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Leases
12 Months Ended
Dec. 31, 2014
Leases [Abstract]  
Leases

Note F - Leases

The Company has commitments under operating leases primarily for office and manufacturing space, transportation equipment, office equipment and computer equipment. Rental expense was $3.8 million in both 2014 and 2013, and $3.7 million in 2012. Future minimum rental commitments having non-cancelable terms exceeding one year are $2.5 million in 2015, $1.5 million in 2016, $1.3 million in 2017, $1.2 million in 2018, $1.2 million in 2019, and an aggregate $11.3 million thereafter. One such lease is for the Company’s aircraft with a lease commitment through December 2015. Under the terms of the lease, the Company maintains the risk to make up a deficiency from market value attributable to damage, extraordinary wear and tear, excess air hours or exceeding maintenance overhaul schedules required by the Federal Aviation Administration. At the present time, the Company does not believe it has incurred any obligation for any contingent rent under the lease.

 

The Company has commitments under capital leases for equipment and vehicles. Amounts recognized as capital lease obligations are reported in Accrued expense and other liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Future minimum rental commitments for capital leases are approximately $.1 million in 2015 and less than $.1 million in 2016, 2017 and 2018, and $0 in 2019. The imputed interest for the capital leases is less than $.1 million. Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. Routine maintenance, repairs and replacements are expensed as incurred.