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Property, Equipment and Capitalized Software
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property, Equipment and Capitalized Software
Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2018 and 2017:
    
(in thousands)
 
2018
 
2017
Capitalized software costs
 
$
108,220

 
$
94,915

Leasehold improvements
 
67,995

 
93,624

Furniture and equipment
 
260,825

 
324,135

Total
 
437,040

 
512,674

Less: Accumulated depreciation and amortization
 
(323,718
)
 
(375,656
)
Total property, equipment and capitalized software, net
 
$
113,322

 
$
137,018



Depreciation expense for property and equipment for the years ended December 31, 2018, 2017, and 2016 was approximately $48.4 million, $36.8 million, and $19.6 million, respectively, and is included within depreciation and amortization expense in the consolidated statements of comprehensive income.

The Company’s capitalized software development costs excluding the compensation charges recognized in relation to the IPO disclosed below were approximately $24.4 million, $15.7 million, and $11.1 million for the years ended December 31, 2018, 2017, and 2016, respectively. The related amortization expense was approximately $20.4 million, $10.1 million, and $10.1 million for the years ended December 31, 2018, 2017, and 2016, respectively, and is included within depreciation and amortization expense in the consolidated statements of comprehensive income.

Additionally, in connection with the compensation charges related to non-voting interest units (formerly Class B interests) recognized upon the IPO, the Company continuously capitalized the vesting of the interest units through December 31, 2017 as the non-voting interest units were fully vested. The Company capitalized approximately $0.04 million and $0.09 million for the years ended December 31, 2017 and 2016, respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to the Class B Interests of Virtu East MIP LLC and the Company's Class B interests were approximately $0.02 million, $0.07 million, and $0.7 million for the years ended December 31, 2018, 2017, and 2016, respectively.