Operating Leases

12 Months Ended

Dec. 31, 2014

The Company enters into operating leases primarily for office space, office equipment and transportation vehicles. Minimum rents as defined in the Company’s lease agreements including rent escalations, rent holidays and rental concessions are recognized on the straight-line basis over the non-cancellable lease term. Payments made to or on behalf of the Company for leasehold improvement incentives are considered reductions in rental expense and are amortized on a straight-line basis over the non-cancellable lease term. Rental expense under non-cancellable operating leases was approximately $10.4 million, $12.6 million and $9.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company received sublease rental income related to real estate leased to third-parties totaling $0.4 million, $0.3 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012.

Future minimum lease payments are as follows:



	2015			2016		2017		2018		2019		Thereafter		Total
	(in thousands)
Minimum lease payments	$	11,604		$	11,532	$	10,856	$	9,897	$	9,286	$	26,403	$	79,578
Minimum sublease rentals	(75		)	—		—		—		—		—		(75		)
	$	11,529		$	11,532	$	10,856	$	9,897	$	9,286	$	26,403	$	79,503

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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