Property and Equipment

12 Months Ended

Dec. 31, 2014

5. Property and Equipment

A summary of property and equipment at December 31, 2014 and 2013 is as follows:

	2014		2013		Estimated useful lives
	(in thousands)
Leasehold improvements	$	21,039		19,991		1 - 15 years
Furniture and fixtures		29,462		32,688		3 - 10 years
Equipment		20,829		19,984		3 - 26 years
Computer software		74,506		80,692		1 - 10 years
Data processing equipment		23,684		22,374		1 - 5 years
Buildings		11,905		6,077		1 - 40 years
Land		3,804		1,940

Property and equipment, at cost		185,229		183,746
Accumulated depreciation		(92,925)		(111,108)

Property and equipment, net	$	92,304		72,638

Depreciation expense was $14.6 million, $12.8 million and $13.2 million during the years ended December 31, 2014, 2013 and 2012, respectively.

At December 31, 2014, we had property and equipment under capital leases with a cost of $2.0 million and accumulated depreciation of $0.9 million. 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.

- 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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