Operating Expenses

6 Months Ended

Jun. 30, 2011

Operating Expenses

Note 17. Operating Expenses

Components of our operating expenses for the three and six months ended June 30, 2011 and 2010 are presented in the following table.

Operating Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2011		2010		2011		2010
Fixed compensation expense	$	3,797	$	3,890	$	7,942	$	8,080
Variable compensation expense		646		1,303		1,246		3,183
Equity compensation expense		2,707		2,077		4,766		8,136
Total compensation expense		7,150		7,270		13,954		19,399
Systems		1,915		1,734		3,854		3,311
Office costs		1,582		1,783		3,322		3,548
Accounting and legal		908		45		1,544		1,511
Other operating expenses		532		395		926		764
Total Operating Expenses	$	12,087	$	11,227	$	23,600	$	28,533