Property And Equipment

12 Months Ended

Dec. 31, 2011

Note 7 – Property and Equipment

Property and equipment is summarized as follows (dollars in thousands):


	December 31,
Property and Equipment		2011			2010
Land	$	65,281		$	64,845
Building and improvements		144,155			142,077
Leasehold interests		40,855			37,262
Construction-in-progress		525			408
Fixtures and equipment		104,804			99,399
Total cost		355,620			343,991
Less: accumulated depreciation		(140,192	)		(123,741	)
Property and equipment, net	$	215,428		$	220,250

Depreciation expense for property and equipment was $15.6 million, $13.3 million, and $12.4 million for the three years ending December 31, 2011, 2010, and 2009, respectively.

In 2009, the slower recovery in New Zealand led to a further impairment charge to one of our operating properties of $3.2 million as reported in our segment operating income. Additionally, in 2011, we recorded impairment losses totaling $65,000 on two of our cinema properties. We did not record an impairment charge for our operating assets during 2010.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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