Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

14.  Commitments and Contingencies

Leases

The Company is obligated under certain noncancelable operating leases for office facilities and equipment.  Future minimum lease payments under noncancelable operating leases as of December 31, 2012 are as follows:

(in thousands)		Gross Future
		Minimum Lease
		Payments
	2013	$                 979
	2014	653
	2015	657
	2016	763
	2017	772
	Thereafter	646
	Total	$              4,470

Total rent expense under operating leases for the years ended December 31, 2012, 2011, and 2010 was approximately $1.0 million, $1.1 million, and $942,000, respectively.

Standby Letters of credit, bank guarantees, surety bonds and performance bonds

As of December 31, 2012, the Company was contingently liable for fourteen standby letters of credit and five surety bonds totaling $6.0 million which represent bid and performance bonds on fifteen contracts.  The Company has deposited the full value of six standby letters of credit, $1.8 million, into money market escrow accounts and certificates of deposit which have been restricted in that the Company does not have access to these funds until the related letters of credit have expired. The cash has been recorded on the Company’s balance sheet at December 31, 2012 as restricted cash and long-term restricted cash depending on the expiration date of the underlying letters of credit.  An additional seven letters of credit for $3.1 million have been collateralized using the Company’s line of credit at December 31, 2012.

Contingencies

Various actions and proceedings are presently pending to which the Company is a party. In the opinion of management, the aggregate liabilities, if any, arising from such actions are not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company.