Property and Equipment, Net

12 Months Ended

Dec. 31, 2013

5. Property and Equipment, Net

Property and equipment, net, was comprised of the following at December 31, 2013 and 2012:


*In thousands*	2013			2012
Leasehold improvements	$	25,714		$	24,020
Construction in progress		99,908			—
Equipment and furniture		23,466			19,876

		149,088			43,896
Less accumulated depreciation and amortization		(40,311	)		(36,215	)

	$	108,777		$	7,681

As of December 31, 2013, the Company has recorded construction in progress and a facility lease obligation of $99.4 million related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 10 for further information.

Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $4.1 million, $2.8 million and $2.8 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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