Capstead Mortgage (CMO) 10-Q 5 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 05, 2014
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	'	95,802,180
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'

CONSOLIDATED_BALANCE_SHEETS_UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified			Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member]
			Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]
Assets	'	'	'	'
Residential mortgage investments ($13.44 and $13.12 billion pledged under repurchase arrangements at June 30, 2014 and December 31, 2013, respectively)	$13,711,400	$13,475,874	'	'
Cash collateral receivable from interest rate swap counterparties	45,591	25,502	'	'
Interest rate swap agreements at fair value	78	5,005	'	'
Cash and cash equivalents	500,900	413,356	'	'
Receivables and other assets	111,469	96,231	'	'
Total Assets	14,369,438	14,015,968	'	'
Liabilities	'	'	'	'
Repurchase arrangements and similar borrowings	12,786,858	12,482,900	'	'
Interest rate swap agreements at fair value	21,979	11,304	'	'
Unsecured borrowings	100,000	100,000	'	'
Common stock dividend payable	33,831	30,872	'	'
Accounts payable and accrued expenses	25,675	25,109	'	'
Total Liabilities	12,968,343	12,650,185	'	'
Stockholders' equity	'	'	'	'
Cumulative Preferred Stock	'	'	179,594	165,756
Common stock - $0.01 par value; 250,000 shares authorized: 95,767 and 95,807 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	958	958	'	'
Paid-in capital	1,330,648	1,329,792	'	'
Accumulated deficit	-346,885	-349,866	'	'
Accumulated other comprehensive income	236,780	219,143	'	'
Stockholders' Equity Attributable to Parent	1,401,095	1,365,783	'	'
Total Liabilities and Equity	$14,369,438	$14,015,968	'	'

CONSOLIDATED_BALANCE_SHEETS_UN1

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified			Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member]
			Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]
Residential mortgage investments	$13,440,000	$13,120,000	'	'
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)	95,767	95,807	'	'
Common stock, shares outstanding (in shares)	95,767	95,807	'	'
Preferred stock, shares authorized (in shares)	100,000	100,000	'	'
Preferred stock, par value (in dollars per share)	$0.10	$0.10	'	'
Preferred stock, shares issued (in shares)	'	'	7,438	6,861
Preferred stock, shares outstanding (in shares)	'	'	7,438	6,861
Preferred stock, aggregate liquidation preference	'	'	$185,961	$171,521
Preferred stock, dividend rate (in hundredths)	'	'	7.50%	'

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Interest income:	'	'	'	'
Residential mortgage investments	$57,092	$51,572	$116,537	$110,040
Other	77	107	138	219
Interest income	57,169	51,679	116,675	110,259
Interest expense:	'	'	'	'
Repurchase arrangements and similar borrowings	-15,542	-16,749	-30,949	-35,217
Unsecured borrowings	-2,122	-2,187	-4,244	-4,374
Interest expense	-17,664	-18,936	-35,193	-39,591
Net interest income (expense)	39,505	32,743	81,482	70,668
Other revenue (expense):	'	'	'	'
Salaries and benefits	-985	-886	-2,117	-1,887
Annual incentive compensation	-397	-326	-937	-880
Long term incentive compensation	-624	-469	-1,250	-875
Other general and administrative expense	-967	-1,098	-2,170	-2,179
Miscellaneous other revenue (expense)	32	-135	-53	-165
Operating expenses	-2,941	-2,914	-6,527	-5,986
Income before equity in earnings of unconsolidated affiliates	36,564	29,829	74,955	64,682
Equity in earnings of unconsolidated affiliates	0	65	0	130
Net income	36,564	29,894	74,955	64,812
Net income available to common stockholders:	'	'	'	'
Net income	36,564	29,894	74,955	64,812
Less dividends on preferred shares	-3,449	-5,867	-6,687	-11,137
Less redemption preference premiums paid	0	-19,924	0	-19,924
Net income (loss) available to common stockholders, basic, total	$33,115	$4,103	$68,268	$33,751
Net income per common share:	'	'	'	'
Basic (in dollars per share)	$0.35	$0.04	$0.72	$0.35
Diluted (in dollars per share)	$0.35	$0.04	$0.71	$0.35
Weighted average common shares outstanding:	'	'	'	'
Basic (in dollars per share)	95,399	95,126	95,374	95,073
Diluted (in dollars per share)	95,626	95,397	95,583	95,359
Cash dividends declared per share:	'	'	'	'
Common (in dollars per share)	$0.34	$0.31	$0.68	$0.62
Cumulative Preferred Stock, Series A [Member]	'	'	'	'
Cash dividends declared per share:	'	'	'	'
Preferred stock Dividend (in dollars per share)	$0	$0.32	$0	$0.72
Cumulative Convertible Preferred Stock, Series B [Member]	'	'	'	'
Cash dividends declared per share:	'	'	'	'
Preferred stock Dividend (in dollars per share)	$0	$0.25	$0	$0.57
Cumulative Redeemable Preferred Stock, Series E [Member]	'	'	'	'
Cash dividends declared per share:	'	'	'	'
Preferred stock Dividend (in dollars per share)	$0.47	$0.32	$0.94	$0.32

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Other comprehensive income (loss)	'	'	'	'
Net income	$36,564	$29,894	$74,955	$64,812
Amounts related to available-for-sale securities:	'	'	'	'
Change in net unrealized gains	16,492	-68,793	33,185	-76,498
Amounts related to cash flow hedges:	'	'	'	'
Change in net unrealized losses	-12,998	17,524	-25,654	20,003
Reclassification adjustment for amounts included in net income	5,384	4,416	10,106	9,850
Other comprehensive income (loss)	8,878	-46,853	17,637	-46,645
Comprehensive income (loss)	$45,442	($16,959)	$92,592	$18,167

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net income	$74,955	$64,812
Noncash items:	'	'
Amortization of investment premiums	47,429	62,041
Amortization of equity-based awards	1,373	1,078
Other depreciation and amortization	70	86
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	55	-146
Net change in receivables, other assets, accounts payable and accrued expenses	2,018	-1,162
Net cash provided by operating activities	125,900	126,709
Investing activities:	'	'
Purchases of residential mortgage investments	-1,552,525	-1,833,514
Interest receivable acquired with the purchase of residential mortgage investments	-2,449	-3,137
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	1,288,207	1,735,407
Net cash used in investing activities	-266,767	-101,244
Financing activities:	'	'
Proceeds from repurchase arrangements and similar borrowings	67,456,237	70,818,365
Principal payments on repurchase arrangements and similar borrowings	-67,152,277	-70,978,025
(Increase) decrease in cash collateral receivable from interest rate swap counterparties	-20,089	33,658
Increase in cash collateral payable to interest rate swap counterparties	0	750
Cash paid to redeem Series A & B preferred shares	0	-207,033
Common share repurchases	0	-7,292
Proceeds from issuance of preferred shares	13,838	164,310
Other capital stock transactions	-512	-522
Dividends paid	-68,786	-67,690
Net cash provided by (used in) financing activities	228,411	-243,479
Net change in cash and cash equivalents	87,544	-218,014
Cash and cash equivalents at beginning of period	413,356	425,445
Cash and cash equivalents at end of period	$500,900	$207,431

BUSINESS

BUSINESS	6 Months Ended
	Jun. 30, 2014
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 are referred to as “Agency Securities” and are considered to have limited, if any, credit risk.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION [Abstract]	'
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 six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2014.  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, 2013.  Certain prior period annual and long-term incentive compensation amounts have been reclassified from Salaries and benefits to separate line items in the Statements of Income to conform to the current year presentation.
	Recent Accounting Pronouncements
	In June 2014 the Financial Accounting Standards Board issued ASU 2014-11, Transfers and Servicing:  Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures (the “ASU”).  The ASU requires repurchase-to-maturity transactions to be accounted for as financings and eliminates existing guidance regarding so-called “linked transactions” between a buyer of securities and a seller that also provides related repurchase financings.  The ASU also introduces new disclosure requirements and is effective for periods beginning after December 15, 2014.  Adoption of the ASU is not expected to have any effect on Capstead’s financial statements.

