Fixed Assets

As of December 31, 2016 and 2015, fixed assets consisted of the following:



	As of December 31,
	2016			2015
	(dollars in thousands)
Telephone and computer equipment	$	2,787		$	6,521
Computer software	2,167			1,680
Furniture and fixtures	1,204			6,131
Leasehold improvements	35,092			35,215
Assets acquired under capital leases—equipment	4,075			7,637
Aircraft and related equipment	20,893			—
Other	57			—
	66,275			57,184
Less: Accumulated depreciation and amortization	(23,867		)	(29,953		)
	$	42,408		$	27,231

Depreciation and amortization expense related to fixed assets was $7.7 million, $6.8 million and $6.6 million for the years ended December 31, 2016, 2015, and 2014, respectively and are included in depreciation and amortization expense in the accompanying consolidated statements of operations.

On April 22, 2016, the Company entered into a transaction whereby the Company acquired a portfolio of four specialized aircraft which were on lease (See Note 2). During the year ended December 31, 2016, the Company purchased two aircraft and entered into two additional lease agreements. As of December 31, 2016 aircraft and related equipment of $20.9 million is held for leasing purposes. Depreciation expense related to leased assets was $1.7 million for the year ended December 31, 2016. As of December 31, 2016 accumulated depreciation related to leased assets was $1.7 million.

Assets acquired under capital leases were $4.1 million and $7.6 million as of December 31, 2016 and 2015, 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 $1.2 million, $1.5 million, and $1.5 million for the years ended December 31, 2016, 2015, and 2014, respectively. As of December 31, 2016 accumulated depreciation related to assets acquired under capital leases was $2.4 million.