Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 28, 2013 | Jan. 31, 2014 | Jan. 31, 2014 |
Common Class A [Member] | Common Class B [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'Arlington Asset Investment Corp. | ' | ' | ' |
Entity Central Index Key | '0001209028 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Trading Symbol | 'AI | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 16,047,965 | 554,055 |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $423 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and cash equivalents | $48,628 | $35,837 | |
Receivables | ' | ' | |
Interest | 5,173 | 4,869 | |
Sold securities receivable | 0 | 26,773 | |
Other | 212 | 644 | |
Mortgage-backed securities, at fair value | ' | ' | |
Available-for-sale | 341,346 | 199,156 | |
Trading | 1,576,452 | 1,556,440 | |
Other investments | 2,065 | 2,347 | |
Derivative assets, at fair value | 8,424 | 0 | |
Deferred tax asset | 165,851 | 154,418 | |
Deposits | 45,504 | 85,652 | |
Prepaid expenses and other assets | 1,311 | 159 | |
Total assets | 2,194,966 | 2,066,295 | |
LIABILITIES AND EQUITY | ' | ' | |
Repurchase agreements | 1,547,630 | 1,497,191 | |
Interest payable | 774 | 582 | |
Accrued compensation and benefits | 5,584 | 1,542 | |
Dividend payable | 14,630 | 0 | |
Derivative liabilities, at fair value | 33,129 | 76,850 | |
Accounts payable, accrued expenses and other liabilities | 1,391 | 17,837 | |
Long-term debt | 40,000 | [1] | 15,000 |
Total liabilities | 1,643,138 | 1,609,002 | |
Commitments and contingencies (Note 7) | 0 | 0 | |
Equity: | ' | ' | |
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued and outstanding | 0 | 0 | |
Additional paid-in capital | 1,727,398 | 1,638,061 | |
Accumulated other comprehensive income, net of taxes of $9,436 and $407, respectively | 53,190 | 39,006 | |
Accumulated deficit | -1,228,926 | -1,219,906 | |
Total equity | 551,828 | 457,293 | |
Total liabilities and equity | 2,194,966 | 2,066,295 | |
Common Class A [Member] | ' | ' | |
Equity: | ' | ' | |
Common stock | 160 | 126 | |
Common Class B [Member] | ' | ' | |
Equity: | ' | ' | |
Common stock | $6 | $6 | |
[1] | This table excludes interest payments to be made on the Companybs long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Accumulated other comprehensive income, taxes (in dollars) | $9,436 | $407 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, shares issued (in shares) | 16,047,965 | 12,560,970 |
Common stock, shares outstanding (in shares) | 16,047,965 | 12,560,970 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 554,055 | 554,055 |
Common stock, shares outstanding (in shares) | 554,055 | 554,055 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | $87,019 | $64,154 | $52,545 |
Interest expense | ' | ' | ' |
Interest on short-term debt | 6,899 | 4,475 | 2,043 |
Interest on long-term debt | 1,630 | 490 | 465 |
Total interest expense | 8,529 | 4,965 | 2,508 |
Net interest income | 78,490 | 59,189 | 50,037 |
Other loss, net | ' | ' | ' |
Investment loss, net | -47,745 | -10,723 | -19,166 |
Other loss | -15 | -15 | -14 |
Total other loss, net | -47,760 | -10,738 | -19,180 |
Operating income before other expenses | 30,730 | 48,451 | 30,857 |
Other expenses | ' | ' | ' |
Compensation and benefits | 11,195 | 10,339 | 10,065 |
Professional services | 2,561 | 4,118 | 1,833 |
Business development | 145 | 136 | 121 |
Occupancy and equipment | 427 | 467 | 374 |
Communications | 191 | 202 | 197 |
Other operating expenses | 2,072 | 2,184 | 1,599 |
Total other expenses | 16,591 | 17,446 | 14,189 |
Income before income taxes | 14,139 | 31,005 | 16,668 |
Income tax (benefit) provision | -35,322 | -152,937 | 1,495 |
Net income | 49,461 | 183,942 | 15,173 |
Earnings Per Share - Basic (in dollars per share) | $3.09 | $18.02 | $1.97 |
Diluted earnings per share (in dollars per share) | $3.06 | $17.96 | $1.96 |
Weighted-average shares outstanding (in thousands) | ' | ' | ' |
Basic (in shares) | 15,990 | 10,205 | 7,720 |
Diluted (in shares) | 16,189 | 10,242 | 7,741 |
Other comprehensive income, net of taxes | ' | ' | ' |
Unrealized gains (losses) for the period on available-for-sale securities (net of taxes of $12,664, $(1,215), and $-0-, respectively) | 19,894 | -1,909 | -11,253 |
Reclassification | ' | ' | ' |
Included in investment loss, net, in the statement of comprehensive income related to sales of available-for-sale securities (net of taxes of $4,162, $4,488, and $-0-, respectively) | -6,537 | -7,050 | -15,098 |
Included in investment loss, net, in the statement of comprehensive income related to other-than-temporary charges on available-for-sale securities (net of taxes of $527, $6,110, and $-0-, respectively) | 827 | 9,598 | 1,223 |
Comprehensive income | $63,645 | $184,581 | ($9,955) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized gains (losses) for the period on available-for-sale securities, taxes | $12,664 | ($1,215) | $0 |
Included in investment loss, net, in the statement of comprehensive income related to sales of available-for-sale securities, taxes | 4,162 | 4,488 | 0 |
Included in investment loss, net, in the statement of comprehensive income related to other-than-temporary impairment charges on available-for-sale securities, taxes | $527 | $6,110 | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data, unless otherwise specified | Common Class A [Member] | Common Class B [Member] | ||||
Beginning Balances at Dec. 31, 2010 | $216,744 | $71 | $6 | $1,505,971 | $63,495 | ($1,352,799) |
Beginning Balances (in shares) at Dec. 31, 2010 | ' | 7,106,330 | 566,112 | ' | ' | ' |
Net income | 15,173 | 0 | 0 | 0 | 0 | 15,173 |
Issuance of Class A common stock | 545 | 0 | 0 | 545 | 0 | 0 |
Issuance of Class A common stock (in shares) | ' | 29,147 | 0 | ' | ' | ' |
Repurchase of Class A common stock | -229 | 0 | 0 | -229 | 0 | 0 |
Repurchase of Class A common stock (in shares) | ' | -8,910 | 0 | ' | ' | ' |
Forfeitures of Class A common stock | -770 | 0 | 0 | -770 | 0 | 0 |
Forfeitures of Class A common stock (in shares) | ' | -27,231 | 0 | ' | ' | ' |
Amortization of Class A common shares issued as stock-based awards | 601 | 0 | 0 | 601 | 0 | 0 |
Reclassification of restricted stock units issued as stock based awards | 2,595 | 0 | 0 | 2,595 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' |
Net change in unrealized gain on available-for-sale investment securities, (net of taxes) | -25,128 | 0 | 0 | 0 | -25,128 | 0 |
Dividends declared | -26,159 | 0 | 0 | 0 | 0 | -26,159 |
Ending Balances at Dec. 31, 2011 | 183,372 | 71 | 6 | 1,508,713 | 38,367 | -1,363,785 |
Ending Balances (in shares) at Dec. 31, 2011 | ' | 7,099,336 | 566,112 | ' | ' | ' |
Net income | 183,942 | 0 | 0 | 0 | 0 | 183,942 |
Conversion of Class B shares to Class A shares | 0 | 0 | 0 | 0 | 0 | 0 |
Conversion of Class B shares to Class A shares (in shares) | ' | 12,057 | -12,057 | ' | ' | ' |
Issuance of Class A common stock | 129,249 | 55 | 0 | 129,194 | 0 | 0 |
Issuance of Class A common stock (in shares) | ' | 5,493,750 | 0 | ' | ' | ' |
Repurchase of Class A common stock | -786 | 0 | 0 | -786 | 0 | 0 |
Repurchase of Class A common stock (in shares) | ' | -41,790 | 0 | ' | ' | ' |
Forfeitures of Class A common stock | -55 | 0 | 0 | -55 | 0 | 0 |
Forfeitures of Class A common stock (in shares) | ' | -2,383 | 0 | ' | ' | ' |
Amortization of Class A common shares issued as stock-based awards | 995 | 0 | 0 | 995 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' |
Net change in unrealized gain on available-for-sale investment securities, (net of taxes) | 639 | 0 | 0 | 0 | 639 | 0 |
Dividends declared | -40,063 | 0 | 0 | 0 | 0 | -40,063 |
Ending Balances at Dec. 31, 2012 | 457,293 | 126 | 6 | 1,638,061 | 39,006 | -1,219,906 |
Ending Balances (in shares) at Dec. 31, 2012 | ' | 12,560,970 | 554,055 | ' | ' | ' |
Net income | 49,461 | 0 | 0 | 0 | 0 | 49,461 |
Issuance of Class A common stock | 86,964 | 34 | 0 | 86,930 | 0 | 0 |
Issuance of Class A common stock (in shares) | ' | 3,492,667 | 0 | ' | ' | ' |
Repurchase of Class A common stock | 0 | 0 | 0 | 0 | 0 | 0 |
Repurchase of Class A common stock (in shares) | ' | 0 | 0 | ' | ' | ' |
Forfeitures of Class A common stock | -142 | 0 | 0 | -142 | 0 | 0 |
Forfeitures of Class A common stock (in shares) | ' | -5,672 | 0 | ' | ' | ' |
Amortization of Class A common shares issued as stock-based awards | 2,549 | 0 | 0 | 2,549 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' |
Net change in unrealized gain on available-for-sale investment securities, (net of taxes) | 14,184 | 0 | 0 | 0 | 14,184 | 0 |
Dividends declared | -58,481 | 0 | 0 | 0 | 0 | -58,481 |
Ending Balances at Dec. 31, 2013 | $551,828 | $160 | $6 | $1,727,398 | $53,190 | ($1,228,926) |
Ending Balances (in shares) at Dec. 31, 2013 | ' | 16,047,965 | 554,055 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net change in unrealized gain on available-for-sale investment securities, taxes | $9,029 | $407 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $49,461 | $183,942 | $15,173 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Investment loss, net | 47,745 | 10,723 | 19,166 |
Net discount accretion on mortgage-backed securities | -9,302 | -9,888 | -10,867 |
Deferred tax provision | 70,727 | 7,884 | 0 |
Release of valuation allowance on deferred tax assets | -91,189 | -162,281 | 0 |
Reversal of unrecognized tax benefit related to uncertain tax position and related accrued interest | -16,212 | 0 | 0 |
Depreciation and amortization | 5 | 47 | 48 |
Other | 2,455 | 567 | 636 |
Changes in operating assets | ' | ' | ' |
Interest receivable | -304 | -2,503 | -1,254 |
Other receivables | 432 | -389 | 211 |
Prepaid expenses and other assets | 3,600 | 750 | 1,490 |
Changes in operating liabilities | ' | ' | ' |
Accounts payable and accrued expenses | -92 | 1,457 | 1,091 |
Accrued compensation and benefits | 4,042 | -4,634 | 1,568 |
Net cash provided by operating activities | 61,368 | 25,675 | 27,262 |
Cash flows from investing activities | ' | ' | ' |
Purchases of available-for-sale mortgage-backed securities | -167,682 | -54,709 | -17,190 |
Purchases of trading mortgage-backed securities | -1,221,387 | -1,359,536 | -695,486 |
Proceeds from sales of available-for-sale mortgage-backed securities | 69,337 | 34,102 | 79,212 |
Proceeds from sales of trading mortgage-backed securities | 914,155 | 352,437 | 201,352 |
Receipt of principal payments on available-for-sale mortgage-backed securities | 5,238 | 6,628 | 10,864 |
Receipt of principal payments on trading mortgage-backed securities | 165,056 | 83,038 | 37,688 |
Proceeds from (payments for) derivatives and deposits, net | 42,210 | -29,814 | -72,390 |
Payments for purchased securities payable | 0 | -15,820 | -2,555 |
Proceeds from sold securities receivable | 26,773 | 41,321 | 0 |
Other | 132 | 1,668 | 6,321 |
Net cash used in investing activities | -166,168 | -940,685 | -452,184 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from repurchase agreements, net | 50,439 | 849,214 | 457,756 |
Proceeds from stock issuance, net | 86,964 | 129,249 | 0 |
Proceeds from long-term debt issuance, net | 24,038 | 0 | 0 |
Dividends paid | -43,850 | -46,848 | -24,029 |
Repurchase of common stock | 0 | -786 | -229 |
Repayments of short-term debt | 0 | 0 | -970 |
Net cash provided by financing activities | 117,591 | 930,829 | 432,528 |
Net increase in cash and cash equivalents | 12,791 | 15,819 | 7,606 |
Cash and cash equivalents, beginning of year | 35,837 | 20,018 | 12,412 |
Cash and cash equivalents, end of year | 48,628 | 35,837 | 20,018 |
Supplemental Cash Flow Information | ' | ' | ' |
Cash payments for interest | 8,272 | 4,888 | 2,190 |
Cash payments for taxes | $667 | $833 | $708 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization And Nature Of Operations [Abstract] | ' |
Organization and Nature of Operations | ' |
Note 1. Organization and Nature of Operations: | |
Arlington Asset Investment Corp. and its consolidated subsidiaries (the Company or AAIC), formerly known as Friedman, Billings, Ramsey Group, Inc. (FBR Group), is a Virginia corporation. The Company acquires and holds mortgage-related and other assets. The Company’s portfolio consists primarily of agency-backed mortgage-backed securities (agency-backed MBS) and private-label residential mortgage-backed securities (private-label MBS). | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
Note 2. Summary of Significant Accounting Policies: | |||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the consolidated financial statements and notes for prior periods have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the previously reported net income, other comprehensive income, total assets or total liabilities. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of the Company’s financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP), requires the Company to make estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company based the estimates and assumptions on historical experience, when available, market information, and on various other factors that the Company believes to be reasonable under the circumstances, management exercises significant judgment in the final determination of the estimates. Actual results may differ from these estimates. | |||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less that are not held for sale in the ordinary course of business. As of December 31, 2013 and 2012, approximately 89% and 97%, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities backed by the U.S. government. | |||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
MBS transactions are recorded as purchases and sales on the date the securities are settled unless the transaction qualifies as a regular-way trade, in which case the transactions are accounted for as purchases or sales on a trade date basis. Any amounts payable or receivable for unsettled trades are recorded as “sold securities receivable” or “purchased securities payable” in the consolidated balance sheets. | |||||||||||||||||||||||||
Investments in MBS and marketable equity securities, if any, are classified as either available-for-sale or trading investments pursuant to accounting principles related to accounting for certain investments in debt and equity securities. These investments are carried at fair value with resulting unrealized gains and losses on available-for-sale securities reflected in accumulated other comprehensive income (loss) in the consolidated balance sheets and unrealized gains and losses on trading securities reflected in investment gain (loss), net, in the consolidated statements of comprehensive income. Investments in equity securities of non-public companies are carried at cost. | |||||||||||||||||||||||||
Although the Company generally intends to hold its MBS until maturity, it may, from time to time, sell any of its MBS as part of the overall management of its business. The available-for-sale designation provides the Company with the flexibility to sell its MBS in order to act on potential market opportunities or changes in economic conditions to ensure future liquidity and to meet other general corporate purposes as they arise. | |||||||||||||||||||||||||
Impairments | |||||||||||||||||||||||||
The Company evaluates available-for-sale securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. In general, when the fair value of an available-for-sale security is less than its amortized cost at the reporting date, the security is considered impaired. In evaluating these available-for-sale securities for other-than-temporary impairment (OTTI), consideration is given to (1) the length of time and the extent to which the fair value has been lower than carrying value, (2) the severity of the decline in fair value, (3) the financial condition and near-term prospects of the issuer, (4) the Company’s intent to sell, and (5) whether it is more-likely-than-not the Company would be required to sell the security before anticipated recovery. | |||||||||||||||||||||||||
If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize an OTTI through charges to earnings equal to the entire difference between the investment security’s amortized cost and its fair value at the reporting date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the OTTI related to credit losses is recognized through charges to earnings with the remainder recognized through other accumulated comprehensive income/(loss) on the consolidated balance sheet. Impairments recognized through other comprehensive income/(loss) do not impact earnings. Following the recognition of an OTTI through earnings, a new cost basis is established for the investment security and may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTI recognized through charges to earnings may be accreted back to the amortized cost basis of the investment security on a prospective basis through interest income. The determination as to whether an OTTI exists and, if so, the amount of credit impairment recognized in earnings is subjective, as such determination is based on factual information available at the time of assessment as well as the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of OTTIs constitute material estimates that are susceptible to significant change. | |||||||||||||||||||||||||
For available-for-sale, private-label MBS securities that have been acquired at discounts to face value due in part to credit deterioration since origination, the Company re-evaluates the undiscounted expected future cash flows and the changes in cash flows from those originally projected at the time of purchase or when last revised. The discount rate used to calculate the present value of expected future cash flows is the current yield used for income recognition purposes as compared to the discount rate used to calculate the fair value of the investment security is the current expected market rate. For those securities in an unrealized loss position, the difference between the carrying value and the net present value of expected future cash flows is recorded as other-than-temporary impairment charges through the Company’s statement of comprehensive income. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
The accounting principles related to fair value measurements define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820), establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below: | |||||||||||||||||||||||||
Level 1 Inputs — | Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company; | ||||||||||||||||||||||||
Level 2 Inputs — | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and | ||||||||||||||||||||||||
Level 3 Inputs — | Unobservable inputs for the asset or liability, including significant assumptions of the Company and other market participants. | ||||||||||||||||||||||||
The Company determines fair values for the following assets and liabilities: | |||||||||||||||||||||||||
Mortgage-backed securities (MBS), at fair value — | |||||||||||||||||||||||||
Agency-backed MBS — The Company’s agency-backed MBS, the principal and interest payments on which are guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), are generally classified within Level 2 of the fair value hierarchy as they are valued after considering quoted market prices provided by a broker or dealer, or alternative pricing sources with reasonable levels of price transparency. The Company reviews broker or pricing service quotes to determine whether the quotes are relevant, for example, whether an active market exists to provide price transparency or whether the quote is an indicative price or a binding offer. The independent brokers and dealers providing market prices are those who make markets in or specialists with expertise in the valuation of these financial instruments. | |||||||||||||||||||||||||
Private-label MBS — The Company classifies private-label MBS within Level 3 of the fair value hierarchy because they trade infrequently and, therefore, have little or no price transparency. The Company utilizes present value techniques based on estimated cash flows of the instrument taking into consideration various assumptions derived by management and other assumptions used by other market participants. These assumptions are corroborated by evidence such as historical data, risk characteristics, transactions in similar instruments, and completed or pending transactions, when available. The significant inputs in the Company’s valuation process include default rate, loss severity, prepayment rate and discount rate. In general, significant increases (decreases) in default rate, loss severity or discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. However, significant increases (decreases) in prepayment rate may result in a significantly higher (lower) fair value measurement. It is difficult to generalize the interrelationships between these significant inputs as the actual results could differ considerably on an individual security basis. For example, an increase in the default rate may not increase the loss severity rate if actual losses are lower than the average. Also, changes in discount rates may be greatly influenced by market expectation at any given point based upon many variables not directly related to the MBS market. Therefore, each significant input is closely analyzed to ascertain the reasonableness for the Company’s valuation purposes. | |||||||||||||||||||||||||
Establishing fair value is inherently subjective given the volatile and sometimes illiquid markets for these private-label MBS and requires management to make a number of assumptions, including assumptions about the future of interest rates, prepayment rates, discount rates, credit loss rates, and the timing of cash flows and credit losses. The assumptions the Company applies are specific to each security. Although the Company relies on the internal calculations to compute the fair value of these private-label MBS, the Company requests and considers indications of value (mark) from third-party dealers and the actual sales of private-label MBS to assist in the valuation process and calibrate our model. | |||||||||||||||||||||||||
Other investments — The Company’s other investments, which is classified within Level 3 of the fair value hierarchy, consists of investments in equity securities, investment funds, interest-only MBS, and other MBS-related securities. | |||||||||||||||||||||||||
Derivative instruments — In the normal course of the Company’s operations, the Company is a party to various financial instruments that are accounted for as derivatives in accordance with ASC 815, Derivatives and Hedging (ASC 815). The derivative instruments that trade in active markets or exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Other derivative instruments are generally classified within Level 2 of the fair value hierarchy because they are valued using broker or dealer quotations, which are model-based calculations based on market-based inputs, including, but not limited to, contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. | |||||||||||||||||||||||||
Other — Cash and cash equivalents, interest receivable, deposits, other receivable, interest payable, accounts payable, accrued expenses and other liabilities are reflected in the consolidated balance sheets at their amortized cost, which approximates fair value because of the short term nature of these instruments, and classified within Level 1 of the fair value hierarchy except for certain cash equivalents that are held in money market funds, which are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
