Operating Expenses (Tables)

6 Months Ended

Jun. 30, 2012

Components of Operating Expenses

Components of our operating expenses for the three and six months ended June 30, 2012 and 2011 are presented in the following table.

Operating Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2012		2011		2012		2011
Fixed compensation expense	$	4,373	$	3,797	$	9,408	$	7,942
Variable compensation expense		3,024		646		5,617		1,246
Equity compensation expense		2,958		2,707		5,134		4,766
Total compensation expense		10,355		7,150		20,159		13,954
Systems		1,303		1,915		2,484		3,854
Office costs		1,682		1,582		3,423		3,322
Accounting and legal		1,048		908		2,166		1,544
Other operating expenses		777		532		1,567		926
Total Operating Expenses	$	15,165	$	12,087	$	29,799	$	23,600