In the second and fourth quarters of 2011, the Company implemented restructuring plans to improve margins and enhance stockholder returns. These plans focused on reducing workforce, consulting and infrastructure costs primarily in the U.S. and Europe. The following table summarizes the pre-tax charges by segment (dollars in thousands). Employee severance costs relate to the termination of approximately 120 employees and the lease consolidation costs relate to office space that was vacated. These charges are classified as restructuring charges in the Consolidated Statements of Operations.

	U.S. Operations		Canadian Operations		European Operations		Asia Pacific Operations		Consolidated

Employee separation costs	$	17,509	$	685	$	963	$	—	$	19,157
Consolidation of leased facilities		3,990		—		—		314		4,304

Total	$	21,499	$	685	$	963	$	314	$	23,461

Most of the accrued costs were paid in 2011, except payments related to the vacated leased facilities, which will continue until December 2016, certain cash severance payments which will continue until August 2012 and the settlement of restricted share awards which will continue through February 2014.

Activity and liability balances recorded as part of the 2011 restructuring plan through December 31, 2011 are as follows:

	Employee separation costs			Consolidation of leased facilities			Total

Restructuring charges recognized in 2011	$	19,157		$	4,304		$	23,461
Cash payments		(12,140	)		(314	)		(12,454	)
Acceleration of share-based compensation in additional paid-in capital		(2,382	)		—			(2,382	)
Asset write-offs		—			(96	)		(96	)
Other		(105	)		443			338

Balance at December 31, 2011	$	4,530		$	4,337		$	8,867

In the fourth quarter of 2010, the Company decided to close its Westchester, NY office, relocate the staff, primarily sales traders and support, to its New York City office, and incurred a restructuring charge of $2.3 million. The restructuring charge consisted of lease abandonment costs ($2.2 million) and employee severance costs ($0.1 million). During 2011, an additional charge of $0.8 million was recorded after the Company revaluated the potential of sub-leasing the vacated office space.

The following table summarizes the changes in the Company's liability balance related to the 2010 U.S. restructuring plan, which is included in accounts payable and accrued expenses in the Consolidated Statements of Financial Condition (dollars in thousands):

	Employee separation costs			Consolidation of leased facilities			Total

Balance at December 31, 2010	$	90		$	2,165		$	2,255
Restructuring charges recognized in 2011		—			846			846
Utilized—cash		(90	)		(458	)		(548	)

Balance at December 31, 2011	$	—		$	2,553		$	2,553

The remaining accrued costs related to the leased facilities will continue to be paid through December 2016.

In the second quarter of 2010, the Company implemented a plan to close its on-shore operations in Japan to lower costs and reduce capital requirements. The annual expenses for the on-shore Japanese operations were approximately $4 million and the amount of regulatory capital deployed exceeded $20 million. In connection with this move, a one-time charge of $2.3 million was recorded for employee severance, contract termination costs and non-cash write-offs of fixed assets and capitalized software, which was partially offset in the fourth quarter of 2010 by $0.2 million for cumulative translation gains that were reclassified to operations following the substantial liquidation of the Japanese subsidiary.

In the fourth quarter of 2009, the Company committed to a restructuring plan (aimed primarily at its U.S. Operations) to reengineer its operating model to focus on a leaner cost structure and a more selective deployment of resources towards those areas of its business that provide a sufficiently profitable return. As a result, a $25.4 million restructuring charge was recorded, which included costs related to employee separation, the consolidation of leased facilities and write-offs of capitalized software and certain intangible assets primarily due to changes in product priorities. Employee separation costs pertain to the termination of 144 employees primarily from the U.S. Operations. The consolidation of leased facilities charges relate to non-cancelable leases which were vacated. During 2011, the Company recorded an additional charge of $0.1 million after evaluating the remaining obligations under the non-cancelable lease.

The following table summarizes the changes in the Company's liability balance related to the 2009 restructuring plan included in accounts payable and accrued expenses in the Consolidated Statements of Financial Condition (dollars in thousands):

	Employee separation costs			Consolidation of leased facilities			Total

Balance at December 31, 2010	$	77		$	853		$	930
Restructuring charges recorded in 2011		—			125			125
Utilized—cash		(27	)		(743	)		(770	)
Other		3			—			3

Balance at December 31, 2011	$	53		$	235		$	288

The remaining accrued costs relate to payments for the leased facilities and the settlement of restricted share awards which will continue through April 2012.