Restructuring

6 Months Ended

Jun. 30, 2011

6. Restructuring

On February 25, 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 the first quarter of 2011, the Company expensed $4.2 million under the terms of this agreement. On April 11, 2011, the Company entered into separation agreements with four additional members of senior management, including William S. McCalmont, Executive Vice President and Chief Financial Officer, Roderick T. Wilson, President-West Bay Sector, Rusty Bozman, Senior Vice President-Corporate Development and Reece B. Alford, Senior Vice President, General Counsel and Secretary. Additionally, certain other employees were terminated pursuant to the Company's 2011 restructuring program. In connection with these terminations, the Company expensed $5.9 million during the second quarter of 2011.

The charges associated with the Company's 2011 restructuring program by segment are as follows:


	Residential Real		Commercial Real		Rural Land
	Estate		Estate		Sales		Forestry		Other		Total
Three months ended June 30, 2011:
One-time termination benefits to employees	$	164	$	1,657	$	199	$	—	$	3,853	$	5,873

Cumulative restructuring charges, January 1, 2011 through June 30, 2011	$	164	$	1,657	$	199	$	—	$	8,060	$	10,080

Remaining one-time termination benefits to employees — to be incurred 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.

The charges associated with the Company's 2010 restructuring and relocation program by segment are as follows:


	Residential Real		Commercial Real		Rural Land
	Estate		Estate		Sales		Forestry		Other		Total
Three months ended June 30, 2011:
One-time termination and relocation benefits to employees	$	9	$	—	$	—	$	—	$	34	$	43

Cumulative restructuring charges, January 1, 2010 through June 30, 2011	$	1,013	$	43	$	793	$	193	$	3,521	$	5,563

Remaining one-time termination and relocation benefits to employees — to be incurred during 2011(a)	$	235	$	—	$	173	$	292	$	991	$	1,691


(a)		Represents costs to be incurred from July 1, 2011 through December 31, 2011.

Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructurings. At June 30, 2011, the remaining accrued liability associated with restructurings and reorganization programs consisted of the following:


	Balance at						Balance at
	December 31,		Costs				June 30,		Due within
	2010		Accrued		Payments		2011		12 months
One-time termination benefits to employees — 2010 restructuring and relocation program	$	870	$	312	$	972	$	210	$	210

One-time termination benefits to employees — 2011 restructuring program	$	—	$	10,080	$	4,831	$	5,249	$	5,249

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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