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Property, Equipment and Capitalized Software
 12 Months Ended
Dec. 31, 2017
Property, Equipment and Capitalized Software  
Property, Equipment and Capitalized Software

17. Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2017 and 2016:

 

 

 

 

 

 

 

 

 

(in thousands)

    

2017

    

2016

 

Capitalized software costs

    

$

94,915

    

$

77,591

 

Leasehold improvements

 

 

93,624

 

 

3,636

 

Furniture and equipment

 

 

324,135

 

 

61,540

 

Land

 

 

 —

 

 

77

 

 

 

 

512,674

 

 

142,844

 

Less: Accumulated depreciation and amortization

 

 

(375,656)

 

 

(113,184)

 

Total property, equipment and capitalized software, net

 

$

137,018

 

$

29,660

 

Depreciation expense for property and equipment for the years ended December 31, 2017, 2016, and 2015 was approximately $36.8 million, $19.6 million and $24.0 million, respectively, and is included within depreciation and amortization expense in the accompanying consolidated statements of comprehensive income.

The Company’s capitalized software development costs excluding the compensation charges recognized in relation to the IPO disclosed below were approximately $15.7 million, $11.1 million, and $10.1 million for years ended December 31, 2017, 2016 and 2015, respectively. The related amortization expense was approximately $10.1 million, $10.1 million, and $9.6 million for the years ended December 31, 2017, 2016, and 2015, respectively, and is included within depreciation and amortization expense in the accompanying consolidated statements of comprehensive income.

 

Additionally, in connection with the compensation charges related to non-voting interest units (formerly Class B interests) recognized upon the IPO (Note 16 “Share-based Compensation”), the Company capitalized approximately $0.04 million, $0.09 million and $9.2 million for the years ended December 31, 2017, 2016 and 2015 respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to East MIP Class B interests and Class B interests were approximately $0.07 million, $0.7 million and $8.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.