8. Capital Leases

The Company is party to a capitalized lease for equipment expiring in 2015. The interest rate on the capitalized lease is 2.29% and the payment, due monthly, is $307. The value of the collateral is $12,547 and is included in Property and Equipment in the accompanying consolidated balance sheet as of December 31, 2011. Future minimum lease payments under this capital lease are $13,843, of which $1,296 represents interest expense.

Future minimum payments, by year and in the aggregate, under capital leases as of December 31, 2011 are as follows:

For year ending December 31	Lease payments

2012	$	3,991
2013		3,684
2014		3,684
2015		2,484
Total future minimum lease payments	$	13,843
Less: amount representing interest		(1,296	)
	$	12,547