— Sold securities receivable, repurchase agreements and purchased securities payable are reflected in the consolidated balance sheets at the cost basis, which approximates fair value because of the short term nature of these instruments, and classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
— Long-term debt represents remaining balances of trust preferred debt and senior debt issued by the Company. Trust preferred debt is classified within Level 3 of the fair value hierarchy as the fair value is determined after considering quoted market prices provided by a broker or dealer. The independent broker or dealer providing market prices are those who make markets in or specialists with expertise in the valuation of these financial instruments. The Company’s senior debt, which is publicly traded on the New York Stock Exchange, is classified within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,628 | $ | 48,628 | $ | 35,837 | $ | 35,837 | |||||||||||||||||
Interest receivable | 5,173 | 5,173 | 4,869 | 4,869 | |||||||||||||||||||||
Sold securities receivable | — | — | 26,773 | 26,773 | |||||||||||||||||||||
Other receivables | 212 | 212 | 644 | 644 | |||||||||||||||||||||
MBS | |||||||||||||||||||||||||
Agency-backed MBS | 1,576,499 | 1,576,499 | 1,556,510 | 1,556,510 | |||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||
Senior securities | 7,066 | 7,066 | 7,519 | 7,519 | |||||||||||||||||||||
Re-REMIC securities | 334,233 | 334,233 | 191,567 | 191,567 | |||||||||||||||||||||
Derivative assets | 8,424 | 8,424 | — | — | |||||||||||||||||||||
Other investments | 2,065 | 2,065 | 2,347 | 2,347 | |||||||||||||||||||||
Deposits | 45,504 | 45,504 | 85,652 | 85,652 | |||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Repurchase agreements | 1,547,630 | 1,547,630 | 1,497,191 | 1,497,191 | |||||||||||||||||||||
Interest payable | 774 | 774 | 582 | 582 | |||||||||||||||||||||
Long-term debt | 40,000 | 36,620 | 15,000 | 15,000 | |||||||||||||||||||||
Derivative liabilities | 33,129 | 33,129 | 76,850 | 76,850 | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 1,391 | 1,391 | 17,837 | 17,837 | |||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||||||
Securities sold under agreements to repurchase, which are treated as financing transactions for financial reporting purposes, are collateralized by MBS and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Under the repurchase agreements, the Company pledges its securities as collateral to secure the borrowing, which is equal in value to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, the Company is required to repay the borrowing and receives back its pledged collateral from the counterparty. The counterparty to the repurchase agreements may require that the Company pledge additional securities or cash as additional collateral to secure borrowings when the value of the collateral declines. | |||||||||||||||||||||||||
Interest Income and Purchase Premiums and Discounts on MBS Securities | |||||||||||||||||||||||||
Interest income includes contractual coupon payments and the amortization of purchase premiums and accretion of discounts, if any, on the available-for-sale MBS portfolio. Interest income also includes contractual coupon payments on the trading MBS portfolio. Purchase premiums or discounts, if any, on the trading MBS portfolio are accounted for under mark-to-market accounting and the changes in value are recorded in investment gain (loss), net, on the statement of comprehensive income. | |||||||||||||||||||||||||
Interest income on the private-label MBS that were purchased at a discount to face value is recognized based on the security’s expected effective interest rate. At acquisition, the accretable yield is calculated as the difference between the undiscounted expected cash flows and the purchase price which is expected to be accreted into interest income over the remaining life of the security on a level-yield basis. The difference between the contractually required payments and the undiscounted expected cash flows represents the non-accretable difference. Based on actual payment activities and changes in estimates of undiscounted expected future cash flows, the accretable yield and the non-accretable difference can change over time. Significant increases in the amount or timing of undiscounted expected future cash flows are recognized prospectively as an adjustment to the accretable yield. | |||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
The Company accounts for stock-based compensation in accordance with accounting principles related to share-based payment which requires fair value method of accounting. Under the fair value based method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. Expected forfeitures are included in determining share-based employee compensation cost. Share-based awards that do not require future services are expensed immediately. | |||||||||||||||||||||||||
Performance-Based Long-Term Incentive Program | |||||||||||||||||||||||||
On August 13, 2012, the Compensation Committee of the Board of Directors of the Company adopted a performance-based long-term incentive program (Performance-based Program) that provides for the issuance of two types of performance share units (PSUs) from time to time pursuant to the Company’s 2011 Plan. | |||||||||||||||||||||||||
The Compensation Committee established performance goals under the Performance-based Program. The awards under the Performance-based Program comprise of two types of PSUs: Combined Net Worth Units (Book Value PSUs) and Total Shareholder Return Units (TSR PSUs). The Book Value PSUs are eligible to vest based on the compound annualized growth in the Company’s book value per share (i.e., book value change plus dividends on a reinvested basis) during the applicable performance period. The TSR PSUs are eligible to vest based on the Company’s compound annualized total shareholder return (i.e., share price change plus dividends on a reinvested basis) during the applicable performance period. | |||||||||||||||||||||||||
The Company accounts for the Performance-based Program in accordance with ASC 718. Therefore, the Book Value PSUs are valued at the grant date market value and the estimated compensation cost is recorded over the vesting period. The Company estimates the number of shares to be issued under the Book Value PSUs on a quarterly basis based on the actual and projected results for the remaining vesting period and any adjustments required are recognized retrospectively and over the remaining vesting period. | |||||||||||||||||||||||||
The Total Shareholder Return PSUs are also valued at the time of grant based on valuation model and the estimated compensation cost is recorded over the vesting period using straight-line basis. The valuation of the Total Shareholder Return PSUs is performed using Monte-Carlo simulation model (Model) using various assumptions including beginning average price, expected volatility, dividend equivalents, dividend yield, and risk-free rate of return. The Model projects stock prices on a daily basis assuming 250 trading days per year. The Model generates many future stock price paths to construct a distribution of where future stock prices might be. No remeasurement of compensation expense is required for the Total Shareholder Return PSUs. | |||||||||||||||||||||||||
The compensation costs are reversed if an employee is terminated prior to completing the required service period. The estimated shares to be granted under the Performance-based Program are included in the calculation of diluted Earnings Per Share. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more-likely-than-not that they will not be realized. The Company recognizes tax positions in the financial statements only when it is more-likely-than-not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more-likely-than-not be realized upon settlement. A liability is established for differences between positions taken in a tax return and the financial statements. | |||||||||||||||||||||||||
The Company is subject to federal alternative minimum tax (AMT) and state and local taxes on its taxable income and gains that are not offset by the net operating loss (NOL) and net capital loss (NCL) carry-forwards. | |||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||
Comprehensive income includes net income as currently reported by the Company on the consolidated statements of comprehensive income adjusted for other comprehensive income. Other comprehensive income for the Company represents changes in unrealized gains and losses related to the Company’s MBS and other mortgage related assets accounted for as available-for-sale with changes in fair value recorded through shareholders’ equity. | |||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted earnings per share includes the impact of dilutive securities such as stock options, unvested shares of restricted stock and performance share units. The following table presents the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average shares outstanding Common stock (in thousands) | 15,990 | 15,990 | 10,205 | 10,205 | 7,720 | 7,720 | |||||||||||||||||||
Stock options, performance share units, and unvested restricted stock | — | 199 | — | 37 | — | 21 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding (in thousands) | 15,990 | 16,189 | 10,205 | 10,242 | 7,720 | 7,741 | |||||||||||||||||||
Net income applicable to common stock | $ | 49,461 | $ | 49,461 | $ | 183,942 | $ | 183,942 | $ | 15,173 | $ | 15,173 | |||||||||||||
Net income per common share | $ | 3.09 | $ | 3.06 | $ | 18.02 | $ | 17.96 | $ | 1.97 | $ | 1.96 | |||||||||||||
As of December 31, 2011 there were 650 options to purchase shares of common stock outstanding. There were no outstanding options to purchases shares of common stock at December 31, 2013 and 2012. The diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 did not include the antidilutive effect of 26,218, 27,808 and 23,443 shares, respectively, of awarded restricted stock units, stock options, and restricted stock. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
On July 18, 2013, the FASB issued Accounting Standards Update 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists. This standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carry-forwards that are created by the unrecognized tax benefits. This standard will be effective for the Company beginning on January 1, 2014. The Company does not expect a significant impact on its financial positions as a result of adoption of these new requirements. | |||||||||||||||||||||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||
Note 3. Financial Instruments: | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||
The following tables set forth financial instruments accounted for under ASC 820 by level within the fair value hierarchy as of December 31, 2013 and December 31, 2012. As required by ASC 820, assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
MBS, at fair value | |||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 1,576,452 | $ | — | $ | 1,576,452 | $ | — | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | 47 | — | 47 | — | |||||||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 7,066 | — | — | 7,066 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 334,233 | — | — | 334,233 | |||||||||||||||||||||||||||||||||||||
Total available-for-sale | 341,346 | — | 47 | 341,299 | |||||||||||||||||||||||||||||||||||||
Total MBS | 1,917,798 | — | 1,576,499 | 341,299 | |||||||||||||||||||||||||||||||||||||
Derivative assets, at fair value | 8,424 | 8,088 | 336 | — | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, at fair value | (33,129 | ) | (32,156 | ) | (973 | ) | — | ||||||||||||||||||||||||||||||||||
Interest-only MBS, at fair value | 298 | — | — | 298 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,893,391 | $ | (24,068 | ) | $ | 1,575,862 | $ | 341,597 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
MBS, at fair value | |||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 1,556,440 | $ | — | $ | 1,556,440 | $ | — | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | 70 | — | 70 | — | |||||||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 7,519 | — | — | 7,519 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 191,567 | — | — | 191,567 | |||||||||||||||||||||||||||||||||||||
Total available-for-sale | 199,156 | — | 70 | 199,086 | |||||||||||||||||||||||||||||||||||||
Total MBS | 1,755,596 | — | 1,556,510 | 199,086 | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, at fair value | (76,850 | ) | (76,850 | ) | — | — | |||||||||||||||||||||||||||||||||||
Interest-only MBS, at fair value | 478 | — | — | 478 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,679,224 | $ | (76,850 | ) | $ | 1,556,510 | $ | 199,564 | ||||||||||||||||||||||||||||||||
The total financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $341,597, or 15.56% and $199,564, or 9.66%, of the Company’s total assets as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
There were no transfers of securities in or out of Levels 1, 2 or 3 during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||||||||||
The fair value of the Company’s Level 3, available-for-sale, private-label MBS was $341,299 and $199,086 as of December 31, 2013 and 2012, respectively. These securities are primarily senior and re-REMIC tranches in securitization trusts issued between 2005 and 2010. The senior securities represent interests in securitizations that have the first right to cash flows and absorb losses last. The re-REMIC securities represent interests in re-securitizations of senior MBS and pro-rata mezzanine securities. For re-REMIC securities, the cash flows from, and any credit losses absorbed by, the underlying MBS are allocated among the re-REMIC securities issued in the re-securitization transactions based on the re-REMIC structure. For example, prime and non-prime residential senior securities have been resecuritized to create a two-tranche structure with a re-REMIC senior security and a re-REMIC subordinated security. In these re-REMIC securities, all principal payments from the underlying securities are directed to the re-REMIC senior security until the face value is fully paid off. Thereafter, all principal payments are directed to the re-REMIC subordinated security. For pro-rata mezzanine securities, principal payments from the underlying MBS are typically allocated concurrently and proportionally to the mezzanine securities along with senior securities. The re-REMIC subordinated and mezzanine securities absorb credit losses, if any, first; however, these credit losses occur only when credit losses exceed the credit protection provided to the underlying securities. Senior, re-REMIC and mezzanine securities receive interest while any face value is outstanding. | |||||||||||||||||||||||||||||||||||||||||
The Company’s senior securities and re-REMIC securities were collateralized by residential Prime and Alt-A mortgage loans and had the following weighted-averages, based on face value, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Original loan-to-value | 69 | % | 70 | % | |||||||||||||||||||||||||||||||||||||
Original FICO score | 725 | 730 | |||||||||||||||||||||||||||||||||||||||
Three-month prepayment rate | 14 | % | 17 | % | |||||||||||||||||||||||||||||||||||||
Three-month loss severities | 37 | % | 46 | % | |||||||||||||||||||||||||||||||||||||
Weighted average coupon | 3.34 | % | 4.4 | % | |||||||||||||||||||||||||||||||||||||
The significant unobservable inputs for the valuation model include the following weighted-averages, based on face value, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Senior Securities | Re-REMIC Securities | ||||||||||||||||||||||||||||||||||||||
Discount rate | 6 | % | 6.55 | % | 6.5 | % | 7.43 | % | |||||||||||||||||||||||||||||||||
Default rate | 9.3 | % | 3.62 | % | 9.3 | % | 5 | % | |||||||||||||||||||||||||||||||||
Loss severity rate | 50 | % | 44.82 | % | 60 | % | 46.6 | % | |||||||||||||||||||||||||||||||||
Prepayment rate | 16.3 | % | 11.69 | % | 16.3 | % | 13.75 | % | |||||||||||||||||||||||||||||||||
The ranges of the significant unobservable inputs for the valuation model were as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Senior Securities | Re-REMIC Securities | ||||||||||||||||||||||||||||||||||||||
Discount rate | 6 | % | 6.00 – 10.00 | % | 6.5 | % | 6.50 – 13.25 | % | |||||||||||||||||||||||||||||||||
Default rate | 9.3 | % | 0.95 – 9.60 | % | 9.3 | % | 0.95 – 11.10 | % | |||||||||||||||||||||||||||||||||
Loss severity rate | 50 | % | 29.15 – 57.50 | % | 60 | % | 28.26 – 57.50 | % | |||||||||||||||||||||||||||||||||
Prepayment rate | 16.3 | % | 6.40 – 19.00 | % | 16.3 | % | 6.95 – 20.40 | % | |||||||||||||||||||||||||||||||||
The tables below set forth a summary of changes in the fair value and gains and losses of the Company’s Level 3 financial assets and liabilities that are measured at fair value on a recurring basis for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 7,519 | $ | 191,567 | $ | 199,086 | |||||||||||||||||||||||||||||||||||
Total net gains (losses) | |||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 16,526 | 16,526 | ||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | (254 | ) | 23,469 | 23,215 | |||||||||||||||||||||||||||||||||||||
Purchases | — | 167,682 | 167,682 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (69,337 | ) | (69,337 | ) | ||||||||||||||||||||||||||||||||||||
Payments, net | (1,092 | ) | (21,362 | ) | (22,454 | ) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 893 | 25,688 | 26,581 | ||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 7,066 | $ | 334,233 | $ | 341,299 | |||||||||||||||||||||||||||||||||||
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | — | $ | (1,270 | ) | $ | (1,270 | ) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 9,311 | $ | 170,116 | $ | 179,427 | |||||||||||||||||||||||||||||||||||
Total net gains (losses) | |||||||||||||||||||||||||||||||||||||||||
Included in earnings | (2,463 | ) | (2,898 | ) | (5,361 | ) | |||||||||||||||||||||||||||||||||||
Included in other comprehensive income | 994 | 45 | 1,039 | ||||||||||||||||||||||||||||||||||||||
Purchases | — | 54,709 | 54,709 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (34,102 | ) | (34,102 | ) | ||||||||||||||||||||||||||||||||||||
Payments, net | (1,642 | ) | (19,310 | ) | (20,952 | ) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 1,319 | 23,007 | 24,326 | ||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 7,519 | $ | 191,567 | $ | 199,086 | |||||||||||||||||||||||||||||||||||
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | (2,463 | ) | $ | (12,711 | ) | $ | (15,174 | ) | ||||||||||||||||||||||||||||||||
Gains and losses included in earnings for the years ended December 31, 2013 and 2012 are reported in the following statement of comprehensive income line descriptions: | |||||||||||||||||||||||||||||||||||||||||
Other Loss, Investment Loss, net | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | 16,526 | $ | (5,361 | ) | ||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | (1,270 | ) | $ | (15,174 | ) | |||||||||||||||||||||||||||||||||||
Level 3 Financial Instruments Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||||||||||||||||||
The Company also measures certain financial assets at fair value on a non-recurring basis. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairments. Due to the nature of these financial assets, enterprise values are primarily used to value these financial assets. In determining the enterprise value, the Company analyzes various financial, performance and market factors to estimate fair value, including where applicable, market trading activity. As a result, these financial assets are classified within Level 3 of the fair value hierarchy. As of December 31, 2013 and 2012, these financial assets are classified within the other investments category, represent the Company’s interest in non-public equity securities and investment funds and are valued at $1,767 and $1,869, respectively. For the years ended December 31, 2013 and 2012, the Company recorded a loss of $177 and $64, respectively, in the carrying value of these financial assets. | |||||||||||||||||||||||||||||||||||||||||
MBS, at Fair Value | |||||||||||||||||||||||||||||||||||||||||
MBS, at fair value(1)(2), consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Fair | Net Unamortized Premium (Discount) | Percent of Total Fair Value | Weighted Average Life | Weighted Average Rating(3) | Fair | Net Unamortized Premium (Discount) | Percent of Total Fair Value | Weighted Average Life | Weighted Average Rating(3) | ||||||||||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Fannie Mae | $ | 997,488 | $ | — | 52.01 | % | 9.4 | AAA | $ | 1,083,810 | $ | — | 61.73 | % | 4.9 | AAA | |||||||||||||||||||||||||
Freddie Mac | 578,964 | — | 30.19 | % | 9.6 | AAA | 472,630 | — | 26.92 | % | 5.1 | AAA | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Agency-backed | |||||||||||||||||||||||||||||||||||||||||
Fannie Mae | 47 | — | — | 5.8 | AAA | 70 | — | 0.01 | % | 2.8 | AAA | ||||||||||||||||||||||||||||||
Private-label | |||||||||||||||||||||||||||||||||||||||||
Senior | 7,066 | (4,789 | ) | 0.37 | % | 4.8 | C- | 7,519 | (6,519 | ) | 0.43 | % | 5.2 | C | |||||||||||||||||||||||||||
securities | |||||||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 334,233 | (202,450 | ) | 17.43 | % | 11.4 | NR | 191,567 | (164,422 | ) | 10.91 | % | 11.4 | NR | |||||||||||||||||||||||||||
$ | 1,917,798 | $ | (207,239 | ) | 100 | % | $ | 1,755,596 | $ | (170,941 | ) | 100 | % | ||||||||||||||||||||||||||||
-1 | The Company’s MBS portfolio was primarily comprised of fixed-rate MBS at December 31, 2013 and 2012. The weighted-average coupon of the MBS portfolio at December 31, 2013 and 2012 was 3.90% and 4.11%, respectively. | ||||||||||||||||||||||||||||||||||||||||
-2 | As of December 31, 2013 and 2012, the Company’s MBS investments with a fair value of $1,673,911 and $1,615,421, respectively, were pledged as collateral for repurchase agreements. | ||||||||||||||||||||||||||||||||||||||||
-3 | The securities issued by Fannie Mae and Freddie Mac are not rated by any rating agency; however, they are commonly thought of as having an implied rating of “AAA.” There is no assurance, particularly given the downgrade of the U.S. credit rating to “AA+” by Standard & Poors during the quarter ended September 30, 2011 and Fitch Ratings Inc.’s announcement on October 15, 2013 that it had placed the U.S. credit rating on negative watch, that these securities would receive such a rating if they were ever rated by a rating agency. The weighted-average rating of the Company’s private-label senior securities is calculated based on face value of the securities. | ||||||||||||||||||||||||||||||||||||||||
The Company has generally purchased private-label MBS at a discount. The Company, at least on a quarterly basis, estimates the future expected cash flows based on the Company’s observation of current information and events and applies a number of assumptions related to prepayment rates, interest rates, default rates, loss severity rates, and the timing and amount of cash flows and credit losses. These assumptions are difficult to predict as they are subject to uncertainties and contingencies related to future events that may impact the Company’s estimates and its interest income. | |||||||||||||||||||||||||||||||||||||||||
