NOTE 5—Property and Equipment
The Company’s property and equipment is recorded at cost and consists of the following (in thousands):
| February 28, 2013 |
February 29, 2012 |
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Computer equipment |
$ | 127,741 | $ | 104,718 | ||||
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Software, including software developed for internal use |
126,116 | 95,999 | ||||||
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Furniture and fixtures |
19,271 | 15,214 | ||||||
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Leasehold improvements |
58,443 | 40,026 | ||||||
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Property and equipment |
$ | 331,571 | $ | 255,957 | ||||
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Less: accumulated depreciation |
(189,985 | ) | (163,892 | ) | ||||
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Property and equipment, net |
$ | 141,586 | $ | 92,065 | ||||
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The useful lives of property and equipment range from three to fifteen years. Leasehold improvements are amortized over the lesser of the useful life or lease term. Depreciation expense recognized in the Company’s Consolidated Financial Statements for the years ended February 28, 2013, February 29, 2012 and February 28, 2011 is summarized as follows (in thousands):
| Year Ended February 28, 2013 |
Year Ended February 29, 2012 |
Year Ended February 28, 2011 |
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Total depreciation expense |
$ | 38,818 | $ | 31,623 | $ | 29,036 | ||||||
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