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Restructuring Charges

9 Months Ended

Sep. 30, 2012

(3) Restructuring Charges

2011 Restructuring

In the second and fourth quarters of 2011, the Company implemented restructuring plans to improve margins and enhance stockholder returns.

The following table summarizes the changes in the Company’s liability balance related to the 2011 restructuring plans, which is included in accounts payable and accrued expenses in the Condensed Consolidated Statements of Financial Condition (dollars in thousands):

	Employee Separation Costs			Consolidation of Leased Facilities			Total
Balance at December 31, 2011	$	4,530		$	4,337		$	8,867
Utilized - cash	(4,390		)	(1,069		)	(5,459		)
Other	(9		)	(19		)	(28		)
Balance at September 30, 2012	$	131		$	3,249		$	3,380

The remaining accrued employee separation costs reflect the settlement of restricted share awards, which will continue through February 2014. The payment of the remaining accrued costs related to the vacated leased facilities will continue through December 2016.

2010 Restructuring

In the fourth quarter of 2010, the Company closed its Westchester, NY office, relocated the staff, primarily sales traders and support, to its New York City office, and incurred a restructuring charge of $2.3 million. During 2011, an additional $0.8 million was recorded after the Company revaluated the potential of subleasing the vacated office space.

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

	Consolidation of Leased Facilities			Total
Balance at December 31, 2011	$	2,553		$	2,553
Utilized—cash	(261		)	(261		)
Balance at September 30, 2012	$	2,292		$	2,292

The payment of the remaining accrued costs related to the vacated leased facilities will continue through December 2016.

2009 Restructuring

In the fourth quarter of 2009, the Company committed to a restructuring plan to reengineer its operating model to focus on a leaner cost structure.

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 Condensed Consolidated Statements of Financial Condition (dollars in thousands):

	Employee Separation Costs			Consolidation of Leased Facilities			Total
Balance at December 31, 2011	$	53		$	235		$	288
Utilized—cash	(26		)	(220		)	(246		)
Balance at September 30, 2012	$	27		$	15		$	42

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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