Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFITS

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EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2013
EMPLOYEE BENEFITS [Abstract]  
EMPLOYEE BENEFITS
NOTE 12 – EMPLOYEE BENEFITS

The Company sponsors a 401(k) plan which covers substantially all employees.  Employees may elect to contribute to the plan up to the maximum percentage of compensation and dollar amount subject to statutory limitations.  Effective January 1, 2010, the Company temporarily suspended its matching contribution.  Beginning January 1, 2013, the Company reinstated its contribution using a matching formula of 100% of the first 3% of employee contributions and 50% of employee contributions in excess of 3%, up to 5%.  The Company’s contributions for the year ended December 31, 2013 were approximately $584,000.  There were no contributions in 2012 and 2011.

The Company sponsors an Employee Stock Purchase Plan which covers substantially all employees.  Employees are allowed to direct the Company to withhold payroll dollars and purchase Company stock at market price on a payroll by payroll basis.  The Company has reserved 210,000 shares of common stock to be issued under the plan.  The plan allows for shares to be issued directly from the Company or purchased on the open market.