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Capital Leases
 12 Months Ended
Dec. 31, 2011
Capital Leases  
Capital Leases

Note 12—Capital Leases

 

The Company leases vehicles and certain equipment under capital leases. The economic substance of the leases is that the Company is financing the acquisition of vehicles and equipment through leases and accordingly, they are recorded in the Company’s assets and liabilities. Included in depreciation expense is amortization of vehicles and equipment held under capital leases, amortized over their useful lives on a straight-line basis.  As part of the November 12, 2010 Rockford acquisition, vehicles and equipment with a fair value of $12,501 were acquired and the related capital lease obligations were assumed.

 

At December 31, 2011 and 2010, the net book value of assets under capital leases was $12,304 and $16,825, respectively. The following is a schedule by year of the future minimum lease payments required under capital leases together with their present value as of December 31:

 

2012

 

$

6,873

 

2013

 

2,621

 

2014

 

1,535

 

2015

 

—

 

Total minimum lease payments

 

$

11,029

 

Amounts representing interest

 

(359

)

Net present value of minimum lease payments

 

10,670

 

Less: current portion of capital lease obligations

 

(6,623

)

Long-term capital lease obligations

 

$

4,047