Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment is composed of the following.


	June 30, 2024		December 31, 2023
Land	$	137,250	$	139,897
Buildings	157,102		151,716
Land and leasehold improvements	150,879		149,795
Equipment	212,441		212,424
Oil and gas properties	153,063		145,065
Construction in progress	531		1,629
	811,266		800,526
Less accumulated depreciation, depletion, and amortization	(430,188)		(420,035)
Property and equipment, net	$	381,078	$	380,491

Depletion expense related to oil and gas properties was $4,227 and $5,386 during the first six months of 2024 and 2023, respectively.

The Company did not record an impairment to restaurant long-lived assets in the second quarter of 2024 but did record $833 in the second quarter of 2023. The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $107 and $1,609 in the first six months of 2024 and 2023, respectively.

Property and equipment held for sale of $1,137 and $773 are recorded in other assets as of June 30, 2024 and December 31, 2023, respectively. The assets classified as held for sale at June 30, 2024 include two properties owned by Steak n Shake, which were previously company-operated restaurants.

During the first six months of 2024, the Company sold former company-operated restaurants for a gain of $2,909. During the first six months of 2023, the Company sold former company-operated restaurants for a gain of $4,414 and Abraxas Petroleum sold its office building with no gain or loss recorded.