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Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

Property and equipment consists of the following (dollars in thousands):

 

 

Estimated Useful

 

 

 

 

 

 

Life (Years)

 

 

September 30, 2023

 

 

December 31, 2022

 

Land

 

 

 

 

$

875

 

 

$

875

 

Buildings

 

39-40

 

 

 

17,389

 

 

 

17,389

 

Building improvements

 

5-40

 

 

 

43,525

 

 

 

38,952

 

Machinery and equipment

 

3-15

 

 

 

60,001

 

 

 

58,542

 

Furniture, fixtures and office equipment

 

5-10

 

 

 

2,976

 

 

 

2,976

 

Computer equipment and software

 

 

3

 

 

 

8,646

 

 

 

8,246

 

Construction in progress

 

 

 

 

 

48,284

 

 

 

16,706

 

Total property and equipment

 

 

 

 

 

181,696

 

 

 

143,686

 

Less accumulated depreciation

 

 

 

 

 

(101,285

)

 

 

(98,560

)

Total property and equipment, net

 

 

 

 

$

80,411

 

 

$

45,126

 

Depreciation Expense Related to Property and Equipment

Depreciation expense related to property and equipment was as follows (in thousands):

 

 

Three Months
Ended September 30,

 

 

Nine Months
Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Depreciation Expense

 

$

1,117

 

 

$

952

 

 

$

3,250

 

 

$

2,278