NOTE 12 — 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 September 30, 2011 and 2010:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2011		2010		2011		2010

Compensation and Benefits	$	22,497	$	15,829	$	59,296	$	45,519
Outside Fees and Services		21,528		15,311		57,221		41,092
Expense Reimbursements		21,834		13,369		56,934		33,040
Technology and Communications		5,904		3,198		13,439		8,845
Depreciation and Amortization		1,576		1,206		4,495		4,146


Total	$	73,339	$	48,913	$	191,385	$	132,642