Capstead Mortgage (CMO) 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CAPSTEAD MORTGAGE CORP	'
Entity Central Index Key	'0000766701	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	95,771,015
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'

CONSOLIDATED_BALANCE_SHEETS_UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	Sep. 30, 2013		Dec. 31, 2012		Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified					Cumulative Preferred Stock, Series A [Member]	Cumulative Preferred Stock, Series A [Member]	Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member]	Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member]
							Cumulative Convertible Preferred Stock, Series B [Member]	Cumulative Convertible Preferred Stock, Series B [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]
Assets	'		'		'	'	'	'	'	'
Residential mortgage investments ($13.29 and $13.45 billion pledged under repurchase arrangements at September 30, 2013 and December 31, 2012, respectively)	$13,738,311	[1]	$13,860,158	[1]	'	'	'	'	'	'
Cash collateral receivable from interest rate swap counterparties	27,829		49,972		'	'	'	'	'	'
Interest rate swap agreements at fair value	1,558		169		'	'	'	'	'	'
Cash and cash equivalents	235,102		425,445		'	'	'	'	'	'
Receivables and other assets	132,993		130,402		'	'	'	'	'	'
Investments in unconsolidated affiliates	3,117		3,117		'	'	'	'	'	'
Total Assets	14,138,910		14,469,263		'	'	'	'	'	'
Liabilities	'		'		'	'	'	'	'	'
Repurchase arrangements and similar borrowings	12,618,571		12,784,238		'	'	'	'	'	'
Interest rate swap agreements at fair value	11,425		32,868		'	'	'	'	'	'
Unsecured borrowings	103,095		103,095		'	'	'	'	'	'
Common stock dividend payable	30,662		29,512		'	'	'	'	'	'
Accounts payable and accrued expenses	22,061		22,425		'	'	'	'	'	'
Total Liabilities	12,785,814		12,972,138		'	'	'	'	'	'
Stockholders' equity	'		'		'	'	'	'	'	'
Cumulative Preferred Stock	'		'		0	2,604	0	186,388	164,310	0
Common stock-$0.01 par value; 250,000 shares authorized: 95,761 and 96,229 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	957		962		'	'	'	'	'	'
Paid-in capital	1,329,124		1,367,199		'	'	'	'	'	'
Accumulated deficit	-353,852		-353,938		'	'	'	'	'	'
Accumulated other comprehensive income	212,557		293,910		'	'	'	'	'	'
Stockholders' Equity Attributable to Parent	1,353,096		1,497,125		'	'	'	'	'	'
Total Liabilities and Equity	$14,138,910		$14,469,263		'	'	'	'	'	'
[1]	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 10).

CONSOLIDATED_BALANCE_SHEETS_UN1

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Per Share data, unless otherwise specified			Cumulative Preferred Stock, Series A [Member]	Cumulative Preferred Stock, Series A [Member]	Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member]	Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member]
					Cumulative Convertible Preferred Stock, Series B [Member]	Cumulative Convertible Preferred Stock, Series B [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]
Residential mortgage investments	$13,290,000	$13,450,000	'	'	'	'	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'	'	'
Common stock, shares authorized (in shares)	250,000	250,000	'	'	'	'	'	'
Common stock, shares issued (in shares)	95,761	96,229	'	'	'	'	'	'
Common stock, shares outstanding (in shares)	95,761	96,229	'	'	'	'	'	'
Preferred stock, shares authorized (in shares)	100,000	100,000	'	'	'	'	'	'
Preferred stock, par value (in shares)	$0.10	$0.10	'	'	'	'	'	'
Preferred stock, shares issued (in shares)	'	'	0	186	0	16,493	6,800	0
Preferred stock, shares outstanding (in shares)	'	'	0	186	0	16,493	6,800	0
Preferred stock, dividend (in dollars per share)	'	'	$1.60	$1.60	$1.26	$1.26	'	'
Preferred stock, aggregate liquidation preference	'	'	'	'	'	'	$170,000	'
Preferred stock, dividend rate	'	'	'	'	'	'	7.50%	'

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)	3 Months Ended				9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Interest income:	'		'		'		'
Residential mortgage investments	$46,643,000		$63,463,000		$156,683,000		$194,983,000
Other	48,000		154,000		267,000		480,000
Interest income	46,691,000		63,617,000		156,950,000		195,463,000
Interest expense:	'		'		'		'
Repurchase arrangements and similar borrowings	-15,759,000		-17,875,000		-50,976,000		-48,429,000
Unsecured borrowings	-2,186,000		-2,186,000		-6,560,000		-6,560,000
Interest expense	-17,945,000		-20,061,000		-57,536,000		-54,989,000
Net interest income (expense)	28,746,000		43,556,000		99,414,000		140,474,000
Other revenue (expense):	'		'		'		'
Miscellaneous other revenue (expense)	-86,000		9,000		-251,000		-147,000
Incentive compensation	-1,130,000		-781,000		-1,604,000		-3,614,000
Salaries and benefits	-1,689,000		-1,696,000		-4,857,000		-5,205,000
Other general and administrative expense	-1,203,000		-1,115,000		-3,382,000		-3,160,000
Operating expenses	-4,108,000		-3,583,000		-10,094,000		-12,126,000
Income before equity in earnings of unconsolidated affiliates	24,638,000		39,973,000		89,320,000		128,348,000
Equity in earnings of unconsolidated affiliates	64,000		64,000		194,000		194,000
Net income	24,702,000		40,037,000		89,514,000		128,542,000
Net income available to common stockholders:	'		'		'		'
Net income	24,702,000		40,037,000		89,514,000		128,542,000
Less dividends on preferred shares	-3,188,000		-5,270,000		-14,325,000		-15,751,000
Less redemption preference premiums paid	0	[1]	0	[1]	-19,924,000	[1]	0	[1]
Net income (loss) available to common stockholders, basic, total	$21,514,000		$34,767,000		$55,265,000		$112,791,000
Net income per common share:	'		'		'		'
Basic (in dollars per share)	$0.23		$0.35		$0.58		$1.20
Diluted (in dollars per share)	$0.23		$0.35		$0.58		$1.20
Weighted average common shares outstanding:	'		'		'		'
Basic (in dollars per share)	95,268		98,071		95,139		93,808
Diluted (in dollars per share)	95,416		98,512		95,373		94,236
Cash dividends declared per share:	'		'		'		'
Common (in dollars per share)	$0.31		$0.36		$0.93		$1.19
Cumulative Preferred Stock, Series A [Member]	'		'		'		'
Cash dividends declared per share:	'		'		'		'
Preferred stock Dividend (in dollars per share)	$0		$0.40		$0.72		$1.20
Cumulative Convertible Preferred Stock, Series B [Member]	'		'		'		'
Cash dividends declared per share:	'		'		'		'
Preferred stock Dividend (in dollars per share)	$0		$0.32		$0.57		$0.95
Cumulative Redeemable Preferred Stock, Series E [Member]	'		'		'		'
Cash dividends declared per share:	'		'		'		'
Preferred stock Dividend (in dollars per share)	$0.47		$0		$0.79		$0
[1]	The Series A and Series B preferred shares were redeemed on June 13, 2013 b See NOTE 9.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Comprehensive income (loss)	'	'	'	'
Net income	$24,702	$40,037	$89,514	$128,542
Amounts related to available-for-sale securities:	'	'	'	'
Change in net unrealized gains	-27,539	66,910	-104,037	134,583
Amounts related to cash flow hedges:	'	'	'	'
Change in net unrealized gains (losses)	-10,867	-8,454	9,136	-25,539
Reclassification adjustment for amounts included in net income	3,698	4,835	13,548	14,630
Other comprehensive income	-34,708	63,291	-81,353	123,674
Comprehensive income (loss)	($10,006)	$103,328	$8,161	$252,216

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating activities:	'	'
Net income	$89,514	$128,542
Noncash items:	'	'
Amortization of investment premiums	101,061	67,346
Depreciation and other amortization	122	142
Amortization of equity-based awards	1,640	1,661
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	-148	-464
Gain on sales of real estate held for sale	0	-273
Net change in receivables, other assets, accounts payable and accrued expenses	1,924	-3,350
Net cash provided by operating activities	194,113	193,604
Investing activities:	'	'
Purchases of residential mortgage investments	-2,876,264	-3,936,151
Interest receivable acquired with the purchase of residential mortgage investments	-4,824	-6,390
Proceeds from sales of real estate held for sale	0	2,010
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,790,124	1,918,542
Net cash used in investing activities	-90,964	-2,021,989
Financing activities:	'	'
Proceeds from repurchase arrangements and similar borrowings	107,161,141	100,706,383
Principal payments on repurchase arrangements and similar borrowings	-107,326,800	-98,808,335
Decrease (increase) in cash collateral receivable from interest rate swap counterparties	22,143	-9,232
Cash paid to redeem Series A & B preferred shares	-207,033	0
Common share repurchases	-7,292	0
Proceeds from capital raising activities:	'	'
Issuance of preferred shares	164,310	4,479
Issuance of common shares	0	142,035
Other capital stock transactions	-522	-584
Dividends paid	-99,439	-132,337
Net cash (used in) provided by financing activities	-293,492	1,902,409
Net change in cash and cash equivalents	-190,343	74,024
Cash and cash equivalents at beginning of period	425,445	426,717
Cash and cash equivalents at end of period	$235,102	$500,741

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2013
BUSINESS [Abstract]	'
BUSINESS	'
	NOTE 1 ¾ BUSINESS
	Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas.  Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or the “Company.”  Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae or Freddie Mac (together, the “GSEs”), or by an agency of the federal government, Ginnie Mae.  Residential mortgage pass-through securities guaranteed by the GSEs or Ginnie Mae, referred to as “Agency Securities,” are considered to have limited, if any, credit risk.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
BASIS OF PRESENTATION [Abstract]	'
BASIS OF PRESENTATION	'
	NOTE 2 ¾ BASIS OF PRESENTATION
	Interim Financial Reporting and Reclassifications
	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2013.  For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.  Certain prior period amounts have been reclassified to conform to the current year presentation.
	Recent Accounting Developments
	In December 2011 the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities.  In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.  The Company adopted the requirements of ASU No. 2011-11 as amended by ASU No. 2013-01 with its first quarterly filing in 2013.
	In February 2013 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220):  Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income that amended ASU No. 2011-12 and ASU No. 2011-05.  The Company adopted the requirements of ASU No. 2013-02 with its first quarterly filing in 2013.
	The provisions of these ASUs are all disclosure-related and as such, their adoption by the Company had no effect on its results of operations, financial condition, or cash flows.

NET_INCOME_PER_COMMON_SHARE

NET INCOME PER COMMON SHARE	9 Months Ended
	Sep. 30, 2013
NET INCOME PER COMMON SHARE [Abstract]	'
NET INCOME PER COMMON SHARE	'
	NOTE 3 ¾ NET INCOME PER COMMON SHARE
	Basic net income per common share is computed by dividing net income, after deducting preferred share dividends and adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding, calculated excluding unvested stock awards.
	Diluted net income per common share is computed by dividing net income available to common stockholders, after adding dividends on convertible preferred shares when such shares are dilutive, by the basic weighted average number of common shares and common share equivalents outstanding, giving effect to equity awards and convertible preferred shares when such awards and shares are dilutive.  Prior to their redemption on June 13, 2013, the Series A and B preferred shares were considered dilutive whenever basic net income per common share exceeded each Series’ dividend divided by the conversion rate applicable for that period.  Unvested stock awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two class method or the treasury stock method, depending upon which method produces the more dilutive result.
	Components of the computation of basic and diluted net income per common share were as follows (dollars in thousands, except per share amounts):
			Quarter Ended						Nine Months Ended
			30-Sep						30-Sep
			2013			2012			2013			2012
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income		$	24,702		$	40,037		$	89,514		$	128,542
	Redemption premiums paid on Series A and
	Series B preferred shares*			–			–			(19,924	)		–
	Preferred share dividends			(3,188	)		(5,270	)		(14,325	)		(15,751	)
	Unvested stock award participation in earnings			(32	)		(91	)		(96	)		(296	)
			$	21,482		$	34,676		$	55,169		$	112,495
	Denominator for basic net income per common share:
	Weighted average common shares outstanding			95,761			98,581			95,647			94,324
	Average unvested stock awards outstanding			(493	)		(510	)		(508	)		(516	)
				95,268			98,071			95,139			93,808
			$	0.23		$	0.35		$	0.58		$	1.2
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Net income available to common stockholders		$	21,482		$	34,676		$	55,169		$	112,495
	Dividends on dilutive convertible preferred shares			–			75			44			223
			$	21,482		$	34,751		$	55,213		$	112,718
	Denominator for diluted net income per common share:
	Basic weighted average common shares outstanding			95,268			98,071			95,139			93,808
	Net effect of dilutive stock and option awards			148			132			133			119
	Net effect of dilutive convertible preferred shares			–			309			101			309
				95,416			98,512			95,373			94,236
			$	0.23		$	0.35		$	0.58		$	1.2
		*	The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).
	Potentially dilutive securities excluded from the computation of net income per common share because the effect of inclusion was antidilutive were as follows (in thousands):
			Quarter Ended						Nine Months Ended
			30-Sep						30-Sep
			2013			2012			2013			2012
	Antidilutive convertible preferred shares*			–			16,493			16,539			16,493
	Antidilutive equity awards excludable under the treasury stock method:
	Shares issuable under option awards			35			10			35			10
	Unvested stock awards			–			2			–			2
		*	The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).

