PROPERTY AND EQUIPMENT:

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT:

PROPERTY AND EQUIPMENT:

5.  PROPERTY AND EQUIPMENT:

Property and equipment are stated at cost, less accumulated depreciation.  Depreciation is generally computed under the straight-line method over the following estimated useful lives:

Buildings and improvements	10 - 30 years
Station equipment	5 - 10 years
Office furniture and equipment	5 - 10 years
Leasehold improvements	Lesser of 10 - 30 years or lease term
Automotive equipment	3 - 5 years
Property and equipment under capital leases	Lease term

Acquired property and equipment as discussed in Note 2. Acquisitions, is depreciated on a straight-line basis over the respective estimated remaining useful lives.

Property and equipment consisted of the following as of December 31, 2014 and 2013 (in thousands):

	2014			2013
Land and improvements	$	55,269		$	37,517
Real estate held for development and sale	113,514			67,037
Buildings and improvements	192,478			168,441
Station equipment	684,176			572,851
Office furniture and equipment	70,402			50,210
Leasehold improvements	19,091			19,453
Automotive equipment	37,726			23,443
Capital leased assets	81,625			81,602
Construction in progress	18,774			17,078
	1,273,055			1,037,632
Less: accumulated depreciation	(520,517		)	(441,561		)
	$	752,538		$	596,071

Capital leased assets are related to building, tower and equipment leases.  Depreciation related to capital leases is included in depreciation expense in the consolidated statements of operations.  We recorded capital lease depreciation expense of $3.7 million, $4.0 million and $3.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.