Form 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2011

Commission file number: 000-50796

STANDARD PARKING CORPORATION

(Exact Name of Registrant as Specified in Its Charter)


Delaware (State or Other Jurisdiction of Incorporation or Organization)		16-1171179 (I.R.S. Employer Identification No.)

900 N. Michigan Avenue, Suite 1600
Chicago, Illinois 60611-1542
(Address of Principal Executive Offices, Including Zip Code)

(312) 274-2000
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES þ NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES o NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer o	Accelerated filer þ	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO þ

As of April 29, 2011, there were 15,825,045 shares of common stock of the registrant outstanding.

PART I. FINANCIAL INFORMATION


Item 1.		*Financial Statements*

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share and per share data)


	March 31, 2011			December 31, 2010
	(Unaudited)			(see Note)
ASSETS
Current assets:
Cash and cash equivalents	$	8,283		$	7,305
Notes and accounts receivable, net		50,448			52,167
Prepaid expenses and supplies		3,679			2,312
Deferred taxes		2,314			2,314

Total current assets		64,724			64,098
Leasehold improvements, equipment and construction in progress, net		16,480			16,839
Advances and deposits		4,935			5,172
Long-term receivables, net		13,339			12,789
Intangible and other assets, net		9,374			8,910
Cost of contracts, net		15,333			15,628
Goodwill		132,339			132,196

Total assets	$	256,524		$	255,632

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	51,528		$	43,984
Accrued and other current liabilities		32,202			39,982
Current portion of long-term borrowings		684			673

Total current liabilities		84,414			84,639
Deferred taxes		10,434			9,637
Long-term borrowings, excluding current portion		91,854			97,229
Other long-term liabilities		28,354			27,324
Standard Parking Corporation’s stockholders’ equity:
Preferred stock, par value $.01 per share; 5,000,000 shares authorized and no shares issued		—			—
Common stock, par value $.001 per share; 50,000,000 shares authorized; 15,820,045 and 15,775,645 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively		16			16
Additional paid-in capital		98,112			97,291
Accumulated other comprehensive income		166			103
Accumulated deficit		(56,753	)		(60,532	)

Total Standard Parking Corporation stockholders’ equity		41,541			36,878
Noncontrolling interest		(73	)		(75	)

Total equity		41,468			36,803

Total liabilities and stockholders’ equity	$	256,524		$	255,632


Note:		The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

See Notes to Condensed Consolidated Interim Financial Statements.

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data, unaudited)


	Three Months Ended
	March 31, 2011			March 31, 2010
Parking services revenue:
Lease contracts	$	35,205		$	33,116
Management contracts		45,954			40,075

		81,159			73,191
Reimbursed management contract revenue		101,124			106,055

Total revenue		182,283			179,246
Cost of parking services:
Lease contracts		33,499			31,771
Management contracts		27,492			22,264

		60,991			54,035
Reimbursed management contract expense		101,124			106,055

Total cost of parking services		162,115			160,090
Gross profit:
Lease contracts		1,706			1,345
Management contracts		18,462			17,811

Total gross profit		20,168			19,156
General and administrative expenses (1)		11,182			11,560
Depreciation and amortization		1,533			1,460

Operating income		7,453			6,136
Other expenses (income):
Interest expense		1,169			1,490
Interest income		(60	)		(53	)

		1,109			1,437
Income before income taxes		6,344			4,699
Income tax expense		2,479			1,847

Net income		3,865			2,852
Less: Net income attributable to noncontrolling interest		86			7

Net income attributable to Standard Parking Corporation	$	3,779		$	2,845

Common stock data:
Net income per share:
Basic	$	0.24		$	0.18
Diluted	$	0.23		$	0.18
Weighted average shares outstanding:
Basic		15,790,875			15,390,514
Diluted		16,146,106			15,804,599


(1)		Non-cash stock based compensation expense of $496 and $508 for the three months ended March 31, 2011 and 2010, respectively, included in general and administrative expenses.

See Notes to Condensed Consolidated Interim Financial Statements.

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except for share and per share data, unaudited)


	Three Months Ended
	March 31, 2011			March 31, 2010
Operating activities:
Net income	$	3,865		$	2,852
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization		1,547			1,445
Loss on sale and abandonment of assets		11			18
Amortization of debt issuance costs		152			159
Non-cash stock-based compensation		496			508
Excess tax benefit related to stock option exercises		(198	)		(75	)
Provisions (reversal) for losses on accounts receivable		85			(111	)
Deferred income taxes		797			516
Change in operating assets and liabilities		93			(3,534	)

Net cash provided by operating activities		6,848			1,778
Investing activities:
Purchase of leasehold improvements and equipment		(546	)		(452	)
Cost of contracts purchased		(273	)		—
Proceeds from sale of assets		12			—
Capitalized interest		(32	)		(36	)
Contingent purchase payments		—			(11	)

Net cash used in investing activities		(839	)		(499	)
Financing activities:
Proceeds from exercise of stock options		127			135
Tax benefit related to stock option exercises		198			75
Payments on senior credit facility		(5,200	)		(950	)
Distribution to noncontrolling interest		(84	)		(7	)
Payments on long-term borrowings		(33	)		(31	)
Payments on capital leases		(131	)		(141	)

Net cash used in financing activities		(5,123	)		(919	)
Effect of exchange rate changes on cash and cash equivalents		92			142

Increase in cash and cash equivalents		978			502
Cash and cash equivalents at beginning of period		7,305			8,256

Cash and cash equivalents at end of period	$	8,283		$	8,758

Supplemental disclosures:
Cash paid during the period for:
Interest	$	1,058		$	1,296
Income taxes		478			1,015

See Notes to Condensed Consolidated Interim Financial Statements.

STANDARD PARKING CORPORATION

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(In thousands except for share and per share data, unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Standard Parking Corporation have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements.

In the opinion of management, all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair presentation of the financial position and results of operations have been included. Operating results for the three-month period ended March 31, 2011 are not necessarily indicative of the results that might be expected for any other interim period or the fiscal year ending December 31, 2011. The financial statements presented in this report should be read in conjunction with the consolidated financial statements and footnotes thereto included in our 2010 Annual Report on Form 10-K filed March 11, 2011, as amended on March 22, 2011.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and variable interest entities in which the Company is the primary beneficiary. Noncontrolling interest recorded in the consolidated statement of income is the interest in consolidated VIEs not controlled by the Company. We have interests in twelve joint ventures and one limited liability company. The twelve joint ventures each operate between one and thirty-three parking facilities. The limited liability company was formed to collect and distribute parking facility data for a fee. Of the thirteen variable interest entities, seven are consolidated into our financial statements, and six are single purpose entities where the Company is not the primary beneficiary and therefore has a noncontrolling interest as power is shared. Investments in variable interest entities where the Company is not the primary beneficiary are accounted for under the equity method. All significant intercompany profits, transactions and balances have been eliminated in consolidation.

Financial Instruments

The carrying values of cash and cash equivalents, notes and accounts receivable and accounts payable are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Long-term debt, including capital lease obligations, has a carrying value that approximates fair value because these instruments bear interest at market rates.

Interest Rate Caps

We do not enter into derivative instruments for any purpose other than cash flow hedging purposes.

On February 22, 2010, we entered into interest rate cap agreements with Wells Fargo Bank N.A. (“Wells Fargo”) and Fifth Third Bank (“Fifth Third”), allowing us to limit our exposure on a portion of our borrowings under our senior credit facility (“Rate Cap Transactions”). Pursuant to two separate letter agreements between the Company and Wells Fargo and Fifth Third, respectively, we will receive payments from Wells Fargo and Fifth Third each quarterly period to the extent that the prevailing three month LIBOR during that period exceeds our cap rate of 3.25%. The Rate Cap Transactions became effective March 31, 2010, and settle each quarter on a date that is intended to coincide with our quarterly interest payment dates under our senior credit facility. The Rate Cap Transactions cap our LIBOR interest rate on a notional amount of $50,000 at 3.25% for a total of 39 months. These Rate Cap Transactions are classified as a cash flow hedge, and we calculate the effectiveness of the hedge on a quarterly basis. The ineffective portion of the cash flow hedge is recognized in current period earnings as an increase of interest expense. The fair value of the interest rate cap at March 31, 2011 is $117 and is included in prepaid expenses.

2. Stock-Based Compensation

We measure share-based compensation expense at the grant date, based on the fair value of the award, and the expense is recognized over the requisite employee service period (generally the vesting period) for awards expected to vest (considering estimated forfeitures).

The Company has an amended and restated Long-Term Incentive Plan that was adopted in conjunction with our initial public offering. On April 22, 2008, our shareholders approved an amendment to our Long-Term Incentive Plan that increased the maximum number of shares of common stock available for awards under the Long-Term Incentive Plan from 2,000,000 to 2,175,000 and extended the Plan’s termination date. The Plan now terminates twenty years from the date of such approval, or April 22, 2028. Forfeited and expired options under the Plan become generally available for reissuance. At March 31, 2011, 135,502 shares remained available for award under the Plan.

