4. Fixed Assets

Fixed assets consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Software includes purchased software and internally developed software. Fixed assets are reported at cost, net of accumulated depreciation and amortization. The following table reflects the components of fixed assets as of:



	December 31, 2011			March 31, 2011
Equipment	$	157,489		$	200,696
Software	206,007			224,026
Leasehold improvements	243,683			280,277
Total cost	607,179			704,999
Less: accumulated depreciation and amortization	(360,848		)	(418,294		)
Fixed assets, net	$	246,331		$	286,705

Depreciation and amortization expense included in operating income was $25,246 and $19,785 for the three months ended December 31, 2011 and 2010, respectively, and $59,209 and $60,722 for the nine months ended December 31, 2011 and 2010, respectively. The decrease in the total cost of fixed assets is substantially due to disposals in conjunction with the business streamlining initiative. See details in Note 11.