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Operating Expenses (Tables)
 9 Months Ended
Sep. 30, 2018
Other Income and Expenses [Abstract]  
Components of Operating Expenses
Components of our operating expenses for the three and nine months ended September 30, 2018 and 2017 are presented in the following table.
Table 20.1 – Components of Operating Expenses
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2018
 
2017
 
2018
 
2017
Fixed compensation expense
 
$
5,922

 
$
5,233

 
$
18,136

 
$
16,556

Variable compensation expense
 
4,923

 
6,467

 
13,655

 
14,713

Equity compensation expense
 
3,033

 
2,337

 
9,565

 
7,634

Total compensation expense
 
13,878

 
14,037

 
41,356

 
38,903

Systems and consulting
 
1,794

 
1,856

 
5,434

 
5,183

Loan acquisition costs (1)
 
1,887

 
1,187

 
5,860

 
3,397

Office costs
 
1,173

 
988

 
3,397

 
3,231

Accounting and legal
 
1,170

 
519

 
3,078

 
2,322

Corporate costs
 
462

 
415

 
1,462

 
1,363

Other operating expenses
 
1,126

 
920

 
2,942

 
2,390

Total Operating Expenses
 
$
21,490

 
$
19,922

 
$
63,529

 
$
56,789

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