Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.10.0.1
Property and Equipment
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment
4.

Property and Equipment

Property and equipment consists of the following:

 

(Amounts in Thousands)    As of
June 30,
2018
     As of
December 31,
2017
 

Land

   $ 5,690      $ 5,690  

Buildings and other improvements

     14,747        4,414  

Leasehold improvements

     52        169  

Office furniture and equipment

     2,317        1,672  

Computer equipment and software

     0        20  

Assets under construction

     0        3,671  
  

 

 

    

 

 

 
     22,806        15,636  

Less accumulated depreciation

     (1,469      (1,283
  

 

 

    

 

 

 

Property and equipment, net

   $ 21,337      $ 14,353  
  

 

 

    

 

 

 

As of June 30, 2018, the Company capitalized $10.7 million from assets under construction which consists of building and site improvements, office equipment & furniture and architect fees related to construction of the Company’s new corporate headquarters. Of this amount, $10.2 million was funded by the lease obligation pursuant to the sale-leaseback transaction described in Note 10. Following its substantial completion in May 2018, the completed asset was capitalized and will be depreciated over the term of the lease.

Depreciation expense was $215 thousand and $134 thousand for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $371 thousand and $268 thousand for the six months ended June 30, 2018 and 2017, respectively.