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Benefit Plans
12 Months Ended
Dec. 31, 2013
Benefit Plans [Abstract]  
Benefit Plans

Note J—Benefit Plans

 

401 (k) Plan

 

The Company maintains a 401(k) savings plan covering substantially all employees of the Company. Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary. Contributions made by the Company were approximately $813,000,  $679,000 and $577,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

 

Supplemental Executive Retirement Plan

In 2005, the Company began contributing to a supplemental executive retirement plan for its Chief Executive Officer that provides annual retirement benefits when the chief executive officer reaches age 70, based on the average salary of the Chief Executive Officer’s three highest compensated years during the preceding 10 year period. There were no disbursements in 2013.  The Company expensed $112,000,  $125,000 and $137,000 for this plan for the years ended December 31, 2013, 2012 and 2011 respectively.