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 |