LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2011

NOTE 8 - LEASE COMMITMENTS

The Company leases various premises under non-cancelable operating lease agreements, which expire through 2021 and require minimum annual rentals. The approximate minimum rental commitments under the leases are as follows for the year ended December 31, 2011:

	As of
(In thousands)	December 31, 2011
2012	$	693
2013		606
2014		295
2015		199
2016		204
Thereafter		379
Total lease commitments	$	2,376

The leases contain options to extend for periods from one to ten years. The cost of such lease extensions is not included in the above table. Rental expense for all leases was approximately $815,000, $1.3 million, and $1.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. The decline in rental expense was related to the sale of Royal Asian in December 2010.