Fixed Assets

As of December 31, 2015 and 2014, fixed assets consisted of the following:



	As of December 31,
	2015			2014
	(dollars in thousands)
Telephone and computer equipment	$	6,521		$	5,466
Computer software	1,680			1,305
Furniture and fixtures	6,131			5,692
Leasehold improvements	35,215			32,256
Assets acquired under capital leases—equipment	7,637			7,637
	57,184			52,356
Less: Accumulated depreciation and amortization	(29,953		)	(25,968		)
	$	27,231		$	26,388

Depreciation and amortization expense related to fixed assets was $6.8 million, $6.6 million and $6.5 million for the years ended December 31, 2015, 2014, and 2013, 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 $7.6 million as of December 31, 2015 and 2014, 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, $1.5 million, and $1.3 million for the years ended December 31, 2015, 2014, and 2013, respectively.