DEFERRED COMPENSATION ARRANGEMENTS

12 Months Ended

Dec. 31, 2011

DEFERRED COMPENSATION ARRANGEMENTS

DEFERRED COMPENSATION ARRANGEMENTS

8. DEFERRED COMPENSATION ARRANGEMENTS

        The Company has deferred compensation arrangements with certain key members of management. These arrangements provide the Board with the ability to make contributions based on the Company's performance and discretionary contributions based on other factors as determined by the Board. It also allows for the participants to make certain deferrals into the plan. The liability balance is composed of liabilities from previous contributions as well as the performance contribution for the year ended December 31, 2011. The amount accrued was $1,736,000 and $642,000 as of December 31, 2011 and 2010, respectively.

        In addition, the Company would contribute certain amounts to a Supplemental Executive Retirement Plan in the event of death, disability, or termination without cause, for certain key executives. As of December 31, 2011 this amount would be approximately $923,000.