PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

The balance of property and equipment, net is as follows (in thousands):



	December 31, 2016			December 31, 2015
Land	$	5,818		$	—
Building	14,679			—
Site improvements	950			—
Computer equipment and capitalized software	14,886			10,192
Leasehold improvements	3,048			2,096
Furniture and other equipment	826			432
Aircraft and automobile	1,988			23
Projects in progress	3,006			3,612
Total gross property and equipment	45,201			16,355
Accumulated depreciation	(9,739		)	(6,940		)
Total property and equipment, net	$	35,462		$	9,415

Unamortized capitalized software development costs, in service or under development, are $9.4 million and $8.0 million at December 31, 2016 and 2015, respectively. Capitalized software development depreciation expense was $4.3 million, $2.6 million and $2.8 million for the years ended December 31, 2016, 2015 and 2014, respectively.

During 2014, the Company recorded an impairment charge in its Education business of approximately $0.4 million to internally developed software. See Note 2—Significant Accounting Policies for a discussion of the impairment.

In December 2016, the Company acquired two office buildings in Charlotte, North Carolina for $23.5 million in cash, which included $0.1 million in acquisition-related costs which were capitalized. The Company intends to utilize one or both buildings in the future as the corporate headquarters and to continue to rent any unused space. The acquisition has been accounted for as an asset purchase and the allocation of the purchase price to the assets acquired is as follows (in thousands):



	Fair Value		Weighted Average Depreciation Life
Land	$	5,818	N/A
Building	14,679		34.0 years
Site improvements	950		6.6 years
Tenant leases	2,029		3.2 years
Total purchase price	$	23,476

Future rental income from the building tenants as of December 31, 2016 under operating lease agreements having an initial or remaining non-cancelable lease term in excess of one year are as follows (in thousands):



Year ending December 31,	Amount
2017	$	1,435
2018	1,197
2019	951
2020	599
2021	151
Total	$	4,333

Rental income is included in other income on the accompanying consolidated statement of operations and comprehensive income.