Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data

v2.4.0.6
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Data [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Financial Data - Unaudited
 
2012 Quarter Ended
(in thousands, except share data)
March 31
 
June 30
 
September 30
 
December 31
Interest income:
  

 
   

 
  

 
   

Available-for-sale securities
$
84,214

 
$
104,319

 
$
124,621

 
$
135,466

Trading securities
1,050

 
1,250

 
1,278

 
1,295

Mortgage loans held-for-sale
69

 
126

 
167

 
247

Cash and cash equivalents
168

 
209

 
243

 
324

Total interest income
85,501

 
105,904

 
126,309

 
137,332

Interest expense
11,467

 
15,527

 
20,743

 
24,369

Net interest income
74,034

 
90,377

 
105,566

 
112,963

Other-than-temporary impairments:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
(4,275
)
 
(4,476
)
 
(559
)
 
(1,642
)
Non-credit portion of loss recognized in other comprehensive income (loss)
—

 
—

 
—

 
—

Net other-than-temporary credit impairment losses
(4,275
)
 
(4,476
)
 
(559
)
 
(1,642
)
Other income:
 
 
 
 
 
 
 
Gain on investment securities, net
9,931

 
1,789

 
2,527

 
108,219

Loss on interest rate swap and swaption agreements
(16,193
)
 
(61,014
)
 
(76,472
)
 
(6,096
)
(Loss) gain on other derivative instruments
(8,903
)
 
(7,577
)
 
2,850

 
(27,276
)
(Loss) gain on mortgage loans
(32
)
 
10

 
613

 
1,679

Total other (loss) income
(15,197
)
 
(66,792
)
 
(70,482
)
 
76,526

Expenses:
 
 
 
 
 
 
 
Management fees
6,743

 
7,610

 
8,929

 
9,886

Other operating expenses
3,550

 
3,919

 
3,954

 
6,255

Total expenses
10,293

 
11,529

 
12,883

 
16,141

Income from continuing operations before income taxes
44,269

 
7,580

 
21,642

 
171,706

Benefit from income taxes
(7,577
)
 
(16,605
)
 
(7,834
)
 
(10,203
)
Net income from continuing operations
51,846

 
24,185

 
29,476

 
181,909

(Loss) income from discontinued operations
(46
)
 
(181
)
 
(2,674
)
 
7,391

Net income attributable to common stockholders
$
51,800

 
$
24,004

 
$
26,802

 
$
189,300

Basic earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.28

 
$
0.11

 
$
0.11

 
$
0.62

Discontinued operations
—

 
—

 
(0.01
)
 
0.02

Net income
$
0.28

 
$
0.11

 
$
0.10

 
$
0.64

Diluted earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.28

 
$
0.11

 
$
0.11

 
$
0.61

Discontinued operations
—

 
—

 
(0.01
)
 
0.03

Net income
$
0.28

 
$
0.11

 
$
0.10

 
$
0.64

Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
186,855,589

 
214,810,579

 
270,005,212

 
295,492,372

Diluted
186,855,589

 
214,810,579

 
270,937,960

 
296,229,245

 
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 and swaption agreements
1,939

 
(50,808
)
 
(39,311
)
 
1,411

Gain (loss) on other derivative instruments
5,347

 
9,766

 
22,361

 
(10,719
)
Gain on mortgage loans
—

 
—

 
—

 
—

Total other income (loss)
8,825

 
(37,853
)
 
14,482

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

 
2,728

 
4,785

 
5,178

Other operating expenses
1,512

 
2,155

 
2,850

 
3,156

Total expenses
3,062

 
4,883

 
7,635

 
8,334

Income (loss) from continuing operations before income taxes
23,134

 
(6,065
)
 
63,997

 
45,349

Benefit from (provision for) income taxes
757

 
(5,081
)
 
9,388

 
(6,170
)
Net income (loss) from continuing operations
22,377

 
(984
)
 
54,609

 
51,519

Loss from discontinued operations
—

 
—

 
—

 
(89
)
Net income (loss) attributable to common stockholders
$
22,377

 
$
(984
)
 
$
54,609

 
$
51,430

Basic earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.49

 
$
(0.01
)
 
$
0.42

 
$
0.37

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.49

 
$
(0.01
)
 
$
0.42

 
$
0.37

Diluted earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.49

 
$
(0.01
)
 
$
0.42

 
$
0.37

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.49

 
$
(0.01
)
 
$
0.42

 
$
0.37

Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
45,612,376

 
77,101,606

 
130,607,566

 
140,592,941

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 and swaption agreements
(1,547
)
 
(4,054
)
 
(4,436
)
 
3,693

Gain on other derivative instruments
946

 
153

 
3,098

 
2,959

Gain on mortgage loans
—

 
—

 
—

 
—

Total other income (loss)
596

 
(3,067
)
 
1,239

 
8,171

Expenses:
 
 
 
 
 
 
 
Management fees
457

 
748

 
863

 
921

Other operating expenses
987

 
1,132

 
1,213

 
1,246

Total expenses
1,444

 
1,880

 
2,076

 
2,167

Income from continuing operations before income taxes
4,793

 
3,315

 
9,632

 
17,332

(Benefit from) provision for income taxes
(535
)
 
(774
)
 
(246
)
 
872

Net income from continuing operations
5,328

 
4,089

 
9,878

 
16,460

Loss from discontinued operations
—

 
—

 
—

 
—

Net income attributable to common stockholders
$
5,328

 
$
4,089

 
$
9,878

 
$
16,460

Basic earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.40

 
$
0.18

 
$
0.38

 
$
0.60

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.40

 
$
0.18

 
$
0.38

 
$
0.60

Diluted earnings (loss) per weighted average common share:
 
 
 
 
 
 
 
Continuing operations
$
0.40

 
$
0.18

 
$
0.38

 
$
0.60

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.40

 
$
0.18

 
$
0.38

 
$
0.60

Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
13,401,368

 
22,466,691

 
26,126,212

 
27,532,462

Diluted
13,401,368

 
22,466,691

 
26,126,212

 
27,532,462