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Operating Expenses
 6 Months Ended
Jun. 30, 2017
Other Income and Expenses [Abstract]  
Operating Expenses
Operating Expenses
Components of our operating expenses for the three and six months ended June 30, 2017 and 2016 are presented in the following table.
Table 19.1 – Components of Operating Expenses
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2017
 
2016
 
2017
 
2016
Fixed compensation expense
 
$
5,321

 
$
5,875

 
$
11,323

 
$
13,769

Variable compensation expense
 
4,313

 
4,262

 
8,246

 
6,022

Equity compensation expense
 
3,121

 
2,754

 
5,297

 
5,086

Total compensation expense
 
12,755

 
12,891

 
24,866

 
24,877

Systems and consulting
 
1,689

 
1,960

 
3,327

 
4,582

Loan acquisition costs (1)
 
1,005

 
1,686

 
2,210

 
3,287

Office costs
 
1,140

 
1,065

 
2,243

 
2,445

Accounting and legal
 
877

 
1,337

 
1,803

 
2,322

Corporate costs
 
508

 
645

 
948

 
1,111

Other operating expenses
 
667

 
689

 
1,470

 
1,442

Operating expenses before restructuring charges
 
18,641

 
20,273

 
36,867

 
40,066

Restructuring charges (2)
 
—

 
(118
)
 
—

 
10,541

Total Operating Expenses
 
$
18,641

 
$
20,155

 
$
36,867

 
$
50,607

(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.