Lease Obligations

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Lease Obligations

LEASE OBLIGATIONS

Assets recorded under capital lease obligations of $3.3 million and $3.6 million at December 31, 2014 and 2013, respectively, are included in property and equipment. Accumulated depreciation related to such assets was $1.8 million and $1.6 million at December 31, 2014 and 2013, respectively. Depreciation on the assets recorded under capital leases is included in depreciation expense.

The Company leases office space under operating leases, some of which include renewal options. Rental expense for the years ended December 31, 2014, 2013 and 2012 was approximately $1.3 million, $1.7 million, and $1.8 million, respectively. The Company received income from subleases of approximately $0.1 million in the year ended December 31, 2013 and approximately $0.3 million in the year ended December 31, 2012.

Future minimum lease payments for the five years subsequent to December 31, 2014, thereafter and in the aggregate are as follows (in thousands):

	Capital Leases			Operating Leases
2015	$	371		$	775
2016	353			526
2017	378			80
2018	390			9
2019	390			—
Thereafter	909			—
Total minimum lease payments	2,791			$	1,390
Less amount representing interest	(572		)
Present value of net minimum lease payments	$	2,219

Capital leases are comprised mostly of a sale leaseback agreement entered into by Seitel Canada in 2002 on a building and land located in Calgary, Alberta, Canada. The term of the lease is 20 years with remaining annual lease payments of: $409,500 (Canadian dollars) until April 2017 and $452,340 (Canadian dollars) from May 2018 until April 2022.