Property and equipment is comprised of the following:

Depreciation and amortization expense for the years ended December 31, 2012 and 2011 were $1.2 million and $579 thousand, respectively.

 

Obligations under capital leases consist of various financing arrangements entered into by the Company to acquire computer equipment and software. The leases bear interest at rates ranging from 3.0% to 5.6% per annum, with monthly payments ranging from $2 thousand to $25 thousand, and maturities from September 1, 2014 through June 1, 2015.

Each lease is secured by the underlying leased asset. Amortization of assets recorded under capital leases is included in depreciation expense. The assets relating to capital leases, included in property and equipment on the balance sheet, is as follows:

The following is a schedule of future minimum lease payments due under capital leases and software licensing agreements as of December 31, 2012: