|
Income Taxes (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the three and nine months ended September 30, 2012 and 2011:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2012 |
|
2011 |
|
2012 |
|
2011 |
Current tax (benefit) provision: |
|
|
|
|
|
|
|
Federal |
$ |
(266 |
) |
|
$ |
923 |
|
|
$ |
(4,888 |
) |
|
$ |
928 |
|
State |
1 |
|
|
— |
|
|
3 |
|
|
— |
|
Total current tax (benefit) provision |
(265 |
) |
|
923 |
|
|
(4,885 |
) |
|
928 |
|
Deferred tax (benefit) provision |
(7,569 |
) |
|
8,465 |
|
|
(27,131 |
) |
|
4,136 |
|
Total (benefit from) provision for income taxes |
$ |
(7,834 |
) |
|
$ |
9,388 |
|
|
$ |
(32,016 |
) |
|
$ |
5,064 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
The following is a reconciliation of the statutory federal and state rates to the effective rates, for the three and nine months ended September 30, 2012 and 2011:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
(dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
Computed income tax (benefit) expense at federal rate |
$ |
6,448 |
|
|
34 |
% |
|
$ |
21,759 |
|
|
34 |
% |
|
$ |
24,000 |
|
|
34 |
% |
|
$ |
27,563 |
|
|
34 |
% |
State taxes, net of federal benefit, if applicable |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
2 |
|
|
— |
% |
|
— |
|
|
— |
% |
Permanent differences in taxable income from GAAP income |
104 |
|
|
1 |
% |
|
2 |
|
|
— |
% |
|
110 |
|
|
— |
% |
|
6 |
|
|
— |
% |
Dividends paid deduction |
(14,386 |
) |
|
(76 |
)% |
|
(12,373 |
) |
|
(19 |
)% |
|
(56,128 |
) |
|
(79 |
)% |
|
(22,505 |
) |
|
(28 |
)% |
Provision for (benefit from) income taxes/Effective Tax Rate(1)
|
$ |
(7,834 |
) |
|
(41 |
)% |
|
$ |
9,388 |
|
|
15 |
% |
|
$ |
(32,016 |
) |
|
(45 |
)% |
|
$ |
5,064 |
|
|
6 |
% |
____________________
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|
(1) |
The benefit from income taxes is recorded at the taxable subsidiary level. |
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| Schedule of Current and Deferred Tax Assets and Liabilities [Table Text Block] |
The Company's condensed consolidated balance sheet, as of September 30, 2012 and December 31, 2011, contains the following current and deferred tax assets and liabilities, recorded at the taxable subsidiary level:
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|
(in thousands) |
September 30,
2012 |
|
December 31,
2011 |
Current tax |
|
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|
Federal income tax payable |
$ |
— |
|
|
$ |
(3,898 |
) |
Current income taxes receivable |
4,626 |
|
|
157 |
|
State and local income tax payable |
— |
|
|
— |
|
Current tax receivable (payable), net |
4,626 |
|
|
(3,741 |
) |
Deferred tax assets (liabilities) |
|
|
|
Deferred tax asset |
37,222 |
|
|
9,710 |
|
Deferred tax liability |
(3,543 |
) |
|
(3,319 |
) |
Deferred tax asset, net |
33,679 |
|
|
6,391 |
|
Total tax assets and liabilities, net |
$ |
38,305 |
|
|
$ |
2,650 |
|
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
Components of the Company's deferred tax assets and liabilities as of September 30, 2012 and December 31, 2011 are as follows:
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|
(in thousands) |
September 30,
2012 |
|
December 31,
2011 |
Unrealized loss on derivative assets |
$ |
12,547 |
|
|
$ |
7,429 |
|
Unrealized gain on trading securities and mortgage loans held-for-sale |
(1,989 |
) |
|
(1,038 |
) |
Capitalized start-up and organizational costs |
29 |
|
|
— |
|
Net operating loss carryforward |
11,683 |
|
|
— |
|
Capital loss carryforward |
11,409 |
|
|
— |
|
Total net deferred tax assets |
$ |
33,679 |
|
|
$ |
6,391 |
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