Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges

v2.4.0.8
Restructuring Charges
3 Months Ended
Mar. 31, 2014
Restructuring Charges  
Restructuring Charges

(8)           Restructuring Charges

 

In connection with the Security Networks Acquisition, management approved a restructuring plan to transition Security Networks’ operations in West Palm Beach and Kissimmee, Florida to Dallas, Texas (the “2013 Restructuring Plan”).  The 2013 Restructuring Plan provides certain employees with a severance package that entitles them to benefits upon completion of the transition in 2014.  Severance costs related to the 2013 Restructuring Plan are recognized ratably over the future service period.  During the three months ended March 31, 2014, the Company recorded $547,000 of restructuring charges related to employee termination benefits.

 

There were no restructuring charges recorded for the three months ended March 31, 2013.

 

The following table provides the activity and balance of the Company’s restructuring plan (amounts in thousands):

 

 

 

December 31, 2013

 

Additions

 

Payments

 

March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

2013 Restructuring Plan

 

 

 

 

 

 

 

 

 

Severance and retention

 

$

1,570

 

547

 

(504

)

1,613