NET_INCOME_PER_COMMON_SHARE

NET INCOME PER COMMON SHARE	6 Months Ended
	Jun. 30, 2014
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 the Company’s Series A and B convertible preferred shares (prior to their redemption in June 2013 and when such shares were 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 were dilutive.  The Series A and B preferred shares were considered dilutive whenever basic net income per common share exceeded each Series’ dividend divided by the applicable conversion rates.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock first issued in May 2013 are contingently convertible into common shares only upon the occurrence of a change in control and are therefore not considered dilutive securities absent such an occurence.  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 for the indicated periods were as follows (dollars in thousands, except per share amounts):
			Quarter Ended						Six Months Ended
			30-Jun						30-Jun
			2014			2013			2014			2013
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income		$	36,564		$	29,894		$	74,955		$	64,812
	Redemption premiums paid on Series A and Series B preferred shares*			–			(19,924	)		–			(19,924	)
	Preferred share dividends			(3,449	)		(5,867	)		(6,687	)		(11,137	)
	Earnings participation of unvested stock awards			(12	)		(32	)		(36	)		(64	)
			$	33,103		$	4,071		$	68,232		$	33,687
	Denominator for basic net income per common share:
	Weighted average common shares outstanding			95,767			95,616			95,772			95,588
	Average unvested stock awards outstanding			(368	)		(490	)		(398	)		(515	)
				95,399			95,126			95,374			95,073
			$	0.35		$	0.04		$	0.72		$	0.35
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Net income available to common stockholders		$	33,103		$	4,071		$	68,232		$	33,687
	Dividends on dilutive convertible preferred shares			–			–			–			44
			$	33,103		$	4,071		$	68,232		$	33,731
	Denominator for diluted net income per common share:
	Basic weighted average common shares outstanding			95,399			95,126			95,374			95,073
	Net effect of dilutive equity awards			227			148			209			134
	Net effect of dilutive convertible preferred shares			–			123			–			152
				95,626			95,397			95,583			95,359
			$	0.35		$	0.04		$	0.71		$	0.35
	Potentially dilutive securities excluded from the computation of net income per share because the effect of inclusion was antidilutive were as follows (in thousands):
			Quarter Ended						Six Months Ended
			30-Jun						30-Jun
			2014			2013			2014			2013
	Antidilutive convertible preferred shares*			–			16,570			–			16,570
	Antidilutive equity awards excludable under the treasury stock method			_			35			20			35
		*	The Series A and Series B preferred shares were redeemed in June 2013 – See NOTE 9.

RESIDENTIAL_MORTGAGE_INVESTMEN

RESIDENTIAL MORTGAGE INVESTMENTS	6 Months Ended
	Jun. 30, 2014
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]	'
RESIDENTIAL MORTGAGE INVESTMENTS	'
	NOTE 4 ¾ RESIDENTIAL MORTGAGE INVESTMENTS
	Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands):
			Unpaid		Investment		Amortized		Carrying		Net			Average
			Principal		Premiums		Cost Basis		Amount (a)		WAC (b)			Yield(b)
			Balance
	30-Jun-14
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,027	$	6	$	2,033	$	2,035		6.63	%		6.53	%
	ARMs			10,591,396		342,696		10,934,092		11,180,017		2.55			1.76
	Ginnie Mae ARMs			2,424,441		84,179		2,508,620		2,521,326		2.66			1.43
				13,017,864		426,881		13,444,745		13,703,378		2.57			1.7
	Residential mortgage loans:
	Fixed-rate			1,943		2		1,945		1,945		6.97			5.09
	ARMs			3,959		16		3,975		3,975		3.83			3.15
				5,902		18		5,920		5,920		4.86			3.84
	Collateral for structured financings			2,068		34		2,102		2,102		8.1			7.38
			$	13,025,834	$	426,933	$	13,452,767	$	13,711,400		2.57			1.71
	31-Dec-13
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,158	$	6	$	2,164	$	2,167		6.67	%		6.47	%
	ARMs			10,675,620		343,452		11,019,072		11,231,057		2.58			1.76
	Ginnie Mae ARMs			2,145,639		74,396		2,220,035		2,233,495		2.64			1.64
				12,823,417		417,854		13,241,271		13,466,719		2.59			1.74
	Residential mortgage loans:
	Fixed-rate			2,633		3		2,636		2,636		6.99			5.63
	ARMs			4,244		18		4,262		4,262		3.81			3.35
				6,877		21		6,898		6,898		5.03			4.2
	Collateral for structured financings			2,220		37		2,257		2,257		8.09			7.68
			$	12,832,514	$	417,912	$	13,250,426	$	13,475,874		2.59			1.74
	(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 Capstead were originated prior to 1995 when the Company 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 289 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 typically 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. A shorter duration generally indicates less interest rate risk.  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 June 30, 2014, the average months to roll for the Company’s $7.64 billion (amortized cost basis) in current-reset ARM securities was 6.0 months while the average months-to-roll for the Company’s $5.81 billion (amortized cost basis) in longer-to-reset ARM securities was 39.4 months.

INVESTMENTS_IN_UNCONSOLIDATED_

INVESTMENTS IN UNCONSOLIDATED AFFILIATES	6 Months Ended
	Jun. 30, 2014
INVESTMENTS IN UNCONSOLIDATED AFFILIATES [Abstract]	'
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	'
	NOTE 5 ¾ INVESTMENTS IN UNCONSOLIDATED AFFILIATES
	To facilitate the issuance of Unsecured borrowings, in 2006 and 2005 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).  In December 2013 the Company simplified its capital structure by dissolving the trusts and distributing the related junior subordinated notes (originally issued to the trusts by the Company) to the holders of the trusts’ common and preferred securities.  Prior to dissolution, the Company’s equity in the earnings of the trusts consisted solely of the common trust securities’ pro rata share in interest accruing on junior subordinated notes issued to the trusts.

REPURCHASE_ARRANGEMENTS_AND_SI

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS	6 Months Ended
	Jun. 30, 2014
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 haircuts and 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 fund cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements.  These actions are referred to as margin calls.  Conversely, in response to increases in fair value of pledged securities, the Company routinely margin calls its lending counterparties in order to release posted collateral.
	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 dates were as follows (dollars in thousands):
	Collateral Type		Collateral		Accrued			Borrowings		Average
			Carrying		Interest			Outstanding		Borrowing
			Amount		Receivable					Rates
	30-Jun-14
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	12,598,558	$	25,873		$	11,983,879		0.3	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			527,413		967			500,877		0.32
	Agency Securities (greater than 90 days)			316,845		833			300,000		0.48
	Similar borrowings:
	Collateral for structured financings*			2,102		–			2,102		8.1
			$	13,444,918	$	27,673		$	12,786,858		0.31
	Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 7)										0.48
	December 31, 2013
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	12,169,534	$	28,195		$	11,578,211		0.38	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			951,966		2,068			902,432		0.38
	Similar borrowings:
	Collateral for structured financings*			2,257		–			2,257		8.09
			$	13,123,757	$	30,263		$	12,482,900		0.38
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.49
		*	The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral.  Additionally, these financings are subject to redemption by the residual bondholders.
	Average borrowings outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):
			Quarter Ended
			30-Jun-14							31-Dec-13
			Average		Average					Average			Average
			Borrowings		Rate					Borrowings			Rate
	Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated quarters		$	12,599,929		0.49	%				12,510,701			0.49	%
										$

