Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

4.STOCKHOLDERS’ EQUITY

Employee Stock Purchase Plan:

The Company offers an Employee Stock Purchase Plan (the “ESPP”) that is open to all employees working more than 15 hours per week.  Shares of the Company’s common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees purchased 11,286 and 10,869 shares in 2016 and 2015, respectively.  As of December 31, 2016, a total of 290,486 shares have been issued from the 350,000 shares originally authorized. 

KSOP:

The Company offers a KSOP Plan (the “KSOP”) that includes the Employee Stock Ownership Plan (the “ESOP”) and the 401(k) Plan.  The KSOP allows the Company to use Company stock to match contributions from its employees should it so choose.  The KSOP is available to eligible employees who had completed six months of service.   There was no match of Company stock to the KSOP in 2015. Beginning January 1, 2016, the matching of employee contributions were issued in Company stock.Employer contributions charged to operations for stock matching of employee contributions for the year ended December 31, 2016 totaled $371,000. Employer contributions charged to operations for the year ended December 31, 2015 was $195,000for cash matching of employee contributions.

Stock Repurchase Plan:

On August 24, 2012, the Company announced that its Board of Directors had authorized the repurchase of up to 100,000 shares of the Company’s common stock. No shares were repurchased in 2016 or 2015 and currently the Company is authorized to repurchase up to 128,781 shares under the Stock Repurchase Plan.