Leases and Contingencies

12 Months Ended

Dec. 31, 2011

Leases and Contingencies [Abstract]

Leases and Contingencies

Note L. Leases and Contingencies

The Company operates parking facilities under operating leases expiring on various dates, generally prior to 2019. Certain of the leases contain options to renew at the Company’s discretion.

Total future annual rent expense is not determinable as a portion of such future rent is contingent based on revenues. At December 31, 2011, the Company’s minimum rental commitments, excluding contingent rent provisions under all non-cancelable operating leases, are as follows:

2012(1)	$	39,051
2013		27,943
2014		19,340
2015		15,945
2016		10,193
2017 and thereafter,		8,675
	$	121,147

(1) $7,317 is included in 2012’s minimum commitments for leases that expire in less than one year.

Rent expense, including contingent rents, was $108,324, $101,623 and $101,634 in 2011, 2010 and 2009, respectively.

Contingent rent expense was $58,309, $53,211 and $53,513 in 2011, 2010 and 2009, respectively. Contingent rent expense consists primarily of percentage rent payments, which will cease at various times as certain leases expire.

We enter into contingent purchase price arrangements from time to time for our business combinations and depending upon the date of the business combination, some of our contingent purchase price arrangements are not reflected in our consolidated balance sheet as those acquisitions occurred prior to the adoption of the most recent guidance on business combinations which now requires these to be recorded on the date of the acquisition. Our contingent payment obligations outstanding under previous business combination rules totaled $536 and $908, as of December 31, 2011 and 2010, respectively, assuming all performance targets would be achieved as of December 31, 2011 and 2010, and on an aggregate undiscounted basis. Such contingent payments will be accounted for as additional purchase price if the performance criteria are achieved; accordingly, this contingent payment obligation is not recorded at December 31, 2011. In addition, as of December 31, 2011 we have accrued $233 for contingent payment obligations incurred in 2011 under previous business combination rules. We have recorded a contingency obligation for acquisitions subsequent to the adoption of the most recent guidance on business combinations, in the amount of $6,498, of which $4,295 is included in the other long-term liabilities and $2,203 is included in accrued expenses at December 31, 2011.