Stock Options and Grants

We use the Black-Scholes option pricing model to estimate the fair value of each option grant as of the date of grant. The volatilities are based on the 90-day historical volatility of our common stock as of the grant date. The risk free interest rate is based on zero-coupon U.S. government issues with a remaining term equal to the expected life of the option. For options granted prior to 2008, the expected life for options was calculated using the simplified method. The simplified method was calculated as the vesting term plus the contractual term divided by two.

There were no options granted during the three months ended March 31, 2011 and 2010.

The Company recognized no stock-based compensation expense related to stock options for the three months ended March 31, 2011 and 2010 as all options previously granted were fully vested. As of March 31, 2011, there were no unrecognized compensation costs related to unvested options.

Restricted Stock Units

In March 2008, the Company’s Compensation Committee and the Board of Directors authorized a one-time grant of 750,000 restricted stock units that subsequently were awarded to members of our senior management team on July 1, 2008. In November 2008, an additional 5,000 restricted stock units were awarded. The restricted stock units vest in one-third installments on each of the tenth, eleventh and twelfth anniversaries of the grant date. The restricted stock unit agreements provide for accelerated vesting upon the recipient reaching their retirement age.

The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant, and compensation expense is recognized over the vesting period. In accordance with the guidance related to share-based payments, we estimated forfeitures at the time of the grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting forfeitures and record stock-based compensation expense only for those awards that are expected to vest.

During the first quarter of 2011, restrictions were released from 4,400 restricted stock units and 17,600 restricted stock units were forfeited due to an employee termination. The forfeited options were returned to the pool of shares generally available for future use under the Long-Term Incentive Plan as of March 31, 2011.

The Company recognized $496 and $508 of stock-based compensation expense related to the restricted stock units for the three months ended March 31, 2011 and 2010, respectively, which is included in general and administrative expenses. As of March 31, 2011, there was $7,069 of unrecognized stock-based compensation costs, net of estimated forfeitures, related to the restricted stock units that are expected to be recognized over a weighted average period of approximately 6.8 years.

3. Net Income Per Common Share

Companies are required to present basic and diluted earnings per share. Basic net income per share is computed by dividing net income by the weighted daily average number of shares of common stock outstanding during the period. Diluted net income per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential common shares, including stock options and restricted stock units using the treasury-stock method.

A reconciliation of the weighted average basic common shares outstanding to the weighted average diluted common shares outstanding is as follows (unaudited):


	Three Months Ended March 31
	2011		2010
Weighted average common basic shares outstanding		15,790,875		15,390,514
Effect of dilutive stock options and restricted stock units		355,231		414,085

Weighted average common diluted shares outstanding		16,146,106		15,804,599

Net income per share:
Basic	$	0.24	$	0.18
Diluted	$	0.23	$	0.18

There were 19,068 anti-dilutive options excluded in the computation of diluted earnings per share for the three months ended March 31, 2010 because the options’ exercise prices were greater than the average market price of the common stock. There were no anti-dilutive options for the three months ended March 31, 2011.

There are no additional securities that could dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share, other than those disclosed.

4. Recently Issued Accounting Pronouncements

Accounting Standards Net Yet Adopted

In December 2010, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to the disclosure of supplementary pro forma information for business combinations to specify that if a company presents comparative financial statements, it should disclose revenue and earnings of the combined entity as though the business combination that occurred during the current period, occurred at the beginning of the comparable prior annual reporting period. This guidance is effective prospectively for business combinations for which the acquisition date in, on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. The Company does not expect the provisions of this update to have a material effect on its consolidated financial statements.

In December 2010, the FASB issued updated accounting guidance to modify Step 1 of the goodwill impairment test; requiring companies with reporting units with zero or negative carrying amounts to perform Step 2 of the goodwill impairment analysis if it is more likely than not that a goodwill impairment exists. This guidance is effective for fiscal years beginning after December 15, 2010. Early adoption is not permitted. This guidance is not expected to have a material impact on the Company.

5. Acquisitions

2010 Acquisitions

On December 8, 2010, the Company acquired Expert Parking, Inc. and Expert Parking Management, Inc. in a stock purchase transaction for a purchase price in the amount of $5,977, of which $3,597 was paid in cash, net of cash acquired, and $2,380 of estimated earn-out payments to be paid over five years, which are contingent upon achieving certain financial performance targets. Expert Parking, based in Philadelphia, Pennsylvania, operates and manages garages in Pennsylvania and New Jersey.

The net cash paid at the time of the acquisition of $3,597 consisted of accounts receivable of $569, intangible assets with finite lives of $3,150 and goodwill of $3,489, offset by accounts payable of $580, accrued expenses of $757 and long term liabilities of $2,274.

The acquisition represents an acquisition of a business and was accounted for using the purchase method of accounting. The purchase price allocation is based on preliminary estimates. These estimates are subject to revision after the Company completes its fair value analysis. The Company financed the acquisition through additional term borrowings under the senior credit facility and existing cash. The results of operations of this acquisition are included in the Company’s consolidated statement of income from the date of acquisition. This acquisition is not considered material to the Company.

The Company expensed acquisition related costs of $6 in 2011 and $207 in 2010. These costs are included in general and administrative expenses in the income statement. The amount of goodwill that is expected to be deductible for tax purposes is $1,396.

6. Leasehold Improvements, Equipment and Construction in Progress, Net

A summary of leasehold improvements, equipment, and construction in progress and related accumulated depreciation and amortization is as follows:


	Ranges of Estimated
	useful life	March 31, 2011			December 31, 2010
	(Unaudited)
Equipment	2-10 years	$	30,762		$	30,982
Leasehold improvements	Shorter of lease
	term or economic
	life up to 10 years		9,795			9,642
Construction in progress			6,341			6,025

			46,898			46,649
Less accumulated depreciation and amortization			(30,418	)		(29,810	)

Leasehold improvements, equipment and construction in progress, net		$	16,480		$	16,839

Depreciation expense was $931 and $919 for the three months ended March 31, 2011 and 2010, respectively. Depreciation includes losses on sale and abandonment of leasehold improvements and equipment of $11 and $18 for the three months ended March 31, 2011 and 2010, respectively.

7. Cost of Contracts, Net

Cost of contracts represents the contractual rights associated with providing parking services at a managed or leased facility. Cost consists of either capitalized payments made to third parties or the value ascribed to contracts acquired through acquisition. Cost of contracts is amortized over the estimated life of the contracts, including anticipated renewals and terminations.

The balance of cost of contracts is comprised of the following:


	March 31, 2011			December 31, 2010
	(Unaudited)
Cost of contracts	$	23,545		$	23,273
Accumulated amortization		(8,212	)		(7,645	)

Cost of contracts, net	$	15,333		$	15,628

Amortization expense related to cost of contracts was $567 and $356 for the three months ended March 31, 2011 and 2010, respectively. The weighted average useful life is 9.5 years for 2011 and 2010.

8. Goodwill

Goodwill is assigned to reporting units based upon the specific Region where the assets are acquired and associate goodwill resided.

The following table reflects the changes in the carrying amounts of goodwill by reported segment for the three months ended March 31, 2011 (unaudited).


	Region		Region		Region		Region
	One		Two		Three		Four		Total
Balance as of January 1, 2011	$	65,664	$	8,714	$	35,241	$	22,577	$	132,196

Foreign currency translation		—		143		—		—		143

Balance as of March 31, 2011	$	65,664	$	8,857	$	35,241	$	22,577	$	132,339

9. Long-Term Receivables, Net


	Amount Outstanding
	March 31, 2011			December 31, 2010
	(Unaudited)
Bradley International Airport
Deficiency payments	$	12,620		$	12,070
Other Bradley related, net		3,203			3,203
Valuation allowance		(2,484	)		(2,484	)

Total long-term receivables, net	$	13,339		$	12,789

Agreement

We entered into a 25-year agreement with the State of Connecticut that expires on April 6, 2025, under which we operate the surface parking and 3,500 garage parking spaces at Bradley International Airport located in the Hartford, Connecticut metropolitan area. The Company manages the facility for which it is expected to receive a management fee.

