NOTE N - RESTRUCTURING

In July 2011, in response to the difficult operating environment due to the downturn in the homebuilding industry, we undertook a strategic planning effort to improve our market position and to reduce our operating costs. As a result of this effort, in the third quarter of 2011, we took further steps to reduce staffing, cut salaries, and we negotiated a lease termination associated with the planned closing of our corporate office in Coral Gables, Florida. Restructuring costs include employee severance benefits, corporate office lease exit costs, and other costs related to the closure of the Coral Gables office, and are summarized below:

	Twelve Months Ended December 31, 2011
Employee severance benefits	$	697
Lease exit costs		952
Other		140
Total restructuring charges	$	1,789

The restructuring costs reflected in the above table are included within general and administrative expenses in our Consolidated Statements of Operations and comprehensive income (loss). Liabilities for employee severance benefits totaled $279 at December 31, 2011.