Operating Expenses

9 Months Ended

Sep. 30, 2013

Operating Expenses

Note 18. Operating Expenses

Components of our operating expenses for the three and nine months ended September 30, 2013 and 2012 are presented in the following table.

Operating Expenses

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2013		2012		2013		2012
Fixed compensation expense	$	5,808	$	4,412	$	17,498	$	13,820
Variable compensation expense		5,621		5,593		14,418		11,211
Equity compensation expense		1,997		2,151		7,880		7,285
Severance expense		445		-		3,879		-
Total compensation expense		13,871		12,156		43,675		32,316
Accounting and legal		2,066		1,251		5,118		3,734
Systems and consulting		2,780		1,225		6,839		4,648
Office costs		1,337		1,549		3,989		3,714
Other operating expenses		1,799		921		5,474		2,488
Total Operating Expenses	$	21,853	$	17,102	$	65,095	$	46,900