Lease Obligations

12 Months Ended

Dec. 31, 2011

Lease Obligations [Abstract]

Lease Obligations

NOTE F-LEASE OBLIGATIONS

Assets recorded under capital lease obligations of $3.7 million and $3.8 million at December 31, 2011 and 2010, respectively, are included in property and equipment. Accumulated depreciation related to such assets was $1.2 million and $1.0 million at December 31, 2011 and 2010, 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, 2011, 2010 and 2009 was approximately $1.7 million, $1.7 million, and $1.6 million, respectively. The Company received income from subleases of approximately $284,000, $319,000, and $271,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

Future minimum lease payments for the five years subsequent to December 31, 2011, thereafter and in the aggregate are as follows (in thousands):

	Capital			Operating
	Leases			Leases
2012	$	390		$	1,201
2013		403			769
2014		403			474
2015		403			471
2016		403			471
Thereafter		2,357			53
Total minimum lease payments		4,359		$	3,439
Less amount representing interest		(1,198	)
Present value of net minimum lease payments	$	3,161

On April 30, 2002, Olympic entered into a sale leaseback agreement on a building and land located in Calgary, Alberta, Canada. Proceeds of the sale were $3.6 million (Canadian dollars). The term of the lease is a 20-year capital lease with remaining lease payments of: $370,860 (Canadian dollars) in years 6-10; $409,500 (Canadian dollars) in years 11-15; and $452,340 (Canadian dollars) in years 16-20. The transaction resulted in a gain on the sale of $737,000, which, prior to the Merger, was deferred and recognized into income over the term of the lease. In connection with the Merger, the deferred gain was eliminated.