Property and Equipment

12 Months Ended

Dec. 31, 2012

5. Property and Equipment

A summary of property and equipment at December 31, 2012 and 2011 is as follows:

	2012

	(in thousands)
Leasehold improvements	$	19,610	19,345	1 - 15 years
Furniture and fixtures		30,670	30,590	3 - 10 years
Equipment		19,660	18,482	3 - 26 years
Computer software		74,081	72,184	1 - 10 years
Data processing equipment		20,207	19,692	2 - 5 years
Buildings		5,284	3,765	10 - 30 years
Land		1,940	1,940

Property and equipment, at cost		171,452	165,998
Accumulated depreciation		(102,124)	(92,855)

Property and equipment, net	$	69,328	73,143

Depreciation expense was $13.2 million, $14.8 million and $13.5 million during the years ended December 31, 2012, 2011 and 2010, respectively.

At December 31, 2012, we had property and equipment under capital leases with a cost of $1.9 million and accumulated depreciation of $0.8 million. At December 31, 2011, we had property and equipment under capital leases with a cost of $1.8 million and accumulated depreciation of $1.0 million.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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