Property and Equipment

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and equipment consists of the following:



	September 30, 2014		December 31, 2013
Equipment	$	9,936	$	9,577
Furniture and fixtures	378		378
Leasehold improvements	13,193		13,115
Total property and equipment	23,507		23,070
Less accumulated depreciation	18,447		17,669
Property and equipment, net	$	5,060	$	5,401

Depreciation expense was $303 and $918 for the three and nine months ended September 30, 2014, respectively, and $321 and $1,012 for the three and nine months ended September 30, 2013, respectively.

In the quarter ended June 30, 2014, the Company’s insurance carrier remitted proceeds for the replacement cost of a fixed asset that was damaged by severe weather. The asset’s net book value was reduced upon occurrence of the damage. The proceeds received from the insurance recovery exceeded the net book value of the asset by $165, which was recognized as a gain during the quarter ended June 30, 2014. The replacement asset was delivered, installed and placed in service during the quarter ended September 30, 2014.

- 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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