The parking garage was financed on April 6, 2000 through the issuance of $53,800 of State of Connecticut special facility revenue bonds, representing $47,700 non-taxable Series A bonds and a separate taxable issuance of $6,100 Series B bonds. The Series B bonds were retired on July 1, 2006 according to the terms of the indenture. The Bradley agreement provides that we deposit with a trustee for the bondholders all gross revenues collected from operations of the surface and garage parking, and from these gross revenues, the trustee pays debt service on the special facility revenue bonds outstanding, operating and capital maintenance expenses of the surface and garage parking facilities excluding our management fee discussed below, and specific annual guaranteed minimum payments to the State. Principal and interest on the Bradley special facility revenue bonds increase from approximately $3,600 in lease year 2002 to approximately $4,500 in lease year 2025. Annual guaranteed minimum payments to the State will increase from approximately $8,300 in lease year 2002 to approximately $13,200 in lease year 2024. The annual minimum guaranteed payment to the State by the trustee for the three months ended March 31, 2011 and 2010 was $2,514 and $2,462, respectively.

All of the cash flow from the parking facilities is pledged to the security of the special facility revenue bonds and is collected and deposited with the bond trustee. Each month the bond trustee makes certain required monthly distributions, which are characterized as “Guaranteed Payments.” To the extent the monthly gross receipts generated by the parking facilities are not sufficient for the trustee to make the required Guaranteed Payments, we are obligated to deliver the deficiency amount to the trustee. Additionally, the Guaranteed Payments are required to be paid before we are reimbursed for deficiency payments or management fees.

The following is the list of Guaranteed Payments:

•

Garage and surface operating expenses,

•

Principal and interest on the special facility revenue bonds,

•

Trustee expenses,

•

Major maintenance and capital improvement deposits, and

•

State Minimum Guarantee.

However, to the extent there is a cash surplus in any month during the term of the lease, we have the right to be repaid the principal amount of any and all deficiency payments previously made, together with actual interest expenses and a premium, not to exceed 10% of the initial deficiency payment. We calculate and record interest income and premium income in the period the associated deficiency payment is received from the trustee.

Deficiency Payments

To the extent that monthly gross receipts are not sufficient for the trustee to make the required payments, we are obligated pursuant to our agreement to deliver the deficiency amount to the trustee within three business days of being notified. We are responsible for these deficiency payments regardless of the amount of utilization for the Bradley parking facilities. The deficiency payments represent contingent interest bearing advances to the trustee to cover operating cash flow requirements. To the extent sufficient funds are available in the appropriate fund, the trustee is then directed by the State to reimburse us for deficiency payments up to the amount of the calculated surplus.

In the three months ended March 31, 2011, we made deficiency payments of $550 and we did not record or receive any interest and premium income deficiency repayments from the trustee. In the three months ended March 31, 2010, we made deficiency payments of $1,374 and we did not record or receive any interest and premium income related to deficiency repayments from the trustee. The receivable from the trustee for interest and premium income related to deficiency repayments was $0 as of March 31, 2011 and March 31, 2010.

The deficiency payments, if any, are recorded as a receivable by us for which we are reimbursed from time to time as provided in the trust agreement. As of March 31, 2011 and December 31, 2010, we have a receivable of $12,620 and $12,070, respectively, compromised of cumulative deficiency payments to the trustee, net of reimbursements. We believe these advances to be fully recoverable and therefore have not recorded a valuation allowance for them. We do not guarantee the payment of any principal or interest on any debt obligations of the State of Connecticut or the trustee.

The Construction, Financing and Operating Special Facility Lease Agreement, which governs reimbursement of Guarantor Payments, places no time restriction or limits on our right to reimbursement.

The following table reconciles the beginning and ending balance of the receivable for each period presented:


	March 31, 2011			December 31, 2010
	(Unaudited)
Deficiency payments:
Balance at beginning of period	$	12,070		$	9,606
Deficiency payments made		550			2,724
Deficiency repayment received		—			(260	)

Balance at end of period		12,620			12,070
Other Bradley related		3,203			3,203
Valuation allowance		(2,484	)		(2,484	)

Total long-term receivables	$	13,339		$	12,789

Compensation

In addition to the recovery of certain general and administrative expenses incurred, our agreement provides for an annual management fee payment which is based on three operating profit tiers calculated for each year during the term of the agreement. The management fee is further apportioned 60% to us and 40% to an un-affiliated entity. To the extent that funds are available for the trustee to make a distribution, the annual management fee is paid when sufficient cash is paid after the Guaranteed Payments (as defined in our agreement), and after the repayment of all deficiency payments, including accrued interest and premium. However, our right to the management fee accrues each year during the term of the agreement and is paid when sufficient cash is available for the trustee to make a distribution.

The annual management fee is paid after the repayment of all deficiency payments, including accrued interest and premium. Therefore, due to the existence and length of time for repayment of the deficiency amounts to the Company, no management fees have been recognized. Management fees will be recognized in accordance with SAB 104 when “collectability is reasonably assured.”

Cumulative management fees of $4,950 have not been recognized as of March 31, 2011 and no management fee income was recognized during the three months ending March 31, 2011 and 2010.

10. Borrowing Arrangements

Long-term borrowings, in order of preference, consist of:


	Amount Outstanding
	Due Date	March 31, 2011		December 31, 2010
	(Unaudited)
Revolving senior credit facility	June 2013	$	90,000	$	95,200
Capital lease obligations	Various		1,394		1,525
Obligations on seller notes and other	Various		1,144		1,177

			92,538		97,902
Less current portion			684		673

		$	91,854	$	97,229

Senior Credit Facility

On July 15, 2008, we amended and restated our credit facility.

The $210,000 revolving senior credit facility will expire June 29, 2013. In addition, the revolving senior credit facility includes a letter of credit sub-facility with a sublimit of $50,000 and a swing line sub-facility with a sublimit of $10,000. The $50,000 letter of credit sub-facility does not limit the maximum actual borrowings on the revolving senior credit facility.

This revolving senior credit facility bears interest, at our option, at either (1) LIBOR plus an applicable LIBOR margin of between 2.00% and 3.50% depending on the ratio of our total funded indebtedness to our EBITDA from time to time (“Total Debt Ratio”) or (2) the Base Rate (as defined below) plus an applicable Base Rate Margin of between 0.50% and 2.00% depending on our Total Debt Ratio. We may elect interest periods of one, two, three or six months for LIBOR based borrowings. The Base Rate is the greater of (i) the rate publicly announced from time to time by Bank of America, N.A. as its “prime rate”, or (ii) the overnight federal funds rate plus 0.50%.

Certain financial covenants limit the Company’s capacity to fully draw on its $210,000 revolving credit facility. Our senior credit facility includes a fixed charge ratio covenant, a total debt to EBITDA ratio covenant, a limit on our ability to incur additional indebtedness, issue preferred stock or pay dividends, and certain other restrictions on our activities. We are required to repay borrowings under our senior credit facility out of the proceeds of future issuances of debt or equity securities and asset sales, subject to certain customary exceptions. Our senior credit facility is secured by substantially all of our assets and all assets acquired in the future (including a pledge of 100% of the stock of our existing and future domestic guarantor subsidiaries and 65% of the stock of our existing and future foreign subsidiaries).

We are in compliance with all of our financial covenants as of March 31, 2011.

The weighted average interest rate on our senior credit facility at March 31, 2011 and December 31, 2010 was 2.6% and 2.6%, respectively. The rate includes all outstanding LIBOR contracts, interest rate cap effect and letters of credit. The weighted average interest rate on outstanding borrowings, not including letters of credit, was 2.6% and 2.6% at March 31, 2011 and December 31, 2010, respectively.

At March 31, 2011, we had $16,773 of letters of credit outstanding under the senior credit facility, borrowings against the senior credit facility aggregated $90,000, and we had $54,420 available under the senior credit facility.

We have entered into various financing agreements, which were used for the purchase of equipment.

11. Business Unit Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses, and about which separate financial information is regularly evaluated by our chief operating decision maker, in deciding how to allocate resources. Our chief operating decision maker is the Company’s President and Chief Executive Officer.

Each of the operating segments is directly responsible for revenue and expenses related to their operations including direct regional administrative costs. Finance, information technology, human resources, and legal are shared functions that are not allocated back to the four operating segments. The CODM assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest, taxes, and depreciation and amortization, but does not evaluate segments using discrete asset information. There are no inter-segment transactions and the Company does not allocate interest and other income, interest expense, depreciation and amortization or taxes to operating segments. The accounting policies for segment reporting are the same as for the Company as a whole.

Our business is managed based on regions administered by executive vice presidents. The following is a summary of revenues (excluding reimbursed management contract revenue) and gross profit by regions for the three months ended March 31, 2011 and 2010. Information related to prior periods has been recast to conform to the current region alignment.

