4. Goodwill

A reconciliation of the beginning and ending goodwill for the years ended December 31, 2020 and 2019 is as follows (table in thousands):

At December 31, 2018, the Company had goodwill of $65,195,000. On November 30, 2019 the Company performed its annual impairment test and determined the fair value of its reporting unit, measured by the Company’s Nasdaq market capitalization and an income approach analysis, exceeded the carrying value by $46,103,000; therefore, management considered goodwill of that amount to be impaired. Based on management’s impairment test at November 30, 2020, there were no further indicators of impairment.