Note 15 – Other Liabilities

Other liabilities are summarized as follows (dollars in thousands):


	December 31,
		2011		2010
Current liabilities
Security Deposit Payable		137		141
Other current liabilities	$	137	$	141
Other liabilities
Foreign Withholding Taxes	$	6,212	$	5,944
Straight-line Rent Liability		8,067		7,559
Related Party Lease Liability		5,746		5,637
Environmental Reserve		1,656		1,656
Accrued Pension		4,289		4,406
Interest Rate Swap		4,722		181
Acquired Lease Liability		2,742		3,264
Other Payable		1,243		2,603
Other		962		945
Other liabilities	$	35,639	$	32,195

Village East Purchase Option

On June 29, 2010, we agreed to extend our existing lease from SHC of the Village East Cinema in New York City by 10 years, with a new termination date of June 30, 2020. The Village East lease includes a sub-lease of the ground underlying the cinema that is subject to a longer-term ground lease between SHC and an unrelated third party that expires in June 2031 (the "cinema ground lease"). The extended lease provides for a call option pursuant to which Reading may purchase the cinema ground lease for $5.9 million at the end of the lease term. Additionally, the lease has a put option pursuant to which SHC may require Reading to purchase all or a portion of SHC's interest in the existing cinema lease and the cinema ground lease at any time between July 1, 2013 and December 4, 2019. SHC's put option may be exercised on one or more occasions in increments of not less than $100,000 each. Because our Chairman, Chief Executive Officer, and controlling shareholder, Mr. James J. Cotter, is also the managing member of SHC, RDI and SHC are considered entities under common control. As a result, we recorded the Village East Cinema building as a property asset of $4.7 million on our balance sheet based on the cost carry-over basis from an entity under common control with a corresponding lease liability of $5.6 million presented under other liabilities which accretes up to the $5.9 million liability till July 1, 2013 (see Note 26 – Related Parties and Transactions).