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Operating Expenses | 6 Months Ended
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Jun. 30, 2016
Other Income and Expenses [Abstract] |
Operating Expenses | 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 The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + 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 210.5-03.3,6,7,9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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