Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2013

(4)

Goodwill and Intangible Assets

There were no changes in the carrying amount of goodwill from the year ended December 31, 2012 to the period ended March 31, 2013.

Acquired intangible assets at December 31, 2012 and March 31, 2013 were comprised of the following (dollars in thousands):


	December 31, 2012						March 31, 2013
	Gross						Gross
	carrying		Accumulated				carrying		Accumulated
	amount		amortization		Net		amount		amortization		Net
Amortizable intangible assets:
Client contracts and broker relationships	$	58,410	$	19,273	$	39,137	$	59,355	$	20,738	$	38,617
Trade names		2,180		792		1,388		2,180		871		1,309
Technology		9,946		4,316		5,630		9,946		4,959		4,987
Noncompete agreements		2,012		1,705		307		2,012		1,715		297
Favorable lease		1,137		93		1,044		1,137		124		1,013

Total	$	73,685	$	26,179	$	47,506	$	74,630	$	28,407	$	46,223

Amortization expense for acquired intangible assets totaled $1.3 million and $2.2 million for the three months ended March 31, 2012 and 2013, respectively.

The estimated expected amortization expense in future periods is as follows (dollars in thousands):


Remainder of 2013	$	6,556
2014		8,082
2015		6,586
2016		5,522
2017		5,203
Thereafter		14,274

Total	$	46,223

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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