RESIDENTIAL_MORTGAGE_INVESTMEN

RESIDENTIAL MORTGAGE INVESTMENTS	9 Months Ended
	Sep. 30, 2013
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]	'
RESIDENTIAL MORTGAGE INVESTMENTS	'
	NOTE 4 ¾ RESIDENTIAL MORTGAGE INVESTMENTS
	Residential mortgage investments classified by collateral type and interest rate characteristics were as follows (dollars in thousands):
			Unpaid		Investment		Amortized		Carrying		Net			Average
			Principal		Premiums		Cost Basis		Amount(a)		WAC(b)			Yield(b)
			Balance
	30-Sep-13
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,307	$	6	$	2,313	$	2,316		6.68	%		6.41	%
	ARMs			11,020,341		354,718		11,375,059		11,586,806		2.61			1.38
	Ginnie Mae ARMs			2,058,086		70,904		2,128,990		2,139,652		2.64			1.19
				13,080,734		425,628		13,506,362		13,728,774		2.62			1.36
	Residential mortgage loans:
	Fixed-rate			2,693		3		2,696		2,696		7			5.67
	ARMs			4,528		18		4,546		4,546		3.85			3.46
				7,221		21		7,242		7,242		5.02			4.28
	Collateral for structured financings			2,258		37		2,295		2,295		8.08			7.57
			$	13,090,213	$	425,686	$	13,515,899	$	13,738,311		2.62			1.36
	31-Dec-12
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	3,194	$	9	$	3,203	$	3,208		6.7			6.47
	ARMs			11,547,954		356,646		11,904,600		12,198,922		2.69			1.72
	Ginnie Mae ARMs			1,566,749		48,248		1,614,997		1,647,119		2.77			1.95
				13,117,897		404,903		13,522,800		13,849,249		2.7			1.75
	Residential mortgage loans:
	Fixed-rate			3,007		5		3,012		3,012		7.01			6.15
	ARMs			5,031		20		5,051		5,051		3.87			3.85
				8,038		25		8,063		8,063		5.04			4.71
	Collateral for structured financings			2,799		47		2,846		2,846		8.12			7.57
			$	13,128,734	$	404,975	$	13,533,709	$	13,860,158		2.71			1.76
	(a)	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 10).
	(b)	Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date.  Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments.  Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums.  Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.
	Because of federal government support for the GSEs, Agency Securities are considered to have limited, if any, credit risk.  Residential mortgage loans held by the Company were originated prior to 1995 when Capstead operated a mortgage conduit and the related credit risk is borne by the Company.  Collateral for structured financings consists of private residential mortgage securities that are backed by loans obtained through this mortgage conduit and are pledged to secure repayment of related structured financings.  Credit risk for these securities is borne by the related bondholders.  The maturity of Residential mortgage investments is directly affected by prepayments of principal on the underlying mortgage loans.  Consequently, actual maturities will be significantly shorter than the portfolio’s weighted average contractual maturity of 291 months.
	Fixed-rate investments consist of residential mortgage loans and Agency Securities backed by residential mortgage loans with fixed rates of interest.  Adjustable-rate investments generally are ARM Agency Securities backed by residential mortgage loans that have coupon interest rates that adjust at least annually to more current interest rates or begin doing so after an initial fixed-rate period.  After the initial fixed-rate period, if applicable, mortgage loans underlying ARM securities either (i) adjust annually based on specified margins over the one-year Constant Maturity U.S. Treasury Note Rate (“CMT”) or the one-year London interbank offered rate (“LIBOR”), (ii) adjust semiannually based on specified margins over six-month LIBOR, or (iii) adjust monthly based on specified margins over indices such as one-month LIBOR, the Eleventh District Federal Reserve Bank Cost of Funds Index, or over a rolling twelve month average of the one-year CMT index, usually subject to periodic and lifetime limits, or caps, on the amount of such adjustments during any single interest rate adjustment period and over the contractual term of the underlying loans.
	Capstead classifies its ARM securities based on each security’s average number of months until coupon reset (“months to roll”).  Months to roll is an indicator of asset duration which is a measure of market price sensitivity to interest rate movements.  Current-reset ARM securities have months to roll of less than 18 months while longer-to-reset ARM securities have months to roll of 18 months or greater.  As of September 30, 2013, the average months to roll for the Company’s $7.41 billion (amortized cost basis) in current-reset ARM securities was 5.9 months while the average months-to-roll for the Company’s $6.10 billion (amortized cost basis) in longer-to-reset ARM securities was 40.0 months.

INVESTMENTS_IN_UNCONSOLIDATED_

INVESTMENTS IN UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 30, 2013
INVESTMENTS IN UNCONSOLIDATED AFFILIATES [Abstract]	'
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	'
	NOTE 5 ¾ INVESTMENTS IN UNCONSOLIDATED AFFILIATES
	To facilitate the issuance of Unsecured borrowings, Capstead formed and capitalized three Delaware statutory trusts through the issuance to the Company of the trusts’ common securities totaling $3.1 million (see NOTE 8).  The Company’s equity in the earnings of the trusts consists solely of the common trust securities’ pro rata share in interest accruing on Unsecured borrowings issued to the trusts.  Under variable interest accounting rules, the trusts are not considered variable interests at risk and as such are not consolidated.

REPURCHASE_ARRANGEMENTS_AND_SI

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS	9 Months Ended
	Sep. 30, 2013
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS [Abstract]	'
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS	'
	NOTE 6 ¾ REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS
	Capstead generally pledges its Residential mortgage investments as collateral under repurchase arrangements with commercial banks and other financial institutions, referred to as counterparties, the terms and conditions of which are negotiated on a transaction-by-transaction basis when each borrowing is initiated or renewed.  Repurchase arrangements entered into by the Company involve the sale and a simultaneous agreement to repurchase the transferred assets at a future date, typically with terms of 30 to 90 days, and are accounted for as financings.  The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase arrangement and receives the related principal and interest payments.  The amount borrowed is generally equal to the fair value of the assets pledged, as determined by the lending counterparty, less an agreed-upon discount, referred to as a “haircut.”  Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase arrangement at which time the Company may enter into a new repurchase arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty.  None of the Company’s counterparties are obligated to renew or otherwise enter into new repurchase arrangements at the conclusion of existing repurchase arrangements. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security pay down factors, lenders typically require the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements, referred to as margin calls.
	Repurchase arrangements and similar borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated date were as follows (dollars in thousands):
	Collateral Type		Collateral		Accrued			Borrowings		Average
			Carrying		Interest			Outstanding		Borrowing
			Amount		Receivable					Rates
	As of September 30, 2013:
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	13,246,162	$	28,737		$	12,579,977		0.35	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (greater than 90 days)			41,598		48			36,299		0.45
	Similar borrowings:
	Collateral for structured financings*			2,295		–			2,295		8.08
			$	13,290,055	$	28,785		$	12,618,571		0.36
	Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 7)										0.47
	As of December 31, 2012:
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	13,406,253	$	32,807		$	12,739,872		0.47	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			44,060		51			41,520		0.57
	Similar borrowings:
	Collateral for structured financings*			2,846		–			2,846		8.12
			$	13,453,159	$	32,858		$	12,784,238		0.47
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.65
		*	The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral and these financings are subject to redemption by the residual bondholders.
	Average borrowings outstanding during the indicated quarters varied from borrowings outstanding at the indicated balance sheet dates due to differences in the timing and amount of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):
			Quarter Ended
			30-Sep-13					31-Dec-12
			Average		Average			Average		Average
			Borrowings		Rate			Borrowings		Rate
	Average borrowings and rates for the indicated quarters, adjusted for the effects of related Derivatives held as cash flow hedges		$	12,862,572		0.49	%	$	13,228,535		0.63	%

