4.	Selected Balance Sheet Data

Commissions Receivable, Net

Commissions receivable, net consisted of the following (in thousands):

 

		December 31,
		2013				2012
Commissions due from buyer/seller		$	3,241			$	5,205
Due from sales agents			973				688
Less allowance for doubtful accounts			(99	)			(129	)
		$	4,115			$	5,764

The following table presents the changes in the allowance for doubtful accounts (in thousands):

 

		December 31,
		2013				2012
Balance at beginning of period		$	(129	)		$	(143	)
Provision for losses on commissions receivable			—				—
Write-off of uncollectible commissions receivable			30				14
Balance at end of period		$	(99	)		$	(129	)

Other Assets

Other assets consisted of the following (in thousands):

 

		December 31,
		2013				2012
Commission notes receivable		$	82			$	739
Due from sales agents			566				376
Security deposits			1,126				1,046
Other			1,372				1,804
		$	3,146			$	3,965

 

Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):

 

		December 31,
		2013				2012
Bonus payable		$	15,428			$	16,600
Accrued vacation			975				919
Other employee related accruals			544				—
		$	16,947			$	17,519

Deferred Compensation and Commissions

Deferred compensation and commissions consisted of the following (in thousands):

 

		December 31,
		2013				2012
SARs liability		$	19,970			$	—
Commissions payable			8,623				6,700
Deferred compensation liability			3,584				2,421
		$	32,177			$	9,121

SARs Liability

In conjunction with the IPO, the SARs liability that was previously assumed by MMC was transferred back to MMREIS based on a SARs frozen liability amount of $20.0 million calculated as of March 31, 2013. The SARs frozen liability amount will be paid out to each participant in installments upon retirement or departure under the terms of the existing program. The Company will begin to accrue interest starting on January 1, 2014 based on the frozen SAR account balances. See Note 7 – “Stockholders’ Equity” for additional information on SARs liability.

Commissions payable

Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term liabilities in the accompanying consolidated balance sheets.

Deferred compensation liability

During the fiscal year ended March 31, 2001, the Company established the MMREIS Deferred Compensation Plan (the Deferred Compensation Plan) for a select group of management. The Deferred Compensation Plan has similar characteristics of a 401(k) plan and provides the Deferred Compensation Plan participants additional flexibility in terms of contribution and distribution elections. Participants may elect to invest in various equity and debt securities offered within the Deferred Compensation Plan program. The Company chose to fund the Deferred Compensation Plan through variable life insurance policies purchased for the participants’ benefit. The Deferred Compensation Plan is managed by a third-party institutional fund manager, and the deferred compensation and investment earnings are held as a Company asset in a rabbi trust, which is recorded in investments held in rabbi trust account caption in the accompanying consolidated balance sheets. This trust account is restricted unless the Company becomes insolvent, as defined in the Deferred Compensation Plan, in which case the Deferred Compensation Plan’s assets are subject to the claims of the Company’s creditors. The Company may also, in its sole and absolute discretion, elect to withdraw at any time all or a portion of the amount by which the fair market value of the Deferred Compensation Plan’s assets exceeds 110% of the aggregate amount credited to the Deferred Compensation Plan’s participants’ accounts, as defined by the Deferred Compensation Plan.

The net change in the carrying value of the investment assets and the related obligation are recorded in other income, net and selling, general, and administrative expense, respectively, in the consolidated statements of income and were not material during the years ended December 31, 2013, 2012 and 2011.

Other Liabilities

Other liabilities consisted of the following (in thousands):

 

		December 31,
		2013				2012
Long term deferred rent		$	2,952			$	2,703
Accrued legal			1,351				1,826
Other			68				—
		$	4,371			$	4,529