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Note 6 - Intangible Assets
 12 Months Ended
Dec. 31, 2013
Disclosure Text Block [Abstract]  
Intangible Assets Disclosure [Text Block]

6.    Intangible Assets:


Intangible assets, net, consisted of the following as of December 31, 2013 and 2012:


   

December 31, 2013

 

(in thousands)

 

Gross Carrying

Amount

   

Accumulated

Amortization

   

Intangible Assets,

Net

 
                         

Customer relationships - subject to amortization

  $ 13,332     $ (2,222 )   $ 11,110  

Trade name - not subject to amortization

    23,425       -       23,425  
    $ 36,757     $ (2,222 )   $ 34,535  

   

December 31, 2012

 

(in thousands)

 

Gross Carrying

Amount

   

Accumulated

Amortization

   

Intangible Assets,

Net

 
                         

Customer relationships - subject to amortization

  $ 13,332     $ (1,333 )   $ 11,999  

Trade name - not subject to amortization

    23,425       -       23,425  
    $ 36,757     $ (1,333 )   $ 35,424  

All of the Company’s intangible assets were recorded in connection with its July 1, 2011 acquisition of CTI (See Note 2). The intangible assets noted above were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The useful life of the CTI trade name was determined to be indefinite primarily due to its history and reputation in the marketplace, the Company’s expectation that the CTI trade name will continue to be used throughout the life of CTI, and the conclusion that there are currently no other factors identified that would limit its useful life. The useful life of the CTI customer relationships was determined to be fifteen years, based primarily on the consistent and predictable revenue source associated with the existing CTI customer base, the present value of which extends through the fifteen year amortization period. The Company will continue to evaluate the useful life assigned to our amortizable customer relationships in future periods.


The Company estimates that amortization expense for its intangible assets subject to amortization will be $0.9 million per year in each of the next five years.