Quarterly report pursuant to sections 13 or 15(d)

Property and Equipment

v2.4.0.6
Property and Equipment
 9 Months Ended
Sep. 30, 2012
Property and Equipment [Abstract]  
Property and Equipment
3. Property and Equipment

Property and equipment consisted of the following as of September 30, 2012 and December 31, 2011 (amounts in thousands):

 

                 
    September 30,     December 31,  
    2012     2011  

Pump rental equipment

   $ 33,274     $ 31,734  

Furniture, fixtures, and equipment

     2,409       2,226  

Accumulated depreciation

     (21,646 )      (18,196 ) 
   

 

 

    

 

 

  

Total

   $ 14,037     $ 15,764  
   

 

 

    

 

 

  

Included in pump rental equipment above is $6.3 million and $7.4 million, as of September 30, 2012 and December 31, 2011, respectively, worth of pumps obtained under various capital leases. Included in accumulated depreciation above are $2.6 million and $2.2 million, as of September 30, 2012 and December 31, 2011, 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 nine months ended September 30, 2012 was $1.4 million and $4.3 million, respectively. Depreciation expense for the three and nine months ended September 30, 2011 was $1.7 million and $4.9 million, respectively. For all periods these expenses were recorded in cost of revenues and general and administrative expenses, for pump rental equipment and other fixed assets, respectively.