Interest income on the private-label MBS that were purchased at a discount to face value is recognized based on the security’s expected effective interest rate. At acquisition, the accretable yield is calculated as the difference between the undiscounted expected cash flows and the purchase price which is expected to be accreted into interest income over the remaining life of the security on a level-yield basis. The difference between the contractually required payments and the undiscounted expected cash flows represents the non-accretable difference. Based on actual payment activities and changes in estimates of undiscounted expected future cash flows, the accretable yield and the non-accretable difference can change over time. Significant increases in the amount or timing of undiscounted expected future cash flows are recognized prospectively as an adjustment to the accretable yield. | |||||||||||||||||||||||||||||||||||||||||
The following table presents the changes in the accretable yield on available-for-sale, private-label MBS for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 207,853 | $ | 194,619 | |||||||||||||||||||||||||||||||||||||
Accretion of discount | (26,581 | ) | (24,326 | ) | |||||||||||||||||||||||||||||||||||||
Reclassifications, net | 46,319 | (3,928 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisitions | 150,646 | 81,074 | |||||||||||||||||||||||||||||||||||||||
Sales | (67,729 | ) | (39,586 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 310,508 | $ | 207,853 | |||||||||||||||||||||||||||||||||||||
For the available-for-sale, private-label MBS acquired during the year ended December 31, 2013 and 2012, the contractually required payments receivable, the cash flow expected to be collected, and the fair value at the acquisition date were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Contractually required payments receivable | $ | 420,500 | $ | 187,237 | |||||||||||||||||||||||||||||||||||||
Cash flows expected to be collected | 318,328 | 135,547 | |||||||||||||||||||||||||||||||||||||||
Basis in acquired securities | 167,682 | 54,474 | |||||||||||||||||||||||||||||||||||||||
The Company’s available-for-sale MBS are carried at fair value in accordance with ASC 320, Debt and Equity Securities (ASC 320), the securities with resulting unrealized gains and losses reflected as other comprehensive income or loss. Gross unrealized gains and losses on these securities were the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost/Cost Basis(1) | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 43 | $ | 4 | $ | — | $ | 47 | |||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 5,412 | 1,654 | — | 7,066 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 273,264 | 60,970 | (1 | ) | 334,233 | ||||||||||||||||||||||||||||||||||||
Total | $ | 278,719 | $ | 62,628 | $ | (1 | ) | $ | 341,346 | ||||||||||||||||||||||||||||||||
-1 | The amortized cost of MBS includes unamortized net discounts of $207,239 at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost/ Cost Basis(1) | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 64 | $ | 6 | $ | — | $ | 70 | |||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 5,611 | 1,908 | — | 7,519 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 154,067 | 37,500 | — | 191,567 | |||||||||||||||||||||||||||||||||||||
Total | $ | 159,742 | $ | 39,414 | $ | — | $ | 199,156 | |||||||||||||||||||||||||||||||||
-1 | The amortized cost of MBS includes unamortized net discounts of $170,941 at December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the Company recorded other-than-temporary impairment charges of $1,270 and $15,174, respectively, as a component of investment loss, net, on the consolidated statements of comprehensive income related to deterioration in credit quality on available-for-sale, private-label MBS with a cost basis of $11,688 and $49,367, respectively, prior to recognizing the other-than-temporary impairment charges. | |||||||||||||||||||||||||||||||||||||||||
The following table presents a summary of other-than-temporary impairment charges included in earnings for the periods indicated and cumulative other-than-temporary impairment charges recognized on the MBS held as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Cumulative other-than-temporary impairment, beginning balance | $ | 23,768 | $ | 8,594 | |||||||||||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments not previously recognized | 380 | 13,986 | |||||||||||||||||||||||||||||||||||||||
Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments | 890 | 1,188 | |||||||||||||||||||||||||||||||||||||||
Reductions | |||||||||||||||||||||||||||||||||||||||||
Decreases related to other-than-temporary impairments on sold securities with previously recognized other-than-temporary impairments | (1,375 | ) | — | ||||||||||||||||||||||||||||||||||||||
Cumulative other-than-temporary impairment ending balance | $ | 23,663 | $ | 23,768 | |||||||||||||||||||||||||||||||||||||
The following table presents the results of sales of MBS for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Agency-Backed MBS | Private-Label MBS | Agency-Backed MBS | Private-Label MBS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 914,155 | $ | 69,337 | $ | 379,271 | $ | 34,102 | |||||||||||||||||||||||||||||||||
Gross gains | 1,619 | 17,458 | 5,223 | 9,813 | |||||||||||||||||||||||||||||||||||||
Gross losses | 27,406 | — | 395 | — | |||||||||||||||||||||||||||||||||||||
Other Investments | |||||||||||||||||||||||||||||||||||||||||
The Company’s other investments consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Interest-only MBS | $ | 298 | $ | 478 | |||||||||||||||||||||||||||||||||||||
Non-public equity securities | 975 | 975 | |||||||||||||||||||||||||||||||||||||||
Investments funds | 792 | 894 | |||||||||||||||||||||||||||||||||||||||
Total other investments | $ | 2,065 | $ | 2,347 | |||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the Company recorded other-than-temporary impairment charges of $84 and $534, respectively, as a component of investment loss, net, on the consolidated statements of comprehensive income on an investment in interest-only MBS. | |||||||||||||||||||||||||||||||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Borrowings | ' | ||||||||||||||||
Note 4. Borrowings: | |||||||||||||||||
Repurchase Agreements | |||||||||||||||||
The Company has entered into repurchase agreements to fund its investments in MBS. Securities sold under agreements to repurchase, which are treated as financing transactions for financial reporting purposes, are collateralized by MBS and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Under the repurchase agreements, the Company pledges its securities as collateral to secure the borrowing, which is equal in value to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. The counterparty to the repurchase agreements may require that the Company pledge additional securities or cash as additional collateral to secure borrowings when the value of the collateral declines. | |||||||||||||||||
As of December 31, 2013, the Company had no amount at risk with a single repurchase agreement counterparty or lender greater than 10% of equity. As of December 31, 2012, the amount at risk related to $482,097 of repurchase agreements with Credit Suisse Securities (USA) LLC was $50,171 or 10.97% of the Company’s equity with a weighted average maturity of 15 days. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates and periods indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Outstanding balance | $ | 1,547,630 | $ | 1,497,191 | |||||||||||||
Value of assets pledged as collateral | |||||||||||||||||
Agency-backed MBS | 1,556,763 | 1,547,760 | |||||||||||||||
Private-label MBS | 117,148 | 67,661 | |||||||||||||||
Net amount(1) | 126,281 | 118,230 | |||||||||||||||
Weighted-average rate | 0.45 | % | 0.52 | % | |||||||||||||
Weighted-average term to maturity | 13.2 days | 14.5 days | |||||||||||||||
Weighted-average outstanding balance during the year ended | $ | 1,515,137 | $ | 953,152 | |||||||||||||
Weighted-average rate during the year ended | 0.45 | % | 0.46 | % | |||||||||||||
-1 | Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. | ||||||||||||||||
Long-Term Debt | |||||||||||||||||
As of December 31, 2013 and 2012, the Company had $40,000 and $15,000, respectively, of outstanding long-term debentures. On May 1, 2013, the Company completed a public offering of $25,000 of its 6.625% Senior Notes due in 2023 and received net proceeds of $24,038 after payment of underwriting discounts and commissions and expenses. These Senior Notes will mature on May 1, 2023, and may be redeemed in whole or in part at any time and from time to time at the Company’s option on or after May 1, 2016, at a redemption price equal to the principal amount redeemed plus accrued and unpaid interest. The interest payments on these Senior Notes are payable quarterly on February 1, May 1, August 1, and November 1 of each year, beginning on August 1, 2013. These Senior Notes are publicly traded on the New York Stock Exchange under the ticker symbol “AIW”. The Company’s long-term debentures consisted of the following as of the dates indicated: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Senior Notes | Trust Preferred Debt | Senior Notes | Trust Preferred Debt | ||||||||||||||
Outstanding Principal | $ | 25,000 | $ | 15,000 | $ | — | $ | 15,000 | |||||||||
Annual Interest Rate | 6.625 | % | LIBOR+2.25-3.00 | % | — | LIBOR+2.25-3.00 | % | ||||||||||
Interest Payment Frequency | Quarterly | Quarterly | — | Quarterly | |||||||||||||
Weighted-Average Interest Rate | 6.625 | % | 2.99 | % | — | 3.09 | % | ||||||||||
Maturity | 1-May-23 | 2033 – 2035 | — | 2033 – 2035 | |||||||||||||
Early Redemption Date | 1-May-16 | 2008 – 2010 | — | 2008 – 2010 | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ' | ||||||||||||||||
Note 5. Derivative Financial Instruments and Hedging Activities: | |||||||||||||||||
In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative financial instruments in accordance with ASC 815. These instruments may include interest rate swaps, Eurodollar futures, swap futures, and U.S. Treasury futures contracts, put options and certain commitments to purchase and sell MBS. The exchange traded derivatives such as Eurodollar futures and swap futures are cash settled on a daily basis. The Company may be required to pledge collateral for margin requirements with third-party custodians in connection with certain derivative transactions. These transactions are not under master netting agreements. | |||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company entered into various financial contracts to hedge certain MBS and related borrowings and other long-term debt. These financial contracts are not designated as hedges under ASC 815. The changes in fair value on these derivatives are recorded to net investment (loss) gain, net, in the statement of comprehensive income. For the years ended December 31, 2013 and 2012, the Company recorded net gains (losses) of $58,003 and $(28,755), respectively, on these derivatives. The Company held the following derivative instruments as of the dates indicated: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Notional Amount | Fair | Notional Amount | Fair | ||||||||||||||
Value | Value | ||||||||||||||||
No hedge designation | |||||||||||||||||
Eurodollar futures | |||||||||||||||||
Derivative assets | $ | 8,758,000 | $ | 4,361 | $ | — | $ | — | |||||||||
Derivative liabilities | 6,787,000 | (30,638 | ) | 17,525,000 | (76,850 | ) | |||||||||||
Total Eurodollar futures(1) | 15,545,000 | (26,277 | ) | 17,525,000 | (76,850 | ) | |||||||||||
10-year swap futures | |||||||||||||||||
Derivative assets | 635,500 | 3,727 | — | — | |||||||||||||
Derivative liabilities | 31,000 | (18 | ) | — | — | ||||||||||||
Total 10-year swap futures(2) | 666,500 | 3,709 | — | — | |||||||||||||
5-year U.S. Treasury note futures(3) | 100,000 | (1,500 | ) | — | — | ||||||||||||
Commitment to purchase MBS(4) | 169,511 | (973 | ) | — | — | ||||||||||||
Commitment to sell MBS(5) | 125,000 | 336 | |||||||||||||||
-1 | The $15,545,000 total notional amount of Eurodollar futures contracts as of December 31, 2013 represents the accumulation of Eurodollar futures contracts that mature on a quarterly basis between 2014 and 2018. As of December 31, 2013, the Company maintained $34,749 as a deposit and margin against the open Eurodollar futures contracts. | ||||||||||||||||
-2 | The total notional amount of $666,500 represents the accumulation of 10-year swap futures that mature in March 2014. As of December 31, 2013, the Company maintained $8,774 as a deposit and margin against the open swap futures contracts. | ||||||||||||||||
-3 | The total notional amount of $100,000 represents the accumulation of 5-year U.S. Treasury note futures that mature in March 2014. As of December 31, 2013, the Company maintained $1,981 as a deposit and margin against the open 5-year U.S. Treasury note futures contracts. | ||||||||||||||||
-4 | The total notional amount of commitment to purchase MBS represents forward commitments to purchase fixed-rate MBS securities. | ||||||||||||||||
-5 | The total notional amount of commitment to sell MBS represents forward commitments to sell fixed-rate MBS securities. | ||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 6. Income Taxes: | |||||||||||||
The Company is taxed as a C corporation for U.S. federal tax purposes. | |||||||||||||
The (benefit) provision for income taxes from operations consists of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal | $ | (20,075 | ) | $ | (115,321 | ) | $ | 698 | |||||
State | (15,247 | ) | (37,616 | ) | 797 | ||||||||
$ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | ||||||
Current | $ | (14,860 | ) | $ | 1,889 | $ | 1,495 | ||||||
Deferred | (20,462 | ) | (154,826 | ) | — | ||||||||
$ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | ||||||
Deferred tax assets and (liabilities) consisted of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Unrealized investment gains and losses | $ | 99,689 | $ | 54,761 | |||||||||
Accrued compensation | 459 | (266 | ) | ||||||||||
Accrued other estimated liabilities | 4,012 | 3,868 | |||||||||||
AMT credit | 6,328 | 5,383 | |||||||||||
Net operating loss carry-forward | 75,059 | 94,423 | |||||||||||
Unrealized gain on AFS securities | (25,677 | ) | (16,160 | ) | |||||||||
Investment gain on non-hedge designated derivatives | 9,149 | 5,274 | |||||||||||
Federal liability on state deferred tax assets | (8,611 | ) | (7,863 | ) | |||||||||
Other, net | 523 | 5,158 | |||||||||||
Capital loss carry-forward | 20,809 | 116,918 | |||||||||||
Valuation allowance on capital loss carry-forward | (15,889 | ) | (107,078 | ) | |||||||||
Net deferred tax asset | $ | 165,851 | $ | 154,418 | |||||||||
The (benefit) provision for income taxes results in effective tax rates that differ from the federal statutory rates. The reconciliation of the Company and its subsidiaries income tax attributable to net income computed at federal statutory rates to income tax expense was: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax at statutory rate | $ | 4,949 | $ | 10,852 | $ | 5,853 | |||||||
State income taxes | 849 | 1,813 | 1,357 | ||||||||||
Executive compensation | — | — | 1,075 | ||||||||||
Effect of stock based compensation | — | — | 1,330 | ||||||||||
Expiration of capital loss carryover | 57,254 | 37,935 | 66,439 | ||||||||||
Reversal of unrecognized tax benefit related to uncertain tax position and related accrued interest, and related AMT credits | (11,028 | ) | — | — | |||||||||
Federal liability on state deferred tax assets | 1,237 | 7,884 | — | ||||||||||
Other, net | 2,606 | 945 | 294 | ||||||||||
Valuation allowance | (91,189 | ) | (212,366 | ) | (74,853 | ) | |||||||
Total income tax (benefit) provision | $ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | |||||
During the year ended December 31, 2012, the Company recorded $152,937 of income tax benefit as a result of releasing $162,519 of valuation allowance previously provided for certain deferred tax assets. The amount of the valuation allowance released by the Company represents a portion of deferred tax assets that was deemed more-likely-than-not that the Company will realize the benefits based on the analysis where the positive evidences outweighed the negative evidences. The Company’s framework for assessing the recoverability of deferred tax assets required consideration of all available evidence, including: | |||||||||||||
• | the sustainability of recent operating profitability; | ||||||||||||
• | the predictability of future operating profitability of the character necessary to realize the deferred tax assets; and | ||||||||||||
• | the carry-forward periods for the net operating loss and capital loss carry-forwards. | ||||||||||||
The determination to release valuation allowance as of December 31, 2012 was based upon the Company meeting the criteria in the framework. | |||||||||||||
Effective December 31, 2013, the Company contributed 40 of its private-label MBS with $367,642 in face value in a taxable contribution (Contribution) to Rosslyn REIT Trust. Rosslyn REIT Trust (formerly known as FBR REIT Asset Trust) was formed on December 27, 2007 as a Maryland real estate investment trust and will elect to be taxed as a REIT for U.S. federal income tax purposes effective January 1, 2014. The Company owns all the common shares of Rosslyn REIT Trust and all of the preferred shares are owned by outside investors. The Contribution resulted in taxable capital gains of $68,041. The Company utilized net capital loss carry-forwards to offset the capital gain recognized on the Contribution for tax purposes. | |||||||||||||
With the completion of IRS examination of the Company’s tax years 2009 and 2010 without any adjustment and the expiration of the statute of limitation on 2009 state tax return, the Company reversed $12,810 of unrecognized tax benefits related to an uncertain tax position and $3,402 of related accrued interest during the year ended December 31, 2013. The Company also reversed deferred taxes associated with accrued interest and AMT credits of $5,184 related to the unrecognized tax benefits previously recorded. | |||||||||||||
As of December 31, 2013, the Company had an NCL carry-forward of $50,754 that can be used to offset future capital gains. These capital losses expire in 2014, and are available to offset tax capital gains through 2014. In addition, as of December 31, 2013, the Company had an NOL carry-forward of $183,070, which can be used to offset future taxable income. The NOL carry-forward will begin to expire in 2027. The valuation allowance relates to the estimated amount of NCLs that will expire unused in 2014. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 12,810 | $ | 12,810 | |||||||||
Additions based on tax positions related to the current year | — | — | |||||||||||
Additions for tax positions of prior years | — | — | |||||||||||
Reductions for tax positions of prior years | (12,810 | ) | — | ||||||||||
Settlements | — | — | |||||||||||
Balance at December 31 | $ | — | $ | 12,810 | |||||||||
As of December 31, 2013, the Company has assessed the need for a reserve against its uncertain tax positions and has made the determination that such reserve is not necessary. | |||||||||||||
The Company is subject to examination by the U.S. Internal Revenue Service (IRS), and state and local authorities in jurisdictions where the Company has significant business operations. An IRS examination of the Company’s tax years 2009 and 2010 was completed without any adjustment. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||||||
Note 7. Commitments and Contingencies: | |||||||||||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||||||||||
The Company has contractual obligations to make future payments in connection with borrowings and non-cancelable lease agreements and other contractual commitments. The following table sets forth these contractual obligations by fiscal year: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Borrowings(1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 40,000 | $ | 40,000 | |||||||||||||||
Minimum rental and other contractual commitments(2) | 256 | 15 | 446 | 458 | 471 | 980 | 2,626 | ||||||||||||||||||||||
$ | 256 | $ | 15 | $ | 446 | $ | 458 | $ | 471 | $ | 40,980 | $ | 42,626 | ||||||||||||||||
-1 | This table excludes interest payments to be made on the Company’s long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. | ||||||||||||||||||||||||||||
-2 | Equipment and office rent expense for 2013, 2012 and 2011 was $243, $263 and $173, respectively. | ||||||||||||||||||||||||||||
The Company also has short-term repurchase agreement liabilities of $1,547,630 as of December 31, 2013. See Note 4 for further information. | |||||||||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Shareholdersb Equity | ' | ||||||||||||||||||||||||||||||||
Note 8. Shareholders’ Equity: | |||||||||||||||||||||||||||||||||
The Company has authorized share capital of 450,000,000 shares of Class A common stock, par value $0.01 per share; 100,000,000 shares of Class B common stock, par value $0.01 per share; and 25,000,000 shares of undesignated preferred stock. Holders of the Class A and Class B common stock are entitled to one vote and three votes per share, respectively, on all matters voted upon by the shareholders. Shares of Class B common stock convert to shares of Class A common stock at the option of the Company in certain circumstances including (i) upon sale or other transfer, (ii) at the time the holder of such shares of Class B common stock ceases to be affiliated with the Company and (iii) upon the sale of such shares in a registered public offering. The Company’s Board of Directors has the authority, without further action by the shareholders, to issue preferred stock in one or more series and to fix the terms and rights of the preferred stock. Such actions by the Board of Directors could adversely affect the voting power and other rights of the holders of common stock. Preferred stock could thus be issued quickly with terms that could delay or prevent a change in control of the Company or make removal of management more difficult. At present, the Company has no plans to issue any preferred stock. | |||||||||||||||||||||||||||||||||
Equity Offering | |||||||||||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company completed public offerings as follows: | |||||||||||||||||||||||||||||||||
Closing date of the offering | 26-Mar-12 | 26-Sep-12 | 13-Mar-13 | ||||||||||||||||||||||||||||||
Shares sold to public | 1,755,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
Shares sold pursuant to the underwriter | 263,250 | 450,000 | 450,000 | ||||||||||||||||||||||||||||||
over-allotment | |||||||||||||||||||||||||||||||||
Total shares of Class A common stock | 2,018,250 | 3,450,000 | 3,450,000 | ||||||||||||||||||||||||||||||
Public offering price per share | $ | 23.9 | $ | 24.8 | $ | 25.5 | |||||||||||||||||||||||||||
Net proceeds(1) | $ | 46,015 | $ | 83,234 | $ | 86,964 | |||||||||||||||||||||||||||
-1 | Net of underwriting discounts and commissions and expenses. | ||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||
Pursuant to the Company’s variable dividend policy, the Board of Directors evaluates dividends on a quarterly basis and, in its sole discretion, approves the payment of dividends. The Company’s dividend payments, if any, may vary significantly from quarter to quarter. The Board of Directors has approved and the Company has declared the following dividends to date in 2013: | |||||||||||||||||||||||||||||||||
