Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

Property and Equipment, Net
12 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
3. Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


     December 31,  
     2014      2013  

Computer software and hardware equipment

   $ 8,769       $ 8,442   

Furniture, fixtures, and equipment

     14,684         19,530   

Less accumulated depreciation and amortization

     (15,760      (19,412






$ 7,693    $ 8,560   







During the year ended December 31, 2014, the Company wrote-off approximately $7.7 million of fully depreciated furniture, fixtures, and equipment no longer in use.

Depreciation and amortization expense on property and equipment was $3.2 million, $3.0 million and $3.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The cost and accumulated depreciation of assets subject to capital leases is recorded in furniture, fixtures and equipment and was not material as of December 31, 2013. The Company does not have any remaining capital lease obligations as of December 31, 2014.

Payments for certain improvements to the Company’s leased office space are recorded as prepaid rent. Amortization of prepaid rent is recorded using the straight-line method over the shorter of the estimated economic life of the improvements or lease term as a charge to rent expense.