Exit Costs

Jefferies Bache. On April 9, 2015, we entered into an agreement with Société Générale S.A. (the “Agreement”) to transfer certain client exchange and over-the-counter transactions associated with our Futures business for the net book value of the over-the-counter transactions, calculated in accordance with certain principles set forth in the agreement, plus the repayment of certain margin loans in respect of certain exchange transactions. In addition, we initiated a plan to substantially exit the remaining aspects of our futures business. At February 29, 2016, we have transferred all of our client accounts to Société Générale S.A. and other brokers. We substantially completed the exit of the Futures business during the third quarter of fiscal 2015.

During the three months ended February 29, 2016, we recorded restructuring and impairment costs as follows (in thousands):



	Three Months Ended February 29, 2016
Severance costs	$	382
Accelerated amortization of restricted stock and restricted cash awards	31
Contract termination costs	556
Other expenses	280
Total	$	1,249

Of the above costs, $310,000 are of a non-cash nature for the three months ended February 29, 2016, respectively.

Restructuring and exit costs are wholly attributed to our Capital Markets segment and were recorded in the following categories on the Consolidated Statement of Earnings for the three months ended February 29, 2016 (in thousands):



	Three Months Ended February 29, 2016
Compensation and benefits	$	413
Technology and communications	556
Other expenses	280
Total	$	1,249

We expect to incur approximately an additional $0.8 million of restructuring and exit costs through the remainder of fiscal 2016 in connection with our exit activities comprised of severance and related benefits, including additional amortization for restricted stock and restricted cash awards and contract termination costs.

The following summarizes our restructuring reserve activity (in thousands):



	Severance costs			Other costs			Contract termination costs			Total restructuring costs			Accelerated amortization of restricted stock and restricted cash awards		Total
Balance at November 30, 2015	$	4,805		$	—		$	—		$	4,805
Expenses	382			280			556			1,218			$	31	$	1,249
Payments	(4,164		)	(280		)	(556		)	(5,000		)
Liability at February 29, 2016	$	1,023		$	—		$	—		$	1,023