EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2011

EMPLOYEE BENEFIT PLANS [Abstract]

EMPLOYEE BENEFIT PLANS

12.       EMPLOYEE BENEFIT PLANS

Retirement Savings Plan - The Company has a defined contribution benefit plan that covers substantially all employees who meet certain age and length of service requirements.  Contributions to the plan are at the discretion of the Company's Board of Directors.  The 401(k) expense was $402,000, $364,000 and $316,000 in 2011, 2010 and 2009, respectively.

Long-Term Incentive Plan (LTIP) - The Company adopted the LTIP to provide performance-based compensation to selected officers of the Company and compensation to non-employee members of the Board of Directors.  Under the LTIP, an officer becomes eligible for an annual long-term incentive contribution amount based upon performance objectives established by the Compensation Committee of the Board of Directors.  A non-employee director receives 50% of his or her annual retainer in the form of an annual LTIP contribution.  Annual contribution amounts for both officers and directors are subject to three to five year restriction periods with a risk of forfeiture if a participant terminates service prior to becoming vested.  Participants may elect to allocate LTIP awards in investment options authorized by the Committee, including shares of the Company's common stock.

The Compensation Committee determined the total 2011, 2010 and 2009 contribution amounts to be $1,453,000, $100,000 and $410,000, respectively, allocated among all participants.  To fund the 2011, 2010 and 2009 contribution amounts, the Company purchased 92,893 shares, 8,085 shares and 60,644 shares, respectively, of its own stock, which were contributed to a grantor trust.  The acquired stock was recorded at historical cost and classified as common stock held in trust in stockholders' equity in the accompanying consolidated balance sheet.  The Company records compensation expense on a straight-line basis over the three to five year vesting periods, which is recorded as a deferred compensation obligation in other long-term liabilities in the accompanying consolidated balance sheet.  The Company recorded $979,000, $766,000 and $714,000 of compensation expense (recorded in selling, general and administrative expenses) in 2011, 2010 and 2009, respectively, in conjunction with the LTIP.

Supplemental Executive Retirement Plan (SERP) - The Company adopted the SERP, which provides supplemental retirement benefits and allows deferral of a portion of base salary and performance based short-term bonuses for selected officers of the Company.  The annual supplemental retirement contribution amount to which an officer is entitled for a plan year is a discretionary amount determined by the Compensation Committee of the Board of Directors. Under the SERP, supplemental retirement benefit contribution amounts vest over one to three year periods.    Participants may elect to allocate SERP awards in investment options authorized by the Committee, including shares of the Company's common stock.

The Compensation Committee determined the 2011, 2010 and 2009 contribution amounts to be $281,000, $218,000 and $235,000, respectively, allocated among all participants. To fund the 2011 contribution amount, the Company purchased $252,000 or 16,070 shares of its own stock and $29,000 of various marketable equity securities, which were contributed to a grantor trust.  To fund the 2010 contribution amount, the Company purchased $188,000 or 15,205 shares of its own stock and $30,000 of marketable equity securities, which were contributed to a grantor trust.  In 2009, the plan participants elected to allocate their contribution amounts into various marketable equity securities, which were contributed to a grantor trust.  In 2011 and 2010, the acquired stock was recorded at historical cost and classified as common stock held in trust in stockholders' equity.  The purchase of the marketable equity securities was recorded in other assets.  The Company recorded compensation expense (recorded in selling, general and administrative expenses) of $245,000, $232,000 and $159,000 in 2011, 2010 and 2009, respectively, which was classified as a deferred compensation obligation in other long-term liabilities.  In 2011, the deferred compensation liability was reduced $11,000 with a corresponding credit to compensation expense, to reflect the change in the fair value of the amount owed to the participant.  The fair value of the marketable equity security also decreased $11,000 in 2011 to reflect the investment loss (recorded in other expense).  In 2010 and 2009, the deferred compensation liability was increased $125,000 and $294,000, respectively, with a corresponding charge to compensation expense, to reflect the change in the fair value of the amount owed to the participant.  The fair value of the marketable equity security also increased $125,000 and $294,000 in 2010 and 2009, respectively, to reflect the investment earnings.

In 2010, the Company purchased 40,065 shares of its own stock for $486,000 to contribute to the trust in payment of the special cash dividend payable on the common stock held in trust.  The purchase of the stock was recorded as an increase in common stock held in trust with a corresponding increase to the deferred compensation obligation.