Employee Benefit Plans

12 Months Ended

Dec. 31, 2012

Employee Benefit Plans

Employee Benefit Plans

Note 13.  Employee Benefit Plans

During 1994, the Company established a savings plan for employees, which allows participants to make contributions by salary deduction equal to 15 percent or less of their salary pursuant to section 401(k) of the Internal Revenue Code.  The Company matches employee contributions based on a prescribed formula.  Employees vest immediately in their own contributions and they vest in the Company’s contribution based on years of service.    The Company incurred expenses associated with the plan of $0.1 million for the year ended December 31, 2012, and $0.2 million for each of the years ended December 31, 2011 and 2010.

The Company sponsors an employee stock ownership plan (“ESOP”) that covers all employees who have completed 12 consecutive months of service, are over 21 years of age and work a minimum of 1,000 hours per year.  The amount of the Company’s annual contribution to the ESOP is at the discretion of the Board of Directors.  The Company made no contributions to the plan during 2012, 2011 and 2010.

As of December 31, 2012, the Plan held 164,912 shares of the Company’s common stock with an aggregate market value of $1.0 million.