Other intangible assets

9 Months Ended

Sep. 30, 2011

Other intangible assets

Other intangible assets

9.         Other intangible assets

	Nine months ended September 30, 2011
	Favorable lease assets	Internet sites		Tradenames	Total
	$’000	$’000		$’000	$’000
Carrying amount:
Balance as of January 1, 2011	13,503	1,630		7,100	22,233
Foreign currency translation adjustment	223	(11	)	—	212
Balance as at September 30, 2011	13,726	1,619		7,100	22,445
Accumulated amortization:
Balance as of January 1, 2011	1,616	610		—	2,226
Charge for the year	277	99		—	376
Foreign currency translation adjustment	25	(5	)	—	20
Balance as at September 30, 2011	1,918	704		—	2,622
Net book value:
As at December 31, 2010	11,887	1,020		7,100	20,007
As at September 30, 2011	11,808	915		7,100	19,823

Favorable lease intangible assets are amortized over the terms of the leases, which are between 19 and 60 years. Internet sites are amortized over 10 years. Tradenames have an indefinite life and therefore are not amortized.

Amortization expense for the three months ended September 30, 2011 was $236,000 (2010 - $216,000).  Amortization expense for the nine months ended September 30, 2011 was $376,000 (2010 - $449,000).  Estimated amortization expense for each of the years ended December 31, 2012 to December 31, 2016 is $501,000.