Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v2.4.0.6
Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2012
Property and Equipment [Abstract]  
Property and Equipment
 
(4)  Property and Equipment

Property and equipment consisted of the following as of December 31, 2012 and 2011(in thousands):

 
 
2012
   
2011
 
Buildings and building improvements
 
$
44,428
   
$
41,088
 
Computer equipment
   
28,704
     
22,218
 
Furniture, fixtures, equipment and other
   
16,897
     
13,789
 
Leasehold improvements
   
6,248
     
6,196
 
Land and land improvements
   
3,310
     
2,834
 
 
   
99,587
     
86,125
 
Less accumulated depreciation and amortization
   
(37,119
)
   
(29,012
)
   Total property and equipment, net
 
$
62,468
   
$
57,113
 
 

 
Depreciation and amortization expense for property and equipment for the years ended December 31, 2012, 2011 and 2010 was approximately $9.2 million, $6.9 million and $6.4 million, respectively.

In November 2009, we signed an agreement to lease a new building to serve as our new headquarters with a rent commencement date of May 1, 2012.  Certain terms in the lease agreement resulted in the capitalization of construction costs due to specific accounting rules.  We recorded an asset and corresponding long-term liability of $27.3 million and $26.4 million, as of December 31, 2012 and 2011, respectively, in connection with this lease, which is included in the 2012 and 2011 amounts for "Buildings and building improvements" in the table above (see Note 11). According to accounting rules, we have forms of continuing involvement that require us to account for this transaction as a financing lease upon commencement of the lease period.  The building and building improvements will remain on our consolidated balance sheet and will be depreciated over a 15-year period.  Payments made under the lease agreement are applied to service the financing obligation and interest expense based on an imputed interest rate amortizing the obligation over the life of the lease agreement.