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Lease Obligations
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12 Months Ended |
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Sep. 30, 2011
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12. Lease Obligations
The Company leases space for all of its branch offices, which are located either in downtown or suburban business centers, and for its corporate headquarters. Branch offices are generally leased over periods from three to five years. The corporate office lease expires in 2015. The leases generally provide for payment of basic rent plus a share of building real estate taxes, maintenance costs and utilities.
Rent expense was $ 617,000 in fiscal 2011 and $583,000 in fiscal 2010. As of September 30, 2011, future minimum lease payments due under non-cancelable lease agreements having initial terms in excess of one year, including certain closed offices, totaled approximately $2,552,000, as follows: fiscal 2012 - $823,000, fiscal 2013 - $736,000, fiscal 2014 - $556,000, fiscal 2015 - $324,000, fiscal 2016 - $90,000 and fiscal 2017 - $23,000.
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