8. 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. On April 11, 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 nominal amounts during the three and six months ended June 30, 2012, and expensed $5.9 million and $10.1 million, respectively, during the three and six months ended June 30, 2011. The charges associated with the Company’s 2011 restructuring program by segment are as follows:


	Residential Real Estate		Commercial Real Estate		Rural Land Sales		Forestry		Other		Total
Three Months Ended June 30, 2012:
One-time termination benefits to employees	$	—	$	—	$	—	$	—	$	—	$	—

Three Months Ended June 30, 2011:
One-time termination benefits to employees	$	164	$	1,657	$	199	$	—	$	3,853	$	5,873

Six Months Ended June 30, 2012:
One-time termination benefits to employees	$	1	$	—	$	1	$	—	$	—	$	2

Six Months Ended June 30, 2011:
One-time termination benefits to employees	$	164	$	1,657	$	199	$	—	$	8,060	$	10,080

Cumulative restructuring charges, January 1, 2011 through June 30, 2012	$	624	$	1,659	$	209	$	77	$	8,364	$	10,933

Remaining one-time termination benefits to employees — to be incurred during 2012	$	—	$	—	$	—	$	—	$	—	$	—

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. In connection with these initiatives, the Company expensed $0.1 million and $0.1 million, respectively, during the three and six months ended June 30, 2012, and expensed less than $0.1 million during the during the three months ended June 30, 2011, and $0.3 million during the six months ended June 30, 2011.

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


	Residential Real Estate			Commercial Real Estate			Rural Land Sales			Forestry		Other		Total
Three Months Ended June 30, 2012:
One-time termination and relocation benefits to employees	$	(22	)	$	—		$	—		$	—	$	40	$	18

Three Months Ended June 30, 2011:
One-time termination and relocation benefits to employees	$	9		$	—		$	—		$	—	$	44	$	53

Six Months Ended June 30, 2012:
One-time termination benefits to employees		—			—			—			—		71		71

Six Months Ended June 30, 2011:
One-time termination benefits to employees		52			(3	)		(12	)		—		285		322

Cumulative restructuring charges, January 1, 2010 through June 30, 2012	$	1,034		$	43		$	769		$	193	$	3,899	$	5,938

Remaining one-time termination benefits to employees — to be incurred during 2012	$	—		$	—		$	—		$	—	$	—	$	—

Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructuring. At June 30, 2012, the accrued liability associated with the relocation and restructuring programs consisted of the following:


	Balance at December 31, 2011		Costs Accrued		Payments		Balance at June 30, 2012		Due within 12 months
One-time termination benefits to employees — 2010 restructuring and relocation programs	$	8	$	71	$	76	$	3	$	3

One-time termination benefits to employees — 2011 restructuring program	$	782	$	2	$	560	$	224	$	224

Total	$	790	$	73	$	636	$	227	$	227