12. GOODWILL

The following table presents goodwill.



GOODWILL
(Dollars in Thousands)

	December 31, 2015		December 31, 2014
AFN	$	110	$	110
JVB		7,882		7,882
Goodwill	$	7,992	$	7,992

The Company measures its goodwill impairment on an annual basis or when events indicate that goodwill may be impaired. The Company first assesses qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on the results of the qualitative assessment, the Company then determines whether it needs to calculate the fair value of the reporting unit as part of the first step of the two-step goodwill impairment test.

AFN Goodwill

The annual impairment testing date for the AFN Goodwill is October 1. The first testing date following the Merger was October 1, 2010. The Company determined the goodwill was not impaired as of October 1, 2015, 2014, and 2013.

JVB Goodwill

The annual impairment testing date for the JVB Goodwill is January 1. The first testing date after the acquisition was January 1, 2012. The Company determined the goodwill was not impaired as of January 1, 2016, 2015, and 2014.

Cira SCM Goodwill

The Company had goodwill attributable to Cira SCM related to the Company’s acquisition of the 10% of Cira SCM that the Company did not already own in exchange for 189,901 membership units of the Company, from a non-controlling interest partner in July 2007. On the last annual impairment test, July 1, 2014, the Company determined the Cira SCM goodwill was impaired and recorded an impairment charge of $3,121.