USE_OF_DERIVATIVE_FINANCIAL_IN

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	9 Months Ended
	Sep. 30, 2013
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]	'
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	'
	NOTE 7 ¾ USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT
	To help mitigate exposure to higher interest rates, Capstead typically uses currently-paying and forward-starting, one-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements that require interest payments for two-year terms.  These Derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day borrowings under repurchase arrangements.  This hedge relationship establishes a relatively stable fixed rate on related borrowings because the variable-rate payments received on the swap agreements offset a significant portion of the interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the swap agreements as the Company’s effective borrowing rate, subject to certain adjustments.  These adjustments include changes in spreads between variable rates on the swap agreements and actual borrowing rates as well as the effects of measured hedge ineffectiveness.  Additionally, changes in fair value of these Derivatives tend to partially offset opposing changes in fair value of the Company’s residential mortgage investments that can occur in response to changes in market interest rates.
	During the quarter and nine months ended September 30, 2013 Capstead entered into new forward-starting swap agreements with notional amounts of $700 million and $2.60 billion, respectively.  These swap agreements require fixed rate interest payments averaging 0.58% and 0.50%, respectively, for two-year periods that commence on various dates between December 2013 and April 2014.  Swap agreements with notional amounts totaling $300 million and $2.10 billion requiring fixed rate interest payments each averaging 0.87%, respectively, expired during the quarter and nine months ended September 30, 2013.  At September 30, 2013, the Company’s portfolio financing-related swap positions had the following characteristics (dollars in thousands):
	Period of		Notional				Average Fixed Rate
	Contract Expiration		Amount				Payment Requirement
	Currently-paying contracts:
	Fourth quarter 2013		$	800,000				0.78	%
	First quarter 2014			200,000				0.6
	Second quarter 2014			400,000				0.51
	Third quarter 2014			200,000				0.51
	Fourth quarter 2014			500,000				0.58
	First quarter 2015			1,100,000				0.5
	Second quarter 2015			200,000				0.43
	Third quarter 2015			400,000				0.47
	(average expiration:  11 months)			3,800,000				0.57
	Forward-starting contracts:
	Fourth quarter 2015			1,200,000				0.45
	First quarter 2016			1,700,000				0.51
	Second quarter 2016			400,000				0.45
	(average expiration:  27 months)			3,300,000				0.48
	(average expiration:  18 months)		$	7,100,000
	In addition to portfolio financing-related swap positions, in 2010 the Company entered into three forward-starting, three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements with notional amounts totaling $100 million, average fixed rates of 4.09% that begin in 2015 and 2016, and 20-year payment terms coinciding with the floating-rate terms of the Company’s Unsecured borrowings.  These Derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate associated with the floating-rate terms of these long-term borrowings (see NOTE 8).
	Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with “Fair Value Measurements and Disclosures” (“ASC 820”).  In determining fair value estimates for these Derivatives, the Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves.  The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining the fair value of these Derivatives.  In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation of these agreements.
	The following tables include fair value and other related disclosures regarding all Derivatives held as of and for the indicated periods (in thousands):
		Balance Sheet		September 30,				December 31,
		Location		2013				2012
	Balance sheet-related
	Interest rate swap agreements in a gain position (an asset) related to borrowings under repurchase arrangements	(a)		$	1,558			$	169
	Interest rate swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements	(a)			(10,858	)			(18,671	)
	Unsecured borrowings	(a)			(567	)			(14,197	)
	Related net interest payable	(b)			(6,356	)			(7,788	)
				$	(16,223	)		$	(40,487	)
		(a)	The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheet separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability.  The amount of unrealized losses at September 30, 2013 scheduled to be recognized in the Statement of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $13.4 million.
		(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheet.
		Location of		Quarter Ended								Nine Months Ended
		Gain or (Loss)		30-Sep								30-Sep-13
		Recognized in
		Net Income		2013				2012				2013				2012
	Income statement-related
	Components of effect on interest expense:
	Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions			$	(3,698	)		$	(4,835	)		$	(13,548	)		$	(14,630	)
	Amount of gain (loss) recognized (ineffective portion)				(23	)			211				73				(96	)
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives	(a)		$	(3,721	)		$	(4,624	)		$	(13,475	)		$	(14,726	)
	Other comprehensive income-related
	Amount of gain (loss) recognized in Other comprehensive income (loss) (effective portion)			$	(10,867	)		$	(8,454	)		$	9,136			$	(25,539	)
		(a)	Included in “Interest expense:  Repurchase arrangements and similar borrowings” on the face of the Statement of Income.
	The Company’s swap agreements and borrowings under repurchase arrangements are subject to master netting arrangements in the event of default on, or termination of, any one contract.  See NOTE 6 for more information on the Company’s use of repurchase arrangements.  The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands):
			Offsetting of Derivative Assets
							Gross				Net Amounts				Gross Amounts Not Offset
			Gross				Amounts				of Assets				in the Balance Sheet
			Amounts of				Offset in				Presented in								Cash
			Recognized				the Balance				the Balance				Financial				Collateral			Net
			Assets				Sheet				Sheet				Instruments				Received			Amount
	As of September 30, 2013:
	Counterparty 1		$	463			$	–			$	463			$	(463	)		$	–		$	–
	Counterparty 2			1,095				–				1,095				(1,095	)			–			–
			$	1,558			$	–			$	1,558			$	(1,558	)		$	–		$	–
	As of December 31, 2012:
	Counterparty 1		$	128			$	–			$	128			$	(128	)		$	–		$	–
	Counterparty 2			41				–				41				(41	)			–			–
			$	169			$	–			$	169			$	(169	)		$	–		$	–
			Offsetting of Financial Liabilities and Derivative Liabilities
						Gross				Net Amounts				Gross Amounts Not Offset
		Gross				Amounts				of Liabilities				in the Balance Sheet (b)
		Amounts of				Offset in				Presented in								Cash
		Recognized				the Balance				the Balance				Financial				Collateral			Net
		Liabilities(a)				Sheet				Sheet (a)				Instruments				Pledged			Amount
As of September 30, 2013:
Derivatives by counterparty:
Counterparty 1		$	8,930			$	–			$	8,930			$	(463	)		$	(8,467	)	$	–
Counterparty 2			7,547				–				7,547				(1,095	)			(6,452	)		–
Counterparty 3			1,304				–				1,304				–				(1,304	)		–
			17,781				–				17,781				(1,558	)			(16,223	)		–
Repurchase arrangements and similar borrowings			12,621,015				–				12,621,015				(12,621,015	)			–			–
		$	12,638,796			$	–			$	12,638,796			$	(12,622,573	)		$	(16,223	)	$	–
As of December 31, 2012:
Derivatives by counterparty:
Counterparty 1		$	26,904			$	–			$	26,904			$	(128	)		$	(26,776	)	$	–
Counterparty 2			12,357				–				12,357				(41	)			(11,500	)		816
Counterparty 3			1,395				–				1,395				–				(1,395	)		–
			40,656				–				40,656				(169	)			(39,671	)		816
Repurchase arrangements and similar borrowings			12,791,243				–				12,791,243				(12,791,243	)			–			–
		$	12,831,899			$	–			$	12,831,899			$	(12,791,412	)		$	(39,671	)	$	816
(a)	Amounts include accrued interest of $6.4 million and $7.8 million on interest rate swap agreements and $2.4 million and $7.0 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of September 30, 2013 and December 31, 2012, respectively.
(b)	Amounts presented are limited to collateral pledged sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
Changes in Accumulated other comprehensive income by component for the quarter and nine months ended September 30, 2013 were as follows (in thousands):
		Gains and Losses				Unrealized Gains				Total
		on Cash Flow				and Losses on
		Hedges				Available-for-Sale
						Securities
Balance at June 30, 2013		$	(2,686	)		$	249,951			$	247,265
Activity for the quarter ended September 30, 2013:
Other comprehensive income (loss) before reclassifications			(10,867	)			(27,539	)			(38,406	)
Amounts reclassified from accumulated other comprehensive income			3,698				–				3,698
Net other comprehensive income (loss)			(7,169	)			(27,539	)			(34,708	)
Balance at September 30, 2013		$	(9,855	)		$	222,412			$	212,557
Balance at December 31, 2012		$	(32,539	)		$	326,449			$	293,910
Activity for the nine months ended September 30, 2013:
Other comprehensive income (loss) before reclassifications			9,136				(104,037	)			(94,901	)
Amounts reclassified from accumulated other comprehensive income			13,548				–				13,548
Net other comprehensive income (loss)			22,684				(104,037	)			(81,353	)
Balance at September 30, 2013		$	(9,855	)		$	222,412			$	212,557

UNSECURED_BORROWINGS

UNSECURED BORROWINGS	9 Months Ended
	Sep. 30, 2013
UNSECURED BORROWINGS [Abstract]	'
UNSECURED BORROWINGS	'
	NOTE 8 ¾ UNSECURED BORROWINGS
	Unsecured borrowings consist of 30-year junior subordinated notes issued in 2006 and 2005 to three special-purpose statutory trusts.  These unconsolidated affiliates were formed to issue $3.1 million of the trusts’ common securities to Capstead and to privately place $100 million of so-called trust preferred securities with unrelated third party investors.  Included in Receivables and other assets are $2.2 million and $2.3 million in remaining issue costs associated with these transactions at September 30, 2013 and December 31, 2012, respectively.  Note balances and related weighted average interest rates as of September 30, 2013 and December 31, 2012 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes:
	Capstead Mortgage Trust I		$	36,083		8.31	%
	Capstead Mortgage Trust II			41,238		8.46
	Capstead Mortgage Trust III			25,774		8.78
			$	103,095		8.49
		*	The indicated weighted average rates have been in effect since issuance.  After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin in October and December 2015 for the Capstead Mortgage Trust I and II notes and September 2016 for the Capstead Mortgage Trust III notes, the effective borrowing rate during the final 20 years of these borrowings will average 7.56%, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.
	The Capstead Mortgage Trust I notes and trust securities mature in October 2035 and are currently redeemable, in whole or in part, without penalty, at the Company’s option.  The Capstead Mortgage Trust II notes and trust securities mature in December 2035 and are redeemable, in whole or in part, without penalty, at the Company’s option anytime on or after December 15, 2015.  The Capstead Mortgage Trust III notes and trust securities mature in September 2036 and are redeemable, in whole or in part, without penalty, at the Company’s option anytime on or after September 15, 2016.

ISSUANCE_OF_7_12_SERIES_E_PERP

ISSUANCE OF 7 1/2% SERIES E PERPETUAL PREFERRED SHARES AND REDEMPTION OF SERIES A AND B PERPETUAL PREFERRED SHARES	9 Months Ended
	Sep. 30, 2013
ISSUANCE OF 7.50% SERIES E PERPETUAL PREFERRED SHARES AND REDEMPTION OF SERIES A AND B PERPETUAL PREFERRED SHARES [Abstract]	'
ISSUANCE OF 7.50% SERIES E PERPETUAL PREFERRED SHARES AND REDEMPTION OF SERIES A AND B PERPETUAL PREFERRED SHARES	'
	NOTE 9 ¾ ISSUANCE OF 7.50% SERIES E PERPETUAL PREFERRED SHARES AND REDEMPTION OF SERIES A AND B PERPETUAL PREFERRED SHARES
	On May 16, 2013 Capstead completed a public offering of 6.8 million shares ($170.0 million face amount) of its 7.50% Series E Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share.  The Series E shares are redeemable at the Company’s option for $25.00 per share, plus any accumulated and unpaid dividends, on or after May 13, 2018.  Proceeds of the offering after underwriting fees and other costs totaled $164.3 million and together with $42.7 million of cash on hand were used to fund the June 13, 2013 redemption of 77,199 and 16,461,340 shares of the Company’s Series A and B perpetual preferred shares, respectively.  Stockholders holding the remaining 109,050 Series A and 31,769 Series B shares that were outstanding prior to announcing the redemptions, exercised their conversion rights resulting in the issuance of 180,799 and 20,345 common shares, respectively.  The Series A and B preferred shares that were redeemed had redemption preferences aggregating $207.0 million, a total of $19.9 million in excess of these shares’ recorded amounts on the Company’s balance sheet.  This redemption preference premium is reflected as a $0.21 per common share reduction in net income available to common stockholders on the face of the Company’s Statement of Income for the nine months ended September 30, 2013.

DISCLOSURES_REGARDING_FAIR_VAL

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2013
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]	'
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	'
	NOTE 10 ¾ DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS
	This note provides fair value disclosures as of the indicated balance sheet dates, all of which are determined using Level 2 Inputs in accordance with ASC 820, for Capstead’s financial assets and liabilities, most of which are influenced by changes in, and market expectations for changes in, interest rates and market liquidity conditions, as well as other factors beyond the control of management.
	Residential mortgage investments, nearly all of which are mortgage securities classified as available-for-sale, are measured at fair value on a recurring basis.  In determining fair value estimates for mortgage securities the Company considers recent trading activity for similar investments and pricing levels indicated by lenders in connection with designating collateral for repurchase arrangements, provided such pricing levels are considered indicative of actual market clearing transactions.  In determining fair value estimates for longer-term borrowings under repurchase arrangements, if any, the Company considers pricing levels indicated by lenders for entering into new transactions using similar pledged collateral with terms equal to the remaining terms of the longer-term borrowings.  In determining fair value estimates for unsecured borrowings, the Company considers current pricing for financial instruments with similar characteristics.  Excluded from these disclosures are financial instruments for which the Company’s cost basis is deemed to approximate fair value due primarily to the short duration of these instruments, which are valued using primarily Level 1 measurements, including Cash and cash equivalents, cash collateral receivable from, or payable to, interest rate swap counterparties, receivables, payables and borrowings under repurchase arrangements with initial terms of 120 days or less.  See NOTE 7 for information relative to the valuation of interest rate swap agreements.
	Fair value disclosures for financial instruments other than debt securities were as follows (in thousands):
		30-Sep-13				31-Dec-12
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	7,242	$	7,300	$	8,063	$	8,200
	Interest rate swap agreements		1,558		1,558		169		169
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		36,299		36,300		41,520		41,500
	Unsecured borrowings		103,095		104,100		103,095		104,600
	Interest rate swap agreements		11,425		11,425		32,868		32,868
	Fair value and related disclosures for debt securities were as follows (in thousands):
		Amortized		Gross Unrealized
		Cost Basis		Gains		Losses		Fair Value
	As of September 30, 2013
	Agency Securities classified as available-for-sale	$	13,504,096	$	244,090	$	21,678	$	13,726,508
	Residential mortgage securities classified as held-to-maturity		4,561		224		–		4,785
	As of December 31, 2012
	Agency Securities classified as available-for-sale		13,519,657		328,412		1,963		13,846,106
	Residential mortgage securities classified as held-to-maturity		5,989		309		–		6,298
		30-Sep-13				31-Dec-12
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	24,903	$	207	$	29,760	$	120
	Less than one year		3,198,273		21,471		751,645		1,843
		$	3,223,176	$	21,678	$	781,405	$	1,963
	Capstead’s investment strategy involves managing a leveraged portfolio of primarily ARM Agency Securities and management expects these securities will be held until payoff absent a major shift in strategy.  Declines in fair value caused by increases in interest rates are typically modest for investments in relatively short duration ARM Agency Securities compared to investments in longer-duration, fixed-rate assets.  These declines are generally recoverable in a relatively short period of time as coupon interest rates on the underlying mortgage loans reset to rates more reflective of the then current interest rate environment.
	From a credit risk perspective, federal government support for the GSEs helps ensure that fluctuations in value due to credit risk associated with these securities will be limited.  Given that (a) any existing unrealized losses on mortgage securities held by the Company are not attributable to credit risk, (b) the Company typically holds its investments to maturity, and (c) it is more likely than not that the Company will not be required to sell any of its investments, none of these investments are considered other-than-temporarily impaired at September 30, 2013.

