Fixed Assets

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment Disclosure [Text Block]

Fixed Assets

As of December 31, 2021 and 2020, fixed assets consisted of the following:


	As of December 31,
	2021		2020
	(dollars in thousands)
Telecommunication and computer equipment	$	9,379	$	7,921
Computer software	13,715		11,813
Furniture and fixtures	3,607		3,387
Leasehold improvements	42,749		40,468
Finance lease right-of-use asset (See Note 16)	6,468		6,172
Airplane and related equipment	—		3,932
Other	75		—
	75,993		73,693
Less: Accumulated depreciation and amortization	(50,017)		(40,670)
	$	25,976	$	33,023

Depreciation and amortization expense related to fixed assets was $11.0 million, $9.6 million and $7.3 million for the years ended December 31, 2021, 2020, and 2019, respectively, and are included in depreciation and amortization expense in the accompanying consolidated statements of operations.

During the fourth quarter of 2020 the Company purchased an aircraft and related equipment of $4.5 million. This aircraft was subsequently sold during the fourth quarter of 2021 for a gain of $0.3 million, within the accompanying consolidated statement of operations.

Assets acquired under finance leases were $6.5 million and $6.2 million as of December 31, 2021 and 2020, respectively. If the assets acquired under finance leases transfer title at the end of the lease term or contain a bargain purchase option, the assets are amortized over their estimated useful lives; otherwise, the assets are amortized over the respective lease term. The depreciation of assets capitalized under finance leases is included in depreciation and amortization expenses and was $1.3 million, $1.2 million, and $1.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, accumulated depreciation related to assets acquired under finance leases was $4.7 million and $3.4 million, respectively.