Property and Equipment

12 Months Ended

Dec. 31, 2012

6.	Property and Equipment:

The balance of property and equipment net of accumulated depreciation and amortization at December 31, 2012, and 2011 consists of the following:


	December 31,
	2012			2011
Land	$	3,831		$	3,831
Buildings and improvements		18,702			18,618
Furniture and equipment		11,794			11,358

		34,327			33,807
less: accumulated depreciation & amortization		(15,089	)		(13,630	)

Net property and equipment	$	19,238		$	20,177

Depreciation expense was $1,482, $1,486, and $1,480 for the years ended December 31, 2012, and 2011, and 2010, respectively.

The Company leases certain facilities for office locations under non-cancelable operating lease agreements expiring through 2027. Rent expense related to these leases totaled $1,141, $1,152, and $1,148 in 2012, 2011, and 2010, respectively. The Company leases approximately 26 percent of its Springfield Gateway building to others under non-cancelable operating lease agreements extending through 2016.

Future minimum payments required and anticipated lease revenues under these leases are:


	Lease Commitments		Property Leased to Others
2013	$	1,128	$	381
2014		865		341
2015		428		247
2016		402		227
2017		398		—
Thereafter		2,298		—

	$	5,519	$	1,196

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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