CAPITAL LEASE OBLIGATIONS

3 Months Ended

Mar. 31, 2012

5. CAPITAL LEASE OBLIGATIONS

We record capital lease obligations and leased property and equipment at the lesser of the present value of future lease payments based upon the terms of the related lease agreement or the fair value of the assets held under capital leases. As of March 31, 2012, our capital leases had expiration dates ranging from 2013 to 2023.

During 2011, we entered into a capital lease for new corporate office space in Atlanta, Georgia due to our Atlanta data center expansion into our then-existing corporate office space. During the three months ended March 31, 2012, we took possession of the space when it was available according to terms of the lease and recorded the related property and equipment and corresponding capital lease obligation of $7.4 million.

Future minimum capital lease payments and the present value of the minimum lease payments for all capital leases as of March 31, 2012, are as follows (in thousands):

2012	$	5,563
2013		7,985
2014		8,211
2015		8,357
2016		7,601
Thereafter		34,464
Remaining capital lease payments		72,181
Less: amounts representing imputed interest		(24,017	)
Present value of minimum lease payments		48,164
Less: current portion		(3,271	)
	$	44,893

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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