Quarter Ended | Dividend Amount | Declaration Date | Record Date | Pay Date | |||||||||||||||||||||||||||||
31-Dec | $ | 0.875 | 19-Dec | 31-Dec | 31-Jan-14 | ||||||||||||||||||||||||||||
30-Sep | 0.875 | 18-Sep | 30-Sep | 31-Oct | |||||||||||||||||||||||||||||
30-Jun | 0.875 | 17-Jun | 28-Jun | 31-Jul | |||||||||||||||||||||||||||||
31-Mar | 0.875 | 15-Mar | 28-Mar | 30-Apr | |||||||||||||||||||||||||||||
The Board of Directors approved and the Company declared and paid the following dividends for 2012: | |||||||||||||||||||||||||||||||||
Quarter Ended | Dividend Amount | Declaration Date | Record Date | Pay Date | |||||||||||||||||||||||||||||
31-Dec | $ | 0.875 | 5-Dec | 17-Dec | 31-Dec | ||||||||||||||||||||||||||||
30-Sep | 0.875 | 13-Sep | 28-Sep | 31-Oct | |||||||||||||||||||||||||||||
30-Jun | 0.875 | 15-Jun | 29-Jun | 31-Jul | |||||||||||||||||||||||||||||
31-Mar | 0.875 | 16-Mar | 26-Mar | 30-Apr | |||||||||||||||||||||||||||||
Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||
On April 13, 2011, the Board of Directors adopted the Arlington Asset Investment Corp. 2011 Long-Term Incentive Plan (2011 Plan). The 2011 Plan was approved by the Company’s shareholders and became effective on June 2, 2011. | |||||||||||||||||||||||||||||||||
Under the 2011 Plan, shares of Class A common stock of the Company may be issued to employees, directors, consultants and advisors of the Company and its affiliates. The maximum number of shares authorized for issuance under the 2011 Plan is equal to 500,000 shares plus any shares that remained available for issuance under the Friedman, Billings, Ramsey Group, Inc. 2004 Long-Term Incentive Plan, the Friedman, Billings, Ramsey Group, Inc. 1997 Stock and Annual Incentive Plan and the Amended and Restated Friedman, Billings, Ramsey Group, Inc. Non-Employee Director Stock Compensation Plan (the Prior Plans) at the time the 2011 Plan became effective. As of June 2, 2011, 45,097 shares remained available for grants under the Prior Plans. | |||||||||||||||||||||||||||||||||
Under the 2011 Plan, the Compensation Committee of the Company’s Board of Directors may grant options, stock appreciation rights (SARs), restricted stock and restricted stock units (RSUs), other stock-based awards, and performance awards. However, no participant may be granted (i) options or SARs covering more than 250,000 shares in any calendar year or (ii) restricted stock, RSUs, performance awards and/or other stock-based awards denominated in shares covering more than 250,000 shares in any calendar year. These share limits are subject to adjustment in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, reverse stock split, spin-off, extraordinary cash dividend or similar transactions or other change in corporate structure affecting the shares. In addition, the maximum dollar value payable to any participant in any calendar year with respect to awards valued with reference to property (including cash) other than shares is $10,000. The 2011 Plan will terminate on the tenth anniversary of its effective date unless sooner terminated by the Board of Directors. The Company uses a fair value based measurement method in accounting for all share based payment transactions. | |||||||||||||||||||||||||||||||||
Performance-Based Long-Term Incentive Program | |||||||||||||||||||||||||||||||||
On August 13, 2012, the Compensation Committee of the Board of Directors of the Company adopted a performance-based long-term incentive program (Performance-based Program) that provides for the issuance of two types of performance share units (PSUs) pursuant to the Company’s 2011 Plan. | |||||||||||||||||||||||||||||||||
The Compensation Committee established performance goals under the Performance-based Program. Two types of PSUs may be awarded under the Performance-based Program: Book Value PSUs and Total Shareholder Return Units (TSR PSUs). The Book Value PSUs are eligible to vest based on the compound annualized growth in the Company’s book value per share (i.e., book value change plus dividends on a reinvested basis) during the applicable performance period. The TSR PSUs are eligible to vest based on the Company’s compound annualized total shareholder return (i.e., share price change plus dividends on a reinvested basis) during the applicable performance period. | |||||||||||||||||||||||||||||||||
PSUs do not have any voting rights. No dividends are paid on outstanding PSUs during the applicable performance period. Instead, dividend equivalents are accrued on outstanding PSUs during the applicable performance period, deemed invested in shares of Class A common stock and are paid out in shares of Class A common stock at the end of the performance period to the extent that the underlying PSUs vest. Upon settlement, vested PSUs are converted into shares of the Company’s Class A common stock on a one-for-one basis. The PSUs and dividend equivalents are settled in whole shares of Class A common stock with a cash payment in lieu of any fractional share. | |||||||||||||||||||||||||||||||||
The right to receive shares of Class A common stock upon vesting of PSUs at the end of the applicable performance period is subject to both continued employment and the achievement of the Company performance goals established by the Compensation Committee. The employment requirement, but not the performance requirement, is waived in the event the awardee dies, becomes disabled or retires; provided, however, that if the awardee dies, becomes disabled or retires before the first anniversary of the grant date, the number of PSUs that are earned under the performance targets are pro-rated. If an awardee is terminated without “cause,” the Compensation Committee, in the exercise of its discretion, determines whether any of the PSUs have been earned, provided that the Compensation Committee may not approve a payout that exceeds the number of PSUs earned under the performance targets. In the event of a change of control, the number of PSUs that are earned for each performance period are determined immediately prior to the change of control based on actual performance and vests subject to continued employment for the remainder of the original performance period, subject to accelerated vesting in certain circumstances. | |||||||||||||||||||||||||||||||||
Except as described above or as the Compensation Committee at any time may otherwise determine, an awardee will forfeit the right to any PSUs if he or she terminates employment before the payment date. | |||||||||||||||||||||||||||||||||
On August 13, 2012, the Compensation Committee of the Board of Directors of the Company approved the initial grant of 30,177 Book Value PSUs and 41,735 TSR PSUs to the participants in the Performance-based Program. | |||||||||||||||||||||||||||||||||
For the initial grant, the Compensation Committee awarded PSUs with an aggregate grant date fair value equal to 75% of the awardee’s base salary, with 50% of the total grant date fair value represented by Book Value PSUs and 50% of the total grant date fair value represented by TSR PSUs. To facilitate the implementation of the Performance-based Program, the Compensation Committee established both a two-year and three-year performance period for the initial grant of PSUs. A portion of the Book Value PSUs and TSR PSUs will be eligible for vesting at the end of the second year following the grant date, and a portion of the Book Value PSUs and TSR PSUs will be eligible for vesting at the end of the third year following the grant date. The actual number of shares of Class A common stock that will be issued to each participant at the end of the applicable performance period will vary between 0% and 200% of the number of PSUs granted, depending on performance results. If the threshold level of performance goals are not achieved, no PSUs are earned. If the initial performance threshold is met, participants earn 50% of the granted PSUs for Company performance at the threshold level, 100% of the granted PSUs for Company performance at the target level and 200% of the granted PSUs for Company performance at the maximum level, with linear interpolation for achievement falling between the performance levels. | |||||||||||||||||||||||||||||||||
On July 1, 2013, the Compensation Committee of the Board of Directors of the Company approved a grant of 34,221 Book Value PSUs and 34,567 TSR PSUs to the participants in the Performance-based Program (2013 PSU Grants). | |||||||||||||||||||||||||||||||||
For the 2013 PSU Grants, the Compensation Committee awarded PSUs with an aggregate grant date fair value equal to 100% of the awardee’s base salary, with 50% of the total grant date fair value represented by Book Value PSUs and 50% of the total grant date fair value represented by TSR PSUs. The Compensation Committee established a three-year performance period for the 2013 PSU Grants. The Book Value PSUs and TSR PSUs will be eligible for vesting at the end of the third year following the grant date. The actual number of shares of Class A common stock that will be issued to each participant at the end of the applicable performance period will vary between 0% and 250% of the number of PSUs granted, depending on performance results. If the threshold level of performance goals are not achieved, no PSUs are earned. If the initial performance threshold is met, participants earn 50% of the granted PSUs for Company performance at the threshold level, 100% of the granted PSUs for Company performance at the target level and 250% of the granted PSUs for Company performance at the maximum level, with linear interpolation for achievement falling between the performance levels. | |||||||||||||||||||||||||||||||||
The Company recorded $1,485 and $287 in compensation expenses related to the Performance-based Program during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||||||||
The Company grants restricted common shares to employees that vest ratably over a three year period or cliff-vest after two to three years for various purposes based on continued employment over these specified periods. As of December 31, 2013 and 2012, a total of 57,673 and 34,835 shares, respectively, of such restricted Class A common stock were outstanding with unamortized deferred compensation of $838 and $507, respectively. A summary of these unvested restricted stock awards is presented below: | |||||||||||||||||||||||||||||||||
Number of Shares | Weighted-average Grant-date Fair Value | Weighted- | |||||||||||||||||||||||||||||||
average Remaining Vested Period | |||||||||||||||||||||||||||||||||
Share Balance as of December 31, 2010 | 132,246 | 59.4 | 0.2 | ||||||||||||||||||||||||||||||
Granted | 14,000 | 27.66 | — | ||||||||||||||||||||||||||||||
Forfeitures | (15 | ) | 125 | — | |||||||||||||||||||||||||||||
Vestitures | (131,025 | ) | 58.8 | — | |||||||||||||||||||||||||||||
Share Balance as of December 31, 2011 | 15,206 | 35.4 | 2 | ||||||||||||||||||||||||||||||
Granted | 25,500 | 22.99 | — | ||||||||||||||||||||||||||||||
Forfeitures | — | — | — | ||||||||||||||||||||||||||||||
Vestitures | (5,871 | ) | 47.6 | — | |||||||||||||||||||||||||||||
Share Balance as of December 31, 2012 | 34,835 | 24.24 | 2.2 | ||||||||||||||||||||||||||||||
Granted | 36,000 | 26.74 | — | ||||||||||||||||||||||||||||||
Forfeitures | — | — | — | ||||||||||||||||||||||||||||||
Vestitures | (13,162 | ) | 24.65 | — | |||||||||||||||||||||||||||||
Share Balance as of December 31, 2013 | 57,673 | 25.71 | 2 | ||||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company recognized $632, $279 and $576, respectively, of compensation expense related to this restricted stock plan. | |||||||||||||||||||||||||||||||||
In addition, as part of the Company’s satisfaction of incentive compensation earned for past service under the Company’s variable compensation programs, employees may receive restricted Class A common stock in lieu of cash payments. These restricted Class A common stock shares are issued to an irrevocable trust and are not returnable to the Company. No such shares were issued in 2013, 2012 and 2011. A summary of the undistributed restricted stock issued to the trust is presented below: | |||||||||||||||||||||||||||||||||
Number of Shares | Weighted-average Grant-date Fair Value | Weighted- | |||||||||||||||||||||||||||||||
average Remaining Vesting Period | |||||||||||||||||||||||||||||||||
Share Balance as of December 31, 2010 | 10,806 | 285 | 0.2 | ||||||||||||||||||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||||||||||||||||||
Shares distributed from Trust | (1,651 | ) | 56 | — | |||||||||||||||||||||||||||||
Share Balance as of December 31, 2011 | 9,155 | 310.4 | 0 | ||||||||||||||||||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||||||||||||||||||
Shares distributed from Trust | — | — | — | ||||||||||||||||||||||||||||||
Share Balance as of December 31, 2012 | 9,155 | 310.4 | 0 | ||||||||||||||||||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||||||||||||||||||
Shares distributed from Trust | — | — | — | ||||||||||||||||||||||||||||||
Share Balance as of December 31, 2013 | 9,155 | 310.4 | 0 | ||||||||||||||||||||||||||||||
Director Stock Compensation Plan | |||||||||||||||||||||||||||||||||
The Company also grants options, stock or restricted stock units (RSUs) in lieu of or in addition to annual director fees to non-employee directors. The Board approved annual awards of RSUs equal in value to $80 to each director to be made in conjunction with the annual shareholders meeting. On June 6, 2013, the non-employee directors received an annual grant of an aggregate of 14,525 RSUs having an aggregate grant date fair value of $400 based on the closing sale price of the Class A common stock on the New York Stock Exchange on June 6, 2013 of $27.53. In addition to the annual grant of RSUs, the Company also granted 1,091 additional RSUs to the non-employee directors in lieu of certain cash payments for services as Lead Independent Director or as a chairman of one of the Board’s standing committees. Vested RSUs are convertible to Class A common stock upon the director ceasing to be a member of the Board. All options, stock and RSUs awarded to non-employee directors are non-transferable other than by will or the laws of descent and distribution. During 2013, 2012, and 2011, the Company granted 15,616, 20,204 and 17,255 RSUs, respectively. For the years ended December 31, 2013, 2012, and 2011, the Company recognized $430, $431 and $436, respectively, of director fees related to these RSUs. | |||||||||||||||||||||||||||||||||
Share Repurchases | |||||||||||||||||||||||||||||||||
From time to time, the Company repurchases shares of its Class A common stock under a share repurchase program authorized by the Board of Directors in July 2010 (Repurchase Program), pursuant to which the Company is authorized to repurchase up to 500,000 shares of its Class A common stock. | |||||||||||||||||||||||||||||||||
Repurchases under the Repurchase Program may be made from time to time on the open market and in private transactions at management’s discretion in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of Class A common stock to be repurchased will depend upon market conditions and other factors. The Repurchase Program is funded using the Company’s cash on hand and cash generated from operations. The Repurchase Program has no expiration date and may be suspended or terminated at any time without prior notice. | |||||||||||||||||||||||||||||||||
The following table summarizes the Company’s share repurchase activities for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Shares repurchased | — | 41,790 | 8,910 | ||||||||||||||||||||||||||||||
Total cost | $ | — | $ | 786 | $ | 229 | |||||||||||||||||||||||||||
Average price | $ | — | $ | 18.79 | $ | 25.7 | |||||||||||||||||||||||||||
As of December 31, 2013, and 2012, 205,485 shares of Class A common stock remain available for repurchases under the Repurchase Program. | |||||||||||||||||||||||||||||||||
Conversion of Class B Common Stock to Class A Common Stock | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, several holders of the Company's common stock converted an aggregate of 12,057 shares of Class B common stock into 12,057 shares of Class A common stock. Holders of shares of Class A common stock are entitled to one vote for each share on all matters voted on by shareholders, and the holders of shares of Class B common stock are entitled to three votes per share on all matters voted on by shareholders. Under the Company's Articles of Incorporation, shares of Class B common stock are convertible into shares of Class A common stock on a one-for-one basis. There were no conversions of shares of Class B common stock into shares of Class A common stock during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk and Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Financial Instruments with Off-Balance-Sheet Risk and Credit Risk | ' |
Note 9. Financial Instruments with Off-Balance-Sheet Risk and Credit Risk: | |
As of December 31, 2013 and 2012, the Company had not entered into any transactions involving financial instruments that would expose the Company to significant related off-balance-sheet risk. | |
Revisions_to_Previously_Report
Revisions to Previously Reported Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Accounting Changes and Error Corrections [Text Block] | ' | ||||||||||||
Note 10. Revisions to Previously Reported Financial Statements: | |||||||||||||
During the preparation of the 2013 consolidated financial statements, the Company concluded that the federal tax rate used to calculate deferred tax assets as of December 31, 2012 was incorrect and should have been lower than the statutory rate given the effects of recognizing a U.S. federal deferred income tax liability associated with state deferred tax assets. Although the impact of this change was not material to the consolidated financial statements as of and for the year ended December 31, 2012, the Company revised its previously reported consolidated financial statements and disclosures as of and for the year ended December 31, 2012. The following tables set forth the effected line items within the Company’s previously reported consolidated financial statements as of and for the year ended December 31, 2012. | |||||||||||||
31-Dec-12 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Balance Sheet | |||||||||||||
Deferred tax asset | $ | 162,281 | $ | (7,863 | ) | $ | 154,418 | ||||||
Total assets | 2,074,158 | (7,863 | ) | 2,066,295 | |||||||||
Accumulated other comprehensive income, net of taxes | 38,985 | 21 | 39,006 | ||||||||||
Accumulated deficit | (1,212,022 | ) | (7,884 | ) | (1,219,906 | ) | |||||||
Total equity | 465,156 | (7,863 | ) | 457,293 | |||||||||
Total liabilities and equity | 2,074,158 | (7,863 | ) | 2,066,295 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Comprehensive Income | |||||||||||||
Income tax benefit | $ | (160,821 | ) | $ | 7,884 | $ | (152,937 | ) | |||||
Net income | 191,826 | (7,884 | ) | 183,942 | |||||||||
Earnings per share – Basic | 18.8 | (0.78 | ) | 18.02 | |||||||||
Earnings per share – Diluted | 18.73 | (0.77 | ) | 17.96 | |||||||||
Other comprehensive income, net of taxes | |||||||||||||
Unrealized gains (losses) for the period on available-for-sale securities, net of taxes | (1,843 | ) | (66 | ) | (1,909 | ) | |||||||
Comprehensive income | 192,444 | (7,863 | ) | 184,581 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Changes in Equity | |||||||||||||
Net income | $ | 191,826 | $ | (7,884 | ) | $ | 183,942 | ||||||
Net change in unrealized gain on available-for-sale securities, net of taxes | 618 | 21 | 639 | ||||||||||
Accumulated other comprehensive income, net of taxes | 38,985 | 21 | 39,006 | ||||||||||
Accumulated deficit | (1,212,022 | ) | (7,884 | ) | (1,219,906 | ) | |||||||
Total equity | 465,156 | (7,863 | ) | 457,293 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
Net income | $ | 191,826 | $ | (7,884 | ) | $ | 183,942 | ||||||
Deferred tax provision | — | 7,884 | 7,884 | ||||||||||
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Data (Unaudited) | ' | ||||||||||||||||
Note 11. Quarterly Data (Unaudited): | |||||||||||||||||
The following tables set forth selected information for each of the fiscal quarters during the years ended December 31, 2013 and 2012. The selected quarterly data is derived from unaudited financial statements of the Company and has been prepared on the same basis as the annual, audited financial statements to include, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for fair statement of the results for such periods. | |||||||||||||||||
Note: The sum of quarterly earnings per share amounts may not equal full year earnings per share amounts due to differing average outstanding shares amounts for the respective periods. | |||||||||||||||||
Net Interest Income | Net | Basic Earnings | Diluted Earnings | ||||||||||||||
Income | Per Share | Per Share | |||||||||||||||
2013 | |||||||||||||||||
First Quarter | $ | 16,724 | $ | 3,177 | $ | 0.23 | $ | 0.23 | |||||||||
Second Quarter | 20,925 | 3,194 | 0.19 | 0.19 | |||||||||||||
Third Quarter | 20,681 | 3,093 | 0.19 | 0.18 | |||||||||||||
Fourth Quarter | 20,160 | 39,997 | (1) | 2.4 | 2.36 | ||||||||||||
Total Year | $ | 78,490 | $ | 49,461 | 3.09 | 3.06 | |||||||||||
Net Interest Income | Net | Basic Earnings | Diluted Earnings | ||||||||||||||
Income | Per Share | Per Share | |||||||||||||||
2012 | |||||||||||||||||
First Quarter | $ | 12,546 | $ | 10,762 | $ | 1.37 | $ | 1.37 | |||||||||
Second Quarter | 14,914 | 2,144 | 0.22 | 0.22 | |||||||||||||
Third Quarter | 14,271 | 3,123 | 0.31 | 0.31 | |||||||||||||
Fourth Quarter | 17,458 | 167,913 | 12.7 | 12.62 | |||||||||||||
Total Year | $ | 59,189 | $ | 183,942 | 18.02 | 17.96 | |||||||||||
-1 | Reflects $185 increase in net income as a result of an out of period adjustment that is related to the immaterial revision as disclosed in Note 10, Revisions to Previously Reported Financial Statements, for the first three quarters of the year ended December 31, 2013. | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the consolidated financial statements and notes for prior periods have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the previously reported net income, other comprehensive income, total assets or total liabilities. | |||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of the Company’s financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP), requires the Company to make estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company based the estimates and assumptions on historical experience, when available, market information, and on various other factors that the Company believes to be reasonable under the circumstances, management exercises significant judgment in the final determination of the estimates. Actual results may differ from these estimates. | |||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less that are not held for sale in the ordinary course of business. As of December 31, 2013 and 2012, approximately 89% and 97%, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities backed by the U.S. government. | |||||||||||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
