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Restructuring Charges
9 Months Ended
Sep. 30, 2011
Restructuring Charges [Abstract] 
Restructuring Charges
NOTE 10. Restructuring Charges

In the second quarter of 2011, we recorded restructuring charges of approximately $0.3 million consisting of severance charges for 31 employees. Severance payments of $0.2 million remained to be paid as of June 30, 2011.

In the third quarter of 2011, we recorded restructuring charges of approximately $0.7 million consisting of severance charges for 71 employees and lease cancellation costs of $0.1 million. We have an accrual of $0.8 million, consisting of $0.7 million of severance charges and $0.1 million of lease obligations caused by closing three facilities, remaining to be paid at September 30, 2011.

All severance charges are included in Salaries and benefits and all lease obligation and closing costs are included in General and administrative in the Unaudited Consolidated Statements of Income.

The following table displays the activity and balances of the restructuring reserves in the Consolidated Balance Sheets (in thousands):

 

     Hub     Hub           Mode     Hub  
     Headcount     Consolidation     Hub     Headcount     Group  
     Reduction     of Facilities     Total     Reduction     Total  

Balance at March 31, 2011

    $ —        $ —        $ —        $ —        $ —     

Restructuring expenses

      320        —          320        —          320   

Cash payments made

      (146 )      —          (146 )      —          (146 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at June 30, 2011

    $ 174      $ —        $ 174      $ —        $ 174   

Restructuring expenses

      270        124        394        358        752   

Cash payments made

      (30 )      (31 )      (61 )      (17 )      (78 ) 

Change in estimate

      (25 )      —          (25 )      —          (25 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at September 30, 2011

    $ 389      $ 93      $ 482      $ 341      $ 823