| Intangible Assets |
8. INTANGIBLE ASSETS
The following is a summary of intangible assets as of June 30, 2014 and December 31, 2013:
|
|
|
Customer
Relationships
|
|
|
Other
Intangible
Assets
|
|
|
Total
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014
|
|
$
|
17,560
|
|
|
$
|
1,663
|
|
|
$
|
19,223
|
|
|
Balance, June 30, 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
|
|
|
(630
|
)
|
|
|
(89
|
)
|
|
|
(719
|
)
|
|
Balance, June 30, 2014
|
|
|
(6,040
|
)
|
|
|
(1,313
|
)
|
|
|
(7,353
|
)
|
|
Net book value
|
|
$
|
11,520
|
|
|
$
|
350
|
|
|
$
|
11,870
|
|
|
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 $402 for the three months ended June 30, 2014 and 2013, respectively. Amortization expense related to the intangible assets was $719 and $754 for the six months ended June 30, 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)
|
|
$
|
703
|
|
|
2015
|
|
|
1,291
|
|
|
2016
|
|
|
1,236
|
|
|
2017
|
|
|
1,135
|
|
|
2018
|
|
|
1,001
|
|
|
Thereafter
|
|
|
6,504
|
|
|
Total
|
|
$
|
11,870
|
|
|