Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies [Abstract]

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, 2015 are as follows:

(in thousands)	Gross Future
	Minimum Lease
	Payments

2016	$	1,036
2017		930
2018		771
2019		750
2020		604
Thereafter		1,562
Total	$	5,653

Total rent expense under operating leases for the years ended December 31, 2015 and 2014, was approximately $1.2 million and $1.4 million, respectively.

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

As of December 31, 2015, the Company was contingently liable for twelve standby letters of credit and one surety bond totaling $3.6 million which represent advance payment and performance bonds on twelve contracts. The Company has deposited the full value of twelve standby letters of credit, $3.5 million, into money market escrow accounts 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 consolidated balance sheets at December 31, 2015 as restricted cash and long-term restricted cash depending on the expiration date of the underlying letters of credit.

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.