XML 59 R19.htm IDEA: XBRL DOCUMENT

Restructuring Charges and Asset Disposals

3 Months Ended

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.

- 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+ Details