NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

Depreciation expense was approximately $12.5 million, $12.3 million and $12.4 million for the years ended December 31, 2011, 2012, and 2013, respectively, which includes depreciation of $53,000 for each of the years ended December 31, 2011, 2012 and 2013 on a radio station tower that was valued at $0.8 million under a capital lease obligation. Accumulated depreciation associated with the capital lease was $238,000, $291,000 and $344,000 at December 31, 2011, 2012 and 2013, respectively.

During June 2012, based on changes in managements’ planned usage, land in Covina, CA was classified as held for sale and evaluated for impairment as of that date. In accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of the land exceeded the estimated fair value less cost to sell. We recorded an impairment charge of $5.6 million associated with this land based on the estimated sale price. In December 2012, after several purchase offers for the land were terminated, we obtained a third party valuation for the land. Based on this fair value appraisal, we recorded an additional $1.2 million impairment charge associated with the land. There were no indications of impairment present during the period ending December 31, 2013 and it is our intent to continue to pursue the sale of this land.

The table below presents the fair value measurements used to value this asset.