INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2015

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands):

	June 30, 2015		December 31, 2014
Tradenames, net of accumulated amortization of $128 and $86, respectively	$	14,386	$	14,427
Referral relationships, net of accumulated amortization of $3,100 and $2,610, respectively		8,460		8,951
Non-compete agreements, net of accumulated amortization of $2,585 and $2,377, respectively		1,321		1,529
	$	24,167	$	24,907

Tradenames, referral relationships and non-compete agreements are related to the businesses acquired. Typically, the value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. However, for one acquisition, the value assigned to tradename which has a defined period of use is being amortized over the term of the six year agreement in which the Company has acquired the right to use the specific tradename. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to 16 years. Non-compete 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 six months ended June 30, 2015 and 2014 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014

Tradenames	$	21	$	-	$	42	$	-
Referral relationships		245		128		491		283
Non-compete agreements		104		62		208		149
Total	$	370	$	190	$	741	$	432

Based on the balance of referral relationships and non-compete agreements as of June 30, 2015, the expected amount to be amortized in 2015 and thereafter by year is as follows (in thousands):

Tradename		Referral Relationships		Non-Compete Agreements
Years	Annual Amount	Years	Annual Amount	Years	Annual Amount
2015	83	2015	981	2015	415
2016	83	2016	981	2016	353
2017	84	2017	981	2017	308
2018	83	2018	935	2018	252
2019	80	2019	846	2019	183
		2020	846	2020	18
		2021	846
		2022	797
		2023	690
		2024	572
		2025	465
		2026	11