|
Accrued expenses consist of the following:
| |
|
|
|
|
|
|
|
|
| |
|
September 30,
2011 |
|
|
December 31,
2010 |
|
|
Accrued investment manager fees
|
|
$ |
8,476 |
|
|
$ |
6,892 |
|
|
Accrued compensation and related taxes
|
|
|
3,325 |
|
|
|
4,309 |
|
|
Accrued professional services
|
|
|
308 |
|
|
|
280 |
|
|
Accrued restructuring charges
|
|
|
98 |
|
|
|
228 |
|
|
Other accrued expenses
|
|
|
1,093 |
|
|
|
1,150 |
|
| |
|
|
|
|
|
|
|
|
|
Total accrued expenses
|
|
$ |
13,300 |
|
|
$ |
12,859 |
|
| |
|
|
|
|
|
|
|
|
Effective March 31, 2010, the Company closed its Los Angeles office in order to more appropriately align and manage the Company's resources. In the three and nine months ended September 30, 2011, the Company recognized pretax restructuring charges of zero and $53, respectively, primarily for relocation expenses.
The summary of activity in accrued restructuring charges was as follows:
| |
|
|
|
|
| |
|
Accrued
Restructuring
Charges |
|
|
Balance at December 31, 2009
|
|
$ |
— |
|
|
Restructuring provision incurred
|
|
|
1,144 |
|
|
Payments
|
|
|
(733 |
) |
|
Adjustments
|
|
|
(183 |
) |
| |
|
|
|
|
|
Balance at December 31, 2010
|
|
|
228 |
|
|
Restructuring provision incurred
|
|
|
10 |
|
|
Payments
|
|
|
(51 |
) |
| |
|
|
|
|
|
Balance at March 31, 2011
|
|
|
187 |
|
|
Restructuring provision incurred
|
|
|
43 |
|
|
Payments
|
|
|
(87 |
) |
| |
|
|
|
|
|
Balance at June 30, 2011
|
|
|
143 |
|
|
Restructuring provision incurred
|
|
|
— |
|
|
Payments
|
|
|
(45 |
) |
| |
|
|
|
|
|
Balance at September 30, 2011
|
|
$ |
98 |
|
| |
|
|
|
|
|