Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income:        
Available-for-sale securities $ 104,319 $ 39,959 $ 188,533 $ 59,494
Trading securities 1,250 805 2,300 1,077
Mortgage loans held-for-sale 126 0 195 0
Cash and cash equivalents 209 64 377 127
Total interest income 105,904 40,828 191,405 60,698
Interest expense 15,527 3,863 26,994 6,362
Net interest income 90,377 36,965 164,411 54,336
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (4,476) (294) (8,751) (294)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary credit impairment losses (4,476) (294) (8,751) (294)
Other income:        
Gain on investment securities, net 1,789 3,189 11,720 4,728
(Loss) gain on interest rate swap and swaption agreements (61,014) (50,808) (77,207) (48,869)
(Loss) gain on other derivative instruments (7,617) 9,766 (16,507) 15,113
Other loss 131 0 91 0
Total other (loss) income (66,711) (37,853) (81,903) (29,028)
Expenses:        
Management fees 7,610 2,728 14,353 4,278
Other operating expenses 4,181 2,155 7,782 3,667
Total expenses 11,791 4,883 22,135 7,945
Income before income taxes 7,399 (6,065) 51,622 17,069
(Benefit from) provision for income taxes 16,605 5,081 24,182 4,324
Net income attributable to common stockholders 24,004 (984) 75,804 21,393
Basic and diluted earnings per weighted average common share $ 0.11 $ (0.01) $ 0.38 $ 0.35
Dividends declared per common share $ 0.40 $ 0.40 $ 0.80 $ 0.80
Basic and diluted weighted average number of shares of common stock 214,810,579 77,101,606 200,833,084 61,443,978
Comprehensive income:        
Net income attributable to common stockholders 24,004 (984) 75,804 21,393
Other comprehensive income:        
Unrealized gain on available-for-sale securities, net 117,604 14,514 261,514 23,629
Other comprehensive income 117,604 14,514 261,514 23,629
Comprehensive income $ 141,608 $ 13,530 $ 337,318 $ 45,022