COMPENSATION_PROGRAMS

COMPENSATION PROGRAMS	9 Months Ended
	Sep. 30, 2013
COMPENSATION PROGRAMS [Abstract]	'
COMPENSATION PROGRAMS	'
	NOTE 11 ¾ COMPENSATION PROGRAMS
	The compensation committee of Capstead’s board of directors (the “Committee”) administers all compensation programs for employees including salaries and related programs, short-term incentive compensation and long-term incentive compensation, including equity-based awards, as well as other benefit programs.
	Performance-based Cash Compensation Program
	In 2008, the Committee installed a performance-based cash compensation program for executive officers that provides for payments equal to the per share dividend declared on the Company’s common stock multiplied by a notional amount of non-vesting or “phantom” common shares (“Dividend Equivalent Rights”).  Dividend Equivalent Rights are not attached to any stock or option awards and only have the right to receive the same cash distributions per share that the Company’s common stockholders are entitled to receive during the term of the grants, subject to certain conditions, including continuous service.
	Dividend Equivalent Rights issued and outstanding at September 30, 2013 and related compensation costs for the indicated periods were as follows:
	Month of		Total			Quarter Ended			Nine Months Ended
	Grant*		Grant			30-Sep-13			30-Sep-13
	Jul-08			225,000		$	70,000		$	209,000
	Jul-09			225,000			70,000			209,000
	Jul-10			60,000			19,000			56,000
	Aug-11			72,000			22,000			67,000
	Jul-12			72,000			22,000			67,000
				654,000		$	203,000		$	608,000
	*  All grants expire July 1, 2015 unless extended by the Committee.
	Short-Term Incentive Compensation
	To provide employees with an appropriate performance-based annual incentive compensation opportunity, each year the Committee approves an incentive formula for the award of annual incentive compensation that is directly linked with the performance of the Company.  The formula used in recent years accomplished this by establishing an incentive pool equal to a percentage participation in the Company’s earnings in excess of a pre-established performance threshold or benchmark, subject to a maximum amount, or cap, available to be paid in any one year.  Notwithstanding the calculated amount of the incentive pool, the Committee determined (i) the amount actually awarded, (ii) its allocation between executive officers and other employees, and (iii) the form of payment (e.g., cash or equity awards).  The Committee recently adopted a new short-term incentive program effective July 1, 2013 that determines levels of incentive compensation based on a number of relative performance metrics measured against the Company’s peers in the mortgage REIT industry.  Included in third quarter results is the estimated year-to-date effect of this program change.  Short-term incentive compensation accruals totaling $1.6 million and $3.6 million at September 30, 2013 and 2012, respectively are included in Accounts payable and accrued expenses.
	Long-term Equity-based Awards
	The Company sponsors equity-based award plans to provide for the issuance of stock awards, option awards and other long-term equity-based awards to directors and employees (collectively, the “Plans”).  At September 30, 2013, the Plans had 519,987 common shares remaining available for future issuance.
	In 2008 the Company implemented a performance-based stock award program in lieu of its previous practice of issuing service-based awards to employees.  As this program is currently configured, the first 50% of awards granted in December of each year vest provided certain performance criteria pertaining to a three-year measurement period that starts at the beginning of the following calendar year are met.  The remaining 50% vests provided performance criteria pertaining to a three-year measurement period beginning one year later are met.  If the performance criteria are not met at the end of a three-year measurement period, vesting will be deferred and a new three-year measurement period will be established to include the subsequent year, up to and including the seventh calendar year after the year of grant.  Any remaining unvested awards will expire if the performance criteria for the final three-year measurement period are not met.  The performance criteria establishes an annualized threshold return on the Company’s long-term investment capital, subject to certain adjustments, that must be exceeded for the awards to vest, equal to the greater of 8.0% or the average 10-year U.S. Treasury rate plus 200 basis points.
	The following table includes performance-based stock awards issued to employees with related measurement period information at September 30, 2013:
									Final		Remaining Shares with
			Grant Date			Total			Measurement		Initial Measurement Periods
	Year of		Fair Value			Original			Period Ends		Ending December 31
	Grant		Per Share			Grants			31-Dec		2013		2014		2015		2016
	2008		$	10.18			140,658	(a)		n/a		–		–		–		–
	2009			14.33			110,917	(b)		2016		52,915		–		–		–
	2010			12.44			128,766			2017		61,508		61,499		–		–
	2011			12.72			132,490			2018		–		63,722		63,718		–
	2012			11.67			145,399			2019		–		–		69,853		69,849
		(a)	The performance criteria for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,599 shares associated with the first 50% of this grant in February 2012 and 67,595 shares associated with the second 50% of this grant in January 2013.
		(b)	The performance criteria for the first three-year measurement period ending December 31, 2012 was met resulting in the January 2013 vesting of 53,431 shares associated with the first 50% of this grant.
	The following table includes service-based stock awards issued to directors and employees with related vesting and forfeiture information (subject to certain restrictions, principally continuous service), at September 30, 2013:
			Grant Date			Total							Remaining Shares
	Year of		Fair Value			Original			As of September 30, 2013				Scheduled to Vest During:
	Grant		Per Share			Grants			Vested		Forfeited		2013*		2014
	2007		$	12.93			156,000			121,004		12,832		22,497		22,164
	2008			12.87			6,000			6,000		–		–		–
	2009			11.39			6,000			6,000		–		–		–
	2010			11.64			12,000			12,000		–		–		–
	2011			13.23			24,000			24,000		–		–		–
	2012			13.59			29,000			29,000		–		29,000		–
	2013			13.02			28,000			–		–		–		28,000
		*	The 2007 grant shares vested in January 2013 and the 2012 grant shares vested in April 2013.
	Performance-based and service-based stock award activity for the nine months ended September 30, 2013 is summarized below:
						Weighted Average
			Number of			Grant Date
			Shares			Fair Value
	Unvested stock awards outstanding at December 31, 2012			657,720		$	12.48
	Grants			28,000			13.02
	Vestings			(172,523	)		12.41
	Forfeitures			(19,969	)		12.65
	Unvested stock awards outstanding at September 30, 2013			493,228			12.53
	During the quarter and nine months ended September 30, 2013, the Company recognized in Salaries and benefits $470,000 and $1,345,000, respectively, related to amortization of the grant date fair value of employee performance-based and service-based stock awards.  The amounts amortized for these periods assumed that performance criteria, if applicable, would continue to be met for related initial measurement periods.  In addition, the Company recognized in Other general and administrative expense $92,000 and $295,000 related to amortization of the grant date fair value of service-based director stock awards during the quarter and nine months ended September 30, 2013, respectively.  The 2009 performance-based stock awards and all service-based stock awards receive dividends on a current basis without risk of forfeiture if the related awards do not vest.  Performance-based awards granted subsequent to 2009 defer the payment of dividends accruing during the vesting period until vesting and if the related awards do not vest these accrued dividends will be forfeited.  At September 30, 2013 dividends payable pertaining to these awards totaled $1.1 million and are included in Common stock dividend payable.  Unrecognized compensation expense for unvested stock awards totaled $3.1 million as of September 30, 2013, to be expensed over a weighted average period of 1.2 years (assumes minimal employee attrition and applicable performance criteria are met for related initial measurement periods).
	Option awards currently outstanding have contractual terms and vesting requirements at the grant date of ten years and were issued with strike prices equal to the quoted market prices of the Company’s common shares on the date of grant.  The fair value of option awards was estimated on the date of grant using a Black-Scholes option pricing model.  The Company estimated option exercises, expected holding periods and forfeitures based on past experience and expectations for option performance and employee or director attrition.  Risk-free rates were based on market rates for the expected life of the options.  Expected dividends were based on historical experience and expectations for future performance.  Expected volatility factors were based on historical experience.  No option awards have been granted since 2010.  Option award activity for the nine months ended September 30, 2013 is summarized below:
			Number of			Weighted Average
			Shares			Exercise Price
	Option awards outstanding at December 31, 2012			97,500		$	11.63
	Exercises			(5,000	)		9.56
	Option awards outstanding at September 30, 2013			92,500			11.74
	Exercisable option awards outstanding as of September 30, 2013 totaled 92,500 shares with a weighted average remaining contractual term of 4.0 years, an average exercise price of $11.74 and an aggregate intrinsic value of $56,000.  The total intrinsic value of option awards exercised during the nine months ended September 30, 2013 was $17,000.
	Other Benefit Programs
	Capstead sponsors a qualified defined contribution retirement plan for all employees and a nonqualified deferred compensation plan for certain of its officers.  In general the Company matches up to 50% of a participant’s voluntary contribution up to a maximum of 6% of a participant’s compensation and makes discretionary contributions of up to another 3% of compensation regardless of participation in the plans.  Company contributions are subject to certain vesting requirements.  During the quarter and nine months ended September 30, 2013, the Company recognized in Salaries and benefits $119,000 and $207,000 related to contributions to these plans, respectively.

NET_INCOME_PER_COMMON_SHARE_Ta

NET INCOME PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2013
NET INCOME PER COMMON SHARE [Abstract]	'
Components of Computation of Basic and Diluted Net Income Per Common Share	'
	Components of the computation of basic and diluted net income per common share were as follows (dollars in thousands, except per share amounts):
			Quarter Ended						Nine Months Ended
			30-Sep						30-Sep
			2013			2012			2013			2012
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income		$	24,702		$	40,037		$	89,514		$	128,542
	Redemption premiums paid on Series A and
	Series B preferred shares*			–			–			(19,924	)		–
	Preferred share dividends			(3,188	)		(5,270	)		(14,325	)		(15,751	)
	Unvested stock award participation in earnings			(32	)		(91	)		(96	)		(296	)
			$	21,482		$	34,676		$	55,169		$	112,495
	Denominator for basic net income per common share:
	Weighted average common shares outstanding			95,761			98,581			95,647			94,324
	Average unvested stock awards outstanding			(493	)		(510	)		(508	)		(516	)
				95,268			98,071			95,139			93,808
			$	0.23		$	0.35		$	0.58		$	1.2
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Net income available to common stockholders		$	21,482		$	34,676		$	55,169		$	112,495
	Dividends on dilutive convertible preferred shares			–			75			44			223
			$	21,482		$	34,751		$	55,213		$	112,718
	Denominator for diluted net income per common share:
	Basic weighted average common shares outstanding			95,268			98,071			95,139			93,808
	Net effect of dilutive stock and option awards			148			132			133			119
	Net effect of dilutive convertible preferred shares			–			309			101			309
				95,416			98,512			95,373			94,236
			$	0.23		$	0.35		$	0.58		$	1.2
		*	The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).
Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share	'
	Potentially dilutive securities excluded from the computation of net income per common share because the effect of inclusion was antidilutive were as follows (in thousands):
			Quarter Ended						Nine Months Ended
			30-Sep						30-Sep
			2013			2012			2013			2012
	Antidilutive convertible preferred shares*			–			16,493			16,539			16,493
	Antidilutive equity awards excludable under the treasury stock method:
	Shares issuable under option awards			35			10			35			10
	Unvested stock awards			–			2			–			2
		*	The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).

RESIDENTIAL_MORTGAGE_INVESTMEN1

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]	'
Schedule of Residential Mortgage Investments	'
	Residential mortgage investments classified by collateral type and interest rate characteristics were as follows (dollars in thousands):
			Unpaid		Investment		Amortized		Carrying		Net			Average
			Principal		Premiums		Cost Basis		Amount(a)		WAC(b)			Yield(b)
			Balance
	30-Sep-13
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,307	$	6	$	2,313	$	2,316		6.68	%		6.41	%
	ARMs			11,020,341		354,718		11,375,059		11,586,806		2.61			1.38
	Ginnie Mae ARMs			2,058,086		70,904		2,128,990		2,139,652		2.64			1.19
				13,080,734		425,628		13,506,362		13,728,774		2.62			1.36
	Residential mortgage loans:
	Fixed-rate			2,693		3		2,696		2,696		7			5.67
	ARMs			4,528		18		4,546		4,546		3.85			3.46
				7,221		21		7,242		7,242		5.02			4.28
	Collateral for structured financings			2,258		37		2,295		2,295		8.08			7.57
			$	13,090,213	$	425,686	$	13,515,899	$	13,738,311		2.62			1.36
	31-Dec-12
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	3,194	$	9	$	3,203	$	3,208		6.7			6.47
	ARMs			11,547,954		356,646		11,904,600		12,198,922		2.69			1.72
	Ginnie Mae ARMs			1,566,749		48,248		1,614,997		1,647,119		2.77			1.95
				13,117,897		404,903		13,522,800		13,849,249		2.7			1.75
	Residential mortgage loans:
	Fixed-rate			3,007		5		3,012		3,012		7.01			6.15
	ARMs			5,031		20		5,051		5,051		3.87			3.85
				8,038		25		8,063		8,063		5.04			4.71
	Collateral for structured financings			2,799		47		2,846		2,846		8.12			7.57
			$	13,128,734	$	404,975	$	13,533,709	$	13,860,158		2.71			1.76
	(a)	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 10).
	(b)	Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date.  Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments.  Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums.  Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

