Property and Equipment

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property, equipment and leasehold improvements in the accompanying consolidated balance sheets consist of the following:

	Year Ended June 30,
	2021		2020
	(Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Computer equipment	$	6,250	$	6,958
Purchased software	22,711		22,534
Furniture & fixtures	6,592		6,971
Leasehold improvements	12,982		12,424
Property, equipment and leasehold improvements, at cost	48,535		48,887
Accumulated depreciation	(42,925)		(42,924)
Property, equipment and leasehold improvements, net	$	5,610	$	5,963

Property and equipment are stated at cost. We record depreciation using the straight-line method over their estimated useful lives, as follows:

Asset Classification	Estimated Useful Life
Computer equipment	3 years
Purchased software	3 - 5 years
Furniture and fixtures	3 - 10 years
Leasehold improvements	Life of lease or asset, whichever is shorter

During fiscal 2021 and 2020, we wrote off fully depreciated property, equipment and leasehold improvements that were no longer in use with gross book values of $2.3 million and $0.9 million, respectively.

Depreciation expense was $1.9 million, $2.4 million and $3.1 million for fiscal 2021, 2020 and 2019, respectively.

We account for asset retirement obligations in accordance with ASC Topic 410, Asset Retirement and Environmental Obligations. Our asset retirement obligations relate to leasehold improvements for leased properties. The balance of our asset retirement obligations was $0.9 million as of June 30, 2021 and 2020, respectively.