Note 9. General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2012 and 2011 consisted of the following (in thousands):

	Three Months Ended March 31,
General and Administrative Expenses	2012			2011
Personnel costs		$2,727			$2,479
Restructuring awards		—			2,750
Professional services		1,064			1,385
Operating and other costs		615			606
Subtotal		4,406			7,220

Non-cash personnel costs
Management incentive awards plan - CT Legacy REIT		(282	)		2,579
Employee stock-based compensation		129			223
Subtotal		(153	)		2,802

Expenses of consolidated securitization vehicles		59			258
Total		$4,312			$10,280

Management Incentive Awards Plan

Upon completion of our March 2011 restructuring, we granted senior level employees incentive awards issued under our long term incentive plan that participate in amounts earned from our retained equity interest in CT Legacy REIT. The awards provide payments to certain senior level employees equal to as much as 6.75% of the dividends paid (subject to certain caps) to the common equity holders of CT Legacy REIT’s obligations, when and if distributed to us as dividends. See Note 11 for further discussion.