Restructuring And Severance

12 Months Ended

Dec. 31, 2011

Restructuring And Severance [Abstract]

Restructuring And Severance

11. Restructuring and Severance

During 2008, the Company consolidated certain overlapping investment strategies and closed two locations, resulting in employee headcount reductions and lease abandonments. Lease losses associated with various abandoned office space have been recognized representing the Company's best estimate of the present value of the amount owed under the leases reduced by sub-lease income. The activity in the accrued restructuring liability related to the 2008 restructuring activities for the year ended December 31, 2011, 2010 and 2009 is summarized as follows:

	2011			2010			2009
($ in thousands)
Beginning unpaid balance	$	260		$	1,095		$	1,835
Restructuring expense related to lease abandonment		—			—			—
Costs paid		(260	)		(835	)		(740	)
Ending unpaid balance	$	—		$	260		$	1,095

In fourth quarter of 2011, the Company recorded restructuring and severance charges of $1.3 million related to headcount reduction and portfolio management consolidation activities at one of our affiliates. The charges comprised of $1.0 million in severance and outplacement costs and $0.3 million in expenses related to the write off of reimbursable product launch costs. In addition, the Company incurred $0.7 million of severance and outplacement costs related to other headcount reduction activities. These one-time restructuring and severance charges have been included within restructuring and severance expenses in the accompanying Consolidated Statements of Operations. As of December 31, 2011, the remaining liability related to severance and outplacement costs totaled $1.1 million. These costs are expected to be paid or settled by March 31, 2012.