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Leases

12 Months Ended

Dec. 31, 2013

Note 10—Leases

At December 31, 2013, the Company was committed under operating leases which expire at various dates. Total rent expense under operating leases for the years 2013, 2012 and 2011 was approximately $35,000, $30,000 and $31,000, respectively.

Minimum lease payments under non-cancelable operating leases are as follows:

2014	$	33,451
2015	25,778
2016	13,668
2017	7,196
2018	3,447
Beyond 2018	806
Total minimum obligation	$	84,346

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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