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Operating Expenses (Tables) | 6 Months Ended
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Jun. 30, 2016
Other Income and Expenses [Abstract] |
Components of Operating Expenses | Components of our operating expenses for the three and six months ended June 30, 2016 and 2015 are presented in the following table. Table 20.1 – Components of Operating Expenses
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Fixed compensation expense |  | $ | 5,875 |  |  | $ | 9,286 |  |  | $ | 13,769 |  |  | $ | 18,441 |
Variable compensation expense |  | 4,262 |  |  | 3,578 |  |  | 6,022 |  |  | 7,569 |
Equity compensation expense |  | 2,754 |  |  | 3,539 |  |  | 5,086 |  |  | 6,277 |
Total compensation expense |  | 12,891 |  |  | 16,403 |  |  | 24,877 |  |  | 32,287 |
Systems and consulting |  | 1,960 |  |  | 2,242 |  |  | 4,582 |  |  | 4,364 |
Loan acquisition costs (1) |  | 1,686 |  |  | 2,545 |  |  | 3,287 |  |  | 4,869 |
Office costs |  | 1,065 |  |  | 1,366 |  |  | 2,445 |  |  | 2,598 |
Accounting and legal |  | 1,337 |  |  | 1,130 |  |  | 2,322 |  |  | 2,707 |
Corporate costs |  | 645 |  |  | 512 |  |  | 1,111 |  |  | 1,038 |
Other operating expenses |  | 689 |  |  | 1,020 |  |  | 1,442 |  |  | 2,418 |
Operating expenses before restructuring charges |  | 20,273 |  |  | 25,218 |  |  | 40,066 |  |  | 50,281 |
Restructuring charges (2) |  | (118 | ) |  | — |  |  | 10,541 |  |  | — |
Total Operating Expenses |  | $ | 20,155 |  |  | $ | 25,218 |  |  | $ | 50,607 |  |  | $ | 50,281 |
(1) | Loan acquisition costs primarily includes underwriting and due diligence costs related to the acquisition of residential loans held-for-sale at fair value.
(2) | For the six months ended June 30, 2016, restructuring charges included $5 million of fixed compensation expense and $4 million of equity compensation expense related to one-time termination benefits, as well as $2 million of other contract termination costs, associated with the restructuring of our conforming and commercial mortgage banking operations and related charges associated with the departure of Redwood's President announced in the first quarter of 2016. See Note 11 for further discussion on restructuring charges.

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- Definition Tabular disclosure of each detailed component of other operating costs and expenses that are applicable to sales and revenues, but not included in the cost of sales in the income statement. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.3) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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