The Company has provided this business unit segment information for all comparable prior periods. Segment information is summarized as follows (in thousands):


	For the three months ended
	March 31,			Gross			March 31,			Gross
	2011			Margin			2010			Margin
Revenues:
Region One
Lease contracts	$	18,943					$	17,035
Management contracts		13,256						11,913

Total Region One		32,199						28,948
Region Two
Lease contracts		658						746
Management contracts		8,758						8,091

Total Region Two		9,416						8,837
Region Three
Lease contracts		5,689						4,955
Management contracts		12,134						12,469

Total Region Three		17,823						17,424
Region Four
Lease contracts		9,916						10,375
Management contracts		11,692						7,548

Total Region Four		21,608						17,923
Other
Lease contracts		(1	)					5
Management contracts		114						54

Total Other		113						59
Reimbursed revenue		101,124						106,055

Total revenues	$	182,283					$	179,246

Gross Profit
Region One
Lease contracts	$	554			3	%	$	153			1	%
Management contracts		6,670			50	%		6,234			52	%

Total Region One		7,224						6,387
Region Two
Lease contracts		103			16	%		75			10	%
Management contracts		1,769			20	%		2,174			27	%

Total Region Two		1,872						2,249
Region Three
Lease contracts		562			10	%		369			7	%
Management contracts		5,785			48	%		5,772			46	%

Total Region Three		6,347						6,141
Region Four
Lease contracts		574			6	%		682			7	%
Management contracts		4,161			36	%		3,618			48	%

Total Region Four		4,735						4,300
Other
Lease contracts		(87	)		(8,700	)%		66			1,320	%
Management contracts		77			68	%		13			24	%

Total Other		(10	)					79
Total gross profit		20,168						19,156
General and administrative expenses		11,182						11,560
General and administrative expense percentage of gross profit		55	%					60	%
Depreciation and amortization		1,533						1,460

Operating income		7,453						6,136
Other expenses (income):
Interest expense		1,169						1,490
Interest income		(60	)					(53	)

		1,109						1,437
Income before income taxes		6,344						4,699
Income tax expense		2,479						1,847

Net income		3,865						2,852
Less: Net income attributable to noncontrolling interest		86						7

Net income attributable to Standard Parking Corporation	$	3,779					$	2,845

Region One encompasses operations in Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Kansas, Maine, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, and Wisconsin.

Region Two encompasses our Canadian operations, event planning and transportation, and our technology-based parking and traffic management systems.

Region Three encompasses operations in Arizona, California, Colorado, Hawaii, Louisiana, Minnesota, Nevada, Ohio, Texas, Utah, Washington, and Wyoming.

Region Four encompasses all major airport and transportation operations nationwide.

Other consists of ancillary revenue that is not specifically identifiable to a region and insurance reserve adjustments related to prior years.

The CODM does not evaluate segments using discrete asset information.

12. Comprehensive Income

Comprehensive income consists of the following components, net of tax (Unaudited):


	For the three months ended
	March 31, 2011			March 31, 2010
Net income	$	3,865		$	2,852
Revaluation of interest rate cap		(29	)		(159	)
Effect of foreign currency translation		92			142

Comprehensive income		3,928			2,835
Less: comprehensive income attributable to noncontrolling interest		86			7

Comprehensive income attributable to Standard Parking Corporation	$	3,842		$	2,828

13. Income Taxes

For the three months ended March 31, 2011, the Company recognized income tax expense of $2,479 on pre-tax earnings of $6,344 compared to $1,847 income tax expense on pre-tax earnings of $4,699 for the three months ended March 31, 2010. Income tax expense is based on a projected effective tax rate of approximately 39.1% for the three months ended March 31, 2011 compared to approximately 39.3% for the three months ended March 31, 2010. The Company’s effective tax rate did not change significantly compared to the three months ended March 31, 2010.

As of March 31, 2011, the Company has not identified any uncertain tax positions that would have a material impact on the Company’s financial position. The Company recognizes potential interest and penalties related to uncertain tax positions, if any, in income tax expense.

The tax years that remain subject to examination for the Company’s major tax jurisdictions at March 31, 2011 are shown below:


2004 – 2009		United States — federal income tax
2004 – 2009		United States — state and local income tax
2006 – 2009		Canada

14. Legal Proceedings

We are subject to litigation in the normal course of our business. The outcomes of legal proceedings and claims brought against us and other loss contingencies are subject to significant uncertainty. We accrue a charge against income when our management determines that it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. In addition, we accrue for the authoritative judgments or assertions made against us by government agencies at the time of their rendering regardless of our intent to appeal. In determining the appropriate accounting for loss contingencies, we consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss. We regularly evaluate current information available to us to determine whether an accrual should be established or adjusted. Estimating the probability that a loss will occur and estimating the amount of a loss or a range of loss involves significant judgment.

15. Fair Value Measurement

The Company applies the accounting standards for fair value measurements and disclosures for its financial assets and financial liabilities. The guidance requires disclosures about assets and liabilities measured at fair value. The Company’s financial assets relate to the interest rate cap of $117 and the Company’s financial liabilities relate to contingent earn-out payments of $6,690 as of March 31, 2011.

The accounting guidance for fair value measurements and disclosures includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels:

• Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.

• Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The significant inputs used to derive the fair value of the amounts due to seller include financial forecasts of future operating results, the probability of reaching the forecast and the associated discount rate. The probability of the contingent consideration ranges from 25% to 96%, with a weighted average discount rate of 13%. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis and the basis of measurement at March 31, 2011:


	Total Fair Value
	Measurement		Level 1		Level 2		Level 3
Assets:
Interest Rate Cap	$	117	$	—	$	117	$	—
Liabilities:
Due to seller	$	6,690	$	—	$	—	$	6,690

The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):


	Due to Seller
Balance at December 31, 2010	$	6,807
Contingent earn-out payments-payments made to seller		—
Contingent earn-out payments-change in fair value		(117	)

Balance at March 31, 2011	$	6,690

For the three months ended March 31, 2011, the Company recorded adjustments to the original contingent consideration obligation recorded upon the acquisition of Gameday Management Group U.S. The adjustments were the result of using revised forecasts and updated fair value measurements that adjusted the Company’s potential earn-out payments related to the purchase of this business.

For the three months ended March 31, 2011, the Company recognized a benefit of $117 in general and administrative expenses in the statement of income due to the change in fair value measurements using a level three valuation technique.


Item 2.		*Management’s Discussion and Analysis of Financial Condition and Results of Operations*

The following discussion of our results of operations should be read in conjunction with the consolidated financial statements and the notes thereto contained in this Quarterly Report on Form 10-Q and the consolidated financial statements and the notes thereto included in our Annual Report on our Form 10-K, as amended, for the year ended December 31, 2010.

Overview

Our Business

We manage parking facilities in urban markets and at airports across the United States and in four Canadian provinces. We do not own any facilities, but instead enter into contractual relationships with property owners or managers.

We operate our clients’ properties through two types of arrangements: management contracts and leases. Under a management contract, we typically receive a base monthly fee for managing the facility, and we may also receive an incentive fee based on the achievement of facility performance objectives. We also receive fees for ancillary services. Typically, all of the underlying revenue and expenses under a standard management contract flow through to our clients rather than to us. However, some management contracts, which are referred to as “reverse” management contracts, usually provide for larger management fees and require us to pay various costs. Under lease arrangements, we generally pay to the property owner either a fixed annual rent, a percentage of gross customer collections or a combination thereof. We collect all revenue under lease arrangements and we are responsible for most operating expenses, but we are typically not responsible for major maintenance, capital expenditures or real estate taxes. Margins for lease contracts vary significantly, not only due to operating performance, but also due to variability of parking rates in different cities and varying space utilization by parking facility type and location. As of March 31, 2011, we operated approximately 90% of our locations under management contracts and approximately 10% of our locations under leases. For the three months ended March 31, 2011, we derived approximately 91% of our gross profit under management contracts and approximately 9% of our gross profit under leases.

In evaluating our financial condition and operating performance, management’s primary focus is on our gross profit, total general and administrative expenses and general and administrative expenses as a percentage of our gross profit. Although the underlying economics to us of management contracts and leases are similar, the manner in which we are required to account for them differs. Revenue from leases includes all gross customer collections derived from our leased locations (net of parking tax), whereas revenue from management contracts only includes our contractually agreed upon management fees and amounts attributable to ancillary services. Gross customer collections at facilities under management contracts, therefore, are not included in our revenue. Accordingly, while a change in the proportion of our operating agreements that are structured as leases versus management contracts may cause significant fluctuations in reported revenue and expense of parking services, that change will not artificially affect our gross profit. For example, as of March 31, 2011, we operated approximately 90% of our locations under management contracts, and for the three months ended March 31, 2011, we derived approximately 91% of our gross profit under management contracts. Only approximately 57% of total revenue (excluding reimbursed management contract revenue), however, was from management contracts because under those contracts the revenue collected from parking customers belongs to our clients. Therefore, gross profit and total general and administrative expenses, rather than revenue, are management’s primary focus.

