v2.4.1.9
Leases
12 Months Ended
Dec. 31, 2014
Leases [Abstract]  
Leases

15.

Leases

The majority of the Company’s facilities are leased under non-cancelable operating leases, ranging in terms from five to fifteen 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:

 

 

 

Operating

leases

 

 

Capital

leases

 

2015

 

$

395,862

 

 

$

21,011

 

2016

 

 

370,920

 

 

 

21,277

 

2017

 

 

344,232

 

 

 

21,552

 

2018

 

 

302,752

 

 

 

21,961

 

2019

 

 

262,645

 

 

 

22,615

 

Thereafter

 

 

901,792

 

 

 

202,245

 

 

 

$

2,578,203

 

 

 

310,661

 

Less portion representing interest

 

 

 

 

 

 

(92,564

)

Total capital lease obligations, including current portion

 

 

 

 

 

$

218,097

 

 

Rent expense under all operating leases for 2014, 2013, and 2012 was $460,093, $424,096 and $345,066, 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 $197,344 and $145,615 at December 31, 2014 and 2013, respectively. Capital lease obligations are included in long-term debt. See Note 14 to the consolidated financial statements.