Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFITS

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EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2011
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.  Prior to 2010, the Company made matching contributions equal to 100% of the first 3% of employee contributions and 50% of employee contributions in excess of 3%, up to 6%.  Effective January 1, 2010, the Company temporarily suspended the matching contribution.

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.