NOTE 8. PROPERTY

Property consists of the following (in thousands):

	As of December 31,
	2015		2014		Estimated Useful Lives
Land	$	323	$	364
Furniture and fixtures		433		539	5-10 years
Plant		13,122		15,942	25-30 years, or life of lease
Computer and software		1,594		1,701	3-5 years
Leasehold improvements		640		568	4-7 years or life of lease
Machinery and equipment		17,782		21,880	5-10 years
Subtotal		33,894		40,994
Less accumulated depreciation		15,566		16,241
Property, net	$	18,328	$	24,753

Effective June 30, 2015, as a result of plant operational changes, Irgovel extended the estimated useful lives on its machinery and equipment from an average of 5 years to an average of 10 years. As a result, 2015 depreciation in cost of goods sold was approximately $0.3 million lower than it would have been prior to the change and loss per share was impacted favorably in 2015 by approximately $0.04 per share.