REPURCHASE_ARRANGEMENTS_AND_SI1

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2013
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS [Abstract]	'
Schedule of Repurchase Arrangements and Similar Borrowings	'
	Repurchase arrangements and similar borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated date were as follows (dollars in thousands):
	Collateral Type		Collateral		Accrued			Borrowings		Average
			Carrying		Interest			Outstanding		Borrowing
			Amount		Receivable					Rates
	As of September 30, 2013:
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	13,246,162	$	28,737		$	12,579,977		0.35	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (greater than 90 days)			41,598		48			36,299		0.45
	Similar borrowings:
	Collateral for structured financings*			2,295		–			2,295		8.08
			$	13,290,055	$	28,785		$	12,618,571		0.36
	Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 7)										0.47
	As of December 31, 2012:
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	13,406,253	$	32,807		$	12,739,872		0.47	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			44,060		51			41,520		0.57
	Similar borrowings:
	Collateral for structured financings*			2,846		–			2,846		8.12
			$	13,453,159	$	32,858		$	12,784,238		0.47
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.65
		*	The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral and these financings are subject to redemption by the residual bondholders.
Schedule of Average Borrowings Outstanding	'
	Average borrowings outstanding during the indicated quarters varied from borrowings outstanding at the indicated balance sheet dates due to differences in the timing and amount of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):
			Quarter Ended
			30-Sep-13					31-Dec-12
			Average		Average			Average		Average
			Borrowings		Rate			Borrowings		Rate
	Average borrowings and rates for the indicated quarters, adjusted for the effects of related Derivatives held as cash flow hedges		$	12,862,572		0.49	%	$	13,228,535		0.63	%

USE_OF_DERIVATIVE_FINANCIAL_IN1

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	9 Months Ended
	Sep. 30, 2013
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]	'
Schedule of Swap Agreements Expiration Period and Characteristics	'
	At September 30, 2013, the Company’s portfolio financing-related swap positions had the following characteristics (dollars in thousands):
	Period of		Notional				Average Fixed Rate
	Contract Expiration		Amount				Payment Requirement
	Currently-paying contracts:
	Fourth quarter 2013		$	800,000				0.78	%
	First quarter 2014			200,000				0.6
	Second quarter 2014			400,000				0.51
	Third quarter 2014			200,000				0.51
	Fourth quarter 2014			500,000				0.58
	First quarter 2015			1,100,000				0.5
	Second quarter 2015			200,000				0.43
	Third quarter 2015			400,000				0.47
	(average expiration:  11 months)			3,800,000				0.57
	Forward-starting contracts:
	Fourth quarter 2015			1,200,000				0.45
	First quarter 2016			1,700,000				0.51
	Second quarter 2016			400,000				0.45
	(average expiration:  27 months)			3,300,000				0.48
	(average expiration:  18 months)		$	7,100,000
Impact of Derivative Instruments on Statements of Financial Performance and Financial Position	'
	The following tables include fair value and other related disclosures regarding all Derivatives held as of and for the indicated periods (in thousands):
		Balance Sheet		September 30,				December 31,
		Location		2013				2012
	Balance sheet-related
	Interest rate swap agreements in a gain position (an asset) related to borrowings under repurchase arrangements	(a)		$	1,558			$	169
	Interest rate swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements	(a)			(10,858	)			(18,671	)
	Unsecured borrowings	(a)			(567	)			(14,197	)
	Related net interest payable	(b)			(6,356	)			(7,788	)
				$	(16,223	)		$	(40,487	)
		(a)	The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheet separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability.  The amount of unrealized losses at September 30, 2013 scheduled to be recognized in the Statement of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $13.4 million.
		(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheet.
		Location of		Quarter Ended								Nine Months Ended
		Gain or (Loss)		30-Sep								30-Sep-13
		Recognized in
		Net Income		2013				2012				2013				2012
	Income statement-related
	Components of effect on interest expense:
	Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions			$	(3,698	)		$	(4,835	)		$	(13,548	)		$	(14,630	)
	Amount of gain (loss) recognized (ineffective portion)				(23	)			211				73				(96	)
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives	(a)		$	(3,721	)		$	(4,624	)		$	(13,475	)		$	(14,726	)
	Other comprehensive income-related
	Amount of gain (loss) recognized in Other comprehensive income (loss) (effective portion)			$	(10,867	)		$	(8,454	)		$	9,136			$	(25,539	)
		(a)	Included in “Interest expense:  Repurchase arrangements and similar borrowings” on the face of the Statement of Income.
Schedule Of Offsetting Disclosures For All Derivatives Held And Repurchase Arrangements And Similar Borrowings Outstanding Table [Text Block]	'
	The Company’s swap agreements and borrowings under repurchase arrangements are subject to master netting arrangements in the event of default on, or termination of, any one contract.  See NOTE 6 for more information on the Company’s use of repurchase arrangements.  The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands):
			Offsetting of Derivative Assets
							Gross				Net Amounts				Gross Amounts Not Offset
			Gross				Amounts				of Assets				in the Balance Sheet
			Amounts of				Offset in				Presented in								Cash
			Recognized				the Balance				the Balance				Financial				Collateral			Net
			Assets				Sheet				Sheet				Instruments				Received			Amount
	As of September 30, 2013:
	Counterparty 1		$	463			$	–			$	463			$	(463	)		$	–		$	–
	Counterparty 2			1,095				–				1,095				(1,095	)			–			–
			$	1,558			$	–			$	1,558			$	(1,558	)		$	–		$	–
	As of December 31, 2012:
	Counterparty 1		$	128			$	–			$	128			$	(128	)		$	–		$	–
	Counterparty 2			41				–				41				(41	)			–			–
			$	169			$	–			$	169			$	(169	)		$	–		$	–
			Offsetting of Financial Liabilities and Derivative Liabilities
							Gross				Net Amounts				Gross Amounts Not Offset
			Gross				Amounts				of Liabilities				in the Balance Sheet (b)
			Amounts of				Offset in				Presented in								Cash
			Recognized				the Balance				the Balance				Financial				Collateral			Net
			Liabilities(a)				Sheet				Sheet (a)				Instruments				Pledged			Amount
	As of September 30, 2013:
	Derivatives by counterparty:
	Counterparty 1		$	8,930			$	–			$	8,930			$	(463	)		$	(8,467	)	$	–
	Counterparty 2			7,547				–				7,547				(1,095	)			(6,452	)		–
	Counterparty 3			1,304				–				1,304				–				(1,304	)		–
				17,781				–				17,781				(1,558	)			(16,223	)		–
	Repurchase arrangements and similar borrowings			12,621,015				–				12,621,015				(12,621,015	)			–			–
			$	12,638,796			$	–			$	12,638,796			$	(12,622,573	)		$	(16,223	)	$	–
	As of December 31, 2012:
	Derivatives by counterparty:
	Counterparty 1		$	26,904			$	–			$	26,904			$	(128	)		$	(26,776	)	$	–
	Counterparty 2			12,357				–				12,357				(41	)			(11,500	)		816
	Counterparty 3			1,395				–				1,395				–				(1,395	)		–
				40,656				–				40,656				(169	)			(39,671	)		816
	Repurchase arrangements and similar borrowings			12,791,243				–				12,791,243				(12,791,243	)			–			–
			$	12,831,899			$	–			$	12,831,899			$	(12,791,412	)		$	(39,671	)	$	816
	(a)	Amounts include accrued interest of $6.4 million and $7.8 million on interest rate swap agreements and $2.4 million and $7.0 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of September 30, 2013 and December 31, 2012, respectively.
	(b)	Amounts presented are limited to collateral pledged sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
Changes in Accumulated Other Comprehensive Income	'
	Changes in Accumulated other comprehensive income by component for the quarter and nine months ended September 30, 2013 were as follows (in thousands):
			Gains and Losses				Unrealized Gains				Total
			on Cash Flow				and Losses on
			Hedges				Available-for-Sale
							Securities
	Balance at June 30, 2013		$	(2,686	)		$	249,951			$	247,265
	Activity for the quarter ended September 30, 2013:
	Other comprehensive income (loss) before reclassifications			(10,867	)			(27,539	)			(38,406	)
	Amounts reclassified from accumulated other comprehensive income			3,698				–				3,698
	Net other comprehensive income (loss)			(7,169	)			(27,539	)			(34,708	)
	Balance at September 30, 2013		$	(9,855	)		$	222,412			$	212,557
	Balance at December 31, 2012		$	(32,539	)		$	326,449			$	293,910
	Activity for the nine months ended September 30, 2013:
	Other comprehensive income (loss) before reclassifications			9,136				(104,037	)			(94,901	)
	Amounts reclassified from accumulated other comprehensive income			13,548				–				13,548
	Net other comprehensive income (loss)			22,684				(104,037	)			(81,353	)
	Balance at September 30, 2013		$	(9,855	)		$	222,412			$	212,557

UNSECURED_BORROWINGS_Tables

UNSECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2013
UNSECURED BORROWINGS [Abstract]	'
Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates	'
	Note balances and related weighted average interest rates as of September 30, 2013 and December 31, 2012 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes:
	Capstead Mortgage Trust I		$	36,083		8.31	%
	Capstead Mortgage Trust II			41,238		8.46
	Capstead Mortgage Trust III			25,774		8.78
			$	103,095		8.49
		*	The indicated weighted average rates have been in effect since issuance.  After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin in October and December 2015 for the Capstead Mortgage Trust I and II notes and September 2016 for the Capstead Mortgage Trust III notes, the effective borrowing rate during the final 20 years of these borrowings will average 7.56%, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

DISCLOSURES_REGARDING_FAIR_VAL1

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]	'
Financial Instruments Other than Debt Securities	'
	Fair value disclosures for financial instruments other than debt securities were as follows (in thousands):
		30-Sep-13				31-Dec-12
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	7,242	$	7,300	$	8,063	$	8,200
	Interest rate swap agreements		1,558		1,558		169		169
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		36,299		36,300		41,520		41,500
	Unsecured borrowings		103,095		104,100		103,095		104,600
	Interest rate swap agreements		11,425		11,425		32,868		32,868
Fair Value and Related Disclosures for Debt Securities	'
	Fair value and related disclosures for debt securities were as follows (in thousands):
		Amortized		Gross Unrealized
		Cost Basis		Gains		Losses		Fair Value
	As of September 30, 2013
	Agency Securities classified as available-for-sale	$	13,504,096	$	244,090	$	21,678	$	13,726,508
	Residential mortgage securities classified as held-to-maturity		4,561		224		–		4,785
	As of December 31, 2012
	Agency Securities classified as available-for-sale		13,519,657		328,412		1,963		13,846,106
	Residential mortgage securities classified as held-to-maturity		5,989		309		–		6,298
Securities in Unrealized Loss Position	'
		30-Sep-13				31-Dec-12
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	24,903	$	207	$	29,760	$	120
	Less than one year		3,198,273		21,471		751,645		1,843
		$	3,223,176	$	21,678	$	781,405	$	1,963

COMPENSATION_PROGRAMS_Tables

COMPENSATION PROGRAMS (Tables)	9 Months Ended
	Sep. 30, 2013
COMPENSATION PROGRAMS [Abstract]	'
Schedule of Dividend Equivalent Rights	'
	Dividend Equivalent Rights issued and outstanding at September 30, 2013 and related compensation costs for the indicated periods were as follows:
	Month of		Total			Quarter Ended			Nine Months Ended
	Grant*		Grant			30-Sep-13			30-Sep-13
	Jul-08			225,000		$	70,000		$	209,000
	Jul-09			225,000			70,000			209,000
	Jul-10			60,000			19,000			56,000
	Aug-11			72,000			22,000			67,000
	Jul-12			72,000			22,000			67,000
				654,000		$	203,000		$	608,000
	*  All grants expire July 1, 2015 unless extended by the Committee.
Schedule of Performance-Based Stock Awards	'
	The following table includes performance-based stock awards issued to employees with related measurement period information at September 30, 2013:
									Final		Remaining Shares with
			Grant Date			Total			Measurement		Initial Measurement Periods
	Year of		Fair Value			Original			Period Ends		Ending December 31
	Grant		Per Share			Grants			31-Dec		2013		2014		2015		2016
	2008		$	10.18			140,658	(a)		n/a		–		–		–		–
	2009			14.33			110,917	(b)		2016		52,915		–		–		–
	2010			12.44			128,766			2017		61,508		61,499		–		–
	2011			12.72			132,490			2018		–		63,722		63,718		–
	2012			11.67			145,399			2019		–		–		69,853		69,849
		(a)	The performance criteria for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,599 shares associated with the first 50% of this grant in February 2012 and 67,595 shares associated with the second 50% of this grant in January 2013.
		(b)	The performance criteria for the first three-year measurement period ending December 31, 2012 was met resulting in the January 2013 vesting of 53,431 shares associated with the first 50% of this grant.
Schedule of Service-Based Stock Awards	'
	The following table includes service-based stock awards issued to directors and employees with related vesting and forfeiture information (subject to certain restrictions, principally continuous service), at September 30, 2013:
			Grant Date			Total							Remaining Shares
	Year of		Fair Value			Original			As of September 30, 2013				Scheduled to Vest During:
	Grant		Per Share			Grants			Vested		Forfeited		2013*		2014
	2007		$	12.93			156,000			121,004		12,832		22,497		22,164
	2008			12.87			6,000			6,000		–		–		–
	2009			11.39			6,000			6,000		–		–		–
	2010			11.64			12,000			12,000		–		–		–
	2011			13.23			24,000			24,000		–		–		–
	2012			13.59			29,000			29,000		–		29,000		–
	2013			13.02			28,000			–		–		–		28,000
		*	The 2007 grant shares vested in January 2013 and the 2012 grant shares vested in April 2013.
Schedule of Performance and Service-Based Stock Award Activity	'
	Performance-based and service-based stock award activity for the nine months ended September 30, 2013 is summarized below:
						Weighted Average
			Number of			Grant Date
			Shares			Fair Value
	Unvested stock awards outstanding at December 31, 2012			657,720		$	12.48
	Grants			28,000			13.02
	Vestings			(172,523	)		12.41
	Forfeitures			(19,969	)		12.65
	Unvested stock awards outstanding at September 30, 2013			493,228			12.53
Schedule of Option Award Activity	'
	Option award activity for the nine months ended September 30, 2013 is summarized below:
			Number of			Weighted Average
			Shares			Exercise Price
	Option awards outstanding at December 31, 2012			97,500		$	11.63
	Exercises			(5,000	)		9.56
	Option awards outstanding at September 30, 2013			92,500			11.74

