Fixed Assets, Net

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Fixed Assets, Net

15. Fixed Assets, Net

Fixed assets, net consisted of the following (in thousands):

	December 31, 2013		December 31, 2012
Computer and communications equipment	$	156,835	$	176,845
Software, including software development costs		109,453		146,676
Leasehold improvements and other fixed assets		113,012		111,575
		379,300		435,096
Less: accumulated depreciation and amortization		251,685		293,987
Fixed assets, net	$	127,615	$	141,109

Depreciation expense was $32.7 million, $36.0 million and $34.3 million for years ended December 31, 2013, 2012 and 2011, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s consolidated statements of operations.

For the years ended December 31, 2013, 2012 and 2011, software development costs totaling $15.0 million, $14.0 million and $15.9 million, respectively, were capitalized. Amortization of software development costs totaled $9.0 million, $11.4 million and $11.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of software development costs is included as part of “Occupancy and equipment” in the Company’s consolidated statements of operations.

Impairment charges of $6.1 million, $1.3 million and $0.8 million were recorded for the years ended December 31, 2013, 2012 and 2011, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges related to capitalized software and fixed assets are reflected in “Occupancy and equipment” in the Company’s consolidated statements of operations.

As a result of the sale of eSpeed, the Company sold fixed assets with a carrying value of approximately $13.5 million (see Note 2—“Divestiture”).