Note 14 - Incentive Compensation Plans

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Compensation Related Costs, General [Text Block]

1

4

. Incentive Compensation Plans

Under a Board of Directors approved incentive compensation plan, bonuses are payable quarterly in an amount

not

to exceed

18%

of the Company’s Income from Operations for any period, subject to achieving a minimum quarterly Income from Operations of at least

$500,000.

For fiscal years

2019

and

2018,

the Board determined that the aggregate amount of incentive compensation available under the Plan shall be equal to

18%

of the Company’s Income from Operations. The bonus pool is allocated to executives according to a specified formula, with a portion allocated to a middle management group determined by the Executive Committee of the Board of Directors. Our expense for this incentive compensation plan was

zero

for

2019

and

2018,

respectively.

We sponsored a Supplemental Executive Retirement Plan (SERP) to allow certain executives to defer a portion of their annual salary and bonus into a grantor trust. In

December 2019,

a final participant distribution of SERP assets in satisfaction of the SERP’s liability was made and the SERP was terminated. At

December 31, 2019

and

2018,

SERP assets were $-

0

- and

$339,000,

respectively, and are included in “Other Assets” in the accompanying consolidated balance sheets. At

December 31, 2019

and

2018,

SERP liabilities were $-

0

- and

$341,000,

respectively, and are included in “Other Non-Current Liabilities” in the accompanying consolidated balance sheets.