Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

7. GOODWILL AND INTANGIBLE ASSETS:

There has been no change in the Company’s recorded goodwill balance during the three- or nine-month periods ended September 30, 2012. Our annual goodwill and intangible assets measurement date is December 2.

We amortize our intangible assets that have finite lives using either the straight-line method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized. Amortization expense was $241 thousand and $723 thousand during the three- and nine-month periods ended September 30, 2012, respectively. Amortization expense was $489 thousand and $1.5 million during the three- and nine-month periods ended September 30, 2011, respectively. This amortization expense relates to certain non-competition covenants, trade names and customer lists, which expire between 2012 and 2016.

The Company recorded amortization from capitalized internally developed software (reported as part of our software expense) of $53 thousand and $95 thousand during the three- and nine-month periods ended September 30, 2012, respectively. The Company recorded amortization from capitalized internally developed software of $8 thousand and $21 thousand during the three- and nine-month periods ended September 30, 2011, respectively.

Estimated annual amortization expense for the current year and the following four years ending December 31, is as follows:

	Amortization
	Expense
	(In Thousands)
2012	$	1,055
2013	$	531
2014	$	378
2015	$	115
2016	$	—