Property and Equipment

9 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7: Property and Equipment

	(in thousands)
	September 30, 2016			December 31, 2015
Land, buildings and improvements	$	10,530		$	11,603
Furniture, fixtures, and equipment		5,630			5,490
Leasehold improvements		—			85
Total property and equipment		16,160			17,178
Less: accumulated depreciation and amortization		(6,381	)		(5,941	)
Property and equipment, net	$	9,779		$	11,237

Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to thirty-nine years.

Assets held for sale consists of the net book value of an underutilized building located adjacent to the site of the Company’s New Jersey manufacturing facility. As part of the Company’s objectives to achieve its commercial goals and increase stockholder value, the Company has initiated the sale of underutilized assets. As a result, the Company is in the process of selling this building at its current market value and has reclassified it as held for sale at its net book value of $764,000.