| INTANGIBLE ASSETS OTHER THAN GOODWILL |
NOTE 4: INTANGIBLE ASSETS OTHER THAN GOODWILL
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June 30, 2015 |
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December 31, 2014 |
Intangible assets |
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Acquisition Cost (*) |
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$ |
344,906 |
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$ |
347,241 |
Accumulated amortization (*) |
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(164,457 |
) |
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(157,749 | ) |
Total Intangible assets net book value |
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180,449 |
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189,492 |
Unfavorable lease terms |
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Acquisition Cost (**) |
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(56,420 |
) |
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(121,028 | ) |
Accumulated amortization |
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35,727 |
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98,887 |
Write offs (**) |
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5,937 |
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- |
Unfavorable lease terms net book value |
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(14,756) |
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(22,141) |
Total Intangibles net book value |
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$ |
165,693 |
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$ |
167,351 |
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(*) |
As of June 30, 2015 and December 31, 2014, intangible assets associated with favorable lease terms included an amount of $21,782 related to purchase options for the vessels. During the six months ended June 30, 2015, $2,335 of favorable lease terms was written-off. |
(**) |
As of June 30, 2015, the intangible liability associated with the unfavorable lease terms included an amount of $5,567 related to current purchase options held by third parties. During the six months ended June 30, 2015, $5,937 of unfavorable lease terms was written-off. During the six months ended June 30, 2015, acquisition cost and accumulated amortization of $64,608, of fully amortized unfavorable lease terms were written off. |
Amortization expense, net for the three month periods ended June 30, 2015 and 2014 amounted to $3,887and $3,632, respectively, and for the six month periods ended June 30, 2015 and 2014 amounted to $1,657 and $7,252, respectively.
The remaining aggregate amortization of acquired intangibles as of June 30, 2015 will be as follows:
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Period |
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Year One |
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$ |
16,198 |
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Year Two |
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16,315 |
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Year Three |
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7,906 |
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Year Four |
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5,588 |
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Year Five |
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5,595 |
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Thereafter |
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97,876 |
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Total |
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$ |
149,478 |
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