USE_OF_DERIVATIVE_FINANCIAL_IN

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	6 Months Ended
	Jun. 30, 2014
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 swap payments as the Company’s effective borrowing rate, subject to certain adjustments.  These adjustments include differences between variable rate payments received on the swap agreements and related unhedged 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 six months ended June 30, 2014 Capstead entered into new forward-starting swap agreements with notional amounts totaling $700 million and $1.40 billion, respectively.  These swap agreements require fixed rate interest payments averaging 0.63% and 0.57%, respectively, for two-year periods commencing on various dates between April 2014 and October 2014.  Also during these periods, $400 million and $600 million notional amount of swaps requiring fixed rate interest payments averaging 0.51% and 0.54%, respectively, matured, while $1.10 billion and $2.80 billion notional amount of previously acquired forward-starting swaps requiring fixed rate interest payments averaging 0.47% and 0.50%, respectively, moved into current-pay status.  At June 30, 2014, the Company’s portfolio of 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:
	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
	Fourth quarter 2015			1,200,000				0.45
	First quarter 2016			1,700,000				0.51
	Second quarter 2016			1,100,000				0.47
	(average expiration:  14 months)			6,400,000				0.49
	Forward-starting contracts:
	Third quarter 2016			700,000				0.56
	Fourth quarter 2016			400,000				0.65
	(average expiration:  25 months)			1,100,000				0.59
	(average expiration:  16 months)		$	7,500,000
	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 and average fixed rates of 4.09% with 20-year payment terms coinciding with the floating-rate terms of the Company’s Unsecured borrowings which begin between October 2015 and September 2016.  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, Capstead 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				June 30,				December 31,
			Location				2014				2013
	Balance sheet-related
	Swap agreements in a gain position (an asset) related to:
	Borrowings under repurchase arrangements		(a)				$	78			$	1,094
	Unsecured borrowings		(a)					–				3,911
	Swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements		(a)					(13,978	)			(11,304	)
	Unsecured borrowings		(a)					(8,001	)			–
	Related net interest payable		(b)					(9,909	)			(5,493	)
							$	(31,810	)		$	(11,792	)
		(a)	The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability.  The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $19.0 million at June 30,2014.
		(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets.
			Location of
			Gain or				Quarter Ended								Six Months Ended
			(Loss)
			Recognized in				30-Jun								30-Jun
			Net Income				2014				2013				2014				2013
	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						$	(5,384	)		$	(4,416	)		$	(10,106	)		$	(9,850	)
	Amount of gain (loss) recognized (ineffective portion)							(110.00	)			(24.00	)			(168.00	)			96
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives			*			$	(5,494	)		$	(4,440	)		$	(10,274	)		$	(9,754	)
	Other comprehensive income-related
	Amount of gain (loss) recognized in Other comprehensive income (loss) (effective portion)						$	(12,998	)		$	17,524			$	(25,654	)		$	20,003
		*	Included in “Interest expense:  Repurchase arrangements and similar borrowings” on the face of the Statements of Income.
	Capstead’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(a)
		Amounts of				Offset in				Presented in								Cash
		Recognized				the Balance				the Balance				Financial				Collateral				Net
		Assets				Sheet				Sheet				Instruments				Received				Amount
	As of June 30, 2014:
	Counterparty 4		$	78			$	–			$	78			$	(78	)		$	–			$	–
	As of December 31, 2013:
	Counterparty 1		$	3,911			$	–			$	3,911			$	(3,911	)		$	–			$	–
	Counterparty 2			634				–				634				(634	)			–				–
	Counterparty 4			460				–				460				(460	)			–				–
			$	5,005			$	–			$	5,005			$	(5,005	)		$	–			$	–
		Offsetting of Financial Liabilities and Derivative Liabilities
						Gross				Net Amounts				Gross Amounts Not Offset
		Gross				Amounts				of Liabilities				in the Balance Sheet (c)
		Amounts of				Offset in				Presented in								Cash
		Recognized				the Balance				the Balance				Financial				Collateral				Net
		Liabilities(b)				Sheet				Sheet (a)				Instruments				Pledged				Amount
As of June 30, 2014:
Derivatives by counterparty:
Counterparty 1		$	14,496			$	–			$	14,496			$	–			$	(14,496	)		$	–
Counterparty 2			7,188				–				7,188				–				(7,050	)			138
Counterparty 3			1,296				–				1,296				–				(1,296	)			–
Counterparty 4			8,908				–				8,908				(78	)			(8,830	)			–
			31,888				–				31,888				(78	)			(31,672	)			138
Repurchase arrangements and similar borrowings			12,789,109				–				12,789,109				(12,789,109	)			–				–
		$	12,820,997			$	–			$	12,820,997			$	(12,789,187	)		$	(31,672	)		$	138
As of December 31, 2013:
Derivatives by counterparty:
Counterparty 1		$	6,002			$	–			$	6,002			$	(3,911	)		$	(2,091	)		$	–
Counterparty 2			6,352				–				6,352				(634	)			(5,718	)			–
Counterparty 3			1,581				–				1,581				–				(1,581	)			–
Counterparty 4			2,862				–				2,862				(460	)			(2,402	)			–
			16,797				–				16,797				(5,005	)			(11,792	)			–
Repurchase arrangements and similar borrowings			12,487,604				–				12,487,604				(12,487,604	)			–				–
		$	12,504,401			$	–			$	12,504,401			$	(12,492,609	)		$	(11,792	)		$	–
(a)	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
(b)	Amounts include accrued interest of $9.9 million and $5.5 million on interest rate swap agreements and $2.3 million and $4.7 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of June 30, 2014 and December 31, 2013, respectively.
(c)	Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty 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 six months ended June 30, 2014 were as follows (in thousands):
		Gains and Losses				Unrealized Gains				Total
		on Cash Flow				and Losses on
		Hedges				Available-for-Sale
						Securities
Balance at March 31, 2014		$	(14,239	)		$	242,141			$	227,902
Activity for the quarter ended June 30, 2014:
Other comprehensive income (loss) beforereclassifications			(12,998	)			16,492				3,494
Amounts reclassified from accumulated other comprehensive income			5,384				–				5,384
Other comprehensive income (loss)			(7,614	)			16,492				8,878
Balance at June 30, 2014		$	(21,853	)		$	258,633			$	236,780
Balance at December 31, 2013		$	(6,305	)		$	225,448			$	219,143
Activity for the six months ended June 30, 2014:
Other comprehensive income (loss) before reclassifications			(25,654	)			33,185				7,531
Amounts reclassified from accumulated other comprehensive income			10,106				–				10,106
Other comprehensive income (loss)			(15,548	)			33,185				17,637
Balance at June 30, 2014		$	(21,853	)		$	258,633			$	236,780

UNSECURED_BORROWINGS

UNSECURED BORROWINGS	6 Months Ended
	Jun. 30, 2014
UNSECURED BORROWINGS [Abstract]	'
UNSECURED BORROWINGS	'
	NOTE 8 ¾ UNSECURED BORROWINGS
	Unsecured borrowings consist of 30-year junior subordinated notes originally issued in 2005 and 2006 to three special-purpose statutory trusts 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.  In December 2013 these trusts were dissolved after the subordinated notes were distributed to the holders of the trusts’ common and preferred securities.  Included in Receivables and other assets are $2.2 million in remaining issue costs at June 30, 2014 associated with the original issuance of these notes.  Note balances and related weighted average interest rates as of June 30, 2014 and December 31, 2013 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes associated with:
	Capstead Mortgage Trust I		$	35,000		8.31	%
	Capstead Mortgage Trust II			40,000		8.46
	Capstead Mortgage Trust III			25,000		8.78
			$	100,000		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 notes associated with Capstead Mortgage Trusts I and II and September 2016 for the notes associated with Capstead Mortgage Trust III, 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 notes associated with Capstead Mortgage Trust I mature in October 2035 and are currently redeemable, in whole or in part, without penalty, at the Company’s option.  The notes associated with Capstead Mortgage Trust II 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 notes associated with Capstead Mortgage Trust III 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.

CAPITAL_TRANSACTIONS

CAPITAL TRANSACTIONS	6 Months Ended
	Jun. 30, 2014
CAPITAL TRANSACTIONS [Abstract]	'
CAPITAL TRANSACTIONS	'
	NOTE 9 ¾ CAPITAL TRANSACTIONS
	In May 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 preferred 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 2013 redemption of the Company’s Series A and B perpetual preferred shares.  The 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 Statements of Income for the quarter and six months ended June 30, 2013.
	In late 2013 the Company began issuing additional Series E preferred shares through an at-the-market continuous offering program.  During the quarter and six months ended June 30, 2014, the Company issued 522,000 and 578,000 Series E preferred shares at average prices of $23.97 and $23.96, net of expenses, for net proceeds of $12.5 million and $13.8 million, respectively. Subsequent to quarter-end through August 5, 2014 the Company issued another 24,000 Series E preferred shares at an average price of $23.78 net of expenses, for net proceeds of $572,000.
	Between November 2012 and January 2013, the Company repurchased 3.6 million common shares at a cost of $42.4 million pursuant to a $100 million common share repurchase program.  In July 2014 this program was suspended indefinitely.
	Additional amounts of Series E preferred capital and new common equity capital may be raised in the future under continuous offering programs or by other means, subject to market conditions, compliance with federal securities laws and blackout periods associated with the dissemination of earnings and dividend announcements and other important Company-specific news.

