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Operating Expenses
 9 Months Ended
Sep. 30, 2015
Other Income and Expenses [Abstract]  
Operating Expenses
Operating Expenses
Components of our operating expenses for the three and nine months ended September 30, 2015 and 2014 are presented in the following table.
Table 19.1 – Components of Operating Expenses
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2015
 
2014
 
2015
 
2014
Fixed compensation expense
 
$
8,642

 
$
7,445

 
$
27,083

 
$
21,109

Variable compensation expense
 
3,567

 
2,422

 
11,135

 
8,396

Equity compensation expense
 
2,835

 
2,261

 
9,112

 
7,415

Total compensation expense
 
15,044

 
12,128

 
47,330

 
36,920

Systems and consulting
 
2,355

 
3,463

 
6,718

 
10,906

Loan acquisition costs (1)
 
2,464

 
1,789

 
5,992

 
3,606

Accounting and legal
 
1,047

 
1,223

 
3,754

 
4,039

Office costs
 
1,314

 
1,282

 
3,912

 
3,437

Corporate costs
 
484

 
569

 
1,521

 
1,679

Other operating expenses
 
1,789

 
952

 
5,551

 
3,073

Total Operating Expenses
 
$
24,497

 
$
21,406

 
$
74,778

 
$
63,660

(1)
Loan acquisition costs primarily includes underwriting and due diligence costs related to the acquisition of residential loans held-for-sale at fair value.