General Business Trends

We believe that sophisticated commercial real estate developers and property managers and owners recognize the opportunity for parking and related services to be a profit generator rather than a cost center. Often, the parking experience makes both the first and the last impressions on their properties’ tenants and visitors. By outsourcing these services, they are able to capture additional profit by leveraging the unique operational skills and controls that an experienced parking management company can offer. Our ability to consistently deliver a uniformly high level of parking and related services and maximize the profit to our clients improves our ability to win contracts and retain existing locations. Our location retention rate for the twelve-month period ended March 31, 2011 was approximately 91%, compared to approximately 90% for the twelve-month period ended March 31, 2010, which also reflects our decision not to renew, or to terminate, unprofitable contracts.

For the three months ended March 31, 2011 compared to the three months ended March 31, 2010, average gross profit per location increased by 4.9% from $9.0 thousand to $9.4 thousand due primarily to an increase in same location gross profit, increased gross profit for new locations and increased profit on our 2010 acquisition.

Summary of Operating Facilities

We focus our operations in core markets where a concentration of locations improves customer service levels and operating margins. The following table reflects our facilities operated at the end of the periods indicated:


	March 31, 2011		December 31, 2010		March 31, 2010
Managed facilities		1,922		1,907		1,926
Leased facilities		208		212		208

Total facilities		2,130		2,119		2,134

Revenue

We recognize parking services revenue from lease and management contracts as the related services are provided. Substantially all of our revenue comes from the following two sources:

•

Parking services revenue—lease contracts. Parking services revenue related to lease contracts consist of all revenue received at a leased facility, including parking receipts (net of parking tax), consulting and real estate development fees, gains on sales of contracts and payments for exercising termination rights.

•

Parking services revenue—management contracts. Management contract revenue consists of management fees, including both fixed and performance-based fees, and amounts attributable to ancillary services such as accounting, equipment leasing, payments received for exercising termination rights, consulting, developmental fees, gains on sales of contracts, as well as insurance and other value-added services with respect to managed locations. We believe we generally purchase required insurance at lower rates than our clients can obtain on their own because we effectively self-insure for all liability and worker’s compensation claims by maintaining a large per-claim deductible. As a result, we have generated operating income on the insurance provided under our management contracts by focusing on our risk management efforts and controlling losses. Management contract revenue does not include gross customer collections at the managed locations as this revenue belongs to the property owner rather than to us. Management contracts generally provide us with a management fee regardless of the operating performance of the underlying facility.

Conversions between type of contracts (lease or management) are typically determined by our client and not us. Although the underlying economics to us of management contracts and leases are similar, the manner in which we account for them differs substantially.

Reimbursed Management Contract Revenue

Reimbursed management contract revenue consists of the direct reimbursement from the property owner for operating expenses incurred under a management contract, which is reflected in our revenue.

Cost of Parking Services

Our cost of parking services consists of the following:

•

Cost of parking services—lease contracts. The cost of parking services under a lease arrangement consists of contractual rental fees paid to the facility owner and all operating expenses incurred in connection with operating the leased facility. Contractual fees paid to the facility owner are generally based on either a fixed contractual amount or a percentage of gross revenue or a combination thereof. Generally, under a lease arrangement we are not responsible for major capital expenditures or real estate taxes.

•

Cost of parking services—management contracts. The cost of parking services under a management contract is generally the responsibility of the facility owner. As a result, these costs are not included in our results of operations. However, our reverse management contracts, which typically provide for larger management fees, do require us to pay for certain costs.

Reimbursed Management Contract Expense

Reimbursed management contract expense consists of direct reimbursed costs incurred on behalf of property owners under a management contract, which is reflected in our cost of parking services.

Gross Profit

Gross profit equals our revenue less the cost of generating such revenue. This is the key metric we use to examine our performance because it captures the underlying economic benefit to us of both lease contracts and management contracts.

General and Administrative Expenses

General and administrative expenses include salaries, wages, payroll taxes, insurance, travel and office related expenses for our headquarters, field offices, supervisory employees, and board of directors.

Depreciation and Amortization

Depreciation is determined using a straight-line method over the estimated useful lives of the various asset classes or in the case of leasehold improvements, over the initial term of the operating lease or its useful life, whichever is shorter. Intangible assets determined to have finite lives are amortized over their remaining useful life.

Results of Operations

Segments

Our business is managed based on regions administered by executive vice presidents. The following is a summary of revenues (excluding reimbursed management contract revenue) by region for the three months ended March 31, 2011 and 2010. Information related to prior years has been recast to conform to the new region alignment.

Region Two encompasses our Canadian operations, event planning and transportation, and our technology-based parking and traffic management systems.

Region Three encompasses operations in Arizona, California, Colorado, Hawaii, Louisiana, Minnesota, Nevada, Ohio, Texas, Utah, Washington, and Wyoming.

Region Four encompasses all major airport and transportation operations nationwide.

Other consists of ancillary revenue that is not specifically identifiable to a region and insurance reserve adjustments related to prior years.

The following tables present the material factors that impact our financial statements on an operating segment basis.

Three Months ended March 31, 2011 Compared to Three Months ended March 31, 2010

Segment revenue information is summarized as follows:


	Three Months Ended March 31,
	Region One				Region Two				Region Three				Region Four				Other				Total				Variance
	2011		2010		2011		2010		2011		2010		2011		2010		2011		2010		2011		2010		Amount			%
	(in millions)
Lease contract revenue:
New location	$	2.5	$	—	$	—	$	—	$	0.7	$	—	$	—	$	—	$	—	$	—	$	3.2	$	—	$	3.2			100.0
Contract expirations		—		0.7		—		0.2		0.1		0.1		—		0.3		—		—		0.1		1.3		(1.2	)		(92.3	)
Same location		16.5		16.0		0.6		0.5		4.9		4.8		9.9		9.5		—		—		31.9		30.8		1.1			3.6
Conversions		—		0.4		—		—		—		—		—		0.6		—		—		—		1.0		(1.0	)		(100.0	)

Total lease contract revenue	$	19.0	$	17.1	$	0.6	$	0.7	$	5.7	$	4.9	$	9.9	$	10.4	$	—	$	—	$	35.2	$	33.1	$	2.1			6.3

Management contract revenue:
New location	$	1.5	$	—	$	0.6	$	—	$	0.7	$	0.1	$	4.7	$	—	$	—	$	—	$	7.5	$	0.1	$	7.4			7400.0
Contract expirations		0.1		1.5		—		0.4		0.1		1.2		0.1		0.2		—		—		0.3		3.3		(3.0	)		(90.9	)
Same location		11.7		10.4		8.2		7.6		11.4		11.2		6.9		7.4		—		—		38.2		36.6		1.6			4.4
Conversions		—		—		—		—		—		—		—		0.1		—		—		—		0.1		(0.1	)		(100.0	)

Total management contract revenue	$	13.3	$	11.9	$	8.8	$	8.0	$	12.2	$	12.5	$	11.7	$	7.7	$	—	$	—	$	46.0	$	40.1	$	5.9			14.7

Parking services revenue — lease contracts. Lease contract revenue increased $2.1 million, or 6.3%, to $35.2 million for the three months ended March 31, 2011, compared to $33.1 million for the three months ended March 31, 2010. The increase resulted primarily from increases in revenue from new locations, partially offset by decreases in revenue from contract expirations and conversions. Same location revenue for those facilities, which as of March 31, 2011 are the comparative periods for the two years presented, increased 3.6%. The increase in same location revenue was due to increases in short-term parking revenue of $0.8 million, or 3.6%, and increases in monthly parking revenue of $0.3 million, or 3.1%. Revenue associated with contract expirations relates to contracts that expired during the current period.

Parking services revenue — management contracts. Management contract revenue increased $5.9 million, or 14.7%, to $46.0 million for the three months ended March 31, 2011, compared to $40.1 million for the three months ended March 31, 2010. The increase resulted primarily from new locations, which was partially offset by the decrease in revenue from contract expirations and conversions. Same locations revenue for those facilities, which as of March 31, 2011 are the comparative periods for the two years presented, increased 1.6%, primarily due to increased fees from reverse management locations and ancillary services.

Reimbursed management contract revenue. Reimbursed management contract revenue decreased $5.0 million, or 4.7%, to $101.1 million for the three months ended March 31, 2011, compared to $106.1 million for the three months ended March 31, 2010. This decrease resulted from reduced reimbursements for costs incurred on behalf of owners.

Lease contract revenue increased primarily due to new locations in regions one and four combined with same location revenue in all four operating regions. This was partially offset by decreases in contract expirations regions one, two and four, combined with decreases in conversion to management agreements in regions one and four. Same location revenue increases for the aforementioned regions were primarily due to increases in short-term and monthly parking revenue.

Management contract revenue increased primarily due to new location revenue in all four operating regions combined with same location revenue in regions one, two, and three. This was partially offset with by contract expirations in all four operating regions and conversions to lease agreements in region three. The increases in same location revenue were primarily due to an increase in fees from reverse management locations and ancillary services. For comparability purposes, revenue associated with contract expirations relate to the contracts that expired during the current period.

