Accrued Liabilities and Deferred Credits

Accrued liabilities and deferred credits consist of the following:



	June 30, 2015		December 31, 2014
Accrued compensation	$	3,068	$	2,673
Deferred revenue	15,299		15,309
Membership deposits	8,001		8,426
Accruals for ongoing SEC investigation	7,430		—
Other accrued liabilities	8,165		5,651
Accrued interest expense for Senior Notes held by special purpose entity (Note 5)	2,850		2,852
Total accrued liabilities and deferred credits	$	44,813	$	34,911

Deferred revenue at June 30, 2015 and December 31, 2014 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell approximately 3,900 acres of rural land to the Florida Department of Transportation (the “FDOT”). Revenue is recognized when title to a specific parcel is legally transferred.

During the three and six months ended June 30, 2015, the Company established a reserve of $3.5 million related to the potential for settlement of the ongoing SEC investigation. In addition, during the three months ended June 30, 2015, the Company received correspondence from an insurance carrier related to coverage of certain expenses incurred in the SEC investigation and, as a result of this correspondence, the Company recorded an accrual of $3.9 million for legal costs. The Company expensed these accruals totaling $7.4 million for the ongoing SEC investigation in Other, net on the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2015. See Note 17, Commitments and Contingencies.