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ACCRUED EXPENSES
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Dec. 31, 2013
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| ACCRUED EXPENSES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCRUED EXPENSES |
NOTE 9
ACCRUED EXPENSES
Accrued expenses at December 31 include the following (in thousands):
The Company has an individual Management Incentive Plan (“MIP”) for each of our CEO, CFO, and COO which awards cash compensation based on achievement of certain performance targets for fiscal year 2013. No compensation was accrued for in 2013 under each MIP as none of the performance targets were met. No cash compensation was paid to the President of SEC under his MIP upon his voluntary termination and retirement from the Company effective May 24, 2013 (See Note 15 – “Related Party Transactions – Christopher Leichtweis” for further information regarding his voluntary termination and retirement). In addition, no performance incentive payments were made under each of the 2012 MIP plans in 2012.
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