Related Party Transactions

12 Months Ended

Dec. 31, 2017

Policy

Our policy for related party transactions is included in our written Audit Committee Charter. This policy requires that our Audit Committee review and approve all related party transactions required to be disclosed in our Annual Proxy Statement or required to be approved based on NASDAQ rules.

Transactions

In May 2005, we acquired a 50% membership interest in NCC through a $1.1 million cash contribution. NCC owns and operates an office building in Covington, Louisiana. We lease corporate and administrative offices from NCC, occupying approximately 59,100 square feet of office space. In May 2005, we amended the lease agreement, which had a ten-year term. In June 2013, we exercised an option to extend the term of a portion of the lease agreement through May 2020. In March 2015, we exercised a second option to extend the term of the lease agreement through May 2025. As of December 31, 2017, we pay rent of $94,872 per month.

The table below presents rent expense associated with this lease for the past three years (in thousands):



	2017		2016		2015
NCC	$	1,122	$	1,035	$	1,016