Related-Party Transactions

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Related-Party Transactions

Related-Party Transactions

Deferred Compensation

The Company has agreements with its CEO, and certain other officers and non-employee directors, to defer compensation into Rabbi Trust accounts held in the name of the Company. The total value of the deferred compensation obligation for all participants at June 30, 2016 and December 31, 2015, was $26.5 million and $25.5 million, respectively, and is included in the accompanying consolidated balance sheets. These totals include a fair value of $738,000 and $805,000 of the Company’s common stock, for each of the respective periods, with the balance in various publicly traded equities and bonds.

Deferred compensation expense included in general, administrative, and other costs in the accompanying condensed consolidated statements of operations and comprehensive income or loss for the three months ended June 30, 2016 and 2015 was $860,000 and $417,000, respectively and for the six months ended June 30, 2016 and 2015 was $1.1 million and $996,000, respectively.

Investment in Synthonics

The Company has an investment in preferred stock of Synthonics, a company co-founded by Mr. Slepicka, a non-employee director of the Company, who is currently the Chairman, Chief Executive Officer and acting Chief Financial Officer of Synthonics. As of June 30, 2016, the Company had invested $2.2 million for 18.3% of the voting interest in Synthonics. Mr. Slepicka resigned as a member of the Board of Directors effective July 27, 2016.