7. INTANGIBLE ASSETS, NET

Intangible assets, net as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands):

	March 31, 2016		December 31, 2015
Tradenames, net of accumulated amortization of $191 and $170, respectively	$	19,805	$	17,660
Referral relationships, net of accumulated amortization of $4,086 and $3,763, respectively		12,460		10,866
Non-compete agreements, net of accumulated amortization of $2,989 and $2,855, respectively		2,163		1,770
	$	34,428	$	30,296

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 three months ended March 31, 2016 and 2015 (in thousands):

	Three Months Ended
	March 31, 2016		March 31, 2015
Tradenames	$	21	$	22
Referral relationships		323		245
Non-compete agreements		134		104
	$	478	$	371

Based on the balance of referral relationships and non-compete agreements as of March 31, 2016, the expected amount to be amortized in 2016 and thereafter by year is as follows (in thousands):

Tradename		Referral Relationships		Non-Compete Agreements
Years	Annual Amount	Years	Annual Amount	Years	Annual Amount

2016	83	2016	1,379	2016	573
2017	84	2017	1,408	2017	546
2018	83	2018	1,362	2018	490
2019	80	2019	1,273	2019	418
		2020	1,273	2020	204
		2021	1,273	2021	66
		2022	1,224
		2023	1,117
		2024	997
		2025	891
		2026	430
		2027	136
		2028	20