| Intangible Assets |
The following is a summary
of intangible assets as of June 30, 2013 and December 31,
2012:
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Customer
Relationships |
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Other
Intangible
Assets |
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Total |
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Cost
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Balance, January 1,
2013
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|
$ |
15,910 |
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|
$ |
1,566 |
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|
$ |
17,476 |
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|
Acquisition of certain
assets of Ten-Sixty
|
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|
1,650 |
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|
97 |
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|
1,747 |
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|
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Balance, June 30,
2013
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|
17,560 |
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|
1,663 |
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|
19,223 |
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Useful
lives
|
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|
10-20 years |
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3-5 years |
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Accumulated
amortization
|
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|
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Balance, January 1,
2013
|
|
|
(4,238 |
) |
|
|
(875 |
) |
|
|
(5,113 |
) |
|
Amortization
expense
|
|
|
(573 |
) |
|
|
(181 |
) |
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|
(754 |
) |
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Balance, June 30,
2013
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|
(4,811 |
) |
|
|
(1,056 |
) |
|
|
(5,867 |
) |
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Net book
value
|
|
$ |
12,749 |
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|
$ |
607 |
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|
$ |
13,356 |
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Cost
|
|
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|
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|
|
|
|
|
|
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Balance, January 1,
2012
|
|
$ |
15,910 |
|
|
$ |
1,566 |
|
|
$ |
17,476 |
|
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|
|
|
|
|
|
|
|
|
|
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Balance,
December 31, 2012
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|
|
15,910 |
|
|
|
1,566 |
|
|
|
17,476 |
|
|
|
|
|
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Useful
lives
|
|
|
10-20
years |
|
|
|
3-5
years |
|
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|
|
|
|
|
|
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Accumulated
amortization
|
|
|
|
|
|
|
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|
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Balance, January 1,
2012
|
|
|
(3,144 |
) |
|
|
(522 |
) |
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|
(3,666 |
) |
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Amortization
expense
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|
(1,094 |
) |
|
|
(353 |
) |
|
|
(1,447 |
) |
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Balance,
December 31, 2012
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|
|
(4,238 |
) |
|
|
(875 |
) |
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|
(5,113 |
) |
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|
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Net book
value
|
|
$ |
11,672 |
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|
$ |
691 |
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|
$ |
12,363 |
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Amortization expense
related to the intangible assets was $754 and $402 for the six and
three months ended June 30, 2013, respectively, and was $723
and $361 for the six and three months ended June 30, 2012,
respectively.
Amortization related to the
Company’s finite life intangible assets is scheduled to be
expensed over the next five years and thereafter as
follows:
|
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2013 (remainder
of)
|
|
$ |
769 |
|
|
2014
|
|
|
1,422 |
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2015
|
|
|
1,291 |
|
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2016
|
|
|
1,236 |
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2017
|
|
|
1,135 |
|
|
Thereafter
|
|
|
7,503 |
|
|
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|
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Total
|
|
$ |
13,356 |
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|