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Employee Benefit Plan
12 Months Ended
Dec. 31, 2022
Employee Benefit Plan  
Employee Benefit Plan

13.       Employee Benefit Plan

The Company has a 401(k) retirement plan covering substantially all employees of the Company, whereby participants may contribute a percentage of their compensation, as allowed under applicable laws. The Plan provides for discretionary matching contributions by the Company. Participants are 100% vested in participant contributions. The Company recognized $4.3 million, $3.2 million and $2.8 million in expense under this employee benefit plan each year for 2022, 2021 and 2020, respectively and is included in salaries, wages and benefits in the consolidated statements of comprehensive income (loss).

The Company has a nonqualified deferred compensation plan that allows eligible employees to defer a portion of their compensation. Participants can defer up to 85% of their base salary and up to 100% of their bonus for the year. Each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until distributed to the participant. The total liability under the deferred compensation plan was $2.9 million and $4.1 million as of December 31, 2022 and 2021, and is included in other long-term liabilities in the accompanying consolidated balance sheets. The Company purchased life insurance policies to fund the future liability. The life insurance policies had a value of $2.8 million and $3.5 million as of December 31, 2022 and 2021, respectively and are included in other assets in the consolidated balance sheets.