8. Intangible Assets

Intangible assets, except for the Refine Technology, LLC tradename and in-process research and development, are amortized over their useful lives using the estimated economic benefit method, as applicable, and the amortization expense is recorded within selling, general and administrative expense in the Company’s statements of comprehensive income (loss). The Refine Technology, LLC tradename and in-process research and development are not amortized. The Company reviews its indefinite-lived intangible assets not subject to amortization to determine if adverse conditions exist or a change in circumstances exists that would indicate an impairment. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for our products or changes in the size of the market for our products. An impairment results if the carrying value of the asset exceeds the estimated fair value of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at March 31, 2016.

Intangible assets consisted of the following at March 31, 2016 (in thousands):


	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	3,315	$	(854	)		12
In process research and development		1,600		—			—
Patents		240		(185	)		8
Customer relationships		11,985		(4,346	)		9
Trademark/ tradename		700		—			—

Total intangible assets	$	17,840	$	(5,385	)		10

Intangible assets consisted of the following at December 31, 2015 (in thousands):


	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	3,295	$	(782	)		12
In process research and development		1,600		—			—
Patents		240		(177	)		8
Customer relationships		11,805		(3,926	)		9
Trademark/ tradename		700		—			—

Total intangible assets	$	17,640	$	(4,885	)		10

Amortization expense for amortized intangible assets was approximately $399,000 and $401,000 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the Company expects to record amortization expense as follows (in thousands):


Years Ending	Amortization Expense
December 31, 2016 (nine months remaining)	$	1,279
December 31, 2017		1,705
December 31, 2018		1,541
December 31, 2019		1,526
December 31, 2020		1,190