Property and Equipment

12 Months Ended

Dec. 31, 2013

6. Property and Equipment

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

		As of December 31,
	Depreciable life	2013			2012
Leasehold improvements	Shorter of estimated useful life or life of lease	$	2,559		$	2,388
Office furniture, fixtures and equipment	3 - 10 years		17,749			19,274
Equipment under capital leases	3 - 5 years		1,675			2,096
			21,983			23,758
Less accumulated depreciation			(19,400	)		(20,426	)
		$	2,583		$	3,332

Depreciation expense was $2,181,000, $2,319,000 and $2,654,000 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.

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