Leases

9 Months Ended

Sep. 30, 2014

12. Leases

Rent expense was $0.3 million and $1.1 million for the three and nine months ended September 30, 2014, respectively. Rent expense was $0.3 million and $0.9 million for the three and nine months ended September 30, 2013, respectively.

During the nine months ended September 30, 2014, the Company entered into Amendment No. 3 (the “Third Amendment”) amending the terms of the lease on the Company’s corporate headquarters in Holliston, MA. The Third Amendment extended the term of the lease through August 31, 2024, while also expanding the Company’s rentable square feet in the building by approximately 22,000 square feet to a total of approximately 83,000 square feet. The commencement date of the Third Amendment is October 1, 2014.

Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at September 30, 2014, are as follows:

		Operating
		Leases
		(in thousands)
2015	$	1,816
2016		1,351
2017		1,329
2018		1,299
2019		1,160
Thereafter		4,941
Net minimum lease payments	$	11,896

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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