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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

5. Commitments and Contingencies

Contractual Obligations

The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone, and data services. Expenses recorded under these agreements for the three months ended September 30, 2012 and 2011 were approximately $351 and $267, respectively and for the nine months ended September 30, 2012 and 2011 were approximately $987 and $781, respectively.

Future minimum lease payments with respect to non-cancelable operating leases at September 30, 2012 are approximately as follows:

 

         

Remainder of 2012

   $ 355  

2013

     1,366  

2014

     93  

2015 and thereafter

     —    
   

 

 

  

Total

   $ 1,814  
   

 

 

  

Letter of Credit

The Company collateralizes its office lease space through a standby letter of credit in the amount of $700 held as an investment in debt securities, which is included in investments on the consolidated balance sheets at September 30, 2012 and December 31, 2011.

Contingencies

The Company is subject to various routine regulatory reviews and inspections by the SEC as well as legal proceedings arising in the ordinary course of business.