Restructuring

In February 2011, the Company entered into a Separation Agreement with Wm. Britton Greene in connection with his resignation as President, Chief Executive Officer and director of the Company. In April 2011, the Company entered into separation agreements with four additional members of senior management. Additionally, certain other employees were terminated pursuant to the Company’s 2011 restructuring program. In connection with these terminations, the Company expensed $10.9 million during 2011. During 2010, the Company relocated its corporate headquarters from Jacksonville, Florida to WaterSound, Florida. The Company also consolidated other existing offices from Tallahassee, Port St. Joe and Walton County into the WaterSound location.

Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructuring. Restructuring programs commencing in prior periods were substantially complete at the beginning of 2012, and the Company did not introduce any new programs during 2013 or 2012. A summary of the charges incurred and reserves recorded in connection with the restructuring and relocation programs by segment during 2012 and 2011 as follows:



	Balance at December 31, 2011		Costs Accrued (Adjustments)			Payments		Balance at December 31, 2012		Cumulative Charges
2011 and prior restructuring and relocation programs
Residential real estate	$	341	$	(24	)	$	317	$	—	$	20,153
Commercial real estate	186		(186		)	—		—		2,818
Rural land	149		(145		)	4		—		2,617
Forestry	—		—			—		—		571
Corporate and other	114		355			424		45		22,556
Total	$	790	$	—		$	745	$	45	$	48,715



	Balance at December 31, 2010		Cost Accrued (Adjustments)		Payments		Balance at December 31, 2011
2011 restructuring and relocation programs
Residential real estate	$	239	$	699	$	597	$	341
Commercial real estate	9		1,657		1,480		186
Rural land	36		196		83		149
Forestry	19		77		96		—
Corporate and other	657		8,922		9,465		114
Total	$	960	$	11,551	$	11,721	$	790