NET_INCOME_PER_COMMON_SHARE_Ba

NET INCOME PER COMMON SHARE - Basic and Diluted Net Income Per Common Share (Detail) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Numerator for basic net income per common share: [Abstract]	'		'		'		'
Net income	$24,702		$40,037		$89,514		$128,542
Redemption premiums paid on Series A and Series B preferred shares*	0	[1]	0	[1]	-19,924	[1]	0	[1]
Preferred share dividends	-3,188		-5,270		-14,325		-15,751
Unvested stock award participation in earnings	-32		-91		-96		-296
Numerator for basic net income per common share	21,482		34,676		55,169		112,495
Denominator for basic net income per common share: [Abstract]	'		'		'		'
Weighted average common shares outstanding (in shares)	95,761		98,581		95,647		94,324
Average unvested stock awards outstanding (in shares)	-493		-510		-508		-516
Denominator for basic net income per common share (in shares)	95,268		98,071		95,139		93,808
Basic net income per common share (in dollars per share)	$0.23		$0.35		$0.58		$1.20
Numerator for diluted net income per common share: [Abstract]	'		'		'		'
Net income available to common stockholders	21,482		34,676		55,169		112,495
Dividends on dilutive convertible preferred shares	0		75		44		223
Numerator for diluted net income per common share	$21,482		$34,751		$55,213		$112,718
Denominator for diluted net income per common share: [Abstract]	'		'		'		'
Basic weighted average common shares outstanding (in shares)	95,268		98,071		95,139		93,808
Net effect of dilutive stock and option awards (in shares)	148		132		133		119
Net effect of dilutive convertible preferred shares (in shares)	0		309		101		309
Denominator for diluted net income per common share (in shares)	95,416		98,512		95,373		94,236
Diluted net income per common share (in dollars per share)	$0.23		$0.35		$0.58		$1.20
[1]	The Series A and Series B preferred shares were redeemed on June 13, 2013 b See NOTE 9.

NET_INCOME_PER_COMMON_SHARE_Po

NET INCOME PER COMMON SHARE - Potentially Dilutive Securities (Detail)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
NET INCOME PER COMMON SHARE [Abstract]	'		'		'		'
Antidilutive convertible preferred shares (in shares)	0	[1]	16,493	[1]	16,539	[1]	16,493	[1]
Shares issuable under option awards (in shares)	35		10		35		10
Unvested stock awards (in shares)	0		2		0		2
[1]	The Series A and Series B preferred shares were redeemed on June 13, 2013 b See NOTE 9.

RESIDENTIAL_MORTGAGE_INVESTMEN2

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	$13,090,213		$13,128,734
Investment Premiums	425,686		404,975
Amortized Cost Basis	13,515,899		13,533,709
Carrying Amount	13,738,311	[1]	13,860,158	[1]
Net WAC (in hundredths)	2.62%	[2]	2.71%	[2]
Average Yield (in hundredths)	1.36%	[2]	1.76%	[2]
Agency Securities [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	13,080,734		13,117,897
Investment Premiums	425,628		404,903
Amortized Cost Basis	13,506,362		13,522,800
Carrying Amount	13,728,774	[1]	13,849,249	[1]
Net WAC (in hundredths)	2.62%	[2]	2.70%	[2]
Average Yield (in hundredths)	1.36%	[2]	1.75%	[2]
Agency Securities [Member] | Fixed-Rate [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,307		3,194
Investment Premiums	6		9
Amortized Cost Basis	2,313		3,203
Carrying Amount	2,316	[1]	3,208	[1]
Net WAC (in hundredths)	6.68%	[2]	6.70%	[2]
Average Yield (in hundredths)	6.41%	[2]	6.47%	[2]
Agency Securities [Member] | ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	11,020,341		11,547,954
Investment Premiums	354,718		356,646
Amortized Cost Basis	11,375,059		11,904,600
Carrying Amount	11,586,806	[1]	12,198,922	[1]
Net WAC (in hundredths)	2.61%	[2]	2.69%	[2]
Average Yield (in hundredths)	1.38%	[2]	1.72%	[2]
Agency Securities [Member] | Ginnie Mae ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,058,086		1,566,749
Investment Premiums	70,904		48,248
Amortized Cost Basis	2,128,990		1,614,997
Carrying Amount	2,139,652	[1]	1,647,119	[1]
Net WAC (in hundredths)	2.64%	[2]	2.77%	[2]
Average Yield (in hundredths)	1.19%	[2]	1.95%	[2]
Residential Mortgage Loans [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	7,221		8,038
Investment Premiums	21		25
Amortized Cost Basis	7,242		8,063
Carrying Amount	7,242	[1]	8,063	[1]
Net WAC (in hundredths)	5.02%	[2]	5.04%	[2]
Average Yield (in hundredths)	4.28%	[2]	4.71%	[2]
Residential Mortgage Loans [Member] | Fixed-Rate [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,693		3,007
Investment Premiums	3		5
Amortized Cost Basis	2,696		3,012
Carrying Amount	2,696	[1]	3,012	[1]
Net WAC (in hundredths)	7.00%	[2]	7.01%	[2]
Average Yield (in hundredths)	5.67%	[2]	6.15%	[2]
Residential Mortgage Loans [Member] | ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	4,528		5,031
Investment Premiums	18		20
Amortized Cost Basis	4,546		5,051
Carrying Amount	4,546	[1]	5,051	[1]
Net WAC (in hundredths)	3.85%	[2]	3.87%	[2]
Average Yield (in hundredths)	3.46%	[2]	3.85%	[2]
Collateral For Structured Financings [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,258		2,799
Investment Premiums	37		47
Amortized Cost Basis	2,295		2,846
Carrying Amount	$2,295	[1]	$2,846	[1]
Net WAC (in hundredths)	8.08%	[2]	8.12%	[2]
Average Yield (in hundredths)	7.57%	[2]	7.57%	[2]
[1]	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 10).
[2]	Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the bcash yieldb) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

RESIDENTIAL_MORTGAGE_INVESTMEN3

RESIDENTIAL MORTGAGE INVESTMENTS - Additional Information (Detail) (USD $)	9 Months Ended
In Billions, unless otherwise specified	Sep. 30, 2013
Schedule Of Residential Mortgage Investments [Line Items]	'
Mortgage securities weighted average contractual maturity, months	291
Current-Reset ARMs [Member]	'
Schedule Of Residential Mortgage Investments [Line Items]	'
Investments held, basis amount	7.41
Agency securities average months to roll, months	'5 months 27 days
Current-Reset ARMs [Member] | Maximum [Member]	'
Schedule Of Residential Mortgage Investments [Line Items]	'
Agency securities months to roll	'18 months
Longer-To-Reset ARMs [Member]	'
Schedule Of Residential Mortgage Investments [Line Items]	'
Investments held, basis amount	6.1
Agency securities average months to roll, months	'40 months
Longer-To-Reset ARMs [Member] | Minimum [Member]	'
Schedule Of Residential Mortgage Investments [Line Items]	'
Agency securities months to roll	'18 months

INVESTMENTS_IN_UNCONSOLIDATED_1

INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Trusts (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
INVESTMENTS IN UNCONSOLIDATED AFFILIATES [Abstract]	'
Issuance of common securities	$3.10

REPURCHASE_ARRANGEMENTS_AND_SI2

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS - Collateral and Rates (Detail) (USD $)

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Minimum [Member]

Maximum [Member]

Quarter-End Borrowing Rates Adjusted For Effects Of Related Derivatives Held As Cash Flow Hedges [Member]

Quarter-End Borrowing Rates Adjusted For Effects Of Related Derivatives Held As Cash Flow Hedges [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Agency Securities [Member]

Borrowings With Maturities Of 30 Days Or Less [Member]

Borrowings With Maturities Of 30 Days Or Less [Member]

Borrowings With Maturities Greater Than 30 Days [Member]

Borrowings With Maturities Greater Than 30 Days [Member]

Similar Borrowings [Member]

Similar Borrowings [Member]

Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity period of repurchase arrangements

'

'

'P30D

'P90D

'

'

'

'

'

'

'

'

'

'

Collateral Carrying Amount

$13,290,000

$13,450,000

'

'

'

'

$13,290,055

$13,453,159

$13,246,162

$13,406,253

$41,598

$44,060

$2,295

[1]

$2,846

[1]

Accrued Interest Receivable

'

'

'

'

'

'

28,785

32,858

28,737

32,807

48

51

0

[1]

0

[1]

Borrowings Outstanding

'

'

'

'

'

'

12,618,571

12,784,238

12,579,977

12,739,872

36,299

41,520

2,295

[1]

2,846

[1]

Average Borrowing Rates (in hundredths)

'

'

'

'

0.47%

0.65%

0.36%

0.47%

0.35%

0.47%

0.45%

0.57%

8.08%

[1]

8.12%

[1]

Average borrowings adjusted amount

$12,862,572

$13,228,535

'

'

'

'

'

'

'

'

'

'

'

'

Average borrowings rates adjusted for effects related cash flow derivatives (in hundredths)

0.49%

0.63%

'

'

'

'

'

'

'

'

'

'

'

'

[1]

The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral and these financings are subject to redemption by the residual bondholders.

