SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

6 Months Ended

Jun. 30, 2014

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

NOTE 15 — SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses include payroll for personnel employed in executive, finance, legal, human resources, vendor management, risk and operational effectiveness roles.  This category also includes occupancy costs, professional fees and depreciation and amortization on non-operating assets.  The components of selling, general and administrative expenses were as follows:

	Three months ended					Six months ended
	June 30,					June 30,
(in thousands)	2014			2013		2014			2013
Compensation and benefits	$	11,111		$	6,609	$	20,100		$	12,066
Professional services	2,808			1,384		6,790			3,016
Occupancy related costs	9,496			7,957		18,807			14,533
Amortization of intangible assets	10,107			9,037		19,573			10,237
Depreciation and amortization	1,741			1,058		3,296			2,051
Change in the fair value of Equator Earn Out	(37,924		)	—		(37,924		)	—
Goodwill impairment	37,473			—		37,473			—
Marketing costs	7,667			1,328		12,784			1,980
Other	6,542			2,455		11,656			4,625
Total	$	49,021		$	29,828	$	92,555		$	48,508