INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2014

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of September 30, 2014 and December 31, 2013 consisted of the following (in thousands):

	September 30, 2014		December 31, 2013
Tradenames	$	12,414	$	9,814
Referral relationships, net of accumulated amortization of $2,336 and $1,582, respectively		8,945		3,959
Non-competition agreements, net of accumulated amortization of $2,240 and $1,950, respectively		1,256		706
	$	22,615	$	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 and nine months ended September 30, 2014 and 2013 (in thousands):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
Referral relationships	$	471	$	134	$	754	$	400
Non-competition agreements		141		102		290		293
Total	$	612	$	236	$	1,044	$	693

Based on the initial value of referral relationships and non-competition agreements in place as of September 30, 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	986	2014	376
2015	919	2015	347
2016	919	2016	284
2017	919	2017	240
2018	883	2018	183
2019	846	2019	116
2020	846
2021	846
2022	797
2023	690
2024	571
2025	466
2026	11