MBS transactions are recorded as purchases and sales on the date the securities are settled unless the transaction qualifies as a regular-way trade, in which case the transactions are accounted for as purchases or sales on a trade date basis. Any amounts payable or receivable for unsettled trades are recorded as “sold securities receivable” or “purchased securities payable” in the consolidated balance sheets. | |||||||||||||||||||||||||
Investments in MBS and marketable equity securities, if any, are classified as either available-for-sale or trading investments pursuant to accounting principles related to accounting for certain investments in debt and equity securities. These investments are carried at fair value with resulting unrealized gains and losses on available-for-sale securities reflected in accumulated other comprehensive income (loss) in the consolidated balance sheets and unrealized gains and losses on trading securities reflected in investment gain (loss), net, in the consolidated statements of comprehensive income. Investments in equity securities of non-public companies are carried at cost. | |||||||||||||||||||||||||
Although the Company generally intends to hold its MBS until maturity, it may, from time to time, sell any of its MBS as part of the overall management of its business. The available-for-sale designation provides the Company with the flexibility to sell its MBS in order to act on potential market opportunities or changes in economic conditions to ensure future liquidity and to meet other general corporate purposes as they arise. | |||||||||||||||||||||||||
Impairments [Policy Text Block] | ' | ||||||||||||||||||||||||
Impairments | |||||||||||||||||||||||||
The Company evaluates available-for-sale securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. In general, when the fair value of an available-for-sale security is less than its amortized cost at the reporting date, the security is considered impaired. In evaluating these available-for-sale securities for other-than-temporary impairment (OTTI), consideration is given to (1) the length of time and the extent to which the fair value has been lower than carrying value, (2) the severity of the decline in fair value, (3) the financial condition and near-term prospects of the issuer, (4) the Company’s intent to sell, and (5) whether it is more-likely-than-not the Company would be required to sell the security before anticipated recovery. | |||||||||||||||||||||||||
If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize an OTTI through charges to earnings equal to the entire difference between the investment security’s amortized cost and its fair value at the reporting date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the OTTI related to credit losses is recognized through charges to earnings with the remainder recognized through other accumulated comprehensive income/(loss) on the consolidated balance sheet. Impairments recognized through other comprehensive income/(loss) do not impact earnings. Following the recognition of an OTTI through earnings, a new cost basis is established for the investment security and may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTI recognized through charges to earnings may be accreted back to the amortized cost basis of the investment security on a prospective basis through interest income. The determination as to whether an OTTI exists and, if so, the amount of credit impairment recognized in earnings is subjective, as such determination is based on factual information available at the time of assessment as well as the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of OTTIs constitute material estimates that are susceptible to significant change. | |||||||||||||||||||||||||
For available-for-sale, private-label MBS securities that have been acquired at discounts to face value due in part to credit deterioration since origination, the Company re-evaluates the undiscounted expected future cash flows and the changes in cash flows from those originally projected at the time of purchase or when last revised. The discount rate used to calculate the present value of expected future cash flows is the current yield used for income recognition purposes as compared to the discount rate used to calculate the fair value of the investment security is the current expected market rate. For those securities in an unrealized loss position, the difference between the carrying value and the net present value of expected future cash flows is recorded as other-than-temporary impairment charges through the Company’s statement of comprehensive income. | |||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
The accounting principles related to fair value measurements define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820), establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below: | |||||||||||||||||||||||||
Level 1 Inputs — | Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company; | ||||||||||||||||||||||||
Level 2 Inputs — | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and | ||||||||||||||||||||||||
Level 3 Inputs — | Unobservable inputs for the asset or liability, including significant assumptions of the Company and other market participants. | ||||||||||||||||||||||||
The Company determines fair values for the following assets and liabilities: | |||||||||||||||||||||||||
Mortgage-backed securities (MBS), at fair value — | |||||||||||||||||||||||||
Agency-backed MBS — The Company’s agency-backed MBS, the principal and interest payments on which are guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), are generally classified within Level 2 of the fair value hierarchy as they are valued after considering quoted market prices provided by a broker or dealer, or alternative pricing sources with reasonable levels of price transparency. The Company reviews broker or pricing service quotes to determine whether the quotes are relevant, for example, whether an active market exists to provide price transparency or whether the quote is an indicative price or a binding offer. The independent brokers and dealers providing market prices are those who make markets in or specialists with expertise in the valuation of these financial instruments. | |||||||||||||||||||||||||
Private-label MBS — The Company classifies private-label MBS within Level 3 of the fair value hierarchy because they trade infrequently and, therefore, have little or no price transparency. The Company utilizes present value techniques based on estimated cash flows of the instrument taking into consideration various assumptions derived by management and other assumptions used by other market participants. These assumptions are corroborated by evidence such as historical data, risk characteristics, transactions in similar instruments, and completed or pending transactions, when available. The significant inputs in the Company’s valuation process include default rate, loss severity, prepayment rate and discount rate. In general, significant increases (decreases) in default rate, loss severity or discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. However, significant increases (decreases) in prepayment rate may result in a significantly higher (lower) fair value measurement. It is difficult to generalize the interrelationships between these significant inputs as the actual results could differ considerably on an individual security basis. For example, an increase in the default rate may not increase the loss severity rate if actual losses are lower than the average. Also, changes in discount rates may be greatly influenced by market expectation at any given point based upon many variables not directly related to the MBS market. Therefore, each significant input is closely analyzed to ascertain the reasonableness for the Company’s valuation purposes. | |||||||||||||||||||||||||
Establishing fair value is inherently subjective given the volatile and sometimes illiquid markets for these private-label MBS and requires management to make a number of assumptions, including assumptions about the future of interest rates, prepayment rates, discount rates, credit loss rates, and the timing of cash flows and credit losses. The assumptions the Company applies are specific to each security. Although the Company relies on the internal calculations to compute the fair value of these private-label MBS, the Company requests and considers indications of value (mark) from third-party dealers and the actual sales of private-label MBS to assist in the valuation process and calibrate our model. | |||||||||||||||||||||||||
Other investments — The Company’s other investments, which is classified within Level 3 of the fair value hierarchy, consists of investments in equity securities, investment funds, interest-only MBS, and other MBS-related securities. | |||||||||||||||||||||||||
Derivative instruments — In the normal course of the Company’s operations, the Company is a party to various financial instruments that are accounted for as derivatives in accordance with ASC 815, Derivatives and Hedging (ASC 815). The derivative instruments that trade in active markets or exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Other derivative instruments are generally classified within Level 2 of the fair value hierarchy because they are valued using broker or dealer quotations, which are model-based calculations based on market-based inputs, including, but not limited to, contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. | |||||||||||||||||||||||||
Other — Cash and cash equivalents, interest receivable, deposits, other receivable, interest payable, accounts payable, accrued expenses and other liabilities are reflected in the consolidated balance sheets at their amortized cost, which approximates fair value because of the short term nature of these instruments, and classified within Level 1 of the fair value hierarchy except for certain cash equivalents that are held in money market funds, which are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
— Sold securities receivable, repurchase agreements and purchased securities payable are reflected in the consolidated balance sheets at the cost basis, which approximates fair value because of the short term nature of these instruments, and classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
— Long-term debt represents remaining balances of trust preferred debt and senior debt issued by the Company. Trust preferred debt is classified within Level 3 of the fair value hierarchy as the fair value is determined after considering quoted market prices provided by a broker or dealer. The independent broker or dealer providing market prices are those who make markets in or specialists with expertise in the valuation of these financial instruments. The Company’s senior debt, which is publicly traded on the New York Stock Exchange, is classified within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,628 | $ | 48,628 | $ | 35,837 | $ | 35,837 | |||||||||||||||||
Interest receivable | 5,173 | 5,173 | 4,869 | 4,869 | |||||||||||||||||||||
Sold securities receivable | — | — | 26,773 | 26,773 | |||||||||||||||||||||
Other receivables | 212 | 212 | 644 | 644 | |||||||||||||||||||||
MBS | |||||||||||||||||||||||||
Agency-backed MBS | 1,576,499 | 1,576,499 | 1,556,510 | 1,556,510 | |||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||
Senior securities | 7,066 | 7,066 | 7,519 | 7,519 | |||||||||||||||||||||
Re-REMIC securities | 334,233 | 334,233 | 191,567 | 191,567 | |||||||||||||||||||||
Derivative assets | 8,424 | 8,424 | — | — | |||||||||||||||||||||
Other investments | 2,065 | 2,065 | 2,347 | 2,347 | |||||||||||||||||||||
Deposits | 45,504 | 45,504 | 85,652 | 85,652 | |||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Repurchase agreements | 1,547,630 | 1,547,630 | 1,497,191 | 1,497,191 | |||||||||||||||||||||
Interest payable | 774 | 774 | 582 | 582 | |||||||||||||||||||||
Long-term debt | 40,000 | 36,620 | 15,000 | 15,000 | |||||||||||||||||||||
Derivative liabilities | 33,129 | 33,129 | 76,850 | 76,850 | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 1,391 | 1,391 | 17,837 | 17,837 | |||||||||||||||||||||
Repurchase Agreements, Collateral, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||||||
Securities sold under agreements to repurchase, which are treated as financing transactions for financial reporting purposes, are collateralized by MBS and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Under the repurchase agreements, the Company pledges its securities as collateral to secure the borrowing, which is equal in value to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, the Company is required to repay the borrowing and receives back its pledged collateral from the counterparty. The counterparty to the repurchase agreements may require that the Company pledge additional securities or cash as additional collateral to secure borrowings when the value of the collateral declines. | |||||||||||||||||||||||||
Interest Income [Policy Text Block] | ' | ||||||||||||||||||||||||
Interest Income and Purchase Premiums and Discounts on MBS Securities | |||||||||||||||||||||||||
Interest income includes contractual coupon payments and the amortization of purchase premiums and accretion of discounts, if any, on the available-for-sale MBS portfolio. Interest income also includes contractual coupon payments on the trading MBS portfolio. Purchase premiums or discounts, if any, on the trading MBS portfolio are accounted for under mark-to-market accounting and the changes in value are recorded in investment gain (loss), net, on the statement of comprehensive income. | |||||||||||||||||||||||||
Interest income on the private-label MBS that were purchased at a discount to face value is recognized based on the security’s expected effective interest rate. At acquisition, the accretable yield is calculated as the difference between the undiscounted expected cash flows and the purchase price which is expected to be accreted into interest income over the remaining life of the security on a level-yield basis. The difference between the contractually required payments and the undiscounted expected cash flows represents the non-accretable difference. Based on actual payment activities and changes in estimates of undiscounted expected future cash flows, the accretable yield and the non-accretable difference can change over time. Significant increases in the amount or timing of undiscounted expected future cash flows are recognized prospectively as an adjustment to the accretable yield. | |||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
The Company accounts for stock-based compensation in accordance with accounting principles related to share-based payment which requires fair value method of accounting. Under the fair value based method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. Expected forfeitures are included in determining share-based employee compensation cost. Share-based awards that do not require future services are expensed immediately. | |||||||||||||||||||||||||
Performance-Based Long-Term Incentive Program | |||||||||||||||||||||||||
On August 13, 2012, the Compensation Committee of the Board of Directors of the Company adopted a performance-based long-term incentive program (Performance-based Program) that provides for the issuance of two types of performance share units (PSUs) from time to time pursuant to the Company’s 2011 Plan. | |||||||||||||||||||||||||
The Compensation Committee established performance goals under the Performance-based Program. The awards under the Performance-based Program comprise of two types of PSUs: Combined Net Worth Units (Book Value PSUs) and Total Shareholder Return Units (TSR PSUs). The Book Value PSUs are eligible to vest based on the compound annualized growth in the Company’s book value per share (i.e., book value change plus dividends on a reinvested basis) during the applicable performance period. The TSR PSUs are eligible to vest based on the Company’s compound annualized total shareholder return (i.e., share price change plus dividends on a reinvested basis) during the applicable performance period. | |||||||||||||||||||||||||
The Company accounts for the Performance-based Program in accordance with ASC 718. Therefore, the Book Value PSUs are valued at the grant date market value and the estimated compensation cost is recorded over the vesting period. The Company estimates the number of shares to be issued under the Book Value PSUs on a quarterly basis based on the actual and projected results for the remaining vesting period and any adjustments required are recognized retrospectively and over the remaining vesting period. | |||||||||||||||||||||||||
The Total Shareholder Return PSUs are also valued at the time of grant based on valuation model and the estimated compensation cost is recorded over the vesting period using straight-line basis. The valuation of the Total Shareholder Return PSUs is performed using Monte-Carlo simulation model (Model) using various assumptions including beginning average price, expected volatility, dividend equivalents, dividend yield, and risk-free rate of return. The Model projects stock prices on a daily basis assuming 250 trading days per year. The Model generates many future stock price paths to construct a distribution of where future stock prices might be. No remeasurement of compensation expense is required for the Total Shareholder Return PSUs. | |||||||||||||||||||||||||
The compensation costs are reversed if an employee is terminated prior to completing the required service period. The estimated shares to be granted under the Performance-based Program are included in the calculation of diluted Earnings Per Share. | |||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more-likely-than-not that they will not be realized. The Company recognizes tax positions in the financial statements only when it is more-likely-than-not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more-likely-than-not be realized upon settlement. A liability is established for differences between positions taken in a tax return and the financial statements. | |||||||||||||||||||||||||
The Company is subject to federal alternative minimum tax (AMT) and state and local taxes on its taxable income and gains that are not offset by the net operating loss (NOL) and net capital loss (NCL) carry-forwards. | |||||||||||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||
Comprehensive income includes net income as currently reported by the Company on the consolidated statements of comprehensive income adjusted for other comprehensive income. Other comprehensive income for the Company represents changes in unrealized gains and losses related to the Company’s MBS and other mortgage related assets accounted for as available-for-sale with changes in fair value recorded through shareholders’ equity. | |||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted earnings per share includes the impact of dilutive securities such as stock options, unvested shares of restricted stock and performance share units. The following table presents the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average shares outstanding Common stock (in thousands) | 15,990 | 15,990 | 10,205 | 10,205 | 7,720 | 7,720 | |||||||||||||||||||
Stock options, performance share units, and unvested restricted stock | — | 199 | — | 37 | — | 21 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding (in thousands) | 15,990 | 16,189 | 10,205 | 10,242 | 7,720 | 7,741 | |||||||||||||||||||
Net income applicable to common stock | $ | 49,461 | $ | 49,461 | $ | 183,942 | $ | 183,942 | $ | 15,173 | $ | 15,173 | |||||||||||||
Net income per common share | $ | 3.09 | $ | 3.06 | $ | 18.02 | $ | 17.96 | $ | 1.97 | $ | 1.96 | |||||||||||||
As of December 31, 2011 there were 650 options to purchase shares of common stock outstanding. There were no outstanding options to purchases shares of common stock at December 31, 2013 and 2012. The diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 did not include the antidilutive effect of 26,218, 27,808 and 23,443 shares, respectively, of awarded restricted stock units, stock options, and restricted stock. | |||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
On July 18, 2013, the FASB issued Accounting Standards Update 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists. This standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carry-forwards that are created by the unrecognized tax benefits. This standard will be effective for the Company beginning on January 1, 2014. The Company does not expect a significant impact on its financial positions as a result of adoption of these new requirements. | |||||||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,628 | $ | 48,628 | $ | 35,837 | $ | 35,837 | |||||||||||||||||
Interest receivable | 5,173 | 5,173 | 4,869 | 4,869 | |||||||||||||||||||||
Sold securities receivable | — | — | 26,773 | 26,773 | |||||||||||||||||||||
Other receivables | 212 | 212 | 644 | 644 | |||||||||||||||||||||
MBS | |||||||||||||||||||||||||
Agency-backed MBS | 1,576,499 | 1,576,499 | 1,556,510 | 1,556,510 | |||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||
Senior securities | 7,066 | 7,066 | 7,519 | 7,519 | |||||||||||||||||||||
Re-REMIC securities | 334,233 | 334,233 | 191,567 | 191,567 | |||||||||||||||||||||
Derivative assets | 8,424 | 8,424 | — | — | |||||||||||||||||||||
Other investments | 2,065 | 2,065 | 2,347 | 2,347 | |||||||||||||||||||||
Deposits | 45,504 | 45,504 | 85,652 | 85,652 | |||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Repurchase agreements | 1,547,630 | 1,547,630 | 1,497,191 | 1,497,191 | |||||||||||||||||||||
Interest payable | 774 | 774 | 582 | 582 | |||||||||||||||||||||
Long-term debt | 40,000 | 36,620 | 15,000 | 15,000 | |||||||||||||||||||||
Derivative liabilities | 33,129 | 33,129 | 76,850 | 76,850 | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 1,391 | 1,391 | 17,837 | 17,837 | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average shares outstanding Common stock (in thousands) | 15,990 | 15,990 | 10,205 | 10,205 | 7,720 | 7,720 | |||||||||||||||||||
Stock options, performance share units, and unvested restricted stock | — | 199 | — | 37 | — | 21 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding (in thousands) | 15,990 | 16,189 | 10,205 | 10,242 | 7,720 | 7,741 | |||||||||||||||||||
Net income applicable to common stock | $ | 49,461 | $ | 49,461 | $ | 183,942 | $ | 183,942 | $ | 15,173 | $ | 15,173 | |||||||||||||
Net income per common share | $ | 3.09 | $ | 3.06 | $ | 18.02 | $ | 17.96 | $ | 1.97 | $ | 1.96 | |||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
MBS, at fair value | |||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 1,576,452 | $ | — | $ | 1,576,452 | $ | — | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | 47 | — | 47 | — | |||||||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 7,066 | — | — | 7,066 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 334,233 | — | — | 334,233 | |||||||||||||||||||||||||||||||||||||
Total available-for-sale | 341,346 | — | 47 | 341,299 | |||||||||||||||||||||||||||||||||||||
Total MBS | 1,917,798 | — | 1,576,499 | 341,299 | |||||||||||||||||||||||||||||||||||||
Derivative assets, at fair value | 8,424 | 8,088 | 336 | — | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, at fair value | (33,129 | ) | (32,156 | ) | (973 | ) | — | ||||||||||||||||||||||||||||||||||
Interest-only MBS, at fair value | 298 | — | — | 298 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,893,391 | $ | (24,068 | ) | $ | 1,575,862 | $ | 341,597 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
