Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Compensation Related Costs [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Profit Sharing Plan. The Company had a noncontributory profit sharing plan which was terminated on January 1, 2020. All employees, other than temporary employees, working 20 hours or more per week were eligible to participate in the profit sharing plan. The Company’s Board of Directors authorized all contributions to the profit sharing plan. Participants became 100% vested upon the completion of two years of vesting service. Accrued contribution expense for this plan of $2.1 million in 2019, is included in employee benefits expense in the Company’s consolidated statements of income.

Savings Plan. In addition, the Company has a contributory employee savings plan. All employees are eligible to participate in the plan. Employee participation in the plan is at the option of the employee. The Company contributed 100% of the first 6% of the participating employee’s eligible compensation in 2021 and 2020, respectively and 5% of the participating employee’s eligible compensation in 2019. Contribution expense for this plan of $8.8 million, $8.9 million, and $7.0 million in 2021, 2020, and 2019, respectively, is included in employee benefits expense in the Company’s consolidated statements of income.