Quarterly report pursuant to sections 13 or 15(d)

Property And Equipment

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Property And Equipment
 6 Months Ended
Jun. 30, 2011
Property And Equipment  
Property And Equipment
4. Property and Equipment

 

Property and equipment consisted of the following as of June 30, 2011 and December 31, 2010 (amounts in thousands):

 

     June 30,
2011		     December 31,
2010		  

Pump equipment

    $ 31,064      $ 28,037   

Furniture, fixtures, and equipment

      1,960        1,894   

Accumulated depreciation

      (16,090 )      (13,259 ) 
  

 

 

    

 

 

  

Total

    $ 16,934      $ 16,672   
  

 

 

    

 

 

  

Included in pump equipment above is $6.5 million and $4.6 million, as of June 30, 2011 and December 31, 2010, respectively, worth of pumps obtained under various capital leases. Included in accumulated depreciation above are $939 thousand and $723 thousand, as of June 30, 2011 and December 31, 2010, respectively, associated with the same capital leases. Under the terms of all such capital leases, the Company does not presently hold title to these pumps, and will not obtain title until such time as the capital lease obligations are settled in full.

Depreciation expense for the three and six months ended June 30, 2011 was $1.6 million and $3.2 million, respectively. Depreciation expense for the three and six months ended June 30, 2010 was $1.2 million and $2.3 million, respectively. For all periods these expenses were recorded in cost of revenues and general and administrative expenses, for pump equipment and other fixed assets, respectively.