MBS, at fair value | |||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 1,556,440 | $ | — | $ | 1,556,440 | $ | — | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | 70 | — | 70 | — | |||||||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 7,519 | — | — | 7,519 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 191,567 | — | — | 191,567 | |||||||||||||||||||||||||||||||||||||
Total available-for-sale | 199,156 | — | 70 | 199,086 | |||||||||||||||||||||||||||||||||||||
Total MBS | 1,755,596 | — | 1,556,510 | 199,086 | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, at fair value | (76,850 | ) | (76,850 | ) | — | — | |||||||||||||||||||||||||||||||||||
Interest-only MBS, at fair value | 478 | — | — | 478 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,679,224 | $ | (76,850 | ) | $ | 1,556,510 | $ | 199,564 | ||||||||||||||||||||||||||||||||
Weighted Average Underlying Loan Characteristics Private Label MBS [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The Company’s senior securities and re-REMIC securities were collateralized by residential Prime and Alt-A mortgage loans and had the following weighted-averages, based on face value, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Original loan-to-value | 69 | % | 70 | % | |||||||||||||||||||||||||||||||||||||
Original FICO score | 725 | 730 | |||||||||||||||||||||||||||||||||||||||
Three-month prepayment rate | 14 | % | 17 | % | |||||||||||||||||||||||||||||||||||||
Three-month loss severities | 37 | % | 46 | % | |||||||||||||||||||||||||||||||||||||
Weighted average coupon | 3.34 | % | 4.4 | % | |||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs for the valuation model include the following weighted-averages, based on face value, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Senior Securities | Re-REMIC Securities | ||||||||||||||||||||||||||||||||||||||
Discount rate | 6 | % | 6.55 | % | 6.5 | % | 7.43 | % | |||||||||||||||||||||||||||||||||
Default rate | 9.3 | % | 3.62 | % | 9.3 | % | 5 | % | |||||||||||||||||||||||||||||||||
Loss severity rate | 50 | % | 44.82 | % | 60 | % | 46.6 | % | |||||||||||||||||||||||||||||||||
Prepayment rate | 16.3 | % | 11.69 | % | 16.3 | % | 13.75 | % | |||||||||||||||||||||||||||||||||
The ranges of the significant unobservable inputs for the valuation model were as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Senior Securities | Re-REMIC Securities | ||||||||||||||||||||||||||||||||||||||
Discount rate | 6 | % | 6.00 – 10.00 | % | 6.5 | % | 6.50 – 13.25 | % | |||||||||||||||||||||||||||||||||
Default rate | 9.3 | % | 0.95 – 9.60 | % | 9.3 | % | 0.95 – 11.10 | % | |||||||||||||||||||||||||||||||||
Loss severity rate | 50 | % | 29.15 – 57.50 | % | 60 | % | 28.26 – 57.50 | % | |||||||||||||||||||||||||||||||||
Prepayment rate | 16.3 | % | 6.40 – 19.00 | % | 16.3 | % | 6.95 – 20.40 | % | |||||||||||||||||||||||||||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below set forth a summary of changes in the fair value and gains and losses of the Company’s Level 3 financial assets and liabilities that are measured at fair value on a recurring basis for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 7,519 | $ | 191,567 | $ | 199,086 | |||||||||||||||||||||||||||||||||||
Total net gains (losses) | |||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 16,526 | 16,526 | ||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | (254 | ) | 23,469 | 23,215 | |||||||||||||||||||||||||||||||||||||
Purchases | — | 167,682 | 167,682 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (69,337 | ) | (69,337 | ) | ||||||||||||||||||||||||||||||||||||
Payments, net | (1,092 | ) | (21,362 | ) | (22,454 | ) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 893 | 25,688 | 26,581 | ||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 7,066 | $ | 334,233 | $ | 341,299 | |||||||||||||||||||||||||||||||||||
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | — | $ | (1,270 | ) | $ | (1,270 | ) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Senior Securities | Re-REMIC Securities | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 9,311 | $ | 170,116 | $ | 179,427 | |||||||||||||||||||||||||||||||||||
Total net gains (losses) | |||||||||||||||||||||||||||||||||||||||||
Included in earnings | (2,463 | ) | (2,898 | ) | (5,361 | ) | |||||||||||||||||||||||||||||||||||
Included in other comprehensive income | 994 | 45 | 1,039 | ||||||||||||||||||||||||||||||||||||||
Purchases | — | 54,709 | 54,709 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (34,102 | ) | (34,102 | ) | ||||||||||||||||||||||||||||||||||||
Payments, net | (1,642 | ) | (19,310 | ) | (20,952 | ) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 1,319 | 23,007 | 24,326 | ||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 7,519 | $ | 191,567 | $ | 199,086 | |||||||||||||||||||||||||||||||||||
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | (2,463 | ) | $ | (12,711 | ) | $ | (15,174 | ) | ||||||||||||||||||||||||||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Gain Loss Included In Other Comprehensive Income Loss [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Gains and losses included in earnings for the years ended December 31, 2013 and 2012 are reported in the following statement of comprehensive income line descriptions: | |||||||||||||||||||||||||||||||||||||||||
Other Loss, Investment Loss, net | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | 16,526 | $ | (5,361 | ) | ||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | $ | (1,270 | ) | $ | (15,174 | ) | |||||||||||||||||||||||||||||||||||
Mortgage Backed Securities Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
MBS, at fair value(1)(2), consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Fair | Net Unamortized Premium (Discount) | Percent of Total Fair Value | Weighted Average Life | Weighted Average Rating(3) | Fair | Net Unamortized Premium (Discount) | Percent of Total Fair Value | Weighted Average Life | Weighted Average Rating(3) | ||||||||||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||||||||||||||
Trading | |||||||||||||||||||||||||||||||||||||||||
Fannie Mae | $ | 997,488 | $ | — | 52.01 | % | 9.4 | AAA | $ | 1,083,810 | $ | — | 61.73 | % | 4.9 | AAA | |||||||||||||||||||||||||
Freddie Mac | 578,964 | — | 30.19 | % | 9.6 | AAA | 472,630 | — | 26.92 | % | 5.1 | AAA | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Agency-backed | |||||||||||||||||||||||||||||||||||||||||
Fannie Mae | 47 | — | — | 5.8 | AAA | 70 | — | 0.01 | % | 2.8 | AAA | ||||||||||||||||||||||||||||||
Private-label | |||||||||||||||||||||||||||||||||||||||||
Senior | 7,066 | (4,789 | ) | 0.37 | % | 4.8 | C- | 7,519 | (6,519 | ) | 0.43 | % | 5.2 | C | |||||||||||||||||||||||||||
securities | |||||||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 334,233 | (202,450 | ) | 17.43 | % | 11.4 | NR | 191,567 | (164,422 | ) | 10.91 | % | 11.4 | NR | |||||||||||||||||||||||||||
$ | 1,917,798 | $ | (207,239 | ) | 100 | % | $ | 1,755,596 | $ | (170,941 | ) | 100 | % | ||||||||||||||||||||||||||||
-1 | The Company’s MBS portfolio was primarily comprised of fixed-rate MBS at December 31, 2013 and 2012. The weighted-average coupon of the MBS portfolio at December 31, 2013 and 2012 was 3.90% and 4.11%, respectively. | ||||||||||||||||||||||||||||||||||||||||
-2 | As of December 31, 2013 and 2012, the Company’s MBS investments with a fair value of $1,673,911 and $1,615,421, respectively, were pledged as collateral for repurchase agreements. | ||||||||||||||||||||||||||||||||||||||||
-3 | The securities issued by Fannie Mae and Freddie Mac are not rated by any rating agency; however, they are commonly thought of as having an implied rating of “AAA.” There is no assurance, particularly given the downgrade of the U.S. credit rating to “AA+” by Standard & Poors during the quarter ended September 30, 2011 and Fitch Ratings Inc.’s announcement on October 15, 2013 that it had placed the U.S. credit rating on negative watch, that these securities would receive such a rating if they were ever rated by a rating agency. The weighted-average rating of the Company’s private-label senior securities is calculated based on face value of the securities. | ||||||||||||||||||||||||||||||||||||||||
Private Label MBS Available-for-sale Accretable Yield [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents the changes in the accretable yield on available-for-sale, private-label MBS for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 207,853 | $ | 194,619 | |||||||||||||||||||||||||||||||||||||
Accretion of discount | (26,581 | ) | (24,326 | ) | |||||||||||||||||||||||||||||||||||||
Reclassifications, net | 46,319 | (3,928 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisitions | 150,646 | 81,074 | |||||||||||||||||||||||||||||||||||||||
Sales | (67,729 | ) | (39,586 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 310,508 | $ | 207,853 | |||||||||||||||||||||||||||||||||||||
Schedule Of Available For Sale Private Label MBS Acquired [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
For the available-for-sale, private-label MBS acquired during the year ended December 31, 2013 and 2012, the contractually required payments receivable, the cash flow expected to be collected, and the fair value at the acquisition date were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Contractually required payments receivable | $ | 420,500 | $ | 187,237 | |||||||||||||||||||||||||||||||||||||
Cash flows expected to be collected | 318,328 | 135,547 | |||||||||||||||||||||||||||||||||||||||
Basis in acquired securities | 167,682 | 54,474 | |||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The Company’s available-for-sale MBS are carried at fair value in accordance with ASC 320, Debt and Equity Securities (ASC 320), the securities with resulting unrealized gains and losses reflected as other comprehensive income or loss. Gross unrealized gains and losses on these securities were the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost/Cost Basis(1) | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 43 | $ | 4 | $ | — | $ | 47 | |||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 5,412 | 1,654 | — | 7,066 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 273,264 | 60,970 | (1 | ) | 334,233 | ||||||||||||||||||||||||||||||||||||
Total | $ | 278,719 | $ | 62,628 | $ | (1 | ) | $ | 341,346 | ||||||||||||||||||||||||||||||||
-1 | The amortized cost of MBS includes unamortized net discounts of $207,239 at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost/ Cost Basis(1) | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Agency-backed MBS | $ | 64 | $ | 6 | $ | — | $ | 70 | |||||||||||||||||||||||||||||||||
Private-label MBS | |||||||||||||||||||||||||||||||||||||||||
Senior securities | 5,611 | 1,908 | — | 7,519 | |||||||||||||||||||||||||||||||||||||
Re-REMIC securities | 154,067 | 37,500 | — | 191,567 | |||||||||||||||||||||||||||||||||||||
Total | $ | 159,742 | $ | 39,414 | $ | — | $ | 199,156 | |||||||||||||||||||||||||||||||||
-1 | The amortized cost of MBS includes unamortized net discounts of $170,941 at December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents a summary of other-than-temporary impairment charges included in earnings for the periods indicated and cumulative other-than-temporary impairment charges recognized on the MBS held as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Cumulative other-than-temporary impairment, beginning balance | $ | 23,768 | $ | 8,594 | |||||||||||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments not previously recognized | 380 | 13,986 | |||||||||||||||||||||||||||||||||||||||
Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments | 890 | 1,188 | |||||||||||||||||||||||||||||||||||||||
Reductions | |||||||||||||||||||||||||||||||||||||||||
Decreases related to other-than-temporary impairments on sold securities with previously recognized other-than-temporary impairments | (1,375 | ) | — | ||||||||||||||||||||||||||||||||||||||
Cumulative other-than-temporary impairment ending balance | $ | 23,663 | $ | 23,768 | |||||||||||||||||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents the results of sales of MBS for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Agency-Backed MBS | Private-Label MBS | Agency-Backed MBS | Private-Label MBS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 914,155 | $ | 69,337 | $ | 379,271 | $ | 34,102 | |||||||||||||||||||||||||||||||||
Gross gains | 1,619 | 17,458 | 5,223 | 9,813 | |||||||||||||||||||||||||||||||||||||
Gross losses | 27,406 | — | 395 | — | |||||||||||||||||||||||||||||||||||||
Investment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The Company’s other investments consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Interest-only MBS | $ | 298 | $ | 478 | |||||||||||||||||||||||||||||||||||||
Non-public equity securities | 975 | 975 | |||||||||||||||||||||||||||||||||||||||
Investments funds | 792 | 894 | |||||||||||||||||||||||||||||||||||||||
Total other investments | $ | 2,065 | $ | 2,347 | |||||||||||||||||||||||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | ' | ||||||||||||||||
The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates and periods indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Outstanding balance | $ | 1,547,630 | $ | 1,497,191 | |||||||||||||
Value of assets pledged as collateral | |||||||||||||||||
Agency-backed MBS | 1,556,763 | 1,547,760 | |||||||||||||||
Private-label MBS | 117,148 | 67,661 | |||||||||||||||
Net amount(1) | 126,281 | 118,230 | |||||||||||||||
Weighted-average rate | 0.45 | % | 0.52 | % | |||||||||||||
Weighted-average term to maturity | 13.2 days | 14.5 days | |||||||||||||||
Weighted-average outstanding balance during the year ended | $ | 1,515,137 | $ | 953,152 | |||||||||||||
Weighted-average rate during the year ended | 0.45 | % | 0.46 | % | |||||||||||||
-1 | Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. | ||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||
The Company’s long-term debentures consisted of the following as of the dates indicated: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Senior Notes | Trust Preferred Debt | Senior Notes | Trust Preferred Debt | ||||||||||||||
Outstanding Principal | $ | 25,000 | $ | 15,000 | $ | — | $ | 15,000 | |||||||||
Annual Interest Rate | 6.625 | % | LIBOR+2.25-3.00 | % | — | LIBOR+2.25-3.00 | % | ||||||||||
Interest Payment Frequency | Quarterly | Quarterly | — | Quarterly | |||||||||||||
Weighted-Average Interest Rate | 6.625 | % | 2.99 | % | — | 3.09 | % | ||||||||||
Maturity | 1-May-23 | 2033 – 2035 | — | 2033 – 2035 | |||||||||||||
Early Redemption Date | 1-May-16 | 2008 – 2010 | — | 2008 – 2010 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||
The Company held the following derivative instruments as of the dates indicated: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Notional Amount | Fair | Notional Amount | Fair | ||||||||||||||
Value | Value | ||||||||||||||||
No hedge designation | |||||||||||||||||
Eurodollar futures | |||||||||||||||||
Derivative assets | $ | 8,758,000 | $ | 4,361 | $ | — | $ | — | |||||||||
Derivative liabilities | 6,787,000 | (30,638 | ) | 17,525,000 | (76,850 | ) | |||||||||||
Total Eurodollar futures(1) | 15,545,000 | (26,277 | ) | 17,525,000 | (76,850 | ) | |||||||||||
10-year swap futures | |||||||||||||||||
Derivative assets | 635,500 | 3,727 | — | — | |||||||||||||
Derivative liabilities | 31,000 | (18 | ) | — | — | ||||||||||||
Total 10-year swap futures(2) | 666,500 | 3,709 | — | — | |||||||||||||
5-year U.S. Treasury note futures(3) | 100,000 | (1,500 | ) | — | — | ||||||||||||
Commitment to purchase MBS(4) | 169,511 | (973 | ) | — | — | ||||||||||||
Commitment to sell MBS(5) | 125,000 | 336 | |||||||||||||||
-1 | The $15,545,000 total notional amount of Eurodollar futures contracts as of December 31, 2013 represents the accumulation of Eurodollar futures contracts that mature on a quarterly basis between 2014 and 2018. As of December 31, 2013, the Company maintained $34,749 as a deposit and margin against the open Eurodollar futures contracts. | ||||||||||||||||
-2 | The total notional amount of $666,500 represents the accumulation of 10-year swap futures that mature in March 2014. As of December 31, 2013, the Company maintained $8,774 as a deposit and margin against the open swap futures contracts. | ||||||||||||||||
-3 | The total notional amount of $100,000 represents the accumulation of 5-year U.S. Treasury note futures that mature in March 2014. As of December 31, 2013, the Company maintained $1,981 as a deposit and margin against the open 5-year U.S. Treasury note futures contracts. | ||||||||||||||||
-4 | The total notional amount of commitment to purchase MBS represents forward commitments to purchase fixed-rate MBS securities. | ||||||||||||||||
-5 | The total notional amount of commitment to sell MBS represents forward commitments to sell fixed-rate MBS securities. | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The (benefit) provision for income taxes from operations consists of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal | $ | (20,075 | ) | $ | (115,321 | ) | $ | 698 | |||||
State | (15,247 | ) | (37,616 | ) | 797 | ||||||||
$ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | ||||||
Current | $ | (14,860 | ) | $ | 1,889 | $ | 1,495 | ||||||
Deferred | (20,462 | ) | (154,826 | ) | — | ||||||||
$ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Deferred tax assets and (liabilities) consisted of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Unrealized investment gains and losses | $ | 99,689 | $ | 54,761 | |||||||||
Accrued compensation | 459 | (266 | ) | ||||||||||
Accrued other estimated liabilities | 4,012 | 3,868 | |||||||||||
AMT credit | 6,328 | 5,383 | |||||||||||
Net operating loss carry-forward | 75,059 | 94,423 | |||||||||||
Unrealized gain on AFS securities | (25,677 | ) | (16,160 | ) | |||||||||
Investment gain on non-hedge designated derivatives | 9,149 | 5,274 | |||||||||||
Federal liability on state deferred tax assets | (8,611 | ) | (7,863 | ) | |||||||||
Other, net | 523 | 5,158 | |||||||||||
Capital loss carry-forward | 20,809 | 116,918 | |||||||||||
Valuation allowance on capital loss carry-forward | (15,889 | ) | (107,078 | ) | |||||||||
Net deferred tax asset | $ | 165,851 | $ | 154,418 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The reconciliation of the Company and its subsidiaries income tax attributable to net income computed at federal statutory rates to income tax expense was: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax at statutory rate | $ | 4,949 | $ | 10,852 | $ | 5,853 | |||||||
State income taxes | 849 | 1,813 | 1,357 | ||||||||||
Executive compensation | — | — | 1,075 | ||||||||||
Effect of stock based compensation | — | — | 1,330 | ||||||||||
Expiration of capital loss carryover | 57,254 | 37,935 | 66,439 | ||||||||||
Reversal of unrecognized tax benefit related to uncertain tax position and related accrued interest, and related AMT credits | (11,028 | ) | — | — | |||||||||
Federal liability on state deferred tax assets | 1,237 | 7,884 | — | ||||||||||
Other, net | 2,606 | 945 | 294 | ||||||||||
Valuation allowance | (91,189 | ) | (212,366 | ) | (74,853 | ) | |||||||
Total income tax (benefit) provision | $ | (35,322 | ) | $ | (152,937 | ) | $ | 1,495 | |||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 12,810 | $ | 12,810 | |||||||||
Additions based on tax positions related to the current year | — | — | |||||||||||
Additions for tax positions of prior years | — | — | |||||||||||
Reductions for tax positions of prior years | (12,810 | ) | — | ||||||||||
Settlements | — | — | |||||||||||
Balance at December 31 | $ | — | $ | 12,810 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||||||||||||||||||||||||||
The Company has contractual obligations to make future payments in connection with borrowings and non-cancelable lease agreements and other contractual commitments. The following table sets forth these contractual obligations by fiscal year: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Borrowings(1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 40,000 | $ | 40,000 | |||||||||||||||
Minimum rental and other contractual commitments(2) | 256 | 15 | 446 | 458 | 471 | 980 | 2,626 | ||||||||||||||||||||||
$ | 256 | $ | 15 | $ | 446 | $ | 458 | $ | 471 | $ | 40,980 | $ | 42,626 | ||||||||||||||||
-1 | This table excludes interest payments to be made on the Company’s long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. | ||||||||||||||||||||||||||||
-2 | Equipment and office rent expense for 2013, 2012 and 2011 was $243, $263 and $173, respectively. | ||||||||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity Offerings [Table Text Block] | ' | ||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company completed public offerings as follows: | |||||||||||||||||
Closing date of the offering | 26-Mar-12 | 26-Sep-12 | 13-Mar-13 | ||||||||||||||
Shares sold to public | 1,755,000 | 3,000,000 | 3,000,000 | ||||||||||||||
Shares sold pursuant to the underwriter | 263,250 | 450,000 | 450,000 | ||||||||||||||
over-allotment | |||||||||||||||||
Total shares of Class A common stock | 2,018,250 | 3,450,000 | 3,450,000 | ||||||||||||||
Public offering price per share | $ | 23.9 | $ | 24.8 | $ | 25.5 | |||||||||||
Net proceeds(1) | $ | 46,015 | $ | 83,234 | $ | 86,964 | |||||||||||
-1 | Net of underwriting discounts and commissions and expenses. | ||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | ||||||||||||||||
The Board of Directors has approved and the Company has declared the following dividends to date in 2013: | |||||||||||||||||
Quarter Ended | Dividend Amount | Declaration Date | Record Date | Pay Date | |||||||||||||
31-Dec | $ | 0.875 | 19-Dec | 31-Dec | 31-Jan-14 | ||||||||||||
30-Sep | 0.875 | 18-Sep | 30-Sep | 31-Oct | |||||||||||||
30-Jun | 0.875 | 17-Jun | 28-Jun | 31-Jul | |||||||||||||
31-Mar | 0.875 | 15-Mar | 28-Mar | 30-Apr | |||||||||||||
The Board of Directors approved and the Company declared and paid the following dividends for 2012: | |||||||||||||||||
Quarter Ended | Dividend Amount | Declaration Date | Record Date | Pay Date | |||||||||||||
31-Dec | $ | 0.875 | 5-Dec | 17-Dec | 31-Dec | ||||||||||||
30-Sep | 0.875 | 13-Sep | 28-Sep | 31-Oct | |||||||||||||
30-Jun | 0.875 | 15-Jun | 29-Jun | 31-Jul | |||||||||||||
31-Mar | 0.875 | 16-Mar | 26-Mar | 30-Apr | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
The Company grants restricted common shares to employees that vest ratably over a three year period or cliff-vest after two to three years for various purposes based on continued employment over these specified periods. As of December 31, 2013 and 2012, a total of 57,673 and 34,835 shares, respectively, of such restricted Class A common stock were outstanding with unamortized deferred compensation of $838 and $507, respectively. A summary of these unvested restricted stock awards is presented below: | |||||||||||||||||
Number of Shares | Weighted-average Grant-date Fair Value | Weighted- | |||||||||||||||
average Remaining Vested Period | |||||||||||||||||
Share Balance as of December 31, 2010 | 132,246 | 59.4 | 0.2 | ||||||||||||||
Granted | 14,000 | 27.66 | — | ||||||||||||||
Forfeitures | (15 | ) | 125 | — | |||||||||||||
Vestitures | (131,025 | ) | 58.8 | — | |||||||||||||
Share Balance as of December 31, 2011 | 15,206 | 35.4 | 2 | ||||||||||||||
Granted | 25,500 | 22.99 | — | ||||||||||||||
Forfeitures | — | — | — | ||||||||||||||
