Property and Equipment

12 Months Ended

Dec. 31, 2013

5. Property and Equipment

A summary of property and equipment at December 31, 2013 and 2012 is as follows:

	2013

	(in thousands)
Leasehold improvements	$	19,991	19,610	1 - 15 years
Furniture and fixtures		32,688	30,670	3 - 10 years
Equipment		19,984	19,660	3 - 26 years
Computer software		80,692	74,081	1 - 10 years
Data processing equipment		22,374	20,207	2 - 5 years
Buildings		6,077	5,284	5 - 30 years
Land		1,940	1,940


Property and equipment, at cost		183,746	171,452
Accumulated depreciation		(111,108)	(102,124)


Property and equipment, net	$	72,638	69,328

Depreciation expense was $12.8 million, $13.2 million and $14.8 million during the years ended December 31, 2013, 2012 and 2011, respectively.

At December 31, 2013, we had property and equipment under capital leases with a cost of $1.9 million and accumulated depreciation of $0.9 million. 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.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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