PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

NOTE 10 – PROPERTY AND EQUIPMENT

In addition to land, buildings and furniture, fixtures and equipment included in our REO and operating property balances, we own certain non-real estate property and equipment related primarily to our corporate activities, which consisted of the following at December 31, 2013 and 2012 (in thousands):



	December 31,
	2013			2012
Furniture and equipment	$	1,086		$	1,078
Leasehold improvements	850			850
Computer and communication equipment	1,833			1,561
Automobile and other	61			61
Total	3,830			3,550
Less accumulated depreciation and amortization	(3,004		)	(2,799		)

Property and equipment, net	$	826		$	751

Depreciation and amortization on property and equipment is computed on a straight-line basis over the estimated useful life of the related assets, which range from five to 27.5 years. Depreciation and amortization expense on property and equipment was $0.3 million, $0.8 million and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Additionally, included in operating properties are certain building, improvements, and furniture and equipment assets with carrying values totaling $59.7 million and $21.9 million at December 31, 2013 and 2012, respectively. Depreciation expense taken for these assets totaled $2.8 million, $1.8 million and $1.3 million for the years ended December 31, 2013, 2012 and 2011, respectively.

- 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.

+ References+ Details