Intangible Assets

3 Months Ended

Mar. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Note 2 – Intangible Assets

The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “Goodwill and Other Intangible Assets,” which requires that intangibles with indefinite useful lives be tested annually for impairment and those with finite useful lives be amortized over their useful lives.

In January 2012, the Company acquired the assets of Waste Reduction Consultants, Inc., (“WRC”) and recorded intangible assets of $3,183,000 for the customer list, $261,000 for two non-compete agreements and software of $234,000.

Details of the Company’s intangible assets are as follows:

	March 31, 2012					December 31, 2011
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
(In thousands)	Amount		Amortization			Amount		Amortization
Assets eligible for amortization:
Customer lists		3,933		(696	)		750		(589	)
Non-compete agreements		261		(13	)		–		–
Software		234		(20	)		–		–
Unamortized intangible assets:
Goodwill		11,817		(227	)		7,698		(227	)
Total intangible assets	$	16,245	$	(956	)	$	8,448	$	(816	)

The customer lists are amortized over seven and ten years; the non-compete agreements over five years; and, software over three years. Amortization of intangible assets amounted to $139,000 for the three-month period ended March 31, 2012 and $27,000 for the three-month period ended March 31, 2011. Estimated amortization of intangibles over the next five years is as follows: $556,000 in 2012, $502,000 in 2013, $449,000 in 2014, and $371,000 in both 2015 and 2016.