PROPERTY AND EQUIPMENT
 3 Months Ended
Apr. 28, 2012
PROPERTY AND EQUIPMENT

NOTE 4: PROPERTY AND EQUIPMENT

 

Property and equipment are carried at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Improvements to leased premises are amortized using the straight-line method over the shorter of the initial term of the lease or the useful life of the improvement. Leasehold improvements added late in the lease term are amortized over the shorter of the remaining term of the lease (including the upcoming renewal option, if the renewal is reasonably assured) or the useful life of the improvement. Assets under capital leases are amortized in accordance with the Company’s normal depreciation policy for owned assets or over the lease term (regardless of renewal options), if shorter, and the charge to earnings is included in depreciation expense in the condensed consolidated financial statements. Gains or losses on the sale of assets are recorded as a component of operating income.

 

 

The following illustrates the breakdown of the major categories within property and equipment (in thousands):

 

    April 28, 2012   January 28, 2012
Property and equipment, at cost:                
                 
Buildings and building improvements   $ 112,974     $ 112,535  
Leasehold improvements     71,325       70,509  
Automobiles and vehicles     5,055       4,900  
Airplane     4,697       4,697  
Furniture, fixtures and equipment     254,446       250,592  
      448,497       443,233  
Less: Accumulated depreciation and amortization     (297,297 )     (290,001 )
      151,200       153,232  
Construction in progress     251       23  
Land     8,604       7,857  
Total Property and equipment, at depreciated cost   $ 160,055     $ 161,112