Segment cost of parking services information is summarized as follows:


	Three Months Ended March 31,
	Region One				Region Two				Region Three				Region Four				Other					Total				Variance
	2011		2010		2011		2010		2011		2010		2011		2010		2011			2010		2011		2010		Amount			%
	(in millions)
Cost of parking services lease contracts:
New location	$	2.4	$	—	$	—	$	—	$	0.7	$	—	$	—	$	—	$	—		$	—	$	3.1	$	—	$	3.1			100.0
Contract expirations		—		0.7		—		0.2		—		0.1		—		0.3		—			—		—		1.3		(1.3	)		(100.0	)
Same location		16.0		15.8		0.6		0.5		4.4		4.5		9.3		8.8		0.1			—		30.4		29.6		0.8			2.7
Conversions		—		0.4		—		—		—		—		—		0.5		—			—		—		0.9		(0.9	)		(100.0	)

Total cost of parking services lease contracts	$	18.4	$	16.9	$	0.6	$	0.7	$	5.1	$	4.6	$	9.3	$	9.6	$	0.1		$	—	$	33.5	$	31.8	$	1.7			5.3

Cost of parking services management contracts:
New location	$	0.6	$	—	$	0.6	$	—	$	0.4	$	—	$	4.3	$	0.2	$	(0.2	)	$	—	$	5.7	$	0.2	$	5.5			2750.0
Contract expirations		0.3		0.7		—		0.2		—		0.5		—		0.1		—			—		0.3		1.5		(1.2	)		(80.0	)
Same location		5.8		5.0		6.4		5.7		5.9		6.2		3.2		3.7		0.2			—		21.5		20.6		0.9			4.4
Conversions		—		—		—		—		—		—		—		—		—			—		—		—		—			—

Total cost of parking services management contracts	$	6.7	$	5.7	$	7.0	$	5.9	$	6.3	$	6.7	$	7.5	$	4.0	$	—		$	—	$	27.5	$	22.3	$	5.2			23.3

Cost of parking services — lease contracts. Cost of parking services for lease contracts increased $1.7 million, or 5.3%, to $33.5 million for the three months ended March 31, 2011, compared to $31.8 million for the three months ended March 31, 2010. The increase resulted primarily from increases in costs from new locations, which was partially offset by decreases in contract expirations and fewer locations that converted from management contracts during the current year. Same locations costs for those facilities, which as of March 31, 2011 are the comparative for the two years presented, increased 2.7%. Same location costs increased $0.1 million due to payroll and payroll-related expenses, $0.6 million due to rent expense, primarily as a result of contingent rental payments on the increase in revenue for same locations, and $0.1 million related to other operating costs.

Cost of parking services — management contracts. Cost of parking services for management contracts increased $5.2 million, or 23.3%, to $27.5 million for the three months ended March 31, 2011, compared to $22.3 million for the three months ended March 31, 2010. The increase resulted from increases in costs related to new reverse management locations, which more than offset the decrease in costs from contract expirations. Same location costs for those facilities, which as of March 31, 2011 are the comparative for the two years presented, increased 4.4%. Same location increase in operating expenses for management contracts primarily resulted from increases in costs associated with reverse management contracts and the cost of providing management services.

Reimbursed management contract expense. Reimbursed management contract expense decreased $5.0 million, or 4.7%, to $101.1 million for the three months ended March 31, 2011, compared to $106.1 million for the three months ended March 31, 2010. This decrease resulted from reduced reimbursed costs incurred on the behalf of owners.

Cost of parking services for lease contracts increased primarily due to new locations in regions one and three combined with same locations in all four operating regions, which was partially offset by contract expirations in all four operating regions and conversion to management contracts which impacted regions one and four. Same location cost increased slightly primarily due to increases in payroll, payroll related costs, increases in contingent rent payments on the increase in revenue, and other operating costs.

Cost of parking services for management contracts increased in all four operating regions due to new locations combined with increases in same locations for regions one, two and other. Partially offsetting, were decreases due to contract expirations in all four operating regions. Same location costs increases primarily resulted from increases in costs associated with reverse management contracts and the cost of providing management services. The other region amounts in same location primarily represent prior year insurance reserve adjustments.

Segment gross profit/gross profit percentage information is summarized as follows:


	Three Months Ended March 31,
	Region One					Region Two				Region Three				Region Four					Other					Total					Variance
	2011			2010		2011		2010		2011		2010		2011		2010			2011			2010		2011		2010			Amount			%
	(in millions)
Gross profit lease contracts:
New location	$	0.1		$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—	$	0.1	$	—		$	0.1			100.0
Contract expirations		—			—		—		—		0.1		—		—		—			—			—		0.1		—			0.1			100.0
Same location		0.5			0.2		—		—		0.5		0.3		0.6		0.7			(0.1	)		—		1.5		1.2			0.3			25.0
Conversions		—			—		—		—		—		—		—		0.1			—			—		—		0.1			(0.1	)		(100.0	)

Total gross profit lease contracts	$	0.6		$	0.2	$	—	$	—	$	0.6	$	0.3	$	0.6	$	0.8		$	(0.1	)	$	—	$	1.7	$	1.3		$	0.4			30.8

	(percentages)
Gross profit percentage lease contracts:
New location		4.0			—		—		—		—		—		—		—			—			—		3.1		—
Contract expirations		—			—		—		—		100.0		—		—		—			—			—		100.0		—
Same location		3.0			1.3		—		—		10.2		6.3		6.1		7.4			—			—		4.7		3.9
Conversions		—			—		—		—		—		—		—		16.7			—			—		—		10.0

Total gross profit percentage		3.2			1.2		—		—		10.5		6.1		6.1		7.7			—			—		4.8		3.9

	(in millions)
Gross profit management contracts:
New location	$	0.9		$	—	$	—	$	—	$	0.3	$	0.1	$	0.4	$	(0.2	)	$	0.2		$	—	$	1.8	$	(0.1	)	$	1.9			(1900.0	)
Contract expirations		(0.2	)		0.8		—		0.2		0.1		0.7		0.1		0.1			—			—		—		1.8			(1.8	)		(100.0	)
Same location		5.9			5.4		1.8		1.9		5.5		5.0		3.8		3.7			(0.2	)		—		16.7		16.0			0.7			4.4
Conversions		—			—		—		—		—		—		—		0.1			—			—		—		0.1			(0.1	)		(100.0	)

Total gross profit management contracts	$	6.6		$	6.2	$	1.8	$	2.1	$	5.9	$	5.8	$	4.3	$	3.7		$	—		$	—	$	18.5	$	17.8		$	0.7			3.9

	(percentages)
Gross profit percentage management contracts:
New location		60.0			—		—		—		42.9		100.0		8.5		—			—			—		24.0		(100.0	)
Contract expirations		(200.0	)		53.3		—		50.0		100.0		58.3		100.0		50.0			—			—		—		54.5
Same location		50.4			51.9		22.0		25.0		48.2		44.6		53.6		50.0			—			—		43.7		43.7
Conversions		—			—		—		—		—		—		—		100.0			—			—		—		100.0

Total gross profit percentage		49.6			52.1		20.5		26.3		48.4		46.4		35.9		48.1			—			—		40.2		44.4

Gross profit — lease contracts. Gross profit for lease contracts increased $0.4 million, or 30.8%, to $1.7 million for the three months ended March 31, 2011, compared to $1.3 million for the three months ended March 31, 2010. Gross profit percentage for lease contracts increased to 4.8% for the three months ended March 31, 2011, compared to 3.9% for the three months ended March 31, 2010. Gross profit lease contracts increases on same locations were primarily the result of increased short-term and monthly parking revenue as described under parking services revenue leased contracts.

Gross profit — management contracts. Gross profit for management contracts increased $0.7 million, or 3.9%, to $18.5 million for the three months ended March 31, 2011, compared to $17.8 million in for the three months ended March 31, 2010. Gross profit percentage for management contracts decreased to 40.2% for the three months ended March 31, 2011, compared to 44.4% for the three months ended March 31, 2010. Gross profit for management contracts increases were primarily the result of our new locations and same locations, partially offset by contract expirations and conversions. Gross profit management contracts increases on same locations were primarily the result of decreased costs associated with reverse management contracts and the cost of providing management services. Gross profit percentage on contract expirations accounted for most of the decline on a percentage basis.

Gross profit for lease contracts increased primarily due to same locations in regions one and three due to an increase in short-term and monthly parking revenue, increases in new locations in region one and increases in contract expirations in region three, partially offset by decreases in conversions for region four.

Gross profit management contracts increased primarily due to new locations in regions one, three, four and other, increases in same locations in regions one and three, partially offset by decreases in contract expirations in regions one, two and three combined with decreases in conversion for region four. The other region amounts in same location primarily represent prior year insurance reserve adjustments.

