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INTANGIBLE ASSETS OTHER THAN GOODWILL
 6 Months Ended
Jun. 30, 2013
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract]  
INTANGIBLE ASSETS OTHER THAN GOODWILL
NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL
Intangible assets as of June 30, 2013 and December 31, 2012 consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Acquisition
Cost
 
 
Accumulated
Amortization (*)
 
 
Net Book Value
June  30, 2013
 
Favorable lease terms
  
$
67,417
  
 
$
(22,108
) 
 
$
45,309
  
Unfavorable lease terms
  
 
 (5,819
) 
 
 
    1,916
  
 
 
 (3,903
) 
Total
  
$
61,598
  
 
$
(20,192
) 
 
$
41,406
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Acquisition
Cost
 
 
Accumulated
Amortization
 
 
Net Book Value
December  31, 2012
 
Favorable lease terms
  
$
67,417
  
 
$
(16,184
) 
 
$
51,233
  
Unfavorable lease terms
  
 
(5,819
) 
 
 
    1,574
  
 
 
 (4,245
) 
Total
  
$
61,598
  
 
$
(14,610
) 
 
$
46,988
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization (expense)/income of favorable and unfavorable lease terms for the periods ended June 30, 2013 and 2012, is presented in the following table:
 
 
 
 
 
 
 
 
 
 
 
  
Six Month Period Ended
 
 
  
June 30,
2013
 
 
June 30,
2012
 
Unfavorable lease terms
  
$
    342
 
 
$
    342
  
Favorable lease terms charter-out (*)
  
 
(5,924
)
 
 
(4,323
) 
Total
  
$
(5,582
)
 
$
(3,981
) 
 
  
 
 
 
 
 
 
 
The aggregate amortizations of acquired intangibles will be as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
  
Within
One
Year
 
 
Year
Two
 
 
Year
Three
 
 
Year
Four
 
 
Year
Five
 
 
Thereafter
 
 
Total
 
Favorable lease terms
  
$
(7,793
 ) 
 
$
(4,959
 ) 
 
$
(4,959
 ) 
 
$
(3,874
 ) 
 
$
(2,811
 ) 
 
$
(20,913
 ) 
 
 
(45,309
 ) 
Unfavorable lease terms
  
 
    683
  
 
 
    683
  
 
 
    683
  
 
 
    684
  
 
 
    684
  
 
 
      486
  
 
 
   3,903
  
Total
  
$
(7,110)
 
 
$
(4,276)
 
 
$
(4,276)
 
 
$
(3,190)
 
 
$
(2,127)
 
 
$
(20,427)
 
 
$
(41,406)
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(*)Following charterer's default in July 2013, for which the Company became aware in June 2013, regarding two product tanker vessels, an amount of $1,619 has been accounted for as accelerated amortization in the condensed consolidated statements of operations under the caption of “Depreciation and Amortization”, due to the revision of the remaining useful economic life of the related favorable lease.