Fixed Assets

As of December 31, 2014 and 2013, fixed assets consisted of the following:



	As of December 31,
	2014			2013
	(dollars in thousands)
Telephone and computer equipment	$	5,466		$	5,923
Computer software	1,305			2,079
Furniture and fixtures	5,692			5,418
Leasehold improvements	32,256			29,047
Assets acquired under capital leases—equipment	7,637			6,337
Other	—			48
	52,356			48,852
Less: Accumulated depreciation and amortization	(25,968		)	(21,853		)
	$	26,388		$	26,999

Depreciation and amortization expense related to fixed assets was $6.6 million, $6.5 million and $6.7 million for the years ended December 31, 2014, 2013, and 2012, respectively and are included in depreciation and amortization expense in the accompanying consolidated statements of operations.

Assets acquired under capital leases were $7.6 million and $6.3 million as of December 31, 2014 and 2013, respectively. 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 $1.5 million, $1.3 million, and $1.3 million for the years ended December 31, 2014, 2013, and 2012, respectively.