Quarterly report pursuant to Section 13 or 15(d)

Property, Equipment and Software

v2.4.1.9
Property, Equipment and Software
3 Months Ended
Mar. 31, 2015
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software
Property, Equipment and Software
Property, equipment and software consisted of the following as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
December 31, 2014
 
(in thousands)
Leasehold improvements
$
23,129

 
$
22,943

Data processing and communications equipment
62,479

 
59,390

Furniture, fixtures and other equipment
16,968

 
16,254

Software
54,131

 
51,915

 
156,707

 
150,502

Less: Accumulated depreciation and amortization
(83,565
)
 
(77,886
)
Property, equipment and software, net
$
73,142

 
$
72,616


Depreciation and amortization expense for property, equipment and purchased software was $5.0 million and $4.2 million for the three months ended March 31, 2015 and 2014, respectively. This includes amortization related to assets acquired through capital leases.
The carrying amount of capitalized software development costs was $34.5 million and $32.5 million and related accumulated amortization totaled $11.4 million and $10.7 million at March 31, 2015 and December 31, 2014, respectively. Amortization expense related to capitalized software development costs totaled $0.7 million and $0.3 million during the three months ended March 31, 2015 and 2014, respectively.
We review in-progress software development projects on a periodic basis to ensure completion is assured and the development work will be placed into service as a new product or product enhancement. In March 2015, we identified four in-process software development projects for which the development work had ceased and it was determined the projects would be abandoned. Our analysis of the capitalized costs resulted in the conclusion that they had no value outside of the respective projects for which they were originally incurred. As a result, we recorded an impairment loss of $0.6 million during the three months ended March 31, 2015 related to these costs. The impairment charge is included in "Product development" in the accompanying Consolidated Statement of Operations.