USE_OF_DERIVATIVE_FINANCIAL_IN2

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Swap Agreements (Detail) (USD $)

9 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2010

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Currently-Paying Contracts [Member]

Interest Rate SWAP Forward-Starting Contracts [Member]

Interest Rate SWAP Forward-Starting Contracts [Member]

Interest Rate SWAP Forward-Starting Contracts [Member]

Interest Rate SWAP Forward-Starting Contracts [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap New One [Member]

Interest Rate Swap New Two [Member]

Interest Rate Swap Expired One [Member]

Interest Rate Swap Expired Two [Member]

Repurchase Arrangements And Similar Borrowings [Member]

Repurchase Arrangements And Similar Borrowings [Member]

Fourth Quarter 2013 [Member]

First Quarter 2014 [Member]

Second Quarter 2014 [Member]

Third Quarter 2014 [Member]

Fourth Quarter 2014 [Member]

First Quarter 2015 [Member]

Second Quarter 2015 [Member]

Third Quarter 2015 [Member]

Fourth Quarter 2015 [Member]

First Quarter 2016 [Member]

Second quarter 2016 [Member]

Derivative Instruments And Hedging Activities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SWAP agreement notional amount during period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$100,000,000

'

'

$700,000,000

$2,600,000,000

'

'

'

'

SWAP agreement average interest rate during period (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.09%

'

'

0.58%

0.50%

'

'

'

'

Swap agreement notional amount expiring during period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000,000

2,100,000,000

'

'

SWAP agreement average interest rate expiring during period (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.87%

0.87%

'

'

Derivative, average remaining maturity (in months)

'18 months

'11 months

'

'

'

'

'

'

'

'

'27 months

'

'

'

'

'

'

'

'

'

'

'

'

Notional Amount

7,100,000,000

3,800,000,000

800,000,000

200,000,000

400,000,000

200,000,000

500,000,000

1,100,000,000

200,000,000

400,000,000

3,300,000,000

1,200,000,000

1,700,000,000

400,000,000

'

'

'

'

'

'

'

'

'

Average Fixed Rate Payment Requirement (in hundredths)

'

0.57%

0.78%

0.60%

0.51%

0.51%

0.58%

0.50%

0.43%

0.47%

0.48%

0.45%

0.51%

0.45%

'

'

'

'

'

'

'

'

'

Payment term of LIBOR interest rate agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'2 years

'2 years

'

'

'

'

Derivative Instruments Unrealized Losses To Be Recognized

13,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued Interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6,400,000

$7,800,000

'

'

'

'

$2,400,000

$7,000,000

USE_OF_DERIVATIVE_FINANCIAL_IN3

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Balance Sheet and Income Statement Location (Detail) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Other Comprehensive Income (Loss) [Member]

Other Comprehensive Income (Loss) [Member]

Other Comprehensive Income (Loss) [Member]

Other Comprehensive Income (Loss) [Member]

Interest Expense [Member]

Interest Expense [Member]

Interest Expense [Member]

Interest Expense [Member]

Other Assets [Member]

Other Assets [Member]

Accounts Payable and Accrued Liabilities [Member]

Accounts Payable and Accrued Liabilities [Member]

Borrowings Under Repurchase Arrangements [Member]

Borrowings Under Repurchase Arrangements [Member]

Unsecured Borrowings [Member]

Unsecured Borrowings [Member]

Other Assets [Member]

Other Assets [Member]

Other Assets [Member]

Other Assets [Member]

Balance sheet-related [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swap agreements at fair value

$1,558

$169

'

'

'

'

'

'

'

'

$1,558

[1]

$169

[1]

'

'

'

'

'

'

Borrowings under repurchase arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-10,858

[1]

-18,671

[1]

-567

[1]

-14,197

[1]

Related net interest payable

'

'

'

'

'

'

'

'

'

'

'

'

-6,356

[2]

-7,788

[2]

'

'

'

'

Interest rate swap agreements at fair value, net assets (liability)

-16,223

-40,487

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income statement-related [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions

'

'

'

'

'

'

-3,698

-4,835

-13,548

-14,630

'

'

'

'

'

'

'

'

Amount of gain (loss) recognized (ineffective portion)

'

'

'

'

'

'

-23

211

73

-96

'

'

'

'

'

'

'

'

Increase in interest expense and decrease in Net income as a result of the use of Derivatives

'

'

'

'

'

'

-3,721

[3]

-4,624

[3]

-13,475

[3]

-14,726

[3]

'

'

'

'

'

'

'

'

Other comprehensive income related [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of gain (loss recognized in Other comprehensive income (loss) (effective portion)

'

'

($10,867)

($8,454)

$9,136

($25,539)

'

'

'

'

'

'

'

'

'

'

'

'

[1]

The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheet separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses at September 30, 2013 scheduled to be recognized in the Statement of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $13.4 million.

[2]

Included in bAccounts payable and accrued expensesb on the face of the Balance Sheet.

[3]

Included in bInterest expense: Repurchase arrangements and similar borrowingsb on the face of the Statement of Income.

USE_OF_DERIVATIVE_FINANCIAL_IN4

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Offsetting Assets and Liabilities (Detail) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	$1,558		$169
Net Amounts of Assets Presented in the Balance Sheet	1,558		169
Cash Collateral Received	27,829		49,972
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	11,425		32,868
Counterparty 1 [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	463		128
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Assets Presented in the Balance Sheet	463		128
Financial Instruments	-463		-128
Cash Collateral Received	0		0
Net Amount	0		0
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	8,930	[1]	26,904	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	8,930	[1]	26,904	[1]
Financial Instruments	-463		-128
Cash Collateral Pledged	-8,467	[2]	-26,776	[2]
Net Amount	0		0
Counterparty 2 [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	1,095		41
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Assets Presented in the Balance Sheet	1,095		41
Financial Instruments	-1,095		-41
Cash Collateral Received	0		0
Net Amount	0		0
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	7,547	[1]	12,357	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	7,547	[1]	12,357	[1]
Financial Instruments	-1,095		-41
Cash Collateral Pledged	-6,452	[2]	-11,500	[2]
Net Amount	0		816
Counterparty 3 [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	1,304	[1]	1,395	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	1,304	[1]	1,395	[1]
Financial Instruments	0		0
Cash Collateral Pledged	-1,304	[2]	-1,395	[2]
Net Amount	0		0
Derivative Counterparties [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	1,558		169
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Assets Presented in the Balance Sheet	1,558		169
Financial Instruments	-1,558		-169
Cash Collateral Received	0		'
Net Amount	0		0
Offsetting Derivatives Assets [Member] | Derivative Counterparties [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Cash Collateral Received	'		0
Offsetting Financial Liabilities and Derivative Liabilities [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	12,638,796	[1]	12,831,899	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	12,638,796	[1]	12,831,899	[1]
Financial Instruments	-12,622,573		-12,791,412
Cash Collateral Pledged	-16,223	[2]	-39,671	[2]
Net Amount	0		816
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Repurchase Arrangements and Similar Borrowings [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	12,621,015	[1]	12,791,243	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	12,621,015	[1]	12,791,243	[1]
Financial Instruments	-12,621,015		-12,791,243
Cash Collateral Pledged	0	[2]	0	[2]
Net Amount	0		0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Derivative Counterparties [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	17,781	[1]	40,656	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	17,781	[1]	40,656	[1]
Financial Instruments	-1,558		-169
Cash Collateral Pledged	-16,223	[2]	-39,671	[2]
Net Amount	$0		$816
[1]	Amounts include accrued interest of $6.4 million and $7.8 million on interest rate swap agreements and $2.4 million and $7.0 million on repurchase arrangements and similar borrowings, included in bAccounts payable and accrued expensesb on the face of the Balance Sheets as of September 30, 2013 and December 31, 2012, respectively.
[2]	Amounts presented are limited to collateral pledged sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.

USE_OF_DERIVATIVE_FINANCIAL_IN5

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Changes in AOCI (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	$247,265	'	$293,910	'
Other comprehensive income (loss) before reclassifications	-38,406	'	-94,901	'
Amounts reclassified from accumulated other comprehensive income	3,698	4,835	13,548	14,630
Net other comprehensive income (loss)	-34,708	63,291	-81,353	123,674
Ending Balance	212,557	'	212,557	'
Gains and Losses on Cash Flow Hedges [Member]	'	'	'	'
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	-2,686	'	-32,539	'
Other comprehensive income (loss) before reclassifications	-10,867	'	9,136	'
Amounts reclassified from accumulated other comprehensive income	3,698	'	13,548	'
Net other comprehensive income (loss)	-7,169	'	22,684	'
Ending Balance	-9,855	'	-9,855	'
Unrealized Gains and Losses on Available-for-sale Securities [Member]	'	'	'	'
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	249,951	'	326,449	'
Other comprehensive income (loss) before reclassifications	-27,539	'	-104,037	'
Amounts reclassified from accumulated other comprehensive income	0	'	0	'
Net other comprehensive income (loss)	-27,539	'	-104,037	'
Ending Balance	$222,412	'	$222,412	'

UNSECURED_BORROWINGS_Trusts_De

UNSECURED BORROWINGS - Trusts (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
Debt Instrument [Line Items]	'		'
Junior subordinated notes maturity term	'30 years		'
Issuance of common securities	$3,100,000		'
Remaining issue costs	2,200,000		2,300,000
Junior subordinated notes borrowings outstanding	103,095,000		103,095,000
Average rate (in hundredths)	8.49%	[1]	'
Debt instrument remaining term	'20 years		'
Effective borrowing rate considering cash flow hedges	7.56%		'
Special Purpose Statutory Trusts [Member]	'		'
Debt Instrument [Line Items]	'		'
Issuance of common securities	3,100,000		'
Proceeds from private placement of preferred securities	100,000,000		'
Capstead Mortgage Trust I [Member]	'		'
Debt Instrument [Line Items]	'		'
Junior subordinated notes borrowings outstanding	36,083,000		'
Average rate (in hundredths)	8.31%	[1]	'
Junior subordinated notes, maturity period	1-Oct-35		'
Capstead Mortgage Trust II [Member]	'		'
Debt Instrument [Line Items]	'		'
Junior subordinated notes borrowings outstanding	41,238,000		'
Average rate (in hundredths)	8.46%	[1]	'
Junior subordinated notes, maturity period	1-Dec-35		'
Junior subordinated notes, earliest redemption option exercise date	15-Dec-15		'
Capstead Mortgage Trust III [Member]	'		'
Debt Instrument [Line Items]	'		'
Junior subordinated notes borrowings outstanding	$25,774,000		'
Average rate (in hundredths)	8.78%	[1]	'
Junior subordinated notes, maturity period	1-Sep-36		'
Junior subordinated notes, earliest redemption option exercise date	15-Sep-16		'
[1]	The indicated weighted average rates have been in effect since issuance. After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin in October and December 2015 for the Capstead Mortgage Trust I and II notes and September 2016 for the Capstead Mortgage Trust III notes, the effective borrowing rate during the final 20 years of these borrowings will average 7.56%, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

ISSUANCE_OF_7_12_SERIES_E_PERP1

ISSUANCE OF 7 1/2% SERIES E PERPETUAL PREFERRED SHARES AND REDEMPTION OF SERIES A AND B PERPETUAL PREFERRED SHARES - Offerings (Detail) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

16-May-13

Jun. 13, 2013

Sep. 30, 2013

Jun. 13, 2013

Jun. 13, 2013

Cumulative Redeemable Preferred Stock, Series E [Member]

Cumulative Redeemable Preferred Stock, Series E [Member]

Series A And Series B Preferred Stock [Member]

Series A And Series B Preferred Stock [Member]

Series A Perpetual Preferred Shares [Member]

Series B Perpetual Preferred Share [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

Redeemable preferred stock, shares issued (in shares)

'

'

'

'

'

6,800,000

'

'

'

'

Redeemable preferred stock, face value

'

'

'

'

'

$170,000,000

'

'

'

'

Preferred Stock, Dividend Rate, Percentage (in hundredths)

'

'

'

'

7.50%

'

'

'

'

'

Redeemable preferred stock, liquidation preference per share (in dollars per share)

'

'

'

'

'

$25

'

'

'

'

Preferred Stock, Redemption Price Per Share (in dollars per share)

'

'

'

'

'

$25

'

'

'

'

Proceeds from Issuance of Redeemable Preferred Stock

'

'

'

'

164,300,000

'

'

'

'

'

Cash on hand paid to redeem preferred stock

'

'

'

'

42,700,000

'

'

'

'

'

Preferred Stock, Redemption Date

'

'

'

'

'

'

'

13-Jun-13

'

'

Preferred Stock, Redemption Shares (in shares)

'

'

'

'

'

'

'

'

77,199

16,461,340

Preferred Stock, Shares Outstanding (in shares)

'

'

'

'

'

'

'

'

109,050

31,769

Common stock, shares, issued on conversion of preferred stock (in shares)

'

'

'

'

'

'

'

'

180,799

20,345

Cash used for redemption of preferred stock

'

'

'

'

'

'

207,000,000

'

'

'

Redemption preference premiums paid

$0

[1]

$0

[1]

$19,924,000

[1]

$0

[1]

'

'

$19,900,000

'

'

'

Premium paid per share reduction in earnings (in dollars per share)

'

'

'

'

'

'

'

$0.21

'

'

[1]

The Series A and Series B preferred shares were redeemed on June 13, 2013 b See NOTE 9.