DISCLOSURES_REGARDING_FAIR_VAL

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2014
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-related disclosures as of the indicated balance sheet dates 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.  All fair values were determined using Level 2 Inputs in accordance with ASC 820.
	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, 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-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):
		30-Jun-14				31-Dec-13
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	5,920	$	6,000	$	6,898	$	7,000
	Interest rate swap agreements		78		78		5,005		5,005
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		557,320		557,500		36,299		36,300
	Unsecured borrowings		100,000		100,600		100,000		101,000
	Interest rate swap agreements		21,979		21,979		11,304		11,304
	Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):
		Amortized		Gross Unrealized
		Cost Basis		Gains		Losses		Fair Value
	June 30, 2014
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,934,131	$	250,607	$	4,680	$	11,180,058
	Ginnie Mae		2,508,620		18,771		6,065		2,521,326
	Residential mortgage securities classified as held-to-maturity		4,096		154		–		4,250
	31-Dec-13
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac		11,019,116		224,456		12,468		11,231,104
	Ginnie Mae		2,220,035		18,384		4,924		2,233,495
	Residential mortgage securities classified as held-to-maturity		4,376		211		–		4,587
		30-Jun-14				December 31, 2013
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	666,397	$	6,537	$	39,030	$	380
	Less than one year		1,020,846		4,208		2,857,724		17,012
		$	1,687,243	$	10,745	$	2,896,754	$	17,392
	Capstead’s investment strategy involves managing a leveraged portfolio of seasoned, short-duration ARM Agency Securities and management expects these securities will be held until payoff absent a major shift in strategy or a severe contraction in the Company’s ability to obtain financing to support its portfolio.  Declines in fair value caused by increases in interest rates are typically modest for investments in short-duration ARM Agency Securities compared to investments in longer-duration ARM or 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 and declines in fair value of ARM securities due to changes in interest rates are generally recoverable in a
	relatively short period of time, (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 given the resiliency of the financing market for Agency Securities, none of these investments are considered other-than-temporarily impaired at June 30, 2014.

COMPENSATION_PROGRAMS

COMPENSATION PROGRAMS

6 Months Ended

Jun. 30, 2014

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, annual and long-term incentive compensation, including equity-based awards, as well as other benefit programs.  After reviewing existing programs and practices and soliciting feedback from investors during 2013, the Committee made a number of important changes that became effective in 2013 and early 2014.  The most prominent changes involved replacing an absolute return-based but discretionary bonus program with a largely nondiscretionary and formulaic, target-based annual incentive program focusing more on relative return metrics and implementing a new performance-based long-term incentive program.

Annual Incentive Compensation Programs

Through June 30, 2013, the Committee utilized an incentive formula that allowed for participation in Capstead’s earnings in excess of a pre-established performance threshold, subject to a maximum amount, or cap.  Awards made under this program were at the Committee’s discretion as to (i) the amount actually awarded, (ii) its allocation among executives and with other employees and (iii) the form of payment (e.g., cash or equity awards).  This program was replaced with a new annual incentive compensation program for key executives referred to as the “2013 Program.”

The 2013 Program determined levels of annual cash incentive compensation based on relative performance metrics measured against the Company’s peers in the mortgage REIT industry and the attainment of individual goals and objectives for participating executives.  The relative performance metrics used were relative economic return (change in book value plus dividends) and relative operating efficiency (operating expenses divided by Unsecured borrowings and Stockholders’ equity), calculated for the full year and prorated for the six month period during which the program was effective in 2013.  The 2013 Program defined maximum payout percentages based on a multiple of salary for each program metric thereby limiting the amount payable to each participating executive.  The Committee revised this new annual incentive program for 2014 to add an absolute economic return performance metric which measures performance against established return levels.

Included in Accounts payable and accrued expenses at June 30, 2014 are accruals totaling $667,000, for the 2014 incentive compensation program as well as separately determined bonus amounts for officers and employees not participating in this program.  Recognized in Annual incentive compensation are $175,000 and $492,000 related to these programs for the quarter and six months ended June 30, 2014, respectively.

Since 2008 the Committee has utilized an additional performance-based cash annual incentive compensation program for key executives that provides for payments equal to per share dividends declared on Capstead’s common stock multiplied by a notional amount of non-vesting or “phantom” common shares (“Dividend Equivalent Rights” or “DERs”).  DERs are not attached to any stock or option awards and only represent the right to receive the same cash distributions that the Company’s common stockholders are entitled to receive during the term of the grants, subject to certain conditions, including continuous service.  DERs outstanding at June 30, 2014 totaled 654,000.  All grants expire July 1, 2015.  Included in Accounts payable and accrued expenses are second quarter 2014 DERs distribution amounts totaling $222,000 that were paid in April 2014.  Recognized in Annual incentive compensation are $222,000 and $445,000 related to the DERs program for the quarter and six months ended June 30, 2014, respectively.

Long-term Equity-based Incentive Awards

Capstead sponsors equity-based award plans to provide for the issuance of stock awards, restricted stock unit awards, option awards and other long-term equity-based incentive awards to directors and employees.  In May 2014 stockholders approved the Amended and Restated 2014 Flexible Incentive Plan, which provides for the issuance of up to five million common shares pursuant to future equity-based awards as well as other incentive awards that recognize the creation of value for stockholders and promote the Company’s long-term growth and success.

In December 2013 the Committee adopted a new long-term incentive program granting key executives a total of 242,505 performance-based restricted stock units.  These units are convertible into common shares following a three-year performance period ending December 31, 2016 depending upon whether, and to what extent, defined performance levels established for certain relative and absolute return performance metrics are met or exceeded.  The relative return metrics measure the Company’s performance against its peers in the mortgage REIT industry on the basis of relative economic return and relative total stockholder return (change in stock price plus reinvested dividends).  An absolute economic return metric measures performance against established return levels.  For conversion purposes, each performance metric is assigned a weighting and the Company’s performance relative to each metric is calculated separately.  The actual number of common shares, if any, the units can convert into for each of the metrics can range from one-half of a common share per unit if that metric’s minimum threshold of performance is met, to two common shares per unit if the related maximum performance threshold is met or exceeded, adjusted for the weighting assigned to the metric.  If a metric’s minimum performance threshold is not met, no shares are issuable under that metric.  Dividends accrue from the date of grant and will be paid in cash when the units convert into common shares based on the number of common shares ultimately issued, if any.

Under a prior absolute return performance-based stock award program, the Committee granted stock awards from 2008 through 2012 to all employees with staggered three-year vesting periods subject to Capstead generating annualized returns in excess of established return levels.  If the required returns are not generated during 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 issued under this program will expire if the required returns are not generated for the final three-year measurement period.  Information pertaining to absolute return performance-based stock awards issued to employees pursuant to this program is as follows:

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

Forfeited

31-Dec

2014

2015

2016

2008 (a)

$

10.18

140,658

5,464

n/

a

–

–

–

2009 (b)

14.33

110,917

4,571

n/

a

–

–

–

2010 (c)

12.44

128,766

5,759

2017

61,499

–

–

2011

12.72

132,490

5,050

2018

63,722

63,718

–

2012

11.67

145,399

5,697

2019

–

69,853

69,849

(a)

The absolute return metrics for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,595 shares associated with the second 50% of this grant in January 2013 and 67,599 shares associated with the first 50% of this grant in February 2012.

(b)

The absolute return metrics for the three-year measurement periods ending December 31, 2013 and 2012 were met resulting in the vesting of 52,915 shares associated with the second 50% of this grant in January 2014 and 53,431 shares associated with the first 50% of this grant in January 2013.

(c)

The absolute return metric for the first three-year measurement period ending December 31, 2013 was met resulting in the vesting of 61,508 shares associated with the first 50% of this grant in January 2014.

