Fixed Assets

As of December 31, 2013 and 2012, fixed assets consisted of the following:



	As of December 31,
	2013			2012
	(dollars in thousands)
Telephone and computer equipment	$	5,923		$	13,215
Computer software	2,079			5,928
Furniture and fixtures	5,418			6,265
Leasehold improvements	29,047			30,412
Assets acquired under capital leases—equipment	6,337			6,337
Other	48			48
	48,852			62,205
Less: Accumulated depreciation and amortization	(21,853		)	(30,003		)
	$	26,999		$	32,202

Depreciation and amortization expense related to fixed assets was $6.5 million, $6.7 million and $7.4 million for the years ended December 31, 2013, 2012, and 2011, respectively and are included in depreciation and amortization expense in the accompanying consolidated statements of operations.

During the fourth quarter of 2011, the Company recognized an impairment charge for certain fixed assets relating to the discontinued operations and accordingly accelerated depreciation and amortization of the leasehold improvements and related fixed assets for the total amount of $8.8 million. Of this amount, $7.5 million was directly attributable to discontinued operations since this location was used for the former LaBranche business (see Note 4) and was recorded within net income (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations for the twelve months ended December 31, 2011. The remaining $1.3 million was not attributable to discontinued operations and therefore recorded within depreciation and amortization expense in the accompanying consolidated statements of operations.

Assets acquired under capital leases were $6.3 million as of December 31, 2013 and 2012. If the assets acquired under capital leases transfer title at the end of the lease term or contain a bargain purchase option, the assets are amortized over their estimated useful lives; otherwise, the assets are amortized over the respective lease term. The depreciation of assets capitalized under capital leases is included in depreciation and amortization expenses and was $1.3 million, $1.3 million, and $0.5 million for the year ended December 31, 2013, 2012, and 2011.

During the year, the Company reviewed its records relating to fixed assets and removed fully depreciated fixed assets, which were either no longer in service or the assets for which the Company could not determine an alternative use, with the cost and accumulated depreciation of $13.7 million. The removal of these assets had no impact on current or prior periods of reported income / (loss).