LEASES

(a) Capital leases

The Company leases certain of its ATMs and computer equipment under capital lease agreements that expire between 2013 and 2017 and bear interest at rates between 2.7% and 26.2%. The lessors for these leases hold a security interest in the equipment leased under the respective capital lease agreements. Lease installments are paid on a monthly, quarterly or semi-annual basis. Certain leases contain a bargain purchase option at the conclusion of the lease period.

The gross amount of the ATMs and computer equipment and related accumulated amortization recorded within property and equipment and subject to capital leases as of December 31, 2012 and 2011 were as follows:



	As of December 31,
(in thousands)	2012			2011
ATMs	$	13,101		$	11,882
Other	3,019			1,511
Subtotal	16,120			13,393
Less accumulated amortization	(8,030		)	(6,512		)
Total	$	8,090		$	6,881

Non-cash financing and investing activities for the years ended December 31, 2012, 2011 and 2010 represented capital lease obligations of $3.4 million, $4.6 million and $1.4 million, respectively, incurred when the Company entered into leases primarily for new ATMs, to upgrade ATMs or for data center computer equipment.

(b) Operating leases

The Company has non-cancelable operating leases that expire between 2013 and 2023. Rent expense for the years ended December 31, 2012, 2011 and 2010 amounted to $49.0 million, $40.4 million and $30.3 million, respectively.

Future minimum lease payments under the capital leases and the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2012 are:



(in thousands)	Capital Leases			Operating Leases
Year ending December 31,
2013	$	2,757		$	37,698
2014	2,384			30,597
2015	1,888			25,634
2016	530			19,801
2017	137			12,676
Thereafter	—			10,259
Total minimum lease payments	7,696			$	136,665
Less amounts representing interest	(710		)
Present value of net minimum capital lease payments	6,986
Less current portion of obligations under capital leases	(2,397		)
Obligations under capital leases, less current portion	$	4,589