In December 2013 the Committee granted service-based stock awards for 35,703 common shares with a grant date fair value of $12.34 to employees that weren’t awarded performance-based restricted stock units.  These awards vest January 2, 2017.  As a component of the Company’s director compensation program, directors are granted stock awards annually upon election or re-election to the board of directors that vest approximately one year from issuance.  In April 2014, director grants awarded in 2013 for 28,000 shares with a grant date fair value of $13.02 vested.  Subsequent to quarter-end director stock awards for 35,000 shares with a grant date fair value of $13.16 were granted that vest in July 2015.  In January 2014 the remaining 22,164 shares associated with 2007 service-based stock awards issued to all employees vested.

Performance-based and service-based stock award activity for quarter and six months ended June 30, 2014 is summarized below:

Weighted Average

Number of

Grant Date

Shares

Fair Value

Unvested stock awards outstanding at December 31, 2013

528,931

$

12.51

Vestings

(164,587

)

13.23

Unvested stock awards outstanding at June 30, 2014

364,344

12.19

During the quarter and six months ended June 30, 2014, the Company recognized in Long-term incentive compensation $372,000 and $747,000, 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 metrics, if applicable, would continue to be met for related initial measurement periods.  In addition, the Company recognized in Other general and administrative expense $30,000 and $122,000 related to amortization of the grant date fair value of service-based director stock awards during the quarter and six months ended June 30, 2014, respectively. Unrecognized compensation expense for unvested stock awards totaled $2.1 million as of June 30, 2014, to be expensed over a weighted average period of 1.3 years (assumes minimal employee and director attrition and, if applicable, absolute return performance metrics being met for related initial measurement periods).

During the quarter and six months ended June 30, 2014 the Company recognized in Long-term incentive compensation $252,000 and $503,000, respectively, related to the performance-based restricted stock units granted in December 2013.  A grant date fair value of $12.45 was assigned to each unit based on estimated outcomes for each nonmarket-based performance metric and a Monte Carlo simulation for the relative total stockholder return performance metric.  Assuming certain targeted performance levels are achieved and there are no forfeitures, $3.0 million can be expected to be expensed over the related three-year performance period.  However, the value associated with the nonmarket-based performance metrics is subject to change over the units’ performance period.  Actual expense assuming no forfeitures will range from a minimum of $625,000 (the grant date fair value of the total stockholder return performance metric and assuming no shares are ultimately issued under the terms of these grants because the Company’s performance for all performance metrics was less than the related minimum threshold performance levels) to approximately $5.4 million assuming maximum performance levels are met or exceeded for all performance metrics resulting in the issuance of 485,010 common shares.

All service-based stock awards receive dividends on a current basis without risk of forfeiture if the related awards do not vest.  All outstanding performance-based stock awards and restricted stock units defer the payment of dividends accruing between the grant dates and the end of related performance periods.  If performance-based stock awards do not vest or to the extent restricted stock units do not convert into common shares, the related accrued dividends will be forfeited.  Included in Common stock dividend payable at June 30, 2014 is estimated dividends payable pertaining to these awards totaling $1.4 million.

Option awards currently outstanding have ten-year contractual terms from the grant date 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 six months ended June 30, 2014 is summarized below:

Number of

Weighted Average

Shares

Exercise Price

Option awards outstanding at December 31, 2013

77,500

$

11.75

Expirations

(10,000

)

14.41

Option awards outstanding at June 30, 2014

67,500

11.35

Exercisable option awards outstanding at June 30, 2014 totaled 67,500 shares with a weighted average remaining contractual term of 3.6 years, an average exercise price of $11.35 and an aggregate intrinsic value of $121,000.

Other Benefit Programs

Capstead sponsors a qualified defined contribution retirement plan for all employees and a nonqualified deferred compensation plan for certain of its executives.  In general the Company matches up to 50% of a participant’s voluntary contribution up to a maximum of 6% of a participant’s base salary and non DERs program annual incentive compensation payments and makes discretionary contributions of up to another 3% of such compensation regardless of participation in the plans.  Company contributions are subject to certain vesting requirements that have been met by Capstead’s current employees.  During the quarter and six months ended June 30, 2014, the Company recognized in Salaries and benefits $55,000 and $119,000 related to contributions to these plans, respectively.

NET_INCOME_PER_COMMON_SHARE_Ta

NET INCOME PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
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						Six Months Ended
			30-Jun						30-Jun
			2014			2013			2014			2013
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income		$	36,564		$	29,894		$	74,955		$	64,812
	Redemption premiums paid on Series A and Series B preferred shares*			–			(19,924	)		–			(19,924	)
	Preferred share dividends			(3,449	)		(5,867	)		(6,687	)		(11,137	)
	Earnings participation of unvested stock awards			(12	)		(32	)		(36	)		(64	)
			$	33,103		$	4,071		$	68,232		$	33,687
	Denominator for basic net income per common share:
	Weighted average common shares outstanding			95,767			95,616			95,772			95,588
	Average unvested stock awards outstanding			(368	)		(490	)		(398	)		(515	)
				95,399			95,126			95,374			95,073
			$	0.35		$	0.04		$	0.72		$	0.35
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Net income available to common stockholders		$	33,103		$	4,071		$	68,232		$	33,687
	Dividends on dilutive convertible preferred shares			–			–			–			44
			$	33,103		$	4,071		$	68,232		$	33,731
	Denominator for diluted net income per common share:
	Basic weighted average common shares outstanding			95,399			95,126			95,374			95,073
	Net effect of dilutive equity awards			227			148			209			134
	Net effect of dilutive convertible preferred shares			–			123			–			152
				95,626			95,397			95,583			95,359
			$	0.35		$	0.04		$	0.71		$	0.35
Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share	'
	Potentially dilutive securities excluded from the computation of net income per share because the effect of inclusion was antidilutive were as follows (in thousands):
			Quarter Ended						Six Months Ended
			30-Jun						30-Jun
			2014			2013			2014			2013
	Antidilutive convertible preferred shares*			–			16,570			–			16,570
	Antidilutive equity awards excludable under the treasury stock method			–			35			20			35
		*	The Series A and Series B preferred shares were redeemed in June 2013 – See NOTE 9.

RESIDENTIAL_MORTGAGE_INVESTMEN1

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]	'
Schedule of Residential Mortgage Investments	'
	Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands):
			Unpaid		Investment		Amortized		Carrying		Net			Average
			Principal		Premiums		Cost Basis		Amount (a)		WAC (b)			Yield(b)
			Balance
	30-Jun-14
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,027	$	6	$	2,033	$	2,035		6.63	%		6.53	%
	ARMs			10,591,396		342,696		10,934,092		11,180,017		2.55			1.76
	Ginnie Mae ARMs			2,424,441		84,179		2,508,620		2,521,326		2.66			1.43
				13,017,864		426,881		13,444,745		13,703,378		2.57			1.7
	Residential mortgage loans:
	Fixed-rate			1,943		2		1,945		1,945		6.97			5.09
	ARMs			3,959		16		3,975		3,975		3.83			3.15
				5,902		18		5,920		5,920		4.86			3.84
	Collateral for structured financings			2,068		34		2,102		2,102		8.1			7.38
			$	13,025,834	$	426,933	$	13,452,767	$	13,711,400		2.57			1.71
	31-Dec-13
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	2,158	$	6	$	2,164	$	2,167		6.67	%		6.47	%
	ARMs			10,675,620		343,452		11,019,072		11,231,057		2.58			1.76
	Ginnie Mae ARMs			2,145,639		74,396		2,220,035		2,233,495		2.64			1.64
				12,823,417		417,854		13,241,271		13,466,719		2.59			1.74
	Residential mortgage loans:
	Fixed-rate			2,633		3		2,636		2,636		6.99			5.63
	ARMs			4,244		18		4,262		4,262		3.81			3.35
				6,877		21		6,898		6,898		5.03			4.2
	Collateral for structured financings			2,220		37		2,257		2,257		8.09			7.68
			$	12,832,514	$	417,912	$	13,250,426	$	13,475,874		2.59			1.74
	(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)	6 Months Ended
	Jun. 30, 2014
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 dates were as follows (dollars in thousands):
	Collateral Type		Collateral		Accrued			Borrowings		Average
			Carrying		Interest			Outstanding		Borrowing
			Amount		Receivable					Rates
	30-Jun-14
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	12,598,558	$	25,873		$	11,983,879		0.3	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			527,413		967			500,877		0.32
	Agency Securities (greater than 90 days)			316,845		833			300,000		0.48
	Similar borrowings:
	Collateral for structured financings*			2,102		–			2,102		8.1
			$	13,444,918	$	27,673		$	12,786,858		0.31
	Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 7)										0.48
	December 31, 2013
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	12,169,534	$	28,195		$	11,578,211		0.38	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			951,966		2,068			902,432		0.38
	Similar borrowings:
	Collateral for structured financings*			2,257		–			2,257		8.09
			$	13,123,757	$	30,263		$	12,482,900		0.38
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.49
		*	The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral.  Additionally, these financings are subject to redemption by the residual bondholders.
Schedule of Average Borrowings Outstanding	'
	Average borrowings outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):
			Quarter Ended
			30-Jun-14							31-Dec-13
			Average		Average					Average			Average
			Borrowings		Rate					Borrowings			Rate
	Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated quarters		$	12,599,929		0.49	%				12,510,701			0.49	%
										$

