PROPERTY AND EQUIPMENT:

12 Months Ended

Dec. 31, 2011

PROPERTY AND EQUIPMENT:

PROPERTY AND EQUIPMENT:

3.PROPERTY AND EQUIPMENT:

Property and equipment are stated at cost, less accumulated depreciation.  Depreciation is computed under the straight-line method over the following estimated useful lives:

Buildings and improvements	10 - 30 years
Station equipment	5 - 10 years
Office furniture and equipment	5 - 10 years
Leasehold improvements	Lesser of 10 - 30 years or lease term
Automotive equipment	3 - 5 years
Property and equipment under capital leases	Lease term

Property and equipment consisted of the following as of December 31, 2011 and 2010 (in thousands):

	2011			2010
Land and improvements	$	20,303		$	20,183
Real estate held for development and sale	55,517			54,474
Buildings and improvements	98,283			93,514
Station equipment	306,041			341,022
Office furniture and equipment	37,305			44,735
Leasehold improvements	14,495			15,336
Automotive equipment	12,578			12,040
Capital leased assets	79,259			79,259
Construction in progress	6,647			3,005
	630,428			663,568
Less: accumulated depreciation	(348,907		)	(391,337		)
	$	281,521		$	272,231

Capital leased assets are related to building, tower and equipment leases.  Depreciation related to capital leases is included in depreciation expense in the consolidated statements of operations.  We recorded capital lease depreciation expense of $3.8 million, $4.0 million and $4.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.