Leases

Operating Leases

Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable operating lease agreements which expire at various dates through 2020. The leases generally provide for fixed annual rentals plus certain other costs or credits. Costs associated with such operating leases are recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense for the years ended December 31, 2012, 2011 and 2010 amounted to $14,814, $13,312 and $12,363, respectively.

The future minimum annual payments for the Company’s operating leases related to continuing operations (with initial or remaining terms in excess of one year) during the next five years from January 1, 2013 through December 31, 2017 and thereafter, at rates now in force are as follows:



2013	$	16,065
2014	16,165
2015	16,331
2016	16,283
2017	10,171
Thereafter	12,139

Capital Leases

Future minimum capital lease payments as of December 31, 2012 are as follows:



2013	$	3,036
2014	3,036
2015	3,036
2016	3,036
2017	3,036
Thereafter	6,931
Total minimum lease payments	22,111
Less amount representing interest (at 9.3%-10.4%)	(6,449		)
Present value of net minimum future capital lease payments	15,662
Less principal portion of current installments	(1,558		)
Long-term portion of obligations under capital leases	$	14,104