USE_OF_DERIVATIVE_FINANCIAL_IN1

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014, the Company’s portfolio of 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:
	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
	Fourth quarter 2015			1,200,000				0.45
	First quarter 2016			1,700,000				0.51
	Second quarter 2016			1,100,000				0.47
	(average expiration:  14 months)			6,400,000				0.49
	Forward-starting contracts:
	Third quarter 2016			700,000				0.56
	Fourth quarter 2016			400,000				0.65
	(average expiration:  25 months)			1,100,000				0.59
	(average expiration:  16 months)		$	7,500,000
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				June 30,				December 31,
			Location				2014				2013
	Balance sheet-related
	Swap agreements in a gain position (an asset) related to:
	Borrowings under repurchase arrangements		(a)				$	78			$	1,094
	Unsecured borrowings		(a)					–				3,911
	Swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements		(a)					(13,978	)			(11,304	)
	Unsecured borrowings		(a)					(8,001	)			–
	Related net interest payable		(b)					(9,909	)			(5,493	)
							$	(31,810	)		$	(11,792	)
		(a)	The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability.  The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $19.0 million at June 30,2014.
		(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets.
			Location of
			Gain or				Quarter Ended								Six Months Ended
			(Loss)
			Recognized in				30-Jun								30-Jun
			Net Income				2014				2013				2014				2013
	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						$	(5,384	)		$	(4,416	)		$	(10,106	)		$	(9,850	)
	Amount of gain (loss) recognized (ineffective portion)							(110.00	)			(24.00	)			(168.00	)			96
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives			*			$	(5,494	)		$	(4,440	)		$	(10,274	)		$	(9,754	)
	Other comprehensive income-related
	Amount of gain (loss) recognized in Other comprehensive income (loss) (effective portion)						$	(12,998	)		$	17,524			$	(25,654	)		$	20,003
		*	Included in “Interest expense:  Repurchase arrangements and similar borrowings” on the face of the Statements of Income.
Schedule Of Offsetting Disclosures For All Derivatives Held And Repurchase Arrangements And Similar Borrowings Outstanding Table [Text Block]	'
	Capstead’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(a)
		Amounts of				Offset in				Presented in								Cash
		Recognized				the Balance				the Balance				Financial				Collateral				Net
		Assets				Sheet				Sheet				Instruments				Received				Amount
	As of June 30, 2014:
	Counterparty 4		$	78			$	–			$	78			$	(78	)		$	–			$	–
	As of December 31, 2013:
	Counterparty 1		$	3,911			$	–			$	3,911			$	(3,911	)		$	–			$	–
	Counterparty 2			634				–				634				(634	)			–				–
	Counterparty 4			460				–				460				(460	)			–				–
			$	5,005			$	–			$	5,005			$	(5,005	)		$	–			$	–
			Offsetting of Financial Liabilities and Derivative Liabilities
							Gross				Net Amounts				Gross Amounts Not Offset
			Gross				Amounts				of Liabilities				in the Balance Sheet (c)
			Amounts of				Offset in				Presented in								Cash
			Recognized				the Balance				the Balance				Financial				Collateral				Net
			Liabilities(b)				Sheet				Sheet (a)				Instruments				Pledged				Amount
	As of June 30, 2014:
	Derivatives by counterparty:
	Counterparty 1		$	14,496			$	–			$	14,496			$	–			$	(14,496	)		$	–
	Counterparty 2			7,188				–				7,188				–				(7,050	)			138
	Counterparty 3			1,296				–				1,296				–				(1,296	)			–
	Counterparty 4			8,908				–				8,908				(78	)			(8,830	)			–
				31,888				–				31,888				(78	)			(31,672	)			138
	Repurchase arrangements and similar borrowings			12,789,109				–				12,789,109				(12,789,109	)			–				–
			$	12,820,997			$	–			$	12,820,997			$	(12,789,187	)		$	(31,672	)		$	138
	As of December 31, 2013:
	Derivatives by counterparty:
	Counterparty 1		$	6,002			$	–			$	6,002			$	(3,911	)		$	(2,091	)		$	–
	Counterparty 2			6,352				–				6,352				(634	)			(5,718	)			–
	Counterparty 3			1,581				–				1,581				–				(1,581	)			–
	Counterparty 4			2,862				–				2,862				(460	)			(2,402	)			–
				16,797				–				16,797				(5,005	)			(11,792	)			–
	Repurchase arrangements and similar borrowings			12,487,604				–				12,487,604				(12,487,604	)			–				–
			$	12,504,401			$	–			$	12,504,401			$	(12,492,609	)		$	(11,792	)		$	–
	(a)	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
	(b)	Amounts include accrued interest of $9.9 million and $5.5 million on interest rate swap agreements and $2.3 million and $4.7 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of June 30, 2014 and December 31, 2013, respectively.
	(c)	Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty 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 six months ended June 30, 2014 were as follows (in thousands):
			Gains and Losses				Unrealized Gains				Total
			on Cash Flow				and Losses on
			Hedges				Available-for-Sale
							Securities
	Balance at March 31, 2014		$	(14,239	)		$	242,141			$	227,902
	Activity for the quarter ended June 30, 2014:
	Other comprehensive income (loss) beforereclassifications			(12,998	)			16,492				3,494
	Amounts reclassified from accumulated other comprehensive income			5,384				–				5,384
	Other comprehensive income (loss)			(7,614	)			16,492				8,878
	Balance at June 30, 2014		$	(21,853	)		$	258,633			$	236,780
	Balance at December 31, 2013		$	(6,305	)		$	225,448			$	219,143
	Activity for the six months ended June 30, 2014:
	Other comprehensive income (loss) before reclassifications			(25,654	)			33,185				7,531
	Amounts reclassified from accumulated other comprehensive income			10,106				–				10,106
	Other comprehensive income (loss)			(15,548	)			33,185				17,637
	Balance at June 30, 2014		$	(21,853	)		$	258,633			$	236,780

UNSECURED_BORROWINGS_Tables

UNSECURED BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2014
UNSECURED BORROWINGS [Abstract]	'
Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates	'
	Note balances and related weighted average interest rates as of June 30, 2014 and December 31, 2013 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes associated with:
	Capstead Mortgage Trust I		$	35,000		8.31	%
	Capstead Mortgage Trust II			40,000		8.46
	Capstead Mortgage Trust III			25,000		8.78
			$	100,000		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 notes associated with Capstead Mortgage Trusts I and II and September 2016 for the notes associated with Capstead Mortgage Trust III, 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)	6 Months Ended
	Jun. 30, 2014
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]	'
Financial Instruments Other than Debt Securities	'
	Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):
		30-Jun-14				31-Dec-13
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	5,920	$	6,000	$	6,898	$	7,000
	Interest rate swap agreements		78		78		5,005		5,005
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		557,320		557,500		36,299		36,300
	Unsecured borrowings		100,000		100,600		100,000		101,000
	Interest rate swap agreements		21,979		21,979		11,304		11,304
Fair Value and Related Disclosures for Debt Securities	'
	Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):
		Amortized		Gross Unrealized
		Cost Basis		Gains		Losses		Fair Value
	June 30, 2014
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,934,131	$	250,607	$	4,680	$	11,180,058
	Ginnie Mae		2,508,620		18,771		6,065		2,521,326
	Residential mortgage securities classified as held-to-maturity		4,096		154		–		4,250
	31-Dec-13
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac		11,019,116		224,456		12,468		11,231,104
	Ginnie Mae		2,220,035		18,384		4,924		2,233,495
	Residential mortgage securities classified as held-to-maturity		4,376		211		–		4,587
Securities in Unrealized Loss Position	'
		30-Jun-14				December 31, 2013
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	666,397	$	6,537	$	39,030	$	380
	Less than one year		1,020,846		4,208		2,857,724		17,012
		$	1,687,243	$	10,745	$	2,896,754	$	17,392

