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Severance and Related Benefits
3 Months Ended
Mar. 31, 2013
Severance and Related Benefits [Abstract]  
Severance and Related Benefits

Note 7. Severance and Related Benefits:

In October 2012, we entered into a mutual separation agreement with our former Chief Executive Officer under which the former Chief Executive Officer’s employment with the Company ended and pursuant to which he agreed to serve as a consultant to us for a one-year period. In connection with this separation agreement, we recorded severance and related benefits expense of $2,114,000 during the fourth quarter of 2012.

Included within accounts payable and accrued expenses on our consolidated balance sheet is the remaining liability for severance payments of $1,800,000 which was paid in May 2013.