PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2018

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

6. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

		December 31,
	Useful Life	2018		2017
Land	—	$	3,532	$	5,232
Buildings	40 years		12,945		18,818
Leasehold improvements	5 - 15 years*		6,410		5,247
Equipment and fixtures	5 - 10 years		18,769		14,116
Computer equipment	3 - 5 years		11,999		8,527
Construction in progress			2,274		2,425
			55,929		54,365
Accumulated depreciation and amortization			(21,404)		(15,375)
		$	34,525	$	38,990

* Unless applicable lease term is shorter.

In November 2018, the Company entered into a sale-leaseback agreement with an unrelated party involving land and building. Under this arrangement, the property with a net book value of $7,660 was sold for $14,300 in cash and leased back under a 12-year operating lease agreement. The gain on the sale of $5,725 was deferred and is recognized in proportion to the related gross rental charged to expense over the lease term. The lease provides for initial monthly base rental payments of $78 and thereafter increasing 2% per year. The lease expires in 2030, with options to extend the term of the lease for three additional five-year terms at the market rental rate at the time of renewal.

Depreciation expense for the years ended December 31, 2018, 2017 and 2016 was $6,228,  $4,941 and $3,075, respectively.