COMPENSATION_PROGRAMS_Tables

COMPENSATION PROGRAMS (Tables)

6 Months Ended

Jun. 30, 2014

COMPENSATION PROGRAMS [Abstract]

'

Schedule of Performance-Based Stock Awards

'

Information pertaining to absolute return performance-based stock awards issued to employees pursuant to this program is as follows:

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

Forfeited

31-Dec

2014

2015

2016

2008 (a)

$

10.18

140,658

5,464

n/

a

–

–

–

2009 (b)

14.33

110,917

4,571

n/

a

–

–

–

2010 (c)

12.44

128,766

5,759

2017

61,499

–

–

2011

12.72

132,490

5,050

2018

63,722

63,718

–

2012

11.67

145,399

5,697

2019

–

69,853

69,849

(a)

The absolute return metrics for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,595 shares associated with the second 50% of this grant in January 2013 and 67,599 shares associated with the first 50% of this grant in February 2012.

(b)

The absolute return metrics for the three-year measurement periods ending December 31, 2013 and 2012 were met resulting in the vesting of 52,915 shares associated with the second 50% of this grant in January 2014 and 53,431 shares associated with the first 50% of this grant in January 2013.

(c)

The absolute return metric for the first three-year measurement period ending December 31, 2013 was met resulting in the vesting of 61,508 shares associated with the first 50% of this grant in January 2014.

Schedule of Performance and Service-Based Stock Award Activity

'

Performance-based and service-based stock award activity for quarter and six months ended June 30, 2014 is summarized below:

Weighted Average

Number of

Grant Date

Shares

Fair Value

Unvested stock awards outstanding at December 31, 2013

528,931

$

12.51

Vestings

(164,587

)

13.23

Unvested stock awards outstanding at June 30, 2014

364,344

12.19

Schedule Of Option Award Activity

'

Option award activity for the six months ended June 30, 2014 is summarized below:

Number of

Weighted Average

Shares

Exercise Price

Option awards outstanding at December 31, 2013

77,500

$

11.75

Expirations

(10,000

)

14.41

Option awards outstanding at June 30, 2014

67,500

11.35

NET_INCOME_PER_COMMON_SHARE_Ba

NET INCOME PER COMMON SHARE - Basic and Diluted Net Income Per Common Share (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator for basic net income per common share: [Abstract]	'	'	'	'
Net income	$36,564	$29,894	$74,955	$64,812
Redemption premiums paid on Series A and Series B preferred shares	0	-19,924	0	-19,924
Preferred share dividends	-3,449	-5,867	-6,687	-11,137
Earnings participation of unvested stock awards	-12	-32	-36	-64
Numerator for basic net income per common share	33,103	4,071	68,232	33,687
Denominator for basic net income per common share: [Abstract]	'	'	'	'
Weighted average common shares outstanding (in shares)	95,767	95,616	95,772	95,588
Average unvested stock awards outstanding (in shares)	-368	-490	-398	-515
Denominator for basic net income per common share (in shares)	95,399	95,126	95,374	95,073
Basic net income per common share (in dollars per share)	$0.35	$0.04	$0.72	$0.35
Numerator for diluted net income per common share: [Abstract]	'	'	'	'
Net income available to common stockholders	33,103	4,071	68,232	33,687
Dividends on dilutive convertible preferred shares	0	0	0	44
Numerator for diluted net income per common share	$33,103	$4,071	$68,232	$33,731
Denominator for diluted net income per common share: [Abstract]	'	'	'	'
Basic weighted average common shares outstanding (in shares)	95,399	95,126	95,374	95,073
Net effect of dilutive equity awards	227	148	209	134
Net effect of dilutive convertible preferred shares (in shares)	0	123	0	152
Denominator for diluted net income per common share (in shares)	95,626	95,397	95,583	95,359
Diluted net income per common share (in dollars per share)	$0.35	$0.04	$0.71	$0.35

NET_INCOME_PER_COMMON_SHARE_Po

NET INCOME PER COMMON SHARE - Potentially Dilutive Securities (Detail)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
NET INCOME PER COMMON SHARE [Abstract]	'		'		'		'
Antidilutive convertible preferred shares (in shares)	0	[1]	16,570	[1]	0	[1]	16,570	[1]
Shares issuable under option awards (in shares)	0		35		20		35
[1]	The Series A and Series B preferred shares were redeemed in June 2013.

RESIDENTIAL_MORTGAGE_INVESTMEN2

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Detail) (USD $)	6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	$13,025,834		$12,832,514
Investment Premiums	426,933		417,912
Amortized Cost Basis	13,452,767		13,250,426
Carrying Amount	13,711,400	[1]	13,475,874	[1]
Net WAC (in hundredths)	2.57%	[2]	2.59%	[2]
Average Yield (in hundredths)	1.71%	[2]	1.74%	[2]
Agency Securities [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	13,017,864		12,823,417
Investment Premiums	426,881		417,854
Amortized Cost Basis	13,444,745		13,241,271
Carrying Amount	13,703,378	[1]	13,466,719	[1]
Net WAC (in hundredths)	2.57%	[2]	2.59%	[2]
Average Yield (in hundredths)	1.70%	[2]	1.74%	[2]
Agency Securities [Member] | Fixed-Rate [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,027		2,158
Investment Premiums	6		6
Amortized Cost Basis	2,033		2,164
Carrying Amount	2,035	[1]	2,167	[1]
Net WAC (in hundredths)	6.63%	[2]	6.67%	[2]
Average Yield (in hundredths)	6.53%	[2]	6.47%	[2]
Agency Securities [Member] | ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	10,591,396		10,675,620
Investment Premiums	342,696		343,452
Amortized Cost Basis	10,934,092		11,019,072
Carrying Amount	11,180,017	[1]	11,231,057	[1]
Net WAC (in hundredths)	2.55%	[2]	2.58%	[2]
Average Yield (in hundredths)	1.76%	[2]	1.76%	[2]
Agency Securities [Member] | Ginnie Mae ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,424,441		2,145,639
Investment Premiums	84,179		74,396
Amortized Cost Basis	2,508,620		2,220,035
Carrying Amount	2,521,326	[1]	2,233,495	[1]
Net WAC (in hundredths)	2.66%	[2]	2.64%	[2]
Average Yield (in hundredths)	1.43%	[2]	1.64%	[2]
Residential Mortgage Loans [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	5,902		6,877
Investment Premiums	18		21
Amortized Cost Basis	5,920		6,898
Carrying Amount	5,920	[1]	6,898	[1]
Net WAC (in hundredths)	4.86%	[2]	5.03%	[2]
Average Yield (in hundredths)	3.84%	[2]	4.20%	[2]
Residential Mortgage Loans [Member] | Fixed-Rate [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	1,943		2,633
Investment Premiums	2		3
Amortized Cost Basis	1,945		2,636
Carrying Amount	1,945	[1]	2,636	[1]
Net WAC (in hundredths)	6.97%	[2]	6.99%	[2]
Average Yield (in hundredths)	5.09%	[2]	5.63%	[2]
Residential Mortgage Loans [Member] | ARMs [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	3,959		4,244
Investment Premiums	16		18
Amortized Cost Basis	3,975		4,262
Carrying Amount	3,975	[1]	4,262	[1]
Net WAC (in hundredths)	3.83%	[2]	3.81%	[2]
Average Yield (in hundredths)	3.15%	[2]	3.35%	[2]
Collateral For Structured Financings [Member]	'		'
Schedule Of Residential Mortgage Investments [Line Items]	'		'
Unpaid Principal Balance	2,068		2,220
Investment Premiums	34		37
Amortized Cost Basis	2,102		2,257
Carrying Amount	$2,102	[1]	$2,257	[1]
Net WAC (in hundredths)	8.10%	[2]	8.09%	[2]
Average Yield (in hundredths)	7.38%	[2]	7.68%	[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 $)	6 Months Ended
In Billions, unless otherwise specified	Jun. 30, 2014
Schedule Of Residential Mortgage Investments [Line Items]	'
Mortgage securities weighted average contractual maturity, months	'289 months
Available for sale ARM securities, current-reset	$7.64
Available for sale ARM securities, longer-to-reset	$5.81
Current-Reset ARMs [Member]	'
Schedule Of Residential Mortgage Investments [Line Items]	'
Agency securities average months to roll, months	'6 months
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]	'
Agency securities average months to roll, months	'39 months 12 days
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 $)	Dec. 31, 2013
In Millions, unless otherwise specified
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

