8. Restructuring

The principal costs incurred in 2011 and 2012 under the Company’s 2011 restructuring program are employee termination costs. 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 nine months ended September 30, 2012, and expensed $0.3 million and $10.3 million, respectively, during the three and nine months ended September 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 September 30, 2012:
Termination benefits to employees	$	—	$	—	$	—	$	—	$	18	$	18

Three Months Ended September 30, 2011:
Termination benefits to employees	$	79	$	—	$	—	$	77	$	108	$	264

Nine Months Ended September 30, 2012:
Termination benefits to employees	$	1	$	—	$	1	$	—	$	18	$	20

Nine Months Ended September 30, 2011:
Termination benefits to employees	$	244	$	1,657	$	199	$	77	$	8,168	$	10,345

Cumulative restructuring charges, January 1, 2011 through September 30, 2012	$	624	$	1,659	$	209	$	77	$	8,382	$	10,951

Remaining 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 incurred no expenses during the three months ended September 30, 2012, and expensed $0.1 million during the nine months ended September 30, 2012. During the three and nine months ended September 30, 2011, the Company expensed $0.1 million and $0.4 million, respectively.

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 September 30, 2012:
Termination and relocation benefits to employees	$	—	$	—		$	—		$	—	$	—	$	—

Three Months Ended September 30, 2011:
Termination and relocation benefits to employees	$	—	$	—		$	—		$	—	$	84	$	84

Nine Months Ended September 30, 2012:
Termination benefits to employees	$	—	$	—		$	—		$	—	$	71	$	71

Nine Months Ended September 30, 2011:
Termination benefits to employees	$	52	$	(3	)	$	(12	)	$	—	$	368	$	405

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

Remaining 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 September 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 September 30, 2012		Due within 12 months
One-time termination benefits to employees — 2010 restructuring and relocation programs	$	8	$	71	$	75	$	4	$	4

One-time termination benefits to employees — 2011 restructuring program	$	782	$	20	$	604	$	198	$	198

Total	$	790	$	91	$	679	$	202	$	202