Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:



	June 30,		December 31,
	2015		2014
Warranty reserve	$	2,199,803	$	1,577,937
Accrued compensation and benefits	2,775,076		4,679,927
Accrued interest	388,027		267,916
Completion reserve	113,565		219,081
Accrued professional fees	113,695		413,677
Income taxes payable	—		3,929,708
Deferred profit from unconsolidated joint ventures	436,800		—
Other accrued expenses	469,935		112,212
	$	6,496,901	$	11,200,458

During 2015, the Company instituted an employee bonus program where employees are eligible to earn incentive compensation based on the attainment of predetermined Company and individual performance goals. As of June 30, 2015, there was $0.7 million accrued for incentive compensation related to this program. During 2014, the Company elected to institute a fully discretionary employee incentive compensation plan to various non-executive employees. The accrual at December 31, 2014 was $3.1 million.

Completion reserves relate to liabilities for completed subcontractor work on closed homes for which invoices have not been remitted as of the balance sheet date.

Changes in our warranty accrual are detailed in the table set forth below:



	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Beginning warranty liability for homebuilding projects	$	1,778,822		$	838,211		$	1,276,946		$	810,088
Warranty provision for homebuilding projects	192,023			96,362			754,422			147,169
Warranty payments for homebuilding projects	(68,483		)	(18,314		)	(129,006		)	(40,998		)
Ending warranty liability for homebuilding projects	1,902,362			916,259			1,902,362			916,259

Beginning warranty liability for fee building projects	299,954			262,254			300,991			264,210
Warranty efforts for fee building projects	(2,513		)	(4,762		)	(3,550		)	(6,718		)
Ending warranty liability for fee building projects	297,441			257,492			297,441			257,492
Total ending warranty liability	$	2,199,803		$	1,173,751		$	2,199,803		$	1,173,751