PROPERTY AND EQUIPMENT:

12 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

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

	March 31, 2022		March 31, 2021
Leasehold improvements	$	28,224	$	26,024
Data processing equipment	7,001		9,053
Office furniture and other equipment	9,776		9,207
	45,001		44,284
Less accumulated depreciation and amortization	33,470		32,327
Property and equipment, net of accumulated depreciation and amortization	$	11,531	$	11,957

Depreciation expense on property and equipment was $5.4 million, $8.9 million and $15.3 million for the twelve months ended March 31, 2022, 2021, and 2020, respectively. Depreciation expense in fiscal 2020 included $3.6 million of accelerated depreciation expense associated with the reduced useful life of certain IT equipment in connection with the Company's migration to a cloud-based data center solution.