Vestitures | (5,871 | ) | 47.6 | — | |||||||||||||
Share Balance as of December 31, 2012 | 34,835 | 24.24 | 2.2 | ||||||||||||||
Granted | 36,000 | 26.74 | — | ||||||||||||||
Forfeitures | — | — | — | ||||||||||||||
Vestitures | (13,162 | ) | 24.65 | — | |||||||||||||
Share Balance as of December 31, 2013 | 57,673 | 25.71 | 2 | ||||||||||||||
Schedule Of Share Based Compensation Trust Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
A summary of the undistributed restricted stock issued to the trust is presented below: | |||||||||||||||||
Number of Shares | Weighted-average Grant-date Fair Value | Weighted- | |||||||||||||||
average Remaining Vesting Period | |||||||||||||||||
Share Balance as of December 31, 2010 | 10,806 | 285 | 0.2 | ||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||
Shares distributed from Trust | (1,651 | ) | 56 | — | |||||||||||||
Share Balance as of December 31, 2011 | 9,155 | 310.4 | 0 | ||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||
Shares distributed from Trust | — | — | — | ||||||||||||||
Share Balance as of December 31, 2012 | 9,155 | 310.4 | 0 | ||||||||||||||
Shares issued to Trust | — | — | — | ||||||||||||||
Shares distributed from Trust | — | — | — | ||||||||||||||
Share Balance as of December 31, 2013 | 9,155 | 310.4 | 0 | ||||||||||||||
Common Stock Share Repurchases [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the Company’s share repurchase activities for the periods indicated: | |||||||||||||||||
Year Ended | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Shares repurchased | — | 41,790 | 8,910 | ||||||||||||||
Total cost | $ | — | $ | 786 | $ | 229 | |||||||||||
Average price | $ | — | $ | 18.79 | $ | 25.7 | |||||||||||
Revisions_to_Previously_Report1
Revisions to Previously Reported Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Accounting Changes And Error Corrections [Table Text Block] | ' | ||||||||||||
The following tables set forth the effected line items within the Company’s previously reported consolidated financial statements as of and for the year ended December 31, 2012. | |||||||||||||
31-Dec-12 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Balance Sheet | |||||||||||||
Deferred tax asset | $ | 162,281 | $ | (7,863 | ) | $ | 154,418 | ||||||
Total assets | 2,074,158 | (7,863 | ) | 2,066,295 | |||||||||
Accumulated other comprehensive income, net of taxes | 38,985 | 21 | 39,006 | ||||||||||
Accumulated deficit | (1,212,022 | ) | (7,884 | ) | (1,219,906 | ) | |||||||
Total equity | 465,156 | (7,863 | ) | 457,293 | |||||||||
Total liabilities and equity | 2,074,158 | (7,863 | ) | 2,066,295 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Comprehensive Income | |||||||||||||
Income tax benefit | $ | (160,821 | ) | $ | 7,884 | $ | (152,937 | ) | |||||
Net income | 191,826 | (7,884 | ) | 183,942 | |||||||||
Earnings per share – Basic | 18.8 | (0.78 | ) | 18.02 | |||||||||
Earnings per share – Diluted | 18.73 | (0.77 | ) | 17.96 | |||||||||
Other comprehensive income, net of taxes | |||||||||||||
Unrealized gains (losses) for the period on available-for-sale securities, net of taxes | (1,843 | ) | (66 | ) | (1,909 | ) | |||||||
Comprehensive income | 192,444 | (7,863 | ) | 184,581 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Changes in Equity | |||||||||||||
Net income | $ | 191,826 | $ | (7,884 | ) | $ | 183,942 | ||||||
Net change in unrealized gain on available-for-sale securities, net of taxes | 618 | 21 | 639 | ||||||||||
Accumulated other comprehensive income, net of taxes | 38,985 | 21 | 39,006 | ||||||||||
Accumulated deficit | (1,212,022 | ) | (7,884 | ) | (1,219,906 | ) | |||||||
Total equity | 465,156 | (7,863 | ) | 457,293 | |||||||||
Year Ended December 31, 2012 | |||||||||||||
As Previously Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
Net income | $ | 191,826 | $ | (7,884 | ) | $ | 183,942 | ||||||
Deferred tax provision | — | 7,884 | 7,884 | ||||||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
The sum of quarterly earnings per share amounts may not equal full year earnings per share amounts due to differing average outstanding shares amounts for the respective periods. | |||||||||||||||||
Net Interest Income | Net | Basic Earnings | Diluted Earnings | ||||||||||||||
Income | Per Share | Per Share | |||||||||||||||
2013 | |||||||||||||||||
First Quarter | $ | 16,724 | $ | 3,177 | $ | 0.23 | $ | 0.23 | |||||||||
Second Quarter | 20,925 | 3,194 | 0.19 | 0.19 | |||||||||||||
Third Quarter | 20,681 | 3,093 | 0.19 | 0.18 | |||||||||||||
Fourth Quarter | 20,160 | 39,997 | (1) | 2.4 | 2.36 | ||||||||||||
Total Year | $ | 78,490 | $ | 49,461 | 3.09 | 3.06 | |||||||||||
Net Interest Income | Net | Basic Earnings | Diluted Earnings | ||||||||||||||
Income | Per Share | Per Share | |||||||||||||||
2012 | |||||||||||||||||
First Quarter | $ | 12,546 | $ | 10,762 | $ | 1.37 | $ | 1.37 | |||||||||
Second Quarter | 14,914 | 2,144 | 0.22 | 0.22 | |||||||||||||
Third Quarter | 14,271 | 3,123 | 0.31 | 0.31 | |||||||||||||
Fourth Quarter | 17,458 | 167,913 | 12.7 | 12.62 | |||||||||||||
Total Year | $ | 59,189 | $ | 183,942 | 18.02 | 17.96 | |||||||||||
-1 | Reflects $185 increase in net income as a result of an out of period adjustment that is related to the immaterial revision as disclosed in Note 10, Revisions to Previously Reported Financial Statements, for the first three quarters of the year ended December 31, 2013. | ||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Financial assets, Carrying Amount | ' | ' | |
Cash and cash equivalents, Carrying Amount | $48,628 | $35,837 | |
Interest receivable, Carrying Amount | 5,173 | 4,869 | |
Sold securities receivable, Carrying Amount | 0 | 26,773 | |
Other receivables, Carrying Amount | 212 | 644 | |
MBS, Carrying Amount | ' | ' | |
Agency-backed MBS, Carrying Amount | 1,576,499 | 1,556,510 | |
Private-label MBS, Carrying Amount | ' | ' | |
Senior securities, Carrying Amount | 7,066 | 7,519 | |
Re-REMIC securities, Carrying Amount | 334,233 | 191,567 | |
Derivative assets, Carrying Amount | 8,424 | 0 | |
Other Investments, Carrying Amount | 2,065 | 2,347 | |
Deposits, Carrying Amount | 45,504 | 85,652 | |
Financial liabilities, Carrying Amount | ' | ' | |
Repurchase agreements, Carrying Amount | 1,547,630 | 1,497,191 | |
Interest payable, Carrying Amount | 774 | 582 | |
Long-term debt, Carrying Amount | 40,000 | [1] | 15,000 |
Derivative liabilities, Carrying Amount | 33,129 | 76,850 | |
Accounts payable, accrued expenses and other liabilities, Carrying Amount | 1,391 | 17,837 | |
Financial assets, Estimated Fair Value | ' | ' | |
Cash and cash equivalents, Estimated Fair Value | 48,628 | 35,837 | |
Interest receivable, Estimated Fair Value | 5,173 | 4,869 | |
Sold securities receivable, Estimated Fair Value | 0 | 26,773 | |
Other receivables, Estimated Fair Value | 212 | 644 | |
MBS, Estimated Fair Value | ' | ' | |
Agency-backed MBS, Estimated Fair Value | 1,576,499 | 1,556,510 | |
Private-label MBS, Estimated Fair Value | ' | ' | |
Senior securities, Estimated Fair Value | 7,066 | 7,519 | |
Re-REMIC securities, Estimated Fair Value | 334,233 | 191,567 | |
Derivative assets, Estimated Fair Value | 8,424 | 0 | |
Other investments, Estimated Fair Value | 2,065 | 2,347 | |
Deposits, Estimated Fair Value | 45,504 | 85,652 | |
Financial liabilities, Estimated Fair Value | ' | ' | |
Repurchase agreements, Estimated Fair Value | 1,547,630 | 1,497,191 | |
Interest payable, Estimated Fair Value | 774 | 582 | |
Long-term debt, Estimated Fair Value | 36,620 | 15,000 | |
Derivative liabilities, Estimated Fair Value | 33,129 | 76,850 | |
Accounts payable, accrued expenses and other liabilities, Estimated Fair Value | $1,391 | $17,837 | |
[1] | This table excludes interest payments to be made on the Companybs long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average shares outstanding - Common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,990 | 10,205 | 7,720 |
Stock options, performance share units, and unvested restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Weighted average common and common equivalent shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,990 | 10,205 | 7,720 |
Net income applicable to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $49,461 | $183,942 | $15,173 |
Net income per common share (in dollars per share) | $2.40 | $0.19 | $0.19 | $0.23 | $12.70 | $0.31 | $0.22 | $1.37 | $3.09 | $18.02 | $1.97 |
Earnings per share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average shares outstanding - Common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,990 | 10,205 | 7,720 |
Stock options, performance share units, and unvested restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 199 | 37 | 21 |
Weighted-average common and common equivalent shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 16,189 | 10,242 | 7,741 |
Net income applicable to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $49,461 | $183,942 | $15,173 |
Earnings per share-Diluted (in dollars per share) | $2.36 | $0.18 | $0.19 | $0.23 | $12.62 | $0.31 | $0.22 | $1.37 | $3.06 | $17.96 | $1.96 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Equivalents Percentage Held In Us Government Backed Securities | 89.00% | 97.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | ' | ' | 650 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,218 | 27,808 | 23,443 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
MBS, at fair value | ' | ' |
Trading, Agency-backed MBS | $1,576,452 | $1,556,440 |
Available-for-sale | ' | ' |
Agency-backed MBS | 47 | 70 |
Private-label MBS | ' | ' |
Senior securities | 7,066 | 7,519 |
Re-REMIC securities | 334,233 | 191,567 |
Total available-for-sale | 341,346 | 199,156 |
Total MBS | 1,917,798 | 1,755,596 |
Derivative assets, at fair value | 8,424 | 0 |
Derivative liabilities, at fair value | -33,129 | -76,850 |
Interest-only MBS, at fair value | 298 | 478 |
Total | 1,893,391 | 1,679,224 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
MBS, at fair value | ' | ' |
Trading, Agency-backed MBS | 0 | 0 |
Available-for-sale | ' | ' |
Agency-backed MBS | 0 | 0 |
Private-label MBS | ' | ' |
Senior securities | 0 | 0 |
Re-REMIC securities | 0 | 0 |
Total available-for-sale | 0 | 0 |
Total MBS | 0 | 0 |
Derivative assets, at fair value | 8,088 | ' |
Derivative liabilities, at fair value | -32,156 | -76,850 |
Interest-only MBS, at fair value | 0 | 0 |
Total | -24,068 | -76,850 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
MBS, at fair value | ' | ' |
Trading, Agency-backed MBS | 1,576,452 | 1,556,440 |
Available-for-sale | ' | ' |
Agency-backed MBS | 47 | 70 |
Private-label MBS | ' | ' |
Senior securities | 0 | 0 |
Re-REMIC securities | 0 | 0 |
Total available-for-sale | 47 | 70 |
Total MBS | 1,576,499 | 1,556,510 |
Derivative assets, at fair value | 336 | ' |
Derivative liabilities, at fair value | -973 | 0 |
Interest-only MBS, at fair value | 0 | 0 |
Total | 1,575,862 | 1,556,510 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
MBS, at fair value | ' | ' |
Trading, Agency-backed MBS | 0 | 0 |
Available-for-sale | ' | ' |
Agency-backed MBS | 0 | 0 |
Private-label MBS | ' | ' |
Senior securities | 7,066 | 7,519 |
Re-REMIC securities | 334,233 | 191,567 |
Total available-for-sale | 341,299 | 199,086 |
Total MBS | 341,299 | 199,086 |
Derivative assets, at fair value | 0 | ' |
Derivative liabilities, at fair value | 0 | 0 |
Interest-only MBS, at fair value | 298 | 478 |
Total | $341,597 | $199,564 |
Financial_Instruments_Details_
Financial Instruments (Details 1) | Dec. 31, 2013 | Dec. 31, 2012 |
Scores | Scores | |
Underlying Collateral Quantitative Disclosures [Line Items] | ' | ' |
Original loan-to-value | 69.00% | 70.00% |
Original FICO score | 725 | 730 |
Three-month prepayment rate | 14.00% | 17.00% |
Three-month loss severities | 37.00% | 46.00% |
Weighted average coupon | 3.34% | 4.40% |
Financial_Instruments_Details_1
Financial Instruments (Details 2) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Senior Securities [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Discount rate | 6.00% | 6.50% |
Default rate | 9.30% | 9.30% |
Loss severity rate | 50.00% | 60.00% |
Prepayment rate | 16.30% | 16.30% |
Re-REMIC Securities [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Discount rate | 6.55% | 7.43% |
Default rate | 3.62% | 5.00% |
Loss severity rate | 44.82% | 46.60% |
Prepayment rate | 11.69% | 13.75% |
Re-REMIC Securities [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Discount rate | 10.00% | 13.25% |
Default rate | 9.60% | 11.10% |
Loss severity rate | 57.50% | 57.50% |
Prepayment rate | 19.00% | 20.40% |
Re-REMIC Securities [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Discount rate | 6.00% | 6.50% |
Default rate | 0.95% | 0.95% |
Loss severity rate | 29.15% | 28.26% |
Prepayment rate | 6.40% | 6.95% |
Financial_Instruments_Details_2
Financial Instruments (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $199,086 | $179,427 |
Total net gains (losses) | ' | ' |
Included in earnings | 16,526 | -5,361 |
Included in other comprehensive income | 23,215 | 1,039 |
Purchases | 167,682 | 54,709 |
Sales | -69,337 | -34,102 |
Payments, net | -22,454 | -20,952 |
Accretion of discount | 26,581 | 24,326 |
Ending balance | 341,299 | 199,086 |
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | -1,270 | -15,174 |
Senior Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 7,519 | 9,311 |
Total net gains (losses) | ' | ' |
Included in earnings | 0 | -2,463 |
Included in other comprehensive income | -254 | 994 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Payments, net | -1,092 | -1,642 |
Accretion of discount | 893 | 1,319 |
Ending balance | 7,066 | 7,519 |
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | 0 | -2,463 |
Re-REMIC Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 191,567 | 170,116 |
Total net gains (losses) | ' | ' |
Included in earnings | 16,526 | -2,898 |
Included in other comprehensive income | 23,469 | 45 |
Purchases | 167,682 | 54,709 |
Sales | -69,337 | -34,102 |
Payments, net | -21,362 | -19,310 |
Accretion of discount | 25,688 | 23,007 |
Ending balance | 334,233 | 191,567 |
The amount of net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | ($1,270) | ($12,711) |
Financial_Instruments_Details_3
Financial Instruments (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gains and losses included in earnings [Abstract] | ' | ' |
Total gains (losses) included in earnings for the period | $16,526 | ($5,361) |
Change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date | ($1,270) | ($15,174) |
Financial_Instruments_Details_4
Financial Instruments (Details 5) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | $1,917,798 | [1],[2] | $1,755,596 | [1],[2] |
Net Unamortized Premium (Discount) | -207,239 | -170,941 | ||
Percentage of Total Fair Value | 100.00% | 100.00% | ||
Trading, Fannie Mae [Member] | ' | ' | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 997,488 | [1],[2] | 1,083,810 | [1],[2] |
Net Unamortized Premium (Discount) | 0 | 0 | ||
Percentage of Total Fair Value | 52.01% | 61.73% | ||
Weighted Average Life | '9 years 4 months 24 days | '4 years 10 months 24 days | ||
Weighted Average Rating | 'AAA | [3] | 'AAA | [3] |
Trading, Freddie Mac [Member] | ' | ' | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 578,964 | [1],[2] | 472,630 | [1],[2] |
Net Unamortized Premium (Discount) | 0 | 0 | ||
Percentage of Total Fair Value | 30.19% | 26.92% | ||
Weighted Average Life | '9 years 7 months 6 days | '5 years 1 month 6 days | ||
Weighted Average Rating | 'AAA | [3] | 'AAA | [3] |
Available-for-sale, Agency-backed, Fannie Mae [Member] | ' | ' | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 47 | [1],[2] | 70 | [1],[2] |
Net Unamortized Premium (Discount) | 0 | 0 | ||
Percentage of Total Fair Value | 0.00% | 0.01% | ||
Weighted Average Life | '5 years 9 months 18 days | '2 years 9 months 18 days | ||
Weighted Average Rating | 'AAA | [3] | 'AAA | [3] |
Private-label, Senior Securities [Member] | ' | ' | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 7,066 | [1],[2] | 7,519 | [1],[2] |
Net Unamortized Premium (Discount) | -4,789 | -6,519 | ||
Percentage of Total Fair Value | 0.37% | 0.43% | ||
Weighted Average Life | '4 years 9 months 18 days | '5 years 2 months 12 days | ||
Weighted Average Rating | 'C- | [3] | 'C | [3] |
Private-label, Re-REMIC Securities [Member] | ' | ' | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 334,233 | [1],[2] | 191,567 | [1],[2] |
Net Unamortized Premium (Discount) | ($202,450) | ($164,422) | ||
Percentage of Total Fair Value | 17.43% | 10.91% | ||
Weighted Average Life | '11 years 4 months 24 days | '11 years 4 months 24 days | ||
Weighted Average Rating | 'NR | [3] | 'NR | [3] |
[1] | The Companybs MBS portfolio was primarily comprised of fixed-rate MBS at December 31, 2013 and 2012. The weighted-average coupon of the MBS portfolio at December 31, 2013 and 2012 was 3.90% and 4.11%, respectively. | |||
[2] | As of December 31, 2013 and 2012, the Companybs MBS investments with a fair value of $1,673,911 and $1,615,421, respectively, were pledged as collateral for repurchase agreements. | |||
[3] | The securities issued by Fannie Mae and Freddie Mac are not rated by any rating agency; however, they are commonly thought of as having an implied rating of bAAA.b There is no assurance, particularly given the downgrade of the U.S. credit rating to bAA+b by Standard & Poors during the quarter ended September 30, 2011 and Fitch Ratings Inc.bs announcement on October 15, 2013 that it had placed the U.S. credit rating on negative watch, that these securities would receive such a rating if they were ever rated by a rating agency. The weighted-average rating of the Companybs private-label senior securities is calculated based on face value of the securities. |
Financial_Instruments_Details_5
Financial Instruments (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $207,853 | $194,619 |
Accretion of discount | -26,581 | -24,326 |
Reclassifications, net | 46,319 | -3,928 |
Acquisitions | 150,646 | 81,074 |
Sales | -67,729 | -39,586 |
Ending balance | $310,508 | $207,853 |
Financial_Instruments_Details_6
Financial Instruments (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Contractually required payments receivable | $420,500 | $187,237 |
Cash flows expected to be collected | 318,328 | 135,547 |
Basis in acquired securities | $167,682 | $54,474 |
Financial_Instruments_Details_7
Financial Instruments (Details 8) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost/Cost Basis | $278,719 | [1] | $159,742 | [2] |
Unrealized Gains | 62,628 | 39,414 | ||
Unrealized Losses | -1 | 0 | ||
Fair Value | 341,346 | 199,156 | ||
Agency Backed MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost/Cost Basis | 43 | [1] | 64 | [2] |
Unrealized Gains | 4 | 6 | ||
Unrealized Losses | 0 | 0 | ||
Fair Value | 47 | 70 | ||
Private-label MBS Senior Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost/Cost Basis | 5,412 | [1] | 5,611 | [2] |
Unrealized Gains | 1,654 | 1,908 | ||
Unrealized Losses | 0 | 0 | ||
Fair Value | 7,066 | 7,519 | ||
Private-label MBS Re-REMIC Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost/Cost Basis | 273,264 | [1] | 154,067 | [2] |
Unrealized Gains | 60,970 | 37,500 | ||
Unrealized Losses | -1 | 0 | ||
Fair Value | $334,233 | $191,567 | ||
[1] | The amortized cost of MBS includes unamortized net discounts of $207,239 at December 31, 2013. | |||
[2] | The amortized cost of MBS includes unamortized net discounts of $170,941 at December 31, 2012. |
Financial_Instruments_Details_8
Financial Instruments (Details 9) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cumulative other-than-temporary impairment, beginning balance | $23,768 | $8,594 |
Additions | ' | ' |
Other-than-temporary impairments not previously recognized | 380 | 13,986 |
Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments | 890 | 1,188 |
Reductions | ' | ' |
Decreases related to other-than-temporary impairments on sold securities with previously recognized other-than-temporary impairments | -1,375 | 0 |
Cumulative other-than-temporary impairment, ending balance | $23,663 | $23,768 |
Financial_Instruments_Details_9
Financial Instruments (Details 10) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Agency Backed MBS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sales | $914,155 | $379,271 |
Gross gains | 1,619 | 5,223 |
Gross losses | 27,406 | 395 |
Private label MBS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sales | 69,337 | 34,102 |
Gross gains | 17,458 | 9,813 |
Gross losses | $0 | $0 |
Recovered_Sheet1
Financial Instruments (Details 11) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Interest-only MBS | $298 | $478 |
Non-public equity securities | 975 | 975 |
Investment funds | 792 | 894 |
Total other investments | $2,065 | $2,347 |
Recovered_Sheet2
Financial Instruments (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Percentage of Total Asset Measured and Reported at Fair Value, Recurring Basis | 15.56% | 9.66% |
Company's Interest in Non Public Equity Securities and Investment Funds | $1,767 | $1,869 |
Fair Value Measured on Nonrecurring Basis, Gain (Loss) Included in Earnings | 177 | 64 |
Weighted Average Coupon Rate for MBS Portfolio | 3.90% | 4.11% |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value | 1,673,911 | 1,615,421 |
Financial Instrument Unamortized Discount Premium Net | 207,239 | 170,941 |
Other than Temporary Impairment Losses MBS | 1,270 | 15,174 |
Cost Basis MBS Prior to Other than Temporary Impairment | 11,688 | 49,367 |
Other-than-temporary impairment charges as a component of investment (loss) gain, net | $84 | $534 |
Borrowings_Details
Borrowings (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Repurchase Agreement Counterparty [Line Items] | ' | ' | ||
Outstanding balance | $1,547,630 | $1,497,191 | ||
Value of assets pledged as collateral | ' | ' | ||
Net amount | 126,281 | [1] | 118,230 | [1] |
Weighted-average rate | 0.45% | 0.52% | ||
Weighted-average term to maturity (in days) | '13.2 days | '14.5 days | ||
Weighted-average outstanding balance during the year ended | 1,515,137 | 953,152 | ||
Weighted-average rate during the year ended | 0.45% | 0.46% | ||
Agency Backed MBS [Member] | ' | ' | ||
Value of assets pledged as collateral | ' | ' | ||
Value of assets pledged as collateral | 1,556,763 | 1,547,760 | ||
Private label MBS [Member] | ' | ' | ||
Value of assets pledged as collateral | ' | ' | ||
Value of assets pledged as collateral | $117,148 | $67,661 | ||
[1] | Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. |
Borrowings_Details_1
Borrowings (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Weighted-Average Interest Rate | 3.00% | ' |
Trust Preferrd Debt [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Outstanding Principal | $15,000 | $15,000 |
Annual Interest Rate | 'LIBOR+2.25 -3.00 | 'LIBOR+2.25 -3.00 |
Interest Payment Frequency | 'Quarterly | 'Quarterly |
Weighted-Average Interest Rate | 2.99% | 3.09% |
Maturity | '2033 - 2035 | '2033 - 2035 |
Early Redemption Date | '2008 - 2010 | '2008 - 2010 |
Senior Notes [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Outstanding Principal | $25,000 | $0 |
Annual Interest Rate | 6.63% | 0.00% |
Interest Payment Frequency | 'Quarterly | '— |
Weighted-Average Interest Rate | 6.63% | 0.00% |
Maturity | 1-May-23 | ' |
Early Redemption Date, Start | 1-May-16 | ' |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | |
Securities Sold under Agreements to Repurchase | $1,547,630 | $1,497,191 | ' | |
