NOTE 9 — COST OF REVENUE

Cost of Revenue principally includes payroll and employee benefits associated with personnel employed in customer service and operations roles; fees paid to external providers related to provision of services, reimbursable expenses, technology and telephony expenses as well as depreciation and amortization of operating assets. The components of Cost of Revenue were as follows for the periods ended June 30, 2011 and 2010:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2011		2010		2011		2010

Compensation and Benefits	$	19,959	$	15,691	$	36,799	$	29,690
Outside Fees and Services		17,532		13,321		35,693		25,781
Expense Reimbursements		19,459		11,141		35,100		19,671
Technology and Communications		4,557		2,692		7,535		5,647
Depreciation and Amortization		1,590		1,530		2,919		2,940


Total	$	63,097	$	44,375	$	118,046	$	83,729