XML 68 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Incentive Compensation Plan and Employee Benefits
12 Months Ended
Dec. 31, 2012
Incentive Compensation Plans and Employee Benefits [Abstract]  
Incentive Compensation Plan and Employee Benefits
INCENTIVE COMPENSATION PLAN AND EMPLOYEE BENEFITS:

Incentive Compensation Plans:

Certain officers of PICO Holdings are eligible to receive an annual incentive compensation award based on the growth of the Company’s book value per share during the year.  To earn an award, the increase in book value per share must exceed a threshold of 80% of the annual total return of the S&P 500 for the previous five years.  If the increase in book value per share exceeds this threshold, the incentive compensation award is 7.5% of the increase in book value per share, multiplied by the number of shares outstanding at the beginning of the year.  The resulting award is paid in cash.  No compensation was earned under this plan during the three years ended December 31, 2012.  

Certain officers of Vidler are eligible to receive an annual incentive award based on the combined net income, after certain adjustments, of Vidler.  No compensation was earned under this plan during the three years ended December 31, 2012.

Certain employees of UCP are eligible to receive an annual incentive compensation award based on UCP’s return on equity for the year.  For the year ended December 31, 2012, compensation of $223,000 was earned under this plan, however, no compensation was earned in 2011 or 2010.

Certain officers of Northstar are eligible to receive an annual incentive award based on the net income of Northstar, after certain adjustments.  No compensation was earned under this plan during the three years ended December 31, 2012.

Employee Benefits:

The Company maintains a 401(k) defined contribution plan covering substantially all employees of the Company.  Matching contributions are based on a percentage of employee compensation.  In addition, the Company may make a discretionary profit sharing contribution at the end of the fiscal year within limits established by the Employee Retirement Income Securities Act.  Total contribution expense to the plan for the years ended December 31, 2012, 2011, and 2010 was $770,000, $560,000, and $562,000, respectively.