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Restructuring Charges and Asset Disposals | 3 Months Ended
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Mar. 31, 2013
Restructuring Charges and Asset Disposals [Abstract] |
Restructuring Charges and Asset Disposals | Note 12. Restructuring Charges and Asset Disposals The Company recorded no restructuring charges for the three months ended March 31, 2013, compared to $368,000 in the same period as last year. These costs are included in restructuring charges and asset disposals in the Consolidated Statements of Operations. During 2011, the Company announced that it would be undertaking a series of initiatives that are designed to transform and enhance its operations in order to strengthen the Company’s competitive position and return it to its goal of restored health and profitability. On March 30, 2012, the Company announced that it would close the NYC branch, effective June 2012. During the first quarter of 2012, the Company also executed a workforce reduction of back office personnel to further reduce operating expenses. There were twelve employees in total affected by this announcement. This initiative resulted in a restructuring charge of $495,207, which was comprised of $445,429 for severance expenses for the branch and back office personnel, asset disposals of $39,445 and $10,333 in lease liabilities. On June 29, 2012, the Company announced that it would be consolidating three more branches in its continued effort to reduce operating expenses. Restructuring charges for the consolidation of these branches of $444,285 were comprised of $247,163 for severance expenses, lease liability charges of $140,292 and $56,830 in asset disposals. Restructuring reserves at March 31, 2013 for the restructuring activities taken in connection with these initiatives are comprised of the following:
|  | Balance at December 31, 2012 |  |  | Expenses |  |  | Cash payments |  |  | Non-cash charges |  |  | Balance at March 31, 2013 |
Lease liability costs 2011 |  | $ | 172,999 |  |  | $ | — |  |  | $ | — |  |  | $ | (36,203 | ) |  | $ | 136,796 |
Lease liability costs 2012 |  |  | 80,220 |  |  |  | — |  |  |  | (22,112 | ) |  |  | (8,716 | ) |  |  | 49,392 |
Total |  | $ | 253,219 |  |  | $ | — |  |  | $ | (22,112 | ) |  | $ | (44,919 | ) |  | $ | 186,188 |
The restructuring reserves at March 31, 2013 are included in accrued expenses and other liabilities in the Consolidated Balance Sheet.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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