Intangible Assets, net

12 Months Ended

Dec. 31, 2016

7. Intangible Assets, net

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

	December 31, 2016		December 31, 2015
Tradenames, net of accumulated amortization of $0 and $170, respectively	$	21,234	$	17,660
Referral relationships, net of accumulated amortization of $5,275 and $3,763, respectively		14,859		10,866
Non-compete agreements, net of accumulated amortization of $3,380 and $2,855, respectively		1,967		1,770
	$	38,060	$	30,296

Tradenames, referral relationships and non-compete agreements are related to the businesses acquired. 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. 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 years ended December 31, 2016, 2015 and 2014 (in thousands):

	Year Ended		Year Ended		Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Tradenames	$	330	$	84	$	86
Referral relationships		1,512		1,153		1,028
Non-compete agreements		525		478		427
	$	2,367	$	1,715	$	1,541

For one acquisition, the value assigned to tradename was being amortized over the term of the six year agreement in which the Company had acquired the right to use the specific tradename. In 2016, the remaining value of this tradename was charged to earnings and included in amortization expense in the above table as the Company decided to combine two acquired operations in Georgia and the tradename under this six year agreement will no longer be used.

The remaining balances of the referral relationships and non-compete agreements is expected to be amortized as follows (in thousands):

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

2017		1,682		2017		581
2018		1,636		2018		525
2019		1,547		2019		452
2020		1,547		2020		239
2021		1,547		2021		162
2022		1,498		2022		8
2023		1,391
2024		1,272
2025		1,166
2026		704
2027		544
2028		281
2029		44