INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

NOTE 5 — INTANGIBLE ASSETS

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed during 2007. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 10 to 20 years. The Company tests intangible assets for impairment when events or circumstances indicate that the carrying value of these assets may not be recoverable. During the first quarter of 2015, the Company identified triggering events associated with Brad Foote’s current period operating loss combined with its history of continued operating losses. As a result, the Company evaluated the recoverability of certain of its identifiable intangible assets. Based upon the Company’s assessment, the recoverable amount was in excess of the carrying amount of the intangible assets, and no impairment to these assets was indicated as of March 31, 2015.

As of March 31, 2015 and December 31, 2014, the cost basis, accumulated amortization and net book value of intangible assets were as follows:


	March 31, 2015							December 31, 2014
							Weighted							Weighted
					Net		Average					Net		Average
	Cost		Accumulated		Book		Amortization	Cost		Accumulated		Book		Amortization
	Basis		Amortization		Value		Period	Basis		Amortization		Value		Period
Intangible assets:
Customer relationships	$	3,979	$	(3,650)	$	329	7.2	$	3,979	$	(3,639)	$	340	7.2
Trade names		7,999		(2,980)		5,019	20.0		7,999		(2,880)		5,119	20.0
Intangible assets	$	11,978	$	(6,630)	$	5,348	15.8	$	11,978	$	(6,519)	$	5,459	15.8

As of March 31, 2015, estimated future amortization expense is as follows:


2015	$	333
2016		444
2017		444
2018		444
2019		444
2020 and thereafter		3,239
Total	$	5,348