting to 100% of the first 3% and 50% of the next 2% of each employee’s salary.  The matching contribution vests immediately.  The total matching contribution incurred by the Company and included in general and administrative expenses for the years ended December 31, 2018, 2017 and 2016 was $275,674, $240,888 and $167,778, respectively.

The Company has a discretionary profit sharing contribution program under which employees may receive profit sharing contributions based on the Company’s annual operating performance.  For the years ended December 31, 2018, 2017 and 2016, the Company did not make a profit sharing contribution.  

The Company revised its matching contributions to 100% of the first 6% of each employee's salary beginning January 1, 2019.