XML 63 R48.htm IDEA: XBRL DOCUMENT

Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Other Income and Expenses [Abstract]

Components of Operating Expenses

Components of our operating expenses for the years ended December 31, 2015, 2014 and 2013 are presented in the following table.

Table 19.1 – Components of Operating Expenses



		Years Ended December 31,
(In Thousands)		2015				2014				2013
Fixed compensation expense		$	35,093			$	29,057			$	23,248
Variable compensation expense ⁽¹⁾		12,606				14,863				22,245
Equity compensation expense		11,921				9,750				10,077
Total compensation expense		59,620				53,670				55,570
Systems and consulting		10,212				11,654				7,517
Loan acquisition costs ⁽²⁾		10,326				8,207				7,605
Accounting and legal		4,837				5,244				6,263
Office costs		5,270				5,011				3,503
Corporate costs		2,049				2,237				2,721
Other operating expenses		5,102				4,100				3,428
Total Operating Expenses		$	97,416			$	90,123			$	86,607


(1)	For the year ended December 31, 2013, variable compensation expense included $4 million of severance expense.


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