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Acquisitions
 6 Months Ended
Jun. 30, 2013
Acquisitions
NOTE 2.
ACQUISITIONS
The following table summarizes the Company’s acquisitions of lease contracts, merchandise and the related assets of sales and lease ownership stores, none of which was individually material to the Company’s consolidated financial statements, during the six months ended June 30:
 
(In Thousands, except for store data)
2013
 
2012
Number of stores acquired, net
3

 
16

Aggregate purchase price (primarily cash consideration)
$
2,378

 
$
23,130

Purchase price allocation:
 
 
 
Lease Merchandise
1,195

 
8,688

Property, Plant and Equipment
78

 
579

Other Current Assets and Current Liabilities
(35
)
 
(4
)
Identifiable Intangible Assets1
 
 
 
Customer Relationships
130

 
1,255

Non-Compete Agreements
111

 
881

Acquired Franchise Development Rights
66

 
578

Goodwill2
833

 
11,153


1
The Company amortizes customer relationship intangible assets on a straight-line basis over a two-year estimated useful life. The Company amortizes non-compete intangible assets on a straight-line basis over a three-year estimated useful life. The Company amortizes acquired franchise development rights on a straight-line basis over the unexpired life of the franchisee’s ten year area development agreement.

2  
Goodwill recognized from acquisitions primarily relates to the future strategic benefits expected to be realized upon integrating the businesses. All goodwill resulting from the Company’s 2013 and 2012 acquisitions is expected to be deductible for tax purposes. During the six months ended June 30, 2013, goodwill of approximately $833,000 was assigned to the Company’s Sales and Lease Ownership operating segment. During the six months ended June 30, 2012, goodwill of approximately $10.6 million and $476,000 was assigned to the Company’s Sales and Lease Ownership and HomeSmart operating segments, respectively.
Acquisitions have been accounted for as business combinations, and the results of operations of the acquired businesses are included in the Company’s results of operations from their dates of acquisition. The effect of these acquisitions on the consolidated financial statements for the six months ended June 30, 2013 and 2012 was not significant. The purchase price allocations related to current year acquisitions are tentative and preliminary; the Company anticipates finalizing them prior to December 31, 2013.