Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

4.STOCKHOLDERS’ EQUITY

Employee Stock Purchase Plan:

On April 3, 1995, the Board of Directors adopted an Employee Stock Purchase Plan (the “ESPP”).  The ESPP is open to all employees of the Company working more than 15 hours per week.  Pursuant to Board action taken in September 2011, the ESPP was amended to consist of three-month phases.  From the plan inception date until September 30, 2011, the ESPP consisted of one-year phases.  The first phase using the amended ESPP commenced on October 1, 2011 and under the terms of the plan, employees are allowed to set aside a portion of their payroll earnings to purchase shares of the Company’s common stock.  Pursuant to Board action taken on June 2, 2012, and effective during the third quarter of 2012, the discount offered to employees as part of the ESPP was raised from 5% to 10%.  The plan provides for the sale of up to 350,000 shares.  The plan issued 8,153 and 2,401 shares in 2012 and 2011, respectively.  The ESPP has issued a total of 252,739 shares since its inception. 

401(k) Plan:

On June 1, 1998 the Company established a defined contribution savings plan for employees who had completed one year of service, as defined in the Plan document.  The defined contribution savings plan allows for employee compensation deferral contributions under Section 401(k) of the Internal Revenue Code and discretionary contributions by the Company.  In January 2009, the Company suspended its employer contributions for fiscal 2009.  In March 2011, the Company reinstated its discretionary contribution match.  Employer contributions charged to operations for the years ended December 31, 2012 and 2011 were $120,345 and $82,997, respectively. 

Employee Stock Ownership Plan:

In December 2004, the Company’s Board of Directors approved an Employee Stock Ownership Plan (the “ESOP”) effective for calendar years beginning January 1, 2004.  All eligible employees of the Company participate in the ESOP after completing one full calendar year of service.  Contributions to the ESOP are determined by the Board of Directors and can be made in cash or shares of the Company’s common stock.  Annual contributions are allocated to each participant based on compensation and vest in accordance with a six year graded vesting schedule.  Compensation expense for the ESOP is determined based on the average fair value of shares on the date the Company commits to the contribution to the ESOP.  For the purposes of earnings per share, ESOP shares are included in weighted-average common shares outstanding at year-end as the shares are committed to be contributed on that date.  On October 24, 2008, the Company suspended its ESOP contribution for fiscal 2008.  Subsequent to the year ended December 31, 2012, the Company’s Board of Directors approved action to combine the ESOP with the 401(k) Plan to create a KSOP Plan.  This KSOP plan will allow the Company to match contributions from its employees in the form of company stock should it so choose. 

Stock Repurchase Plan:

On August 24, 2012, the Company announced that its Board of Directors had authorized the repurchase of up to an additional 100,000 shares of the Company’s common stock pursuant to Exchange Act Rule 12b-18.  During 2012, the Company repurchased 3,867 shares of common stock at an average price of $9.94 for an aggregate purchase price of $38,435.  The Company did not repurchase any shares in 2011.