General and Administrative Expenses

9 Months Ended

Sep. 30, 2012

General And Administrative Expenses

General and Administrative Expenses

Note 9. General and Administrative Expenses

General and administrative expenses for the nine months ended September 30, 2012 and 2011 consisted of the following (in thousands):

	Nine Months Ended September 30,
General and Administrative Expenses	2012		2011
Personnel costs		$7,642		$7,162
Restructuring awards		—		2,750
Professional services		2,468		3,914
Pending sale of investment management platform		2,135		—
Operating and other costs		2,267		1,617
Subtotal		14,512		15,443
Non-cash personnel costs
Management incentive awards plan - CT Legacy REIT		944		3,395
Employee stock-based compensation		675		411
Subtotal		1,619		3,806
Expenses of consolidated securitization vehicles		62		619
Total		$16,193		$19,868

Management Incentive Awards Plan

Upon completion of our March 2011 restructuring, we granted senior level employees incentive awards issued under our long term incentive plan that participate in amounts earned from our retained equity interest in CT Legacy REIT. The awards provide payments to an employee pool of an amount equal to as much as 6.75% of the dividends paid (subject to certain caps) to the common equity holders of CT Legacy REIT’s obligations, when and if distributed to us as dividends. See Note 11 for further discussion.