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Employee & Non-Employee Benefits
12 Months Ended
Dec. 31, 2014
Employee & Non-Employee Benefits  
Employee & Non-Employee Benefits

 

13. Employee & Non-Employee Benefits

 

401(k) Savings Plan

 

We maintain a 401(k) Savings Plan which covers substantially all full-time employees who meet the plan’s eligibility requirements. Participants are allowed to make tax-deferred contributions up to limitations specified by the Internal Revenue Code. We make 25% matching contributions for amounts that do not exceed 4% of the participants’ compensation. The matched contributions to the employees are subject to a five year vesting provision, with credit given towards vesting for employment during prior years. We made matching contributions to the plan totaling approximately $545,000, $530,000 and $519,000 in 2014, 2013 and 2012, respectively.

 

Stock Options Issued to Non-Employees

 

On June 25, 2012 our Compensation Committee approved and granted, under our 2012 Plan, the award of options to purchase 10,000 shares of common stock to each of our non-employee members of our board. These options were issued at an exercise price of $5.44, vest quarterly over a two-year term, and have a ten-year life. On September 15, 2011, our Compensation Committee approved and granted, under our 1994 Plan, the award of options to purchase 10,000 shares of common stock to each of our non-employee members of our board. These options were issued at an exercise price of $6.24, vest quarterly over a two-year term, and have a seven-year life. See Note 3 for more information on our accounting for stock-based compensation.

 

Restricted Stock Units Issued to Non-Employees

 

On each of May 20, 2014 and May 20, 2013, our Compensation Committee approved and granted, under our 2012 Plan, the award of 6,000 shares of restricted stock units to each of our three non-employee members of the board for a total award of 36,000 restricted stock units. The restricted stock units each vest annually in equal amounts over a two year period from the respective dates of grant. See Note 3 for more information on our accounting for stock-based compensation.