8.	IMPAIRMENT, SEVERANCE AND OTHER COSTS

In 2010, the Company recorded an impairment charge of $34,691 to write down the Austin Condominium Project to its estimated fair value. The estimated fair value of the project was derived from the discounted present value of the project's estimated future cash flows over an extended sell-out period, considering current market conditions in the Austin market at that time (see notes 2 and 14). The Company also recorded impairment charges of $400 to write-down the carrying value of a land parcel to fair value prior to its sale in 2010 (see note 14).

In 2010, the Company also recorded impairment losses of $5,492 through its equity in earnings of unconsolidated entities related to the distribution of the Atlanta Condominium Project to the Company at fair value (see note 3).

In 2009, the Company recorded aggregate impairment charges of $74,733 through its equity in earnings of unconsolidated entities to write-down the carrying value of its investment in the unconsolidated Atlanta Condominium Project and $9,658 related to an adjacent parcel of land and infrastructure (see note 3). In 2009, the Company also recorded severance charges of $4,764 related to a headcount reduction, partially offset by income of $915 related to a reduction in estimated costs associated with hurricane damage sustained in 2008.

In prior years, the Company recorded severance charges associated with the departure of certain executive officers of the Company. Under certain of these arrangements, the Company is required to make certain payments and provide specified benefits through 2013 and 2016. The following table summarizes the activity relating to aggregate net severance charges for such executive officers for 2011, 2010 and 2009:


	Year ended December 31,
	2011			2010			2009
Accrued severance charges, beginning of period	$	5,441		$	7,671		$	9,405
Payments for period		(2,238	)		(2,671	)		(2,292	)
Interest accretion		315			441			558

Accrued severance charges, end of period	$	3,518		$	5,441		$	7,671

Substantially all of these remaining amounts will be paid over the remaining terms of the former executives' employment and settlement agreements (two to five years).