LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2012

NOTE 8 - LEASE COMMITMENTS

The Company leases various premises under non-cancelable operating lease agreements, which expire through 2021 and require minimum annual rentals. The approximate minimum rental commitments under the leases are as follows for the year ended December 31, 2012:

	As of
(In thousands)	December 31, 2012
2013	$	673
2014		551
2015		484
2016		492
2017		437
Thereafter		461
Total lease commitments	$	3,098

The leases contain options to extend for periods from one to ten years. The cost of such lease extensions is not included in the above table. Rental expense for all leases was approximately $795,000, $815,000, and $1.3 million for the years ended December 31, 2012, 2011 and 2010, respectively. The decline in rental expense in 2011 was related to the sale of Royal Asian in December 2010.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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