Intangible Assets, Net

3 Months Ended

Mar. 31, 2014

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of March 31, 2014 and December 31, 2013 consisted of the following (in thousands):

	March 31,		December 31,
	2014		2013
Tradenames	$	10,714	$	9,814
Referral relationships, net of accumulated amortization of $1,737 and $1,582, respectively		4,343		3,959
Non-competition agreements, net of accumulated amortization of $2,037 and $1,950, respectively		859		706
	$	15,916	$	14,479

Tradenames, referral relationships and non-competition agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment in conjunction with the Company’s annual goodwill impairment test. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to 16 years. Non-competition agreements are amortized over the respective term of the agreements which range from five to six years.

The following table details the amount of amortization expense recorded for intangible assets for the three months ended March 31, 2014 and 2013 (in thousands):

	Three Months Ended March 31,
	2014		2013
Referral relationships	$	155	$	150
Non-competition agreements		87		106
	$	242	$	256

Based on the balance of referral relationships and non-competition agreements as of March 31, 2014, the expected amount to be amortized in 2014 and thereafter by year is as follows (in thousands):

Referral Relationships			Non Competition Agreements
	Annual			Annual
Years	Amount		Years	Amount
2014	$	535	2014	$	272
2015	$	486	2015	$	246
2016	$	486	2016	$	185
2017	$	486	2017	$	140
2018	$	449	2018	$	84
2019	$	413	2019	$	19
2020	$	413
2021	$	413
2022	$	364
2023	$	257
2024	$	137
2025	$	49
2026	$	11