Property and Equipment

6 Months Ended

Dec. 31, 2016

Property and Equipment

Property and Equipment

D.       Property and Equipment

Property and equipment consisted of the following at December 31, 2016, and June 30, 2016 and 2015 (in thousands):

	December 31,		June 30,
	2016		2016		2015
Leasehold improvements	$	36,584	$	34,743	$	32,355
Machinery and equipment		23,535		24,324		18,398
Computer hardware and software		8,395		8,277		6,897
Furniture and fixtures		3,705		3,636		3,290
Assets under construction		124		2,327		2,361
	$	72,343	$	73,307	$	63,301
Less accumulated depreciation		(52,845)		(50,603)		(47,047)
Property and equipment, net	$	19,498	$	22,704	$	16,254

Depreciation expense was approximately $3.1 million for the six months ended December 31, 2016 and $5.3 million, $5.5 million and $4.6 million for each of the years ended June 30, 2016, 2015 and 2014, respectively. Included in the table above, the Company’s investment in equipment under capital leases was $583,000, $876,000 and $724,000 net of accumulated amortization of $290,000,  $414,000 and $190,000, at December 31, 2016, June 30, 2016 and June 30, 2015, respectively.