General and Administrative Expenses

6 Months Ended

Jun. 30, 2012

General And Administrative Expenses

General and Administrative Expenses

Note 9. General and Administrative Expenses

General and administrative expenses for the six months ended June 30, 2012 and 2011 consisted of the following (in thousands):

	Six Months Ended June 30,
General and Administrative Expenses	2012		2011
Personnel costs		$5,165		$4,705
Restructuring awards		—		2,750
Professional services		1,765		2,878
Operating and other costs		1,670		997
Subtotal		8,600		11,330
Non-cash personnel costs
Management incentive awards plan - CT Legacy REIT		181		2,980
Employee stock-based compensation		210		317
Subtotal		391		3,297
Expenses of consolidated securitization vehicles		61		301
Total		$9,052		$14,928

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 an employee pool of an amount 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.