documentclass[letterpaper,12pt]{article}

usepackage{amsmath}
usepackage[font=small]{caption}
usepackage{fancyhdr}
usepackage[includeheadfoot,left=1in,top=.4in,right=1in,bottom=.75in,headsep=dimexpr3cm-59ptrelax,headheight=59pt]{geometry}
usepackage{graphicx}
usepackage[pagebackref,hyperindex=true]{hyperref}
usepackage[compact]{titlesec}

usepackage{subcaption}
usepackage[acronym,toc,shortcuts]{glossaries}

% default font packages
usepackage{courier} % use courier for the mono-spaced font
usepackage{helvet}  % use a Helvetica clone for default text (sans-serif)

begin{document}
newpage
listoffigures

section{Figures}

begin{figure}[h]
centering
begin{tabular}{@{}c|c@{}}
subcaptionbox{label{fig:blocks:first}}{includegraphics[width=3.0in]{eps/testblocks.eps}} &
subcaptionbox{label{fig:blocks:second}}{includegraphics[width=3.0in]{eps/testblocks.eps}} \
end{tabular}
caption{short caption is okay}
label{fig:blocks}
end{figure}


begin{figure}[h]
centering
begin{tabular}{@{}c|c@{}}
subcaptionbox{label{fig:blocks2:first}}{includegraphics[width=3.0in]{eps/testblocks.eps}} &
subcaptionbox{label{fig:blocks2:second}}{includegraphics[width=3.0in]{eps/testblocks.eps}} \
end{tabular}

caption{longer caption does not span multiples lines in the list of figures and instead runs off the page}
label{fig:blocks2}
end{figure}

end{document}