Property and Equipment

12 Months Ended

Dec. 31, 2017

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment consist of the following (in thousands):

		As of December 31,
	Depreciable Life	2017		2016
Leasehold improvements	Shorter of estimated useful life or life of lease	$	3,227	$	3,063
Office furniture, fixtures and equipment	1 - 10 years		12,004		11,824
			15,231		14,887
Less accumulated depreciation			(12,326)		(12,196)
		$	2,905	$	2,691

Depreciation expense was $0.9 million,  $0.9 million and $1.0 million for the years ended December 31, 2017,  2016 and 2015, respectively.