General and administrative expenses. General and administrative expenses decreased $0.4 million, or 3.3%, to $11.2 million for the three months ended March 31, 2011, compared to $11.6 million for the three months ended March 31, 2010. This decrease was primarily the result of cost savings from process efficiencies of $0.9 million, partially offset by increases in payroll and payroll-related expenses of $0.5 million.

Interest expense. Interest expense decreased $0.3 million, or 21.5%, to $1.2 million for the three months ended March 31, 2011, as compared to $1.5 million for the three months ended March 31, 2010. This decrease resulted primarily from a decrease in our long-term borrowings.

Interest income. Interest income was $0.1 million for the three months ended March 31, 2011 and did not change significantly compared to the three months ended March 31, 2010.

Income tax expense. Income tax expense increased $0.6 million, or 34.2%, to $2.5 million for the three months ended March 31, 2011, as compared to $1.9 million for the three months ended March 31, 2010. An increase in our pre-tax income resulted in the $0.6 million increase in income tax expense. Our effective tax rate was 39.1% for the three months ended March 31, 2011 and 39.3% for the three months ended March 31, 2010.

Liquidity and Capital Resources

Outstanding Indebtedness

On March 31, 2011, we had total indebtedness of approximately $92.5 million, a decrease of $5.4 million from December 31, 2010. The $92.5 million includes:

•

$90.0 million under our senior credit facility; and

•

$2.5 million of other debt including capital lease obligations and obligations on seller notes and other indebtedness.

We believe that our cash flow from operations, combined with availability under our senior credit facility, which amounted to $54.4 million at March 31, 2011, will be sufficient to enable us to pay our indebtedness, or to fund other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before their respective maturities. We believe that we will be able to refinance our indebtedness on commercially reasonable terms.

Senior Credit Facility

On July 15, 2008, we amended and restated our credit facility.

The $210.0 million revolving senior credit facility will expire June 29, 2013. The revolving senior credit facility includes a letter of credit sub-facility with a sublimit of $50.0 million and a swing line sub-facility with a sublimit of $10.0 million. The $50.0 million letter of credit sub-facility does not limit the maximum actual borrowings on the revolving senior credit facility.

Our revolving senior credit facility bears interest, at our option, at either (1) LIBOR plus an applicable LIBOR margin of between 2.00% and 3.50% depending on the ratio of our total funded indebtedness to our EBITDA from time to time (“Total Debt Ratio”) or (2) the Base Rate (as defined below) plus an applicable Base Rate Margin of between 0.50% and 2.00% depending on our Total Debt Ratio. We may elect interest periods of one, two, three or six months for LIBOR based borrowings. The Base Rate is the greater of (i) the rate publicly announced from time to time by Bank of America, N.A. as its “prime rate,” or (ii) the overnight federal funds rate plus 0.50%.

Certain financial covenants limit the Company’s capacity to fully draw on its $210.0 million revolving credit facility. Our senior credit facility includes a fixed charge ratio covenant; a total debt to EBITDA ratio covenant; a limit on our ability to incur additional indebtedness, issue preferred stock or pay dividends; and certain other restrictions on our activities. We are required to repay borrowings under our senior credit facility out of the proceeds of future issuances of debt or equity securities and asset sales, subject to certain customary exceptions. Our senior credit facility is secured by substantially all of our assets and all assets acquired in the future (including a pledge of 100% of the stock of our existing and future domestic guarantor subsidiaries and 65% of the stock of our existing and future foreign subsidiaries).

We are in compliance with all of our financial covenants.

At March 31, 2011, we had $16.8 million of letters of credit outstanding under the senior credit facility, borrowings against the senior credit facility aggregated $90.0 million and we had $54.4 million available under the senior credit facility.

Interest Rate Cap Transactions

We do not enter into derivative instruments for any purpose other than cash flow hedging purposes.

On February 22, 2010, we entered into interest rate cap agreements with Wells Fargo Bank N.A. (“Wells Fargo”) and Fifth Third Bank (“Fifth Third”), allowing us to limit our exposure on a portion of our borrowings under our senior credit facility (“Rate Cap Transactions”). Pursuant to two separate letter agreements between the Company and Wells Fargo and Fifth Third, respectively, we will receive payments from Wells Fargo and Fifth Third each quarterly period to the extent that the prevailing three-month LIBOR during that period exceeds our cap rate of 3.25%. The Rate Cap Transactions became effective March 31, 2010, and settle each quarter on a date that is intended to coincide with our quarterly interest payments dates under our senior credit facility. The Rate Cap Transactions cap our LIBOR interest rate on a notional amount of $50 million at 3.25% for a total of 39 months. These Rate Cap Transactions are classified as a cash flow hedge, and we calculate the effectiveness of the hedge on a quarterly basis. The ineffective portion of the cash flow hedge is recognized in current period earnings as an increase of interest expense. The fair value of the interest rate cap at March 31, 2011 is $0.1 million and is included in prepaid expenses.

Letters of Credit

At March 31, 2011, we have provided letters of credit totaling $16.5 million to our casualty insurance carrier to collateralize our casualty insurance program.

As of March 31, 2011, we provided $0.3 million in letters to collateralize other obligations.

Deficiency Payments

Pursuant to our obligations with respect to the parking garage operations at Bradley International Airport, we are required to make certain payments for the benefit of the State of Connecticut and for holders of special facility revenue bonds. The deficiency payments represent contingent interest bearing advances to the trustee to cover operating cash flow requirements. The payments, if any, are recorded as a receivable by us for which we are reimbursed from time to time as provided in the trust agreement. As of March 31, 2011, we have a receivable of $12.6 million, comprised of cumulative deficiency payments to the trustee, net of reimbursements. We believe these advances to be fully recoverable and therefore have not recorded a valuation allowance for them. We do not guarantee the payment of any principal or interest on any debt obligations of the State of Connecticut or the trustee.

We made deficiency payments of $0.6 million in the first three months of 2011 compared to $1.4 million in the first three months of 2010. We did not receive any payments for interest and premium income related to deficiency payments in the first three months of 2011 and 2010.

Daily Cash Collections

As a result of day-to-day activity at our parking locations, we collect significant amounts of cash. Lease contract revenue is generally deposited into our local bank accounts, with a portion remitted to our clients in the form of rental payments according to the terms of the leases. Under management contracts, some clients require us to deposit the daily receipts into one of our local bank accounts, with the cash in excess of our operating expenses and management fees remitted to the clients at negotiated intervals. Other clients require us to deposit the daily receipts into client accounts and the clients then reimburse us for operating expenses and pay our management fee subsequent to month-end. Some clients require a segregated account for the receipts and disbursements at locations. Our working capital and liquidity may be adversely affected if a significant number of our clients require us to deposit all parking revenue into their respective accounts.

Our liquidity also fluctuates on an intra-month and intra-year basis depending on the contract mix and timing of significant cash payments. Additionally, our ability to utilize cash deposited into our local accounts is dependent upon the availability and movement of that cash into our corporate account. For all these reasons, from time to time, we carry a significant cash balance, while also utilizing our senior credit facility.

Net Cash Provided by Operating Activities

Our primary sources of funds are cash flows from operating activities and changes in working capital. Net cash provided by operating activities totaled $6.9 million for the first three months of 2011. Cash provided included $6.8 million from operations and a net increase in working capital of $0.1 million. The increase in working capital resulted primarily from (i) a decrease of $1.1 million in notes and accounts receivable due to improved cash collections; (ii) an increase of $7.5 million in accounts payable that primarily resulted from the timing on payments to our clients and new business that are under management contracts as described under “Daily Cash Collections”; (iii) offset by an increase of $1.4 million in prepaid assets primarily related to timing for payment of insurance policy premiums; (iv) a decrease of $6.5 million in other liabilities that primarily resulted from a decrease in the performance-based compensation accrual paid in the first quarter of 2011, a decrease in customer deposits on certain events due to timing, offset by an increase in the non-qualified deferred compensation plan and an increase in deposits received for new clients; and (v) an increase of $0.6 million in other assets primarily due an increase in the cash surrender value related to the non-qualified deferred compensation plan.

Our primary sources of funds are cash flows from operating activities and changes in working capital. Net cash provided by operating activities totaled $1.8 million for the first three months of 2010. Cash provided included $5.3 million from operations which was offset by a net decrease in working capital of $3.5 million. The decrease in working capital resulted primarily from an increase of $5.3 million in notes and accounts receivable which primarily related to an increase in business from new locations, acquisitions and deficiency payments related to Bradley International Airport guarantor payments as described under “Deficiency Payments”, a decrease of $1.9 million in other liabilities due primarily to deferred revenue that has been subsequently earned and the payment of accrued expenses, offset by a decrease of $1.1 in prepaid assets primarily related to timing of payroll taxes paid in 2009 relating to 2010 payroll, a decrease in other assets of $0.2 million primarily due to a decrease in intangible assets partially offset by an increase in customer deposits and an increase of $2.4 million in accounts payable which primarily resulted from the timing on payments to our clients and new business that are under management contracts as described under “Daily Cash Collections.”

