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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2011
Commitments and Contingencies  
Commitments and Contingencies

Note 14—Commitments and Contingencies

 

The Company leases certain property and equipment under non-cancelable operating leases which expire at various dates through 2021. The leases require the Company to pay all taxes, insurance, maintenance, and utilities and are classified as operating leases in accordance with ASC Topic 840 — “Leases”.  Leases identified below as related party leases represent property with entities related through common ownership by stockholders, officers, and directors of the Company.

 

The future minimum lease payments required under non-cancelable operating leases are as follows:

 

For the Years Ending
December 31,

 

Real
Property

 

Real
Property
(Related
Party)

 

Equipment

 

Total
Commitments

 

2012

 

$

2,549

 

$

1,300

 

$

2,382

 

$

6,231

 

2013

 

1,963

 

1,334

 

1,275

 

4,572

 

2014

 

1,780

 

1,303

 

1,275

 

4,358

 

2015

 

1,616

 

677

 

1,275

 

3,568

 

2016

 

1,274

 

511

 

425

 

2,210

 

Thereafter

 

4,199

 

1,554

 

—

 

5,753

 

 

 

$

13,381

 

$

6,679

 

$

6,632

 

$

26,692

 

 

Total lease expense during the years ended December 31, 2011, 2010 and 2009 amounted to approximately $9,530, $9,856 and $6,267, respectively, including amounts paid to related parties of $1,278, $1,151 and $1,116, respectively.

 

Letters of credit—As of December 31, 2011 and 2010 the Company had total letters of credit outstanding of approximately $11,798 and $9,306, respectively.  The outstanding amounts include the U.S. dollar equivalents for letters of credit issued in Canadian dollars.

 

Litigation—The Company is subject to claims and legal proceedings arising out of its business. Management believes that the Company has meritorious defenses to the claims. Although management is unable to ascertain the ultimate outcome of such matters, after review and consultation with counsel and taking into consideration relevant insurance coverage and related deductibles, management believes that the outcome of these matters will not have a materially adverse effect on the consolidated financial position of the Company.

 

Bonding—As of December 31, 2011, 2010 and 2009, the Company had bid and completion bonds issued and outstanding totaling approximately $1,105,933, $849,288 and $773,762, respectively.