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 2027. 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, 2014, 2013 and 2012 amounted to $22,885, $15,640 and $14,814, 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, 2015 through December 31, 2019 and thereafter, at rates now in force are as follows:



2015	$	27,535
2016	27,094
2017	25,476
2018	22,844
2019	21,089
Thereafter	156,486

Capital Leases

Future minimum capital lease payments as of December 31, 2014 are as follows:



2015	$	6,145
2016	6,145
2017	6,145
2018	6,145
2019	5,228
Thereafter	17,970
Total minimum lease payments	47,778
Less amount representing interest (at 9.3%-12%)	(17,439		)
Present value of net minimum future capital lease payments	30,339
Less principal portion of current installments	(2,953		)
Long-term portion of obligations under capital leases	$	27,386