| Intangible Assets |
8. INTANGIBLE ASSETS
The following is a summary of intangible assets as of March 31, 2014 and December 31, 2013:
|
|
Customer
Relationships |
|
|
Other
Intangible
Assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014 |
|
$ |
17,560 |
|
|
$ |
1,663 |
|
|
$ |
19,223 |
|
Balance, March 31, 2014 |
|
|
17,560 |
|
|
|
1,663 |
|
|
|
19,223 |
|
Useful lives |
|
|
10-20 years |
|
|
|
3-5 years |
|
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014 |
|
|
(5,410 |
) |
|
|
(1,224 |
) |
|
|
(6,634 |
) |
Amortization expense |
|
|
(326 |
) |
|
|
(34 |
) |
|
|
(360 |
) |
Balance, March 31, 2014 |
|
|
(5,736 |
) |
|
|
(1,258 |
) |
|
|
(6,994 |
) |
Net book value |
|
$ |
11,824 |
|
|
$ |
405 |
|
|
$ |
12,229 |
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2013 |
|
$ |
15,910 |
|
|
$ |
1,566 |
|
|
$ |
17,476 |
|
Acquisition of certain assets of Ten-Sixty |
|
|
1,650 |
|
|
|
97 |
|
|
|
1,747 |
|
Balance, December 31, 2013 |
|
|
17,560 |
|
|
|
1,663 |
|
|
|
19,223 |
|
Useful lives |
|
|
10-20 years |
|
|
|
3-5 years |
|
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2013 |
|
|
(4,238 |
) |
|
|
(875 |
) |
|
|
(5,113 |
) |
Amortization expense |
|
|
(1,172 |
) |
|
|
(349 |
) |
|
|
(1,521 |
) |
Balance, December 31, 2013 |
|
|
(5,410 |
) |
|
|
(1,224 |
) |
|
|
(6,634 |
) |
Net Book Value |
|
$ |
12,150 |
|
|
$ |
439 |
|
|
$ |
12,589 |
|
Amortization expense related to the intangible assets was $360 and $351 for the three months ended March 31, 2014 and 2013, 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:
2014 (remainder of) |
|
$ |
1,062 |
|
2015 |
|
|
1,291 |
|
2016 |
|
|
1,236 |
|
2017 |
|
|
1,135 |
|
2018 |
|
|
1,001 |
|
Thereafter |
|
|
6,504 |
|
Total |
|
$ |
12,229 |
|
|