Long-term Debt | 40,000 | [1] | 15,000 | ' |
Proceeds from Issuance of Long-term Debt, Total | 24,038 | 0 | 0 | |
Senior Notes [Member] | ' | ' | ' | |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | |
Long-term Debt | 25,000 | ' | ' | |
Debt Instrument, Face Amount | 25,000 | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | 0.00% | ' | |
Debt Instrument, Maturity Date | 1-May-23 | ' | ' | |
Proceeds from Issuance of Long-term Debt, Total | 24,038 | ' | ' | |
Debt Instrument, Frequency of Periodic Payment | 'payable quarterly on February 1, May 1, August 1, and November 1 of each year, beginning on August 1, 2013 | ' | ' | |
Credit Suisse Securities USA LLC [Member] | ' | ' | ' | |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | |
Securities Sold under Agreements to Repurchase | ' | 482,097 | ' | |
Repurchase Agreement Counterparty, Amount at Risk | ' | $50,171 | ' | |
Repurchase Agreement Counterparty, Amount at Risk, Percentage | ' | 10.97% | ' | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements | ' | '15 days | ' | |
[1] | This table excludes interest payments to be made on the Companybs long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative assets, Fair Value | $8,424 | $0 | ||
Derivative liabilities, Fair Value | 33,129 | 76,850 | ||
No Hedge Designation [Member] | Eurodollar Futures Asset [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative asset, Notional Amount | 8,758,000 | 0 | ||
Derivative assets, Fair Value | 4,361 | 0 | ||
No Hedge Designation [Member] | Eurodollar Futures Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, Notional Amount | 6,787,000 | 17,525,000 | ||
Derivative liabilities, Fair Value | -30,638 | -76,850 | ||
No Hedge Designation [Member] | Eurodollar Futures [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 15,545,000 | [1] | 17,525,000 | [1] |
Fair Value | -26,277 | [1] | -76,850 | [1] |
No Hedge Designation [Member] | 10-Year Swap Futures Asset [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative asset, Notional Amount | 635,500 | 0 | ||
Derivative assets, Fair Value | 3,727 | 0 | ||
No Hedge Designation [Member] | 10-Year Swap Futures Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, Notional Amount | 31,000 | 0 | ||
Derivative liabilities, Fair Value | -18 | 0 | ||
No Hedge Designation [Member] | 10-Year Swap Futures [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 666,500 | [2] | 0 | [2] |
Fair Value | 3,709 | [2] | 0 | [2] |
No Hedge Designation [Member] | 5-year U.S. Treasury note futures [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 100,000 | [3] | 0 | [3] |
Fair Value | -1,500 | [3] | 0 | [3] |
No Hedge Designation [Member] | Commitment to Purchase MBS [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 169,511 | [4] | 0 | [4] |
Fair Value | -973 | [4] | 0 | [4] |
No Hedge Designation [Member] | Commitment to Sell MBS [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 125,000 | [5] | 0 | [5] |
Fair Value | $336 | [5] | $0 | [5] |
[1] | The $15,545,000 total notional amount of Eurodollar futures contracts as of December 31, 2013 represents the accumulation of Eurodollar futures contracts that mature on a quarterly basis between 2014 and 2018. As of December 31, 2013, the Company maintained $34,749 as a deposit and margin against the open Eurodollar futures contracts. | |||
[2] | The total notional amount of $666,500 represents the accumulation of 10-year swap futures that mature in March 2014. As of December 31, 2013, the Company maintained $8,774 as a deposit and margin against the open swap futures contracts. | |||
[3] | The total notional amount of $100,000 represents the accumulation of 5-year U.S. Treasury note futures that mature in March 2014. As of December 31, 2013, the Company maintained $1,981 as a deposit and margin against the open 5-year U.S. Treasury note futures contracts. | |||
[4] | The total notional amount of commitment to purchase MBS represents forward commitments to purchase fixed-rate MBS securities. | |||
[5] | The total notional amount of commitment to sell MBS represents forward commitments to sell fixed-rate MBS securities. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | $58,003 | ($28,755) |
Deposit Assets | 45,504 | 85,652 |
Eurodollar Futures [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Deposit Assets | 34,749 | ' |
10-Year Swap Futures [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Deposit Assets | 8,774 | ' |
Five year U.S. Treasury note futures [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Deposit Assets | $1,981 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Federal | ($20,075) | ($115,321) | $698 |
State | -15,247 | -37,616 | 797 |
Income tax (benefit) provision for federal and state | -35,322 | -152,937 | 1,495 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current | -14,860 | 1,889 | 1,495 |
Deferred | -20,462 | -154,826 | 0 |
Income tax (benefit) provision for current and deferred | ($35,322) | ($152,937) | $1,495 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Unrealized investment gains and losses | $99,689 | $54,761 |
Accrued compensation | 459 | -266 |
Accrued other estimated liabilities | 4,012 | 3,868 |
AMT credit | 6,328 | 5,383 |
Net operating loss carry-forward | 75,059 | 94,423 |
Unrealized gain on AFS securities | -25,677 | -16,160 |
Investment gain on non-hedge designated derivatives | 9,149 | 5,274 |
Federal liability on state deferred tax assets | -8,611 | -7,863 |
Other, net | 523 | 5,158 |
Capital loss carry-forward | 20,809 | 116,918 |
Valuation allowance on capital loss carry-forward | -15,889 | -107,078 |
Net deferred tax asset | $165,851 | $154,418 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Federal income tax at statutory rate | $4,949 | $10,852 | $5,853 |
State income taxes | 849 | 1,813 | 1,357 |
Executive compensation | 0 | 0 | 1,075 |
Effect of stock based compensation | 0 | 0 | 1,330 |
Expiration of capital loss carryover | 57,254 | 37,935 | 66,439 |
Reversal of unrecognized tax benefit related to uncertain tax position and related accrued interest, and related AMT credits | -11,028 | 0 | 0 |
Federal liability on state deferred tax assets | 1,237 | 7,884 | 0 |
Other, net | 2,606 | 945 | 294 |
Valuation allowance | -91,189 | -212,366 | -74,853 |
Total income tax (benefit) provision | ($35,322) | ($152,937) | $1,495 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance | $12,810 | $12,810 |
Additions based on tax positions related to the current year | 0 | 0 |
Additions for tax positions of prior years | 0 | 0 |
Reductions for tax positions of prior years | -12,810 | 0 |
Settlements | 0 | 0 |
Balance | $0 | $12,810 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Income Tax Rate Reconciliation, previously provided deferred tax assets valuation allowance | ' | $162,519 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | 12,810 | 12,810 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 3,402 | ' | ' |
Net Capital Carryforward Gross Amount | 50,754 | ' | ' |
Operating Loss Carryforwards | 183,070 | ' | ' |
Other Tax Carryforward Expiration Date | '2014 | ' | ' |
Operating Loss Carryforward Expiration Date | '2027 | ' | ' |
Taxable Capital Gains | 68,041 | ' | ' |
Reversed deferred taxes associated with accrued interest and Alternative Minimum Tax Credits | 5,184 | ' | ' |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Rosslyn REIT Trust [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Private-label MBS Face Contributed | $367,642 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Borrowings [Abstract] | ' | ' | ' | |
2014 | $0 | [1] | ' | ' |
2015 | 0 | [1] | ' | ' |
2016 | 0 | [1] | ' | ' |
2017 | 0 | [1] | ' | ' |
2018 | 0 | [1] | ' | ' |
Thereafter | 40,000 | [1] | ' | ' |
Total | 40,000 | [1] | 15,000 | ' |
Minimum rental and other contractual commitments [Abstract] | ' | ' | ' | |
2014 | 256 | [2] | ' | ' |
2015 | 15 | [2] | ' | ' |
2016 | 446 | [2] | ' | ' |
2017 | 458 | [2] | ' | ' |
2018 | 471 | [2] | ' | ' |
Thereafter | 980 | [2] | ' | ' |
Total | 2,626 | [2] | ' | ' |
Contractual Obligations [Abstract] | ' | ' | ' | |
2014 | 256 | ' | ' | |
2015 | 15 | ' | ' | |
2016 | 446 | ' | ' | |
2017 | 458 | ' | ' | |
2018 | 471 | ' | ' | |
Thereafter | 40,980 | ' | ' | |
Total | 42,626 | ' | ' | |
Weighted-average interest rate on borrowings (in hundredths) | 3.00% | ' | ' | |
Long-term debt interest payable due next quarter | 114 | ' | ' | |
Borrowings maturity date, start | 'October 2033 | ' | ' | |
Borrowings maturity date, end | 'July 2035 | ' | ' | |
Equipment and office rent expense | 243 | 263 | 173 | |
Repurchase agreement liabilities | 1,547,630 | 1,497,191 | ' | |
Trust Preferrd Debt [Member] | ' | ' | ' | |
Borrowings [Abstract] | ' | ' | ' | |
Total | 15,000 | ' | ' | |
Contractual Obligations [Abstract] | ' | ' | ' | |
Weighted-average interest rate on borrowings (in hundredths) | 2.99% | 3.09% | ' | |
Senior Notes [Member] | ' | ' | ' | |
Borrowings [Abstract] | ' | ' | ' | |
Total | 25,000 | ' | ' | |
Contractual Obligations [Abstract] | ' | ' | ' | |
Weighted-average interest rate on borrowings (in hundredths) | 6.63% | 0.00% | ' | |
Long-term debt interest payable due next quarter | $414 | ' | ' | |
Debt Instrument Maturity Date Description | 'May 1, 2023 | ' | ' | |
[1] | This table excludes interest payments to be made on the Companybs long-term debt securities. Based on the weighted average interest rate of 3.00%, approximately $114 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $15,000 of trust preferred debt. Interest on the trust preferred debt is based on the 3-month LIBOR; therefore, actual coupon interest will likely differ from this estimate. The trust preferred debt will mature beginning in October 2033 through July 2035. As of December 31, 2013, approximately $414 in accrued interest on the current outstanding principal will be paid for the quarter ending March 31, 2014 on the $25,000 of Senior Notes. The Senior Notes have an annual interest rate of 6.625% and will mature on May 1, 2023. | |||
[2] | Equipment and office rent expense for 2013, 2012 and 2011 was $243, $263 and $173, respectively. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |||
Public offering one [Member] | Public offering two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Closing date of the offering | 13-Mar-13 | 26-Mar-12 | 26-Sep-12 | |||
Shares sold to public (in shares) | 3,000,000 | 1,755,000 | 3,000,000 | |||
Shares sold pursuant to the underwriter over-allotment (in shares) | 450,000 | 263,250 | 450,000 | |||
Total shares of Class A common stock (in shares) | 3,450,000 | 2,018,250 | 3,450,000 | |||
Public offering price per share (in dollars per share) | $25.50 | $23.90 | $24.80 | |||
Net proceeds | $86,964 | [1] | $46,015 | [1] | $83,234 | [1] |
[1] | Net of underwriting discounts and commissions and expenses. |
Shareholders_Equity_Details_1
Shareholders' Equity (Details 1) (USD $) | 3 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Amount (in dollars per share) | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 |
Declaration Date | 19-Dec-13 | 18-Sep-13 | 17-Jun-13 | 15-Mar-13 | 5-Dec-12 | 13-Sep-12 | 15-Jun-12 | 16-Mar-12 |
Record Date | 31-Dec-13 | 30-Sep-13 | 28-Jun-13 | 28-Mar-13 | 17-Dec-12 | 28-Sep-12 | 29-Jun-12 | 26-Mar-12 |
Pay Date | 31-Jan-14 | 31-Oct-13 | 31-Jul-13 | 30-Apr-13 | 31-Dec-12 | 31-Oct-12 | 31-Jul-12 | 30-Apr-12 |
Shareholders_Equity_Details_2
Shareholders' Equity (Details 2) (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Stock [Member] | ' | ' | ' | ' |
Number of Shares [Roll Forward] | ' | ' | ' | ' |
Balance (in shares) | 34,835 | 15,206 | 132,246 | ' |
Granted (in shares) | 36,000 | 25,500 | 14,000 | ' |
Forfeitures (in shares) | 0 | 0 | -15 | ' |
Vestitures (in shares) | -13,162 | -5,871 | -131,025 | ' |
Balance (in shares) | 57,673 | 34,835 | 15,206 | 132,246 |
Weighted-average Grant-date Fair Value [Roll Forward] | ' | ' | ' | ' |
Balance (in dollars per share) | $24.24 | $35.40 | $59.40 | ' |
Granted (in dollars per share) | $26.74 | $22.99 | $27.66 | ' |
Forfeitures (in dollars per share) | $0 | $0 | $125 | ' |
Vestitures (in dollars per share) | $24.65 | $47.60 | $58.80 | ' |
Balance (in dollars per share) | $25.71 | $24.24 | $35.40 | $59.40 |
Weighted-average remaining vested period | '2 years | '2 years 2 months 12 days | '2 years | '2 months 12 days |
Shareholders_Equity_Details_3
Shareholders' Equity (Details 3) (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Stock Outstanding - Employee Trust [Roll Forward] | ' | ' | ' | ' |
Balance (in shares) | 57,673 | 34,835 | 15,206 | 132,246 |
Common Class A [Member] | Long Term Incentive Plan [Member] | ' | ' | ' | ' |
Restricted Stock Outstanding - Employee Trust [Roll Forward] | ' | ' | ' | ' |
Balance (in shares) | 9,155 | 9,155 | 10,806 | ' |
Shares issued to Trust | 0 | 0 | 0 | ' |
Shares distributed from Trust | 0 | 0 | -1,651 | ' |
Balance (in shares) | 9,155 | 9,155 | 9,155 | 10,806 |
Weighted-average Grant-date Fair Value - Employee Trust [Roll Forward] | ' | ' | ' | ' |
Share Balance (in dollars per share) | $310.40 | $310.40 | $285 | ' |
Shares issued to Trust (in dollars per share) | $0 | $0 | $0 | ' |
Shares distributed from Trust (in dollars per share) | $0 | $0 | $56 | ' |
Share Balance (in dollars per share) | $310.40 | $310.40 | $310.40 | $285 |
Weighted-average remaining vesting period - Employee Trust | '0 years | '0 years | '0 years | '2 months 12 days |
Shareholders_Equity_Details_4
Shareholders' Equity (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Repurchases [Abstract] | ' | ' | ' |
Total cost | $0 | $786 | $229 |
Common Class A [Member] | Share Repurchase Program [Member] | ' | ' | ' |
Share Repurchases [Abstract] | ' | ' | ' |
Shares repurchased (in shares) | 0 | 41,790 | 8,910 |
Total cost | $0 | $786 | $229 |
Average price per share (in dollars per share) | $0 | $18.79 | $25.70 |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | Dec. 31, 2013 | Jun. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Jul. 31, 2013 | Aug. 31, 2012 | Jul. 31, 2013 | Aug. 31, 2012 | Jun. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Book Value PSU [Member] | Book Value PSU [Member] | TSR PSU [Member] | TSR PSU [Member] | Prior Plans [Member] | PSU [Member] | PSU [Member] | Non Employee Director Stock Compensation Plan [Member] | Non Employee Director Stock Compensation Plan [Member] | Non Employee Director Stock Compensation Plan [Member] | Non Employee Director Stock Compensation Plan [Member] | |||
Restricted Stock [Member] | Restricted Stock [Member] | Stock Options and SARs [Member] | Restricted Stock and Units And Performance Based Awards [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Equity Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Equity Option [Member] | ||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized (In Shares) | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | 450,000,000 | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (In Shares) | 25,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Voting Rights Per Share Owned | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | 45,097 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Maximum Value Of Awards To Single Participant Not Settled In Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,221 | 30,177 | 34,567 | 41,735 | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | 632 | 279 | 576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,485 | 287 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 838 | 507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instrument Other Than Options Value Of Annual Grant Per Non Employee Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ' |
Share Price | ' | $27.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period For Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,525 | 1,091 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | 36,000 | 25,500 | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,616 | 20,204 | 17,255 |
Noninterest Expense Directors Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $430 | $431 | $436 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | ' | 205,485 | 205,485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | ' | ' | ' | 57,673 | 34,835 | 15,206 | 132,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,155 | 9,155 | 9,155 | 10,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revisions_to_Previously_Report2
Revisions to Previously Reported Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred tax asset | $165,851 | ' | ' | ' | $154,418 | ' | ' | ' | $165,851 | $154,418 | ' | ' | |
Total assets | 2,194,966 | ' | ' | ' | 2,066,295 | ' | ' | ' | 2,194,966 | 2,066,295 | ' | ' | |
Accumulated other comprehensive income, net of taxes | 53,190 | ' | ' | ' | 39,006 | ' | ' | ' | 53,190 | 39,006 | ' | ' | |
Accumulated deficit | -1,228,926 | ' | ' | ' | -1,219,906 | ' | ' | ' | -1,228,926 | -1,219,906 | ' | ' | |
Total equity | 551,828 | ' | ' | ' | 457,293 | ' | ' | ' | 551,828 | 457,293 | 183,372 | 216,744 | |
Total liabilities and equity | 2,194,966 | ' | ' | ' | 2,066,295 | ' | ' | ' | 2,194,966 | 2,066,295 | ' | ' | |
Consolidated Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -35,322 | -152,937 | 1,495 | ' | |
Net income | 39,997 | [1] | 3,093 | 3,194 | 3,177 | 167,913 | 3,123 | 2,144 | 10,762 | 49,461 | 183,942 | 15,173 | ' |
Earnings Per Share - Basic (in dollars per share) | $2.40 | $0.19 | $0.19 | $0.23 | $12.70 | $0.31 | $0.22 | $1.37 | $3.09 | $18.02 | $1.97 | ' | |
Earnings per share-Diluted (in dollars per share) | $2.36 | $0.18 | $0.19 | $0.23 | $12.62 | $0.31 | $0.22 | $1.37 | $3.06 | $17.96 | $1.96 | ' | |
Other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized gains (losses) for the period on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,894 | -1,909 | -11,253 | ' | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 63,645 | 184,581 | -9,955 | ' | |
Consolidated Statement of Changes in Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 39,997 | [1] | 3,093 | 3,194 | 3,177 | 167,913 | 3,123 | 2,144 | 10,762 | 49,461 | 183,942 | 15,173 | ' |
Net change in unrealized gain on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 14,184 | 639 | -25,128 | ' | |
Accumulated other comprehensive income, net of taxes | 53,190 | ' | ' | ' | 39,006 | ' | ' | ' | 53,190 | 39,006 | ' | ' | |
Accumulated deficit | -1,228,926 | ' | ' | ' | -1,219,906 | ' | ' | ' | -1,228,926 | -1,219,906 | ' | ' | |
Total equity | 551,828 | ' | ' | ' | 457,293 | ' | ' | ' | 551,828 | 457,293 | 183,372 | 216,744 | |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 39,997 | [1] | 3,093 | 3,194 | 3,177 | 167,913 | 3,123 | 2,144 | 10,762 | 49,461 | 183,942 | 15,173 | ' |
Deferred tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 70,727 | 7,884 | 0 | ' | |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred tax asset | ' | ' | ' | ' | 162,281 | ' | ' | ' | ' | 162,281 | ' | ' | |
Total assets | ' | ' | ' | ' | 2,074,158 | ' | ' | ' | ' | 2,074,158 | ' | ' | |
Accumulated other comprehensive income, net of taxes | ' | ' | ' | ' | 38,985 | ' | ' | ' | ' | 38,985 | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | -1,212,022 | ' | ' | ' | ' | -1,212,022 | ' | ' | |
Total equity | ' | ' | ' | ' | 465,156 | ' | ' | ' | ' | 465,156 | ' | ' | |
Total liabilities and equity | ' | ' | ' | ' | 2,074,158 | ' | ' | ' | ' | 2,074,158 | ' | ' | |
Consolidated Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | -160,821 | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,826 | ' | ' | |
Earnings Per Share - Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.80 | ' | ' | |
Earnings per share-Diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.73 | ' | ' | |
Other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized gains (losses) for the period on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,843 | ' | ' | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,444 | ' | ' | |
Consolidated Statement of Changes in Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,826 | ' | ' | |
Net change in unrealized gain on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 618 | ' | ' | |
Accumulated other comprehensive income, net of taxes | ' | ' | ' | ' | 38,985 | ' | ' | ' | ' | 38,985 | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | -1,212,022 | ' | ' | ' | ' | -1,212,022 | ' | ' | |
Total equity | ' | ' | ' | ' | 465,156 | ' | ' | ' | ' | 465,156 | ' | ' | |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,826 | ' | ' | |
Deferred tax provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred tax asset | ' | ' | ' | ' | -7,863 | ' | ' | ' | ' | -7,863 | ' | ' | |
Total assets | ' | ' | ' | ' | -7,863 | ' | ' | ' | ' | -7,863 | ' | ' | |
Accumulated other comprehensive income, net of taxes | ' | ' | ' | ' | 21 | ' | ' | ' | ' | 21 | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | -7,884 | ' | ' | ' | ' | -7,884 | ' | ' | |
Total equity | ' | ' | ' | ' | -7,863 | ' | ' | ' | ' | -7,863 | ' | ' | |
Total liabilities and equity | ' | ' | ' | ' | -7,863 | ' | ' | ' | ' | -7,863 | ' | ' | |
Consolidated Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,884 | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,884 | ' | ' | |
Earnings Per Share - Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.78) | ' | ' | |
Earnings per share-Diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.77) | ' | ' | |
Other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized gains (losses) for the period on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -66 | ' | ' | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,863 | ' | ' | |
Consolidated Statement of Changes in Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,884 | ' | ' | |
Net change in unrealized gain on available-for-sale securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | |
Accumulated other comprehensive income, net of taxes | ' | ' | ' | ' | 21 | ' | ' | ' | ' | 21 | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | -7,884 | ' | ' | ' | ' | -7,884 | ' | ' | |
Total equity | ' | ' | ' | ' | -7,863 | ' | ' | ' | ' | -7,863 | ' | ' | |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,884 | ' | ' | |
Deferred tax provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,884 | ' | ' | |
[1] | Reflects $185 increase in net income as a result of an out of period adjustment that is related to the immaterial revision as disclosed in Note 10, Revisions to Previously Reported Financial Statements, for the first three quarters of the year ended December 31, 2013. |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Interest Income | $20,160 | $20,681 | $20,925 | $16,724 | $17,458 | $14,271 | $14,914 | $12,546 | $78,490 | $59,189 | $50,037 | |
Net Income | $39,997 | [1] | $3,093 | $3,194 | $3,177 | $167,913 | $3,123 | $2,144 | $10,762 | $49,461 | $183,942 | $15,173 |
Basic Earnings Per Share (in dollars per share) | $2.40 | $0.19 | $0.19 | $0.23 | $12.70 | $0.31 | $0.22 | $1.37 | $3.09 | $18.02 | $1.97 | |
Diluted Earnings Per Share (in dollars per share) | $2.36 | $0.18 | $0.19 | $0.23 | $12.62 | $0.31 | $0.22 | $1.37 | $3.06 | $17.96 | $1.96 | |
[1] | Reflects $185 increase in net income as a result of an out of period adjustment that is related to the immaterial revision as disclosed in Note 10, Revisions to Previously Reported Financial Statements, for the first three quarters of the year ended December 31, 2013. |
Quarterly_Data_Unaudited_Detai1
Quarterly Data (Unaudited) (Details Textual) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Line Items] | ' |
Increase In Net Income | $185 |