PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

PROPERTY AND EQUIPMENT:

Property and equipment is summarized as follows (dollars in thousands):

	March 31, 2020		March 31, 2019
Leasehold improvements	$	25,614	$	20,097
Data processing equipment	9,499		37,678
Office furniture and other equipment	9,673		7,077
	44,786		64,852
Less accumulated depreciation and amortization	25,465		38,809
	$	19,321	$	26,043

Depreciation expense on property and equipment was $15.3 million, $15.6 million and $11.8 million for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. Depreciation expense in fiscal 2020 and 2019 included $3.6 million and $3.8 million, respectively, of accelerated depreciation expense associated with the reduced useful life of certain IT equipment in connection with the Company's migration to a cloud-based data center solution.