RETIREMENT PLANS

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

Defined Contribution Plan

The Company has a 401(k) profit sharing plan for all full-time employees who have attained the age of 21 and completed 90 days of service. The Company matches 100% of the first 1% and then 50% of the next 5% of employee contributions. Retirement plan expense for the three months ended June 30, 2023 and 2022 was approximately $396 and $409, respectively. Retirement plan expense for the six months ended June 30, 2023 and 2022 was approximately $921 and

$837, respectively.

Deferred Compensation Plan

The Company had a self-administered deferred compensation plan that accrues a liability for the benefit of certain employees equal to 0.25% of the year-over-year change in Earnings Before Interest Depreciation “EBITDA” that began in 2014. The total liability was $0 and $242 at June 30, 2023 and December 31, 2022, respectively and was recorded in other liabilities on the balance sheet. The plan was terminated during the year ended December 31, 2021 and the remaining liability was paid in the six months ended June 30, 2023.