Operating Expenses (Tables)

6 Months Ended

Jun. 30, 2013

Components of Operating Expenses

Components of our operating expenses for the three and six months ended June 30, 2013 and 2012 are presented in the following table.

Operating Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2013		2012		2013		2012
Fixed compensation expense	$	6,067	$	4,373	$	11,690	$	9,208
Variable compensation expense		3,960		3,024		8,797		5,617
Equity compensation expense		3,396		2,958		5,883		5,134
Severance expense		3,366		-		3,434		200
Total compensation expense		16,789		10,355		29,804		20,159
Accounting and legal		805		1,048		3,052		2,166
Systems and consulting		2,318		1,303		4,060		2,484
Office costs		1,355		1,682		2,652		3,423
Other operating expenses		2,377		777		3,673		1,567
Total Operating Expenses	$	23,644	$	15,165	$	43,241	$	29,799