10. 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. During 2009, the Company implemented a restructuring plan to align employee headcount with the Company’s projected workload. The 2009 restructuring expense primarily included severance benefits related to the departure of three senior executives.

Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructuring. 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 restructuring program
Residential real estate	$	337	$	(20	)	$	317	$	—	$	603
Commercial real estate		186		(186	)		—		—		1,474
Rural land		149		(145	)		4		—		63
Forestry		—		—			—		—		77
Corporate and other		110		245			310		45		8,608

Total	$	782	$	(106	)	$	631	$	45	$	10,825

2010 and prior restructuring and relocation programs
Residential real estate	$	4	$	(4	)	$	—	$	—	$	19,550
Commercial real estate		—		—			—		—		1,344
Rural land		—		—			—		—		2,554
Forestry		—		—			—		—		494
Corporate and other		4		110			114		—		13,948

Total restructuring programs	$	790	$	—		$	745	$	45	$	48,715


	Balance at December 31, 2010		Cost Accrued (Adjustments)			Payments		Balance at December 31, 2011
2011 restructuring program
Residential real estate	$	—	$	623		$	286	$	337
Commerical real estate		—		1,660			1,474		186
Rural land		—		208			59		149
Forestry		—		77			77		—
Corporate and other		—		8,364			8,254		110

Total	$	—	$	10,932		$	10,150	$	782

2010 and prior restructuring and relocation programs
Residential real estate	$	239	$	76		$	311	$	4
Commerical real estate		9		(3	)		6		—
Rural land		36		(12	)		24		—
Forestry		19		—			19		—
Corporate and other		657		558			1,211		4

Total restructuring programs	$	960	$	11,551		$	11,721	$	790