Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Notes)

v2.4.0.6
Quarterly Financial Data (Notes)
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Data [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Financial Data - Unaudited

 
2011 Quarter Ended
(in thousands, except share data)
March 31
 
June 30
 
September 30
 
December 31
Interest income:
  

 
   

 
  

 
   

Available-for-sale securities
$
19,535

 
$
39,959

 
$
65,919

 
$
71,713

Trading securities
272

 
805

 
1,706

 
1,376

Mortgage loans held-for-sale
—

 
—

 
—

 
2

Cash and cash equivalents
63

 
64

 
114

 
106

Total interest income
19,870

 
40,828

 
67,739

 
73,197

Interest expense
2,499

 
3,863

 
7,218

 
9,129

Net interest income
17,371

 
36,965

 
60,521

 
64,068

Other-than-temporary impairments:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
—

 
(294
)
 
(3,371
)
 
(1,437
)
Non-credit portion of loss recognized in other comprehensive income (loss)
—

 
—

 
—

 
—

Net other-than-temporary credit impairment losses
—

 
(294
)
 
(3,371
)
 
(1,437
)
Other income:
 
 
 
 
 
 
 
Gain on investment securities, net
1,539

 
3,189

 
31,432

 
360

Gain (loss) on interest rate swap agreements
1,939

 
(50,808
)
 
(39,311
)
 
1,411

Gain (loss) on other derivative instruments
5,347

 
9,766

 
22,361

 
(10,719
)
Total other income (loss)
8,825

 
(37,853
)
 
14,482

 
(8,948
)
Expenses:
 
 
 
 
 
 
 
Management fees
1,550

 
2,728

 
4,785

 
5,178

Operating expenses
1,512

 
2,155

 
2,850

 
3,245

Total expenses
3,062

 
4,883

 
7,635

 
8,423

Income (loss) before income taxes
23,134

 
(6,065
)
 
63,997

 
45,260

Benefit from (provision for) income taxes
(757
)
 
5,081

 
(9,388
)
 
6,170

Net income (loss)
22,377

 
(984
)
 
54,609

 
51,430

Accretion of Trust Account income relating to common stock subject to possible conversion
—

 
—

 
—

 
—

Net loss attributable to other common stockholders
$
22,377

 
$
(984
)
 
$
54,609

 
$
51,430

Basic and diluted income (loss) per share
$
0.49

 
$
(0.01
)
 
$
0.42

 
$
0.37

Weighted average number of common shares outstanding, excluding shares subject to possible conversion - basic and diluted
45,612,376

 
77,101,606

 
130,607,566

 
140,592,941


 
2010 Quarter Ended
(in thousands, except share data)
March 31
 
June 30
 
September 30
 
December 31
Interest income:
  

 
   

 
  

 
   

Available-for-sale securities
$
6,153

 
$
9,088

 
$
11,823

 
$
12,780

Trading securities
—

 
—

 
15

 
155

Mortgage loans held-for-sale
—

 
—

 
—

 
—

Cash and cash equivalents
6

 
37

 
27

 
37

Total interest income
6,159

 
9,125

 
11,865

 
12,972

Interest expense
518

 
863

 
1,396

 
1,644

Net interest income
5,641

 
8,262

 
10,469

 
11,328

Other-than-temporary impairments:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
—

 
—

 
—

 
—

Non-credit portion of loss recognized in other comprehensive income (loss)
—

 
—

 
—

 
—

Net other-than-temporary credit impairment losses
—

 
—

 
—

 
—

Other income:
 
 
 
 
 
 
 
Gain on investment securities, net
1,197

 
834

 
2,577

 
1,519

(Loss) gain on interest rate swap agreements
(1,547
)
 
(4,054
)
 
(4,436
)
 
3,693

Gain on other derivative instruments
946

 
153

 
3,098

 
2,959

Total other income
596

 
(3,067
)
 
1,239

 
8,171

Expenses:
 
 
 
 
 
 
 
Management fees
457

 
748

 
863

 
921

Operating expenses
987

 
1,132

 
1,213

 
1,246

Total expenses
1,444

 
1,880

 
2,076

 
2,167

Income (loss) before income taxes
4,793

 
3,315

 
9,632

 
17,332

(Provision for) benefit from income taxes
535

 
774

 
246

 
(872
)
Net income (loss)
5,328

 
4,089

 
9,878

 
16,460

Accretion of Trust Account income relating to common stock subject to possible conversion
—

 
—

 
—

 
—

Net loss attributable to other common stockholders
$
5,328

 
$
4,089

 
$
9,878

 
$
16,460

Basic and diluted loss per share
$
0.40

 
$
0.18

 
$
0.38

 
$
0.60

Weighted average number of common shares outstanding, excluding shares subject to possible conversion - basic and diluted
13,401,368

 
22,466,691

 
26,126,212

 
27,532,462

 
2009 Quarter Ended
(in thousands, except share data)
March 31
 
June 30
 
September 30
 
December 31
Interest income:
  

 
   

 
  

 
   

Available-for-sale securities
$
—

 
$
—

 
$
—

 
$
2,796

Trading securities
—

 
—

 
—

 
—

Mortgage loans held-for-sale
—

 
—

 
—

 
—

Cash and cash equivalents
49

 
7

 
1

 
13

Total interest income
49

 
7

 
1

 
2,809

Interest expense
—

 
—

 
—

 
131

Net interest income
49

 
7

 
1

 
2,678

Other-than-temporary impairments:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
—

 
—

 
—

 
—

Non-credit portion of loss recognized in other comprehensive income (loss)
—

 
—

 
—

 
—

Net other-than-temporary credit impairment losses
—

 
—

 
—

 
—

Other income:
 
 
 
 
 
 
 
Gain on investment securities, net
—

 
—

 
—

 
336

Gain (loss) on interest rate swap agreements
—

 
—

 
—

 
364

Gain on other derivative instruments
—

 
—

 
—

 
—

Total other income
—

 
—

 
—

 
700

Expenses:
 
 
 
 
 
 
 
Management fees
—

 
—

 
—

 
326

Operating expenses
320

 
1,386

 
1,040

 
9,425

Total expenses
320

 
1,386

 
1,040

 
9,751

Income (loss) before income taxes
(271
)
 
(1,379
)
 
(1,039
)
 
(6,373
)
(Provision for) benefit from income taxes
92

 
155

 
119

 
(48
)
Net income (loss)
(179
)
 
(1,224
)
 
(920
)
 
(6,421
)
Accretion of Trust Account income relating to common stock subject to possible conversion
(31
)
 
(37
)
 
(25
)
 
—

Net loss attributable to other common stockholders
$
(210
)
 
$
(1,261
)
 
$
(945
)
 
$
(6,421
)
Basic and diluted loss per share
$
(0.01
)
 
$
(0.05
)
 
$
(0.04
)
 
$
(0.38
)
Weighted average number of common shares outstanding, excluding shares subject to possible conversion - basic and diluted
24,936,558

 
24,936,558

 
24,936,558

 
16,935,316