The Company sponsors a 401(k) plan, with a Company match feature, for its employees. Costs incurred in 2012, 2011 and 2010 for administering the plan, including the Company match feature, were approximately $204,000, $172,000 and $150,000, respectively.

In the fourth quarter of 2012, the Company eliminated a retirement and severance policy for its employees. Costs incurred in 2012 to eliminate the plan were approximately $1.1 million in addition to the $2.3 million liability that had been recorded for this policy as of December 31, 2011. No payments to retiring employees were made in 2012, 2011, or 2010 under the former policy.