Restructuring Charges

9 Months Ended

Sep. 30, 2014

3) Restructuring Charges

2013 Restructuring

In the second quarter of 2013, the Company implemented a strategic plan to close its technology research and development facility in Israel and outsource that function to a third party service provider effective January 1, 2014.

Activity and liability balances recorded as part of the 2013 restructuring plan through September 30, 2014 are as follows (dollars in thousands):

	Employee separation costs			Consolidation of leased facilities			Total
Balance at December 31, 2013	$	235		$	100		$	335
Cash payments	(37		)	—			(37		)
Other	(198		)	(100		)	(298		)
Balance at September 30, 2014	$	—		$	—		$	—

During the first nine months of 2014, $0.3 million of accruals were reversed.

2012 Restructuring

In the fourth quarter of 2012, the Company implemented a restructuring plan to reduce annual operating costs.

Activity and liability balances recorded as part of the 2012 restructuring plan through September 30, 2014 are as follows (dollars in thousands):

	Employee separation costs
Balance at December 31, 2013	$	75
Utilized—cash	(23		)
Other	(52		)
Balance at September 30, 2014	$	—

During the first nine months of 2014, $0.1 million of accruals were reversed.

2011 Restructuring

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

Activity and liability balances recorded as part of the 2011 restructuring plan through September 30, 2014 are as follows (dollars in thousands):

	Employee separation costs			Consolidation of leased facilities			Total
Balance at December 31, 2013	$	7		$	1,567		$	1,574
Utilized - cash	(7		)	(649		)	(656		)
Balance at September 30, 2014	$	—		$	918		$	918

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 and relocated the staff, primarily sales traders and support, to its New York City office.

Activity and liability balances recorded as part of the 2010 restructuring plan through September 30, 2014 are as follows (dollars in thousands):

	Consolidation of leased facilities
Balance at December 31, 2013	$	1,784
Utilized—cash	(291		)
Balance at September 30, 2014	$	1,493

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

- 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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