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Leases
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Leases |
The majority of the Company’s facilities are leased under non-cancelable operating leases, ranging in terms from five to 15 years, which contain renewal options of five to ten years at the fair rental value at the time of renewal. The Company’s leases are generally subject to periodic consumer price index increases or contain fixed escalation clauses. The Company also leases certain facilities and equipment under capital leases. Future minimum lease payments under non-cancelable operating leases and capital leases are as follows:
Rent expense under all operating leases for 2013, 2012, and 2011 was $424,096, $345,066 and $295,099, respectively. Rent expense is recorded on a straight-line basis, over the term of the lease, for leases that contain fixed escalation clauses or include abatement provisions. Leasehold improvement incentives are deferred and amortized to rent expense over the term of the lease. The net book value of property and equipment under capital leases was $145,615 and $92,667 at December 31, 2013 and 2012, respectively. Capital lease obligations are included in long-term debt. See Note 14 to the consolidated financial statements. |
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