Localization of virtual classes

We prove a localization formula for virtual fundamental classes in the context of torus equivariant perfect obstruction theories. As an application, the higher genus Gromov-Witten invariants of projective space are expressed as graph sums of tautological integrals over moduli spaces of stable pointed curves (generalizing Kontsevich's genus 0 formulas). Also, excess integrals over spaces of higher genus multiple covers are computed.