Note E. Cost of Contracts, net

Cost of contracts represents the cost of obtaining contractual rights associated with providing parking services at a managed or leased facility. Cost consists of either capitalized payments made to third parties. Cost of contracts is amortized over the estimated life of the contracts, including anticipated renewals and terminations. Estimated lives are based on either the contract life or anticipated lives that are consistent with the underlying valuation analysis used in determining the fair value at acquisition.

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

	December 31,

	2012			2011
Cost of contracts	$	26,599		$	24,203
Accumulated amortization		(12,384	)		(9,917	)

Cost of contracts, net	$	14,215		$	14,286

The expected future amortization of cost of contracts is as follows:

	Cost of Contract

2013	$	2,472
2014		2,623
2015		2,157
2016		1,915
2017		1,774
2018 and Thereafter		3,274

Total	$	14,215

Amortization expense related to cost of contracts was $3,142, $2,275 and $1,907 for the years ended December 31, 2012, 2011 and 2010 respectively. Amortization includes no losses on cost of contracts in 2012 and 2011 and losses on cost of contracts of $62 in 2010. The weighted average useful life is 9.5 years for 2012, 9.7 years for 2011 and 9.5 years for 2010.