Property and equipment consists of the following (in thousands):
 
As of December 31,
 
2016
 
2015
Leasehold improvements
$
69,465

 
$
63,608

Furniture, fixtures and equipment
70,362

 
62,790

Software
231,952

 
202,384

Property and equipment, gross
371,779

 
328,782

Accumulated depreciation and amortization
(200,498
)
 
(148,425
)
Property and equipment, net
$
171,281

 
$
180,357