Stockholders' Equity

12 Months Ended

Dec. 31, 2014

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 90% of the fair market value on the last trading day of each three-month period. Employees purchased 8,380 and 7,212 shares in 2014 and 2013, respectively.  As of December 31, 2014, a total of 268,331 shares have been issued since inception out of the 350,000 shares authorized. 

KSOP:

During the first quarter of 2013, the Company’s Board of Directors approved an action to combine theEmployee Stock Ownership Plan (the “ESOP”) with the 401(k) Plan to create a KSOP Plan (the “KSOP”).  The KSOP allows the Company to use Company stock to match contributions from its employees should it so choose.  This combination became effective on July 15, 2013.  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 2014or2013.Employer contributions charged to operations for the years ended December 31, 2014 and 2013 were$154,000 and $134,000, respectively, for 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.  During 2013, the Company repurchased 809 shares of common stock at an average price of $9.28 for an aggregate purchase price of $7,509.  No shares were repurchased in 2014.