Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

Employee Benefit Plans
12 Months Ended
Dec. 31, 2011
Employee Benefit Plans [Abstract]  
Employee Benefit Plans


The Company sponsored a 401(k) plan, without a Company match feature, for its employees through the end of 2009. A replacement 401(k) plan was put in place in January 2010 which has a Company matching component. Costs incurred in 2011 and 2010 for administering the plan, including the match feature, were approximately $172,000 and $150,000, respectively. Costs incurred in 2009 for administering and ceasing the former 401(k) plan at December 31, 2009 were $151,000.

The Company also has a retirement and severance policy for its employees. The benefit is a one-time payment based on receiving one month's pay at current pay rates for each year of employment. A liability has been recorded for this policy in the amount of $2.3 million and $2.0 million as of December 31, 2011 and 2010, respectively. No payments to retiring employees were made in 2011 or 2010. Payments totaled $277,000 in 2009.