15. Restructurings

Investment Banking and Fixed Income Businesses (2nd Quarter of 2013)

The Company discontinued operations in its Investment Banking division on May 30, 2013 and Fixed Income businesses on April 5, 2013. Exiting these businesses impacted approximately 150 employees. Refer to Note 16 herein for additional information.

ClearPoint — Homeward Transaction (1st Quarter of 2013)

On February 14, 2013, the Company entered into an agreement to sell substantially all of ClearPoint’s assets to Homeward. This transaction closed on February 22, 2013, and all remaining business activities of ClearPoint have been substantially wound down. Refer to Note 16 herein for additional information.

There were no restructuring charges incurred during the three months ended March 31, 2014. The following table summarizes the restructuring charges incurred by the Company for the three months ended March 31, 2013 (all of which relate to ClearPoint), which have been recorded as a component of discontinued operations:

	Three Months Ended
(In thousands of dollars)	March 31, 2013
Cash Charges:
ClearPoint
Severance and other compensation	$	1,263
Third party vendor contracts and other costs	161
Total — Cash Charges:	$	1,424
Non-Cash Charges:
ClearPoint
Intangible asset impairment	$	587
Deferred compensation and other charges	448
Total — Non-Cash Charges:	$	1,035
Restructuring expenses — Total:	$	2,459

The following table summarizes the changes in the Company’s liability related to the restructurings for the three months ended March 31, 2014:

(In thousands of dollars)
Balance — December 31, 2013	$	2,491
Restructuring expense	—
Less: Non-cash charges	—
Payments for third party vendor contracts	(332		)
Payments for lease commitments, net of sublease income	(136		)
Restructuring reserve — March 31, 2014	$	2,023

The Company’s remaining obligation associated with these exits at March 31, 2014 was approximately $2.0 million and was primarily related to costs associated with the termination of third party vendor contracts, and to a lesser extent, lease commitments. The Company expects the majority of its remaining liability to be settled within the next three months. No other material charges are expected to be incurred.