Net Cash Used in Investing Activities

Net cash used in investing activities totaled $0.8 million in the first three months of 2011. Cash used in investing activities for the first three months of 2011 included capital expenditures of $0.5 million for capital investments needed to secure and/or extend leased facilities and $0.3 million of cost of contract purchases.

Net cash used in investing activities totaled $0.5 million in the first three months of 2010. Cash used in investing activities for the first three months of 2010 included capital expenditures of $0.5 million for capital investments needed to secure and/or extend leased facilities.

Net Cash Used in Financing Activities

Net cash used in financing activities totaled $5.1 million in the first three months of 2011. Cash used in financing activities for 2011 included $0.1 million for payments on capital leases, $5.2 million for our senior credit facility, $0.1 million of distributions to noncontrolling interest, partially offset by $0.1 million from the exercise of stock options and $0.2 million from the tax benefit related to stock option exercises.

Net cash used in financing activities totaled $0.9 million in the first three months of 2010. Cash used in financing activities for 2010 included $0.1 million for payments on capital leases, $1.0 million for our senior credit facility, partially offset by $0.1 million from the exercise of stock options and $0.1 million from the tax benefit related to stock option exercises.

Cash and Cash Equivalents

We had cash and cash equivalents of $8.3 million and $7.3 million at March 31, 2011 and December 31, 2010, respectively. The cash balances reflect our ability to utilize funds deposited into our local accounts and which based upon availability, timing of deposits and the subsequent movement of that cash into our corporate accounts may result in significant changes to our cash balances.

Forward-Looking Information

The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. These statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies. The statements contained in this Form 10-Q that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” and similar terms and phrases, including references to assumptions in this Form 10-Q, to identify forward-looking statements. These forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements.

All of our forward-looking statements should be considered in light of these factors. All of our forward-looking statements speak only as of the date they were made, and we undertake no obligation to update our forward-looking statements or risk factors to reflect new information, future events or otherwise, except as may be required under applicable securities laws and regulations. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the SEC. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

Risk Factors

While it is not possible to identify all risk factors, we continue to face many risks and uncertainties that could cause actual results to differ from our forward-looking statements and could otherwise have a material adverse effect on our liquidity, consolidated results of operations, and consolidated financial condition. Information related to risk factors is described in our most recent Form 10-K under “Risk Factors,” as supplemented or amended from time to time in our quarterly reports on Form 10-Q and our current reports on Form 8-K.


Item 3.		*Quantitative and Qualitative Disclosures about Market Risk*

Interest Rates

Our primary market risk exposure consists of risk related to changes in interest rates. We use a variable rate senior credit facility to finance our operations. This facility exposes us to variability in interest payments due to changes in interest rates. If interest rates increase, interest expense increases and conversely, if interest rates decrease, interest expense also decreases. We believe that it is prudent to limit the exposure of an increase in interest rates.

We do not enter into derivative instruments for any purpose other than cash flow hedging purposes.

On February 22, 2010, we entered into interest rate cap agreements with Wells Fargo Bank N.A. (“Wells Fargo”) and Fifth Third Bank (“Fifth Third”), allowing us to limit our exposure on a portion of our borrowings under our senior credit facility (“Rate Cap Transactions”). Pursuant to two separate letter agreements between the Company and Wells Fargo and Fifth Third, respectively, we will receive payments from Wells Fargo and Fifth Third each quarterly period to the extent that the prevailing three month LIBOR during that period exceeds our cap rate of 3.25%. The Rate Cap Transactions are effective March 31, 2010, and will settle each quarter on a date that is intended to coincide with our quarterly interest payments dates under our senior credit facility. The Rate Cap Transactions cap our LIBOR interest rate on a notional amount of $50 million at 3.25% for a total of 39 months. These Rate Cap Transactions are classified as a cash flow hedge, and we calculate the effectiveness of the hedge on a quarterly basis. The ineffective portion of the cash flow hedge is recognized in current period earnings as an increase of interest expense. The fair value of the interest rate cap at March 31, 2011 is $0.1 million and is included in prepaid expenses.

Our $210.0 million senior credit facility provides for a $210.0 million variable rate revolving facility. In addition, the credit facility includes a letter of credit sub-facility with a sublimit of $50.0 million and swing line sub-facility with a sublimit of $10.0 million. The $50,000 letter of credit sub-facility does not limit the maximum actual borrowings on the revolving senior credit facility. Interest expense on such borrowing is sensitive to changes in the market rate of interest. If we were to borrow the entire $220.0 million available under the facility, a 1% increase in the average market rate would result in an increase in our annual interest expense of $2.2 million.

This amount is determined by considering the impact of the hypothetical interest rates on our borrowing cost, but does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Due to the uncertainty of the specific changes and their possible effects, the foregoing sensitivity analysis assumes no changes in our financial structure.

Foreign Currency Risk

Our exposure to foreign exchange risk is minimal. All foreign investments are denominated in U.S. dollars, with the exception of Canada. We had approximately $0.6 million of Canadian dollar denominated cash instruments at March 31, 2011. We had no Canadian dollar denominated debt instruments at March 31, 2011. We do not hold any hedging instruments related to foreign currency transactions. We monitor foreign currency positions and may enter into certain hedging instruments in the future should we determine that exposure to foreign exchange risk has increased.


Item 4.		*Controls and Procedures*

Evaluation of Disclosure Controls and Procedures

Within the 90-day period prior to the filing date of this report, our chief executive officer, chief financial officer and corporate controller carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon their evaluation, our chief executive officer, chief financial officer and corporate controller concluded that our disclosure controls and procedures were adequate and effective and designed to ensure that material information relating to us (including our consolidated subsidiaries) required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized and reported within the required time periods.

Changes in Internal Controls Over Financial Reporting

There have been no significant changes in our internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Limitations of the Effectiveness of Internal Control

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

PART II. OTHER INFORMATION


Item 1.		*Legal Proceedings*


Item 6.		*Exhibits*


Exhibit
Number		Description

	31.1	Section 302 Certification dated May 6, 2011 for James A. Wilhelm, Director, President and Chief Executive Officer (Principal Executive Officer).

	31.2	Section 302 Certification dated May 6, 2011 for G. Marc Baumann, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer).

	31.3	Section 302 Certification dated May 6, 2011 for Daniel R. Meyer, Senior Vice President, Corporate Controller and Assistant Treasurer (Principal Accounting Officer).

	32.1	Certification pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated May 6, 2011.


Part I. Financial Information

Item 1. Financial Statements:

Condensed Consolidated Balance Sheets as of March 31, 2011 (Unaudited) and December 31, 2010			3

Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2011 and 2010			4

Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2011 and 2010			5

Notes to Condensed Consolidated Interim Financial Statements			6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17

Item 3. Quantitative and Qualitative Disclosures about Market Risk			27

Item 4. Controls and Procedures			27

Part II. Other Information

Item 1. Legal Proceedings			28

Item 6. Exhibits			28

Signatures			29

Index to Exhibits			30

Exhibit 31.1
Exhibit 31.2
Exhibit 31.3
Exhibit 32.1


	STANDARD PARKING CORPORATION
Dated: May 6, 2011	By:	/s/ JAMES A. WILHELM
		James A. Wilhelm
		Director, President and Chief Executive Officer (Principal Executive Officer)

Dated: May 6, 2011	By:	/s/ G. MARC BAUMANN
		G. Marc Baumann
		Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

Dated: May 6, 2011	By:	/s/ DANIEL R. MEYER
		Daniel R. Meyer
		Senior Vice President, Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer)


Date: May 6, 2011	By:	/s/ JAMES A. WILHELM
		James A. Wilhelm,
		Director, President and Chief Executive Officer (Principal Executive Officer)


Date: May 6, 2011	By:	/s/ G. MARC BAUMANN
		G. Marc Baumann,
		Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)


Date: May 6, 2011	By:	/s/ DANIEL R. MEYER
		Daniel R. Meyer,
		Senior Vice President Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer)

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Date: May 6, 2011	By:	/s/ JAMES A. WILHELM
		Name:	James A. Wilhelm
		Title:	Director, President and Chief Executive Officer (Principal Executive Officer)

Date: May 6, 2011	By:	/s/ G. MARC BAUMANN
		Name:	G. Marc Baumann
		Title:	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

Date: May 6, 2011	By:	/s/ DANIEL R. MEYER
		Name:	Daniel R. Meyer
		Title:	Senior Vice President, Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer)