DEFERRED CHARGES

12 Months Ended

Dec. 31, 2014

DEFERRED CHARGES

DEFERRED CHARGES

NOTE 9 - DEFERRED CHARGES

Deferred charges at December 31, 2014 and 2013 include (in thousands):

	2014		2013
Initial franchise fees	$	6,435	$	5,957
Deferred financing costs	8,628		7,846
	15,063		13,803
Less accumulated amortization	5,422		3,533
Total	$	9,641	$	10,270

Amortization expense for 2014, 2013 and 2012 was (in thousands):

	2014		2013		2012
Initial franchise fees	$	485	$	411	$	355
Deferred financing costs	1,549		1,854		2,288
	$	2,034	$	2,265	$	2,643

Future amortization expense is expected to be (in thousands):

2015	$	2,052
2016	1,740
2017	1,412
2018	922
2019	629
Thereafter	2,886
	$	9,641