Note 8 – Goodwill and intangible assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. In both 2019 and 2020, due to a significant selling price correction leading to unfavorable market conditions, the Company performed a quantitative test by weighing the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique to determine its reporting units’ fair values.

There were no goodwill impairment losses recognized for the years ended December 31, 2020 and 2019.

Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company’s goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets.

At December 31, 2020 and December 31, 2019 the Company had $47.8 million of goodwill.

The Company’s other intangible assets consist of the following:


December 31,		2020						2019
(in thousands)	Amortization	Gross						Gross
	Period	Carrying		Accumulated				Carrying		Accumulated
	(in years)	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets with determinable lives
Patents	5	$	386	$	386	$	—	$	386	$	383	$	3
Covenant not to compete	6 – 10		1,270		937		333		1,270		783		487
Customer relationships	3 – 12		31,560		9,167		22,393		31,560		6,506		25,054
Above market leases	13		567		143		424		567		99		468
Licenses	10		1,000		1,000		—		1,000		1,000		—
Totals identifiable intangible assets		$	34,783	$	11,633	$	23,150	$	34,783	$	8,771	$	26,012

The amortization of intangible assets for the years ended December 31, 2020 and 2019, were $2.9 million and $2.9 million respectively. Future estimated amortization expense is as follows: 2021 - $2.8 million, 2022 - $2.8 million, 2023‑ $2.8 million, 2024- $2.8 million, 2025-$2.5 million and thereafter - $9.5 million.