Property and Equipment, Net

9 Months Ended

Sep. 30, 2014

4.	Property and Equipment, Net

Property and equipment, net, was comprised of the following at September 30, 2014 and December 31, 2013:


*In thousands*	September 30, 2014			December 31, 2013
Leasehold improvements	$	21,942		$	25,714
Equipment and furniture		24,487			23,466
Construction in progress		171,304			99,908

		217,733			149,088
Less accumulated depreciation and amortization		(39,131	)		(40,311	)

	$	178,602		$	108,777

As of September 30, 2014, the Company has recorded construction in progress and a facility lease obligation of $171.3 million related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 9 for further information.

Depreciation and amortization expense was $1.3 million and $1.1 million for the three-month periods ended September, 2014 and 2013, respectively, and $3.9 million and $2.8 million for the nine-month periods ended September 30, 2014 and 2013, 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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