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Fixed Assets

12 Months Ended

Mar. 31, 2012

4. FIXED ASSETS

The following table reflects the components of fixed assets as of March 31:



	2012			2011
Equipment	$	155,173		$	200,696
Software	205,760			224,026
Leasehold improvements	242,566			280,277
Total cost	603,499			704,999
Less: accumulated depreciation and amortization	(364,088		)	(418,294		)
Fixed assets, net	$	239,411		$	286,705

Depreciation and amortization expense related to fixed assets was $74,221, $79,835 and $91,309 for fiscal 2012, 2011 and 2010, respectively. The decrease in the total cost of fixed assets was substantially due to disposals in conjunction with the business streamlining initiative. See additional information regarding Legg Mason's business streamlining initiative in Note 16.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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