DISCLOSURES_REGARDING_FAIR_VAL2

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Balance Sheet Location (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
In Thousands, unless otherwise specified			Carrying Amount [Member]	Carrying Amount [Member]	Fair Value [Member]	Fair Value [Member]	Maximum [Member]
Fair value, balance sheet grouping [Line Items]	'	'	'	'	'	'	'
Investment Repurchase Agreement Initial Term	'	'	'	'	'	'	'120 days
Financial assets [Abstract]	'	'	'	'	'	'	'
Residential mortgage loans	'	'	$7,242	$8,063	$7,300	$8,200	'
Interest rate swap agreements at fair value	1,558	169	1,558	169	1,558	169	'
Financial liabilities [Abstract]	'	'	'	'	'	'	'
Repurchase arrangements with initial terms of greater than 120 days, Fair Value	'	'	36,299	41,520	36,300	41,500	'
Unsecured borrowings	'	'	103,095	103,095	104,100	104,600	'
Interest rate swap agreements	'	'	$11,425	$32,868	$11,425	$32,868	'

DISCLOSURES_REGARDING_FAIR_VAL3

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value and Related Disclosures for Debt Securities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Agency Securities Classified as Available-for-sale [Member]	'	'
Available-for-sale securities disclosure Items [Abstract]	'	'
Available-for-sale securities, Amortized Cost Basis	$13,504,096	$13,519,657
Available-for-sale securities, Gross Unrealized Gains	244,090	328,412
Available-for-sale securities, Gross Unrealized Losses	21,678	1,963
Available-for-sale securities, Fair Value	13,726,508	13,846,106
Residential Mortgage Securities Classified as held-to-Maturity [Member]	'	'
Held-to-maturity securities disclosure [Abstract]	'	'
Held-to-maturities, Amortized Cost Basis	4,561	5,989
Held-to-maturities, Gains	224	309
Held-to-maturities, Losses	0	0
Held-to-maturities, Fair Value	$4,785	$6,298

DISCLOSURES_REGARDING_FAIR_VAL4

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Securities in Unrealized Loss Position (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Continuous unrealized loss position, fair value [Abstract]	'	'
One year or greater	$24,903	$29,760
Less than one year	3,198,273	751,645
Continuous unrealized loss position, Fair Value, Total	3,223,176	781,405
Continuous unrealized loss position, aggregate loss [Abstract]	'	'
One year or greater	207	120
Less than one year	21,471	1,843
Unrealized Losses, Total	$21,678	$1,963

COMPENSATION_PROGRAMS_Schedule

COMPENSATION PROGRAMS - Schedule of Dividend Equivalent Rights (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	654,000
Related compensation costs	$203,000	$608,000
July 2008 [Member]	'	'
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	225,000
Related compensation costs	70,000	209,000
July 2009 [Member]	'	'
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	225,000
Related compensation costs	70,000	209,000
July 2010 [Member]	'	'
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	60,000
Related compensation costs	19,000	56,000
August 2011 [Member]	'	'
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	72,000
Related compensation costs	22,000	67,000
July 2012 [Member]	'	'
Share Based Compensation Arrangement By Dividend Equivalent Rights [Line Items]	'	'
Total Grant	'	72,000
Related compensation costs	$22,000	$67,000

COMPENSATION_PROGRAMS_Other_Co

COMPENSATION PROGRAMS - Other Compensation Programs (Detail) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
			Since Two Thousand Ten [Member]	Performance-Based Stock Awards Vesting After Three Year [Member]	Stock Options [Member]	Long-Term Equity-Based Awards [Member]
Share Based Compensation Programs [Line Items]	'	'	'	'	'	'
Short-term incentive compensation accruals	$1,600,000	$3,600,000	'	'	'	'
Spread Over Ten Year Us Treasury Rate	'	'	'	'	'	2.00%
Common shares for future issuance (in shares)	519,987	'	'	'	'	'
Percentage of average long-term investment capital (in hundredths)	'	'	'	'	'	8.00%
Share awards vesting period	'	'	'	'3 years	'10 years	'
Share awards vesting period, minimum	'	'	'	'1 year	'	'
Total Grant	'	'	0	'	'	'
Exercisable option awards outstanding (in shares)	'	'	'	'	92,500	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	'	'	'	'	'4 years	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	'	'	'	'	$11.74	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	'	'	'	'	56,000	'
Intrinsic value of option awards exercised	'	'	'	'	$17,000	'

COMPENSATION_PROGRAMS_Schedule1

COMPENSATION PROGRAMS - Schedule of Restricted Stock Awards (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012
Equity instruments other than options, nonvested, number of shares [Roll Forward]	'	'	'		'	'
Unvested stock awards outstanding at beginning of period (in shares)	'	'	657,720		'	'
Grants (in shares)	'	'	28,000		'	'
Vestings (in shares)	'	'	-172,523		'	'
Forfeitures (in shares)	'	'	-19,969		'	'
Unvested stock awards outstanding at end of period (in shares)	493,228	'	493,228		'	'
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]	'	'	'		'	'
Unvested stock awards outstanding at beginning of period (in dollars per share)	'	'	$12.48		'	'
Grants (in dollars per share)	'	'	$13.02		'	'
Vestings (in dollars per share)	'	'	$12.41		'	'
Forfeitures (in dollars per share)	'	'	$12.65		'	'
Unvested stock awards outstanding at end of period (in dollars per share)	$12.53	'	$12.53		'	'
Salaries and benefits	$1,689,000	$1,696,000	$4,857,000		$5,205,000	'
Common stock dividend payable	30,662,000	'	30,662,000		'	29,512,000
Year 2007 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$12.93		'	'
Total original grants (in shares)	'	'	156,000		'	'
Vested	'	'	121,004		'	'
Forfeited	'	'	12,832		'	'
Year 2007 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	22,497	[1]	'	'
Year 2007 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	22,164		'	'
Year 2008 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$12.87		'	'
Total original grants (in shares)	'	'	6,000		'	'
Vested	'	'	6,000		'	'
Forfeited	'	'	0		'	'
Year 2008 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0	[1]	'	'
Year 2008 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Year 2009 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$11.39		'	'
Total original grants (in shares)	'	'	6,000		'	'
Vested	'	'	6,000		'	'
Forfeited	'	'	0		'	'
Year 2009 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0	[1]	'	'
Year 2009 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Year 2010 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$11.64		'	'
Total original grants (in shares)	'	'	12,000		'	'
Vested	'	'	12,000		'	'
Forfeited	'	'	0		'	'
Year 2010 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0	[1]	'	'
Year 2010 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Year 2011 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$13.23		'	'
Total original grants (in shares)	'	'	24,000		'	'
Vested	'	'	24,000		'	'
Forfeited	'	'	0		'	'
Year 2011 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0	[1]	'	'
Year 2011 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Year 2012 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$13.59		'	'
Total original grants (in shares)	'	'	29,000		'	'
Vested	'	'	29,000		'	'
Forfeited	'	'	0		'	'
Year 2012 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	29,000	[1]	'	'
Year 2012 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Year 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$13.02		'	'
Total original grants (in shares)	'	'	28,000		'	'
Vested	'	'	0		'	'
Forfeited	'	'	0		'	'
Year 2013 [Member] | Remaining Shares Vesting In: 2013 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0	[1]	'	'
Year 2013 [Member] | Remaining Shares Vesting In: 2014 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	28,000		'	'
Performance-Based Stock Awards [Member] | Year 2008 [Member] | December 31 2015 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$10.18		'	'
Total original grants (in shares)	'	'	140,658	[2]	'	'
Performance-Based Stock Awards [Member] | Year 2008 [Member] | Remaining Shares Vesting In: 2013 [Member] | December 31 2015 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2008 [Member] | Remaining Shares Vesting In: 2014 [Member] | December 31 2015 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2008 [Member] | Remaining Shares Vesting In: 2015 [Member] | December 31 2015 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2008 [Member] | Remaining Shares Vesting In: 2016 [Member] | December 31 2015 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2009 [Member] | December 31 2016 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$14.33		'	'
Total original grants (in shares)	'	'	110,917	[3]	'	'
Performance-Based Stock Awards [Member] | Year 2009 [Member] | Remaining Shares Vesting In: 2013 [Member] | December 31 2016 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	52,915		'	'
Performance-Based Stock Awards [Member] | Year 2009 [Member] | Remaining Shares Vesting In: 2014 [Member] | December 31 2016 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2009 [Member] | Remaining Shares Vesting In: 2015 [Member] | December 31 2016 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2009 [Member] | Remaining Shares Vesting In: 2016 [Member] | December 31 2016 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2010 [Member] | December 31 2017 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$12.44		'	'
Total original grants (in shares)	'	'	128,766		'	'
Performance-Based Stock Awards [Member] | Year 2010 [Member] | Remaining Shares Vesting In: 2013 [Member] | December 31 2017 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	61,508		'	'
Performance-Based Stock Awards [Member] | Year 2010 [Member] | Remaining Shares Vesting In: 2014 [Member] | December 31 2017 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	61,499		'	'
Performance-Based Stock Awards [Member] | Year 2010 [Member] | Remaining Shares Vesting In: 2015 [Member] | December 31 2017 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2010 [Member] | Remaining Shares Vesting In: 2016 [Member] | December 31 2017 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2011 [Member] | December 31 2018 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$12.72		'	'
Total original grants (in shares)	'	'	132,490		'	'
Performance-Based Stock Awards [Member] | Year 2011 [Member] | Remaining Shares Vesting In: 2013 [Member] | December 31 2018 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2011 [Member] | Remaining Shares Vesting In: 2014 [Member] | December 31 2018 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	63,722		'	'
Performance-Based Stock Awards [Member] | Year 2011 [Member] | Remaining Shares Vesting In: 2015 [Member] | December 31 2018 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	63,718		'	'
Performance-Based Stock Awards [Member] | Year 2011 [Member] | Remaining Shares Vesting In: 2016 [Member] | December 31 2018 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2012 [Member] | December 31 2019 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Grant date fair value per share (in dollars per share)	'	'	$11.67		'	'
Total original grants (in shares)	'	'	145,399		'	'
Performance-Based Stock Awards [Member] | Year 2012 [Member] | Remaining Shares Vesting In: 2013 [Member] | December 31 2019 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2012 [Member] | Remaining Shares Vesting In: 2014 [Member] | December 31 2019 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	0		'	'
Performance-Based Stock Awards [Member] | Year 2012 [Member] | Remaining Shares Vesting In: 2015 [Member] | December 31 2019 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	69,853		'	'
Performance-Based Stock Awards [Member] | Year 2012 [Member] | Remaining Shares Vesting In: 2016 [Member] | December 31 2019 [Member]	'	'	'		'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'		'	'
Remaining shares vesting in period (in shares)	'	'	69,849		'	'
Stock Awards Activity [Member]	'	'	'		'	'
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]	'	'	'		'	'
Salaries and benefits	470,000	'	1,345,000		'	'
Other general and administrative expense	92,000	'	295,000		'	'
Common stock dividend payable	1,100,000	'	1,100,000		'	'
Total of Unrecognized compensation expense for unvested stock award	3,100,000	'	3,100,000		'	'
Compensation cost not yet recognized, period for recognition	'	'	'1 year 2 months 12 days		'	'
Other Benefit Programs [Member]	'	'	'		'	'
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]	'	'	'		'	'
Salaries and benefits	$119,000	'	$207,000		'	'
Performance Based Stock Awards Vesting In Three Year [Member]	'	'	'		'	'
Equity instruments other than options, nonvested, number of shares [Roll Forward]	'	'	'		'	'
Percentage of performance based awards granted, actual (in hundredths)	'	'	50.00%		'	'
Performance Based Stock Awards Vesting After Three Year [Member]	'	'	'		'	'
Equity instruments other than options, nonvested, number of shares [Roll Forward]	'	'	'		'	'
Percentage of performance based awards granted, actual (in hundredths)	'	'	50.00%		'	'
[1]	The 2007 grant shares vested in January 2013 and the 2012 grant shares vested in April 2013.
[2]	The performance criteria for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,599 shares associated with the first 50% of this grant in February 2012 and 67,595 shares associated with the second 50% of this grant in January 2013.
[3]	The performance criteria for the first three-year measurement period ending December 31, 2012 was met resulting in the January 2013 vesting of 53,431 shares associated with the first 50% of this grant.

COMPENSATION_PROGRAMS_Schedule2

COMPENSATION PROGRAMS - Schedule of Stock Option Award Activity (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013
COMPENSATION PROGRAMS [Abstract]	'
Option awards outstanding at beginning of period (in shares)	97,500
Exercises (in shares)	-5,000
Option awards outstanding at end of period (in shares)	92,500
Weighted Average Exercise Price, Option awards outstanding at beginning of year (in dollars per share)	$11.63
Weighted Average Exercise Price, Exercises (in dollars per share)	$9.56
Weighted Average Exercise Price, Option awards outstanding at end of year (in dollars per share)	$11.74

COMPENSATION_PROGRAMS_Defined_

COMPENSATION PROGRAMS - Defined Contribution Plans (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Defined Contribution Plan Disclosure [Abstract]	'	'
Defined contribution plan voluntary contribution based on compensation (in hundredths)	'	50.00%
Defined contribution plan, maximum annual contributions per employee (in hundredths)	'	6.00%
Defined contribution plan, employer matching contribution (in hundredths)	'	3.00%
Defined contribution plan, cost recognized	$119,000	$207,000