Cost of Contracts, Net

9 Months Ended

Sep. 30, 2012

Cost of Contracts, Net

Cost of Contracts, Net

6. 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:

	September 30, 2012			December 31, 2011
	(Unaudited)
Cost of contracts	$	24,768		$	24,203
Accumulated amortization	(11,738		)	(9,917		)
Cost of contracts, net	$	13,030		$	14,286

Amortization expense related to cost of contracts was $609 and $1,828 for the three and nine months ended September 30, 2012, respectively, and $555 and $1,691 for the three and nine months ended September 30, 2011 respectively. The weighted average useful life is 9.7 years for 2012 and 9.5 years for 2011.