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NOTE 10 PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment Disclosure [Text Block]

NOTE 10 PREMISES AND EQUIPMENT

Our premises and equipment are summarized as follows at December 31:

		2011				2010
Computer hardware and software		$	15,208			$	14,619
Leasehold improvements			6,894				6,626
Furniture and fixtures			8,559				6,528
Office equipment and other			5,932				3,439
			36,593				31,212
Less accumulated depreciation and amortization			(29,243	)			(25,737	)
		$	7,350			$	5,475

In 2011, we acquired premises and equipment with a fair value of $3,386 as part of the Litton Acquisition. These assets consisted primarily of computer hardware and software and furniture and fixtures. As disclosed in Note 2, during the fourth quarter of 2011, we sold the computer hardware and software we acquired from Litton to Altisource for cash proceeds equal to the net book value of $418 which approximates the acquisition fair value, as adjusted. In 2010, we sold the equipment we acquired in the HomEq Acquisition to Altisource for cash proceeds equal to the acquisition fair value of $888. As a result, we recognized no gain or loss on these sales.

Depreciation and other amortization expense amounted to $4,160, $7,512 and $4,742 for 2011, 2010 and 2009. Depreciation for 2011 includes a charge of $1,967 to write-down certain furniture and fixtures acquired from Litton that we ceased to use during the four quarter. Depreciation expense for 2010 includes a charge of $5,840 to write off leasehold improvements related to HomEq facilities that we vacated following termination of the former HomEq employees.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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