Goodwill and intangible assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 - 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 2018, due to a significant selling price correction leading to unfavorable market conditions, the Company performed a quantitative test by weighting 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.

Based on the results of the impairment assessments of goodwill and other intangible assets performed

in 2018,

the Company concluded that it is more likely than not that the fair value of its goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets.

At March 31, 2019 the Company had $47.8 million of goodwill, of which $47 million is attributable to the acquisition of ARI on October 10, 2017.

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

			March 31, 2019						December 31, 2018
(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	$	381	$	5	$	386	$	380	$	6
Covenant Not to Compete		6 - 10		1,270		667		603		1,270		629		641
Customer Relationships		10 - 12		31,660		4,598		27,062		31,660		3,952		27,708
Above Market Leases		13		567		65		502		567		54		513
Licenses		10		1,000		442		558		1,000		417		583
Totals identifiable intangible assets			$	34,883	$	6,153	$	28,730	$	34,883	$	5,432	$	29,451

Amortization expense for the three months ended March 31, 2019 and 2018 was $721 and $742, respectively. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. No impairments were recognized for the period ended March 31, 2019 and for the year ended December 31, 2018.