(9) Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives. The Company’s depreciation expense related to property, plant and equipment for the three months ended March 31, 2015 and 2014 was $4.9 million and $3.5 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in rental, selling and general expenses in the Consolidated Statements of Operations. See Note 5 for information regarding the impairment of ancillary equipment related to wood mobile offices during the quarter ended March 31, 2015.

Property, plant and equipment at March 31, 2015 and December 31, 2014 consisted of the following:

 

		Residual Value as Percentage of Original Cost		Useful Life in Years		March 31, 2015				December 31, 2014
						(In thousands)
Land						$	10,848			$	10,920
Vehicles and machinery		0 - 55%		5 - 30			114,860				114,150
Buildings and improvements (1)		0 - 25		3 - 30			19,489				19,365
Office fixtures and equipment		0		3 - 5			35,198				33,942
Property, plant and equipment							180,395				178,377
Accumulated depreciation							(63,660	)			(65,202	)
Property, plant and equipment, net						$	116,735			$	113,175

 

(1)	Improvements made to leased properties are amortized over the lesser of the estimated remaining life or the remaining term of the respective lease.