Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2012			December 31, 2011
Trade receivables	$	43,162		$	37,822
Fees earned, not billed	110,853			92,916
Other receivables	15,718			12,295
	169,733			143,033
Less: Allowance for doubtful accounts	(820		)	(924		)
	$	168,913		$	142,109

Fees earned, not billed represents receivables earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are determined from security valuations which delay billings to clients.

Receivables from regulated investment companies on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies sponsored by SEI.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:



	June 30, 2012			December 31, 2011
Buildings	$	137,421		$	136,949
Equipment	65,884			64,256
Land	9,929			9,929
Purchased software	90,580			77,971
Furniture and fixtures	18,245			17,999
Leasehold improvements	4,820			4,558
Construction in progress	108			339
	326,987			312,001
Less: Accumulated depreciation	(191,976		)	(182,453		)
Property and Equipment, net	$	135,011		$	129,548

The Company recognized $11,062 and $11,002 in depreciation expense related to property and equipment for the six months ended June 30, 2012 and 2011, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2012		December 31, 2011
Accrued employee compensation	$	31,728	$	48,112
Accrued employee benefits and other personnel	5,359		5,408
Accrued consulting, outsourcing and professional fees	16,850		17,477
Accrued brokerage fees	7,586		8,665
Accrued sub-advisory, distribution and other asset management fees	16,657		17,091
Accrued dividend payable	—		26,518
Other accrued liabilities	22,722		23,773
Total accrued liabilities	$	100,902	$	147,044