Note 3 and 4 - Intangible Assets, Goodwill and Other

12 Months Ended

Dec. 31, 2011

Intangible Assets, Goodwill and Other

Goodwill Disclosure [Text Block]

3.  Goodwill  

The Company recorded goodwill of $23,561,000 for the years ended December 31, 2011 and 2010.

The Company performed its annual test at December 31, 2011 and determined that goodwill was not impaired. 

At December 31, 2011, the Company’s market capitalization was less than its book value indicating a potential impairment of goodwill.  As a result, the Company assessed the factors contributing to the performance of AMIC stock in 2011, and concluded that the market capitalization does not represent the fair value of the Company.  The Company noted several factors that have led to a difference between the market capitalization and the fair value of the Company, including (i) the Company’s stock is thinly traded and a sale of even a small number of shares can have a large percentage impact on the price of the stock, (ii) IHC and insiders own over 78% of the outstanding shares, which has had a significant adverse impact on the number of shares available for sale and therefore the trading potential of AMIC stock, and (iii) lack of analyst coverage of the Company.  The Company will continue to monitor AMIC’s book value against market capitalization to determine whether an interim test of goodwill is warranted.  If the Company experiences a sustained decline in its results of operations and cash flows, or other indicators of impairment exist, the Company may incur a material non-cash charge to earnings relating to impairment of our goodwill, which could have a material adverse effect on our results. 

Intangible Assets Disclosure [Text Block]

4.  Intangible Assets

Intangible assets at December 31, 2011 and 2010 consist of the following (in thousands):

	December 31, 2011						December 31, 2010
	Definitive		Indefinite				Definitive		Indefinite
	Lives (a)		Lives		Total		Lives		Lives		Total
Gross Carrying Value
Balance beginning of period	$	9,373	$	100	$	9,473	$	9,373	$	100	$	9,473
Additions		-		-		-		-		-		-
Balance end of period		9,373		100		9,473		9,373		100		9,473
Accumulated Amortization
Balance beginning of period		(7,784)		-		(7,784)		(7,000)		-		(7,000)
Amortization expense		(783)		-		(783)		(784)		-		(784)
Balance end of period		(8,567)		-		(8,567)		(7,784)		-		(7,784)
Net intangible assets	$	806	$	100	$	906	$	1,589	$	100	$	1,689
Weighted average remaining life in years					0.96						1.45

Expected amortization expense for the next five years is as follows (in thousands):

		Year Ending
		December 31,
2012	$	124
2013		120
2014		120
2015		120
2016 and thereafter		322
	$	806