Employee Benefit Plan

12 Months Ended

Dec. 31, 2019

Postemployment Benefits [Abstract]

Employee Benefit Plan

Employee Benefit Plan

        In October 2010, the Company established a safe harbor 401(k) plan, which is available to full-time office employees who meet the plan’s eligibility requirements. The plan allows participants to contribute to the plan a percentage of pre-tax compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The Company is matching contributions amounting to 100% of the first 3% and 50% of the next 2% of each employee’s salary.  The matching contribution vests immediately. The Company revised its matching contributions to 100% of the first 6% of each employee's salary beginning January 1, 2019.  The total matching contribution incurred by the Company and included in general and administrative expenses for the years ended December 31, 2019, 2018 and 2017 was $435,142, $275,674 and $240,888, respectively.

        The Company has a discretionary profit sharing contribution program under which employees may receive profit sharing contributions based on the Company’s annual operating performance. For the years ended December 31, 2019, 2018 and 2017, the Company did not make a profit sharing contribution.