PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2014

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

6.	PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

	Useful life (years)		At December 31,
			2014			2013
Land		-	$	5,338		$	17,562
Buildings and improvements		1-25		128,973			178,089
Equipment, furniture and fixtures		1-7		71,005			76,769
Vehicles		3		1,300			1,282
Construction in progress		-		34			425
				206,650			274,127
Less accumulated depreciation and amortization				(136,910	)		(146,795	)
			$	69,740		$	127,332

Included above in buildings and improvements are buildings acquired under capital leases as of December 31, 2014 and 2013 of $26.8 million, each net of accumulated depreciation of $10.6 million and $8.8 million, respectively.

Included above in equipment, furniture and fixtures are assets acquired under capital leases as of December 31, 2014 and 2013 of $0.4 million and $0.4 million, respectively, net of accumulated depreciation of $0.4 million and $0.4 million, respectively.

Included above in buildings and improvements is capitalized interest as of December 31, 2014 and 2013 of $0.6 million, respectively, net of accumulated depreciation of $0.5 million and $0.4 million, respectively.

Depreciation and amortization expense of property, equipment and facilities was $19.1 million, $23.3 million and $26.4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company is exploring all options to monetize its assets and as part of the process has decided to put two campuses for sale as of the three months ended December 31, 2014. The Company believes this will strengthen its balance sheet and cash position. The Company anticipates that these properties will be sold during 2015. Accordingly, the assets have been reflected as “held for sale” in the accompanying consolidated balance sheet.

The Company closed its campuses in Suffield, Connecticut in 2012 and Cincinnati, Ohio (Tri-County) in 2013. During 2013, the Company decided to sell these properties as they were no longer pertinent to continuing operations. The Company anticipated that these properties would be sold during 2014. Accordingly, the assets have been reflected as “held for sale” in the accompanying consolidated balance sheet at December 31, 2013. As of December 31, 2014, the Suffield campus is still held for sale and is expected to be sold shortly. The Tri-County campus is no longer for sale.

The assets held for sale as a result of the closures consist of the following:

	At December 31, 2014			At December 31, 2013
Inventories	$	411		$	-
Accounts receivable, less allowance of $1,545 at December 31, 2014		1,527			-
Noncurrent receivables, less allowance of 95 at December 31, 2014		671			-
Property, equipment and facilities - at cost, net of accumluated depreciation and amortization of $17,843 and $1,418 at December 31, 2014 and 2013, respectively		50,252			6,310
Goodwill		1,304			-
Unearned tuition		(2,536	)		-
Accrued expenses		(699	)		-
Assets held for sale, net	$	50,930		$	6,310

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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