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Income Taxes (Tables)
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6 Months Ended |
|
Jun. 30, 2012
|
| Income Taxes [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 six months ended June 30, 2012 and 2011:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2012 |
|
2011 |
|
2012 |
|
2011 |
Current tax provision (benefit): |
|
|
|
|
|
|
|
Federal |
$ |
3,753 |
|
|
$ |
(264 |
) |
|
$ |
(4,622 |
) |
|
$ |
6 |
|
State |
— |
|
|
— |
|
|
2 |
|
|
— |
|
Total current tax provision (benefit) |
3,753 |
|
|
(264 |
) |
|
(4,620 |
) |
|
6 |
|
Deferred tax benefit |
(20,358 |
) |
|
(4,817 |
) |
|
(19,562 |
) |
|
(4,330 |
) |
Total benefit from income taxes |
$ |
(16,605 |
) |
|
$ |
(5,081 |
) |
|
$ |
(24,182 |
) |
|
$ |
(4,324 |
) |
|
| 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 six months ended June 30, 2012 and 2011:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
(dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
Computed income tax expense (benefit) at federal rate |
$ |
2,516 |
|
|
34 |
% |
|
$ |
(2,062 |
) |
|
34 |
% |
|
$ |
17,552 |
|
|
34 |
% |
|
$ |
5,804 |
|
|
34 |
% |
State taxes, net of federal benefit, if applicable |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
2 |
|
|
— |
% |
|
— |
|
|
— |
% |
Permanent differences in taxable income from GAAP income (loss) |
(9 |
) |
|
— |
% |
|
3 |
|
|
— |
% |
|
6 |
|
|
— |
% |
|
4 |
|
|
— |
% |
Dividends paid deduction |
(19,112 |
) |
|
(258 |
)% |
|
(3,022 |
) |
|
(118 |
)% |
|
(41,742 |
) |
|
(81 |
)% |
|
(10,132 |
) |
|
(59 |
)% |
Benefit from income taxes/Effective Tax Rate(1)
|
$ |
(16,605 |
) |
|
(224 |
)% |
|
$ |
(5,081 |
) |
|
(84 |
)% |
|
$ |
(24,182 |
) |
|
(47 |
)% |
|
$ |
(4,324 |
) |
|
(25 |
)% |
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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 June 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) |
June 30,
2012 |
|
December 31,
2011 |
Current tax |
|
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|
Federal income tax payable |
$ |
— |
|
|
$ |
(3,898 |
) |
Current income taxes receivable |
4,622 |
|
|
157 |
|
State and local income tax payable |
— |
|
|
— |
|
Current tax receivable (payable), net |
4,622 |
|
|
(3,741 |
) |
Deferred tax assets (liabilities) |
|
|
|
Deferred tax asset |
27,220 |
|
|
9,710 |
|
Deferred tax liability |
(1,109 |
) |
|
(3,319 |
) |
Deferred tax asset, net |
26,111 |
|
|
6,391 |
|
Total tax assets and liabilities, net |
$ |
30,733 |
|
|
$ |
2,650 |
|
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
Components of the Company's deferred tax assets and liabilities as of June 30, 2012 and December 31, 2011 are as follows:
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(in thousands) |
June 30,
2012 |
|
December 31,
2011 |
Unrealized loss on derivative assets |
$ |
13,206 |
|
|
$ |
7,429 |
|
Unrealized gain on trading securities and mortgage loans held-for-sale |
(1,036 |
) |
|
(1,038 |
) |
Net operating loss carryforward |
5,739 |
|
|
— |
|
Capital loss carryforward |
8,202 |
|
|
— |
|
Total net deferred tax assets |
$ |
26,111 |
|
|
$ |
6,391 |
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