C. PROPERTY AND EQUIPMENT
Property and equipment is comprised of the following (in thousands):
December 31,
| 2001 |
2000 |
|
|
||
| Land | $ 350 | $ 350 |
| Buildings and leasehold improvements | 13,055 | 11,524 |
| Equipment | 90,089 | 80,123 |
Sub-total |
103,494 |
91,997 |
Less accumulated depreciation and amortization |
(69,167) 
|
( 53,931)
|
Property and equipment, net |
$ 34,327 
|
$ 38,066
|
Depreciation expense for the years ended December 31, 2001, 2000, and 1999 was approximately $15.8 million, $16.9 million and $13.6 million, respectively.
D. INVESTMENTS
The Company considers all of its investments as available-for-sale securities and, accordingly, records unrealized gains and losses as other comprehensive income in the stockholders’ equity section of its consolidated balance sheets.
The amortized cost, gross unrealized gain or loss and estimated fair value of short-term and long-term investments by security type were as follows at December 31, 2001 and 2000 (in thousands):
| As of December 31, 2001 | Amortized Cost | Unrealized Gain | Unrealized Loss | Fair Value |
|
|
||||
State and municipal bonds |
$ 151,065 |
$ 2,065 |
$ (906) |
$ 152,224 |
| Asset-backed securities | 53,951 | 1,292 | (135) | 55,108 |
| Mortgage-backed securities | 101,933 | 2,915 | (160) | 104,688 |
| US Treasury & agencies securities | 45,353 | 830 | (85) | 46,098 |
| Other securities | 276,783 | 6,192 | (966) | 282,009 |
|
|
||||
| $ 629,085 | $ 13,294 | $ (2,252) | $ 640,127 | |
|
|
||||
| As of December 31, 2000 | Amortized Cost | Unrealized Gain | Unrealized Loss | Fair Value |
|
|
||||
State and municipal bonds |
$ 121,932 |
$ 696 |
$ (112) |
$ 122,516 |
| Asset-backed securities | 34,278 | 661 | (27) | 34,912 |
| Mortgage-backed securities | 81,245 | 1,713 | (143) | 82,815 |
| US Treasury & agencies securities | 24,128 | 189 | (7) | 24,310 |
| Other securities | 229,209 | 2,713 | (254) | 231,668 |
|
|
||||
| $ 490,792 | $ 5,972 | $ (543) | $ 496,221 | |
|
|
||||
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