6 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

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]

Agency Securities [Member]

Borrowings With Maturities Of 30 Days Or Less [Member]

Borrowings With Maturities Of 30 Days Or Less [Member]

Borrowings With Maturities of 31 to 90 Days [Member]

Borrowings With Maturities of 31 to 90 Days [Member]

Borrowings With Maturities Greater Than 90 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

$13,440,000

$13,120,000

'

'

'

'

$13,444,918

$13,123,757

$12,598,558

$12,169,534

$527,413

$951,966

$316,845

$2,102

[1]

$2,257

[1]

Accrued Interest Receivable

'

'

'

'

'

'

27,673

30,263

25,873

28,195

967

2,068

833

0

[1]

0

[1]

Borrowings Outstanding

12,786,858

12,482,900

'

'

'

'

12,786,858

12,482,900

11,983,879

11,578,211

500,877

902,432

300,000

2,102

[1]

2,257

[1]

Average Borrowing Rates (in hundredths)

'

'

'

'

0.48%

0.49%

0.31%

0.38%

0.30%

0.38%

0.32%

0.38%

0.48%

8.10%

[1]

8.09%

[1]

Average borrowings adjusted amount

$12,599,929

$12,510,701

'

'

'

'

'

'

'

'

'

'

'

'

'

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

0.49%

0.49%

'

'

'

'

'

'

'

'

'

'

'

'

'

[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 $)

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2010

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

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 [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap New One [Member]

Interest Rate Swap New One [Member]

Interest Rate Swap New Two [Member]

Interest Rate Swap New Two [Member]

Interest Rate Swap Expired One [Member]

Interest Rate Swap Expired One [Member]

Repurchase Arrangements And Similar Borrowings [Member]

Repurchase Arrangements And Similar Borrowings [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]

Fourth Quarter 2016 [Member]

Third Quarter 2016 [Member]

Derivative Instruments And Hedging Activities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SWAP agreement notional amount during period

'

'

'

'

'

'

'

'

'

'

'

'

'

$100,000,000

'

'

$700,000,000

$1,400,000,000

'

'

'

'

'

'

SWAP agreement average interest rate during period (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

4.09%

'

'

0.63%

0.57%

'

'

'

'

'

'

Swap agreement notional amount expiring during period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000,000

2,800,000,000

400,000,000

600,000,000

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.47%

0.50%

0.51%

0.54%

'

'

Notional Amount

7,500,000,000

6,400,000,000

200,000,000

500,000,000

1,100,000,000

200,000,000

400,000,000

1,200,000,000

1,700,000,000

1,100,000,000

1,100,000,000

400,000,000

700,000,000

'

'

'

'

'

'

'

'

'

'

'

Average Fixed Rate Payment Requirement (in hundredths)

'

0.49%

0.51%

0.58%

0.50%

0.43%

0.47%

0.45%

0.51%

0.47%

0.59%

0.65%

0.56%

'

'

'

'

'

'

'

'

'

'

'

Payment term of LIBOR interest rate agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'2 years

'

'

'

'

'

'

'

Derivative instruments unrealized losses to be recognized

19,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued Interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9,900,000

$5,500,000

'

'

'

'

'

'

$2,300,000

$4,700,000

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 $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Balance sheet-related [Abstract]	'		'		'		'		'
Interest rate swap agreements at fair value, net assets (liability)	($31,810)		'		($31,810)		'		($11,792)
Income statement-related [Abstract]	'		'		'		'		'
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	5,384		4,416		10,106		9,850		'
Other Comprehensive Income (Loss) [Member]	'		'		'		'		'
Other comprehensive income related [Abstract]	'		'		'		'		'
Amount of gain (loss) recognized in other comprehensive income (loss) (effective portion)	-12,998		17,524		-25,654		20,003		'
Interest Expense [Member]	'		'		'		'		'
Income statement-related [Abstract]	'		'		'		'		'
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	-5,384		-4,416		-10,106		-9,850		'
Amount of gain (loss) recognized (ineffective portion)	-110		-24		-168		96		'
Increase in interest expense and decrease in Net income as a result of the use of Derivatives	-5,494	[1]	-4,440	[1]	-10,274	[1]	-9,754	[1]	'
Accounts Payable and Accrued Liabilities [Member]	'		'		'		'		'
Balance sheet-related [Abstract]	'		'		'		'		'
Related net interest payable	-9,909	[2]	'		-9,909	[2]	'		-5,493	[2]
Borrowings Under Repurchase Arrangements [Member] | Other Assets [Member]	'		'		'		'		'
Balance sheet-related [Abstract]	'		'		'		'		'
Swap agreements in a gain position (an asset) related to borrowings	78	[3]	'		78	[3]	'		1,094	[3]
Swap agreements in a loss position (a liability) related to borrowings	-13,978	[3]	'		-13,978	[3]	'		-11,304	[3]
Unsecured Borrowings [Member] | Other Assets [Member]	'		'		'		'		'
Balance sheet-related [Abstract]	'		'		'		'		'
Swap agreements in a gain position (an asset) related to borrowings	0	[3]	'		0	[3]	'		3,911	[3]
Swap agreements in a loss position (a liability) related to borrowings	($8,001)	[3]	'		($8,001)	[3]	'		$0	[3]
[1]	Included in bInterest expense: Repurchase arrangements and similar borrowingsb on the face of the Statements of Income.
[2]	Included in bAccounts payable and accrued expensesb on the face of the Balance Sheets.
[3]	The fair value of Derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $19.0 million at June 30, 2014.

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 $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	$78		$5,005
Net Amounts of Assets Presented in the Balance Sheet	-31,810		-11,792
Cash Collateral Received	45,591		25,502
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	21,979		11,304
Counterparty 1 [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	'		3,911
Gross Amounts Offset in the Balance Sheet	'		0
Net Amounts of Assets Presented in the Balance Sheet	'		3,911
Financial Instruments	'		-3,911	[1]
Cash Collateral Received	'		0	[1]
Net Amount	'		0
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	14,496	[2]	6,002	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	14,496	[1]	6,002	[1]
Financial Instruments	0	[3]	-3,911	[3]
Cash Collateral Pledged	-14,496	[3]	-2,091	[3]
Net Amount	0		0
Counterparty 2 [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	'		634
Gross Amounts Offset in the Balance Sheet	'		0
Net Amounts of Assets Presented in the Balance Sheet	'		634
Financial Instruments	'		-634	[1]
Cash Collateral Received	'		0	[1]
Net Amount	'		0
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	7,188	[2]	6,352	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	7,188	[1]	6,352	[1]
Financial Instruments	0	[3]	-634	[3]
Cash Collateral Pledged	-7,050	[3]	-5,718	[3]
Net Amount	138		0
Counterparty 3 [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	1,296	[2]	1,581	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	1,296	[1]	1,581	[1]
Financial Instruments	0	[3]	0	[3]
Cash Collateral Pledged	-1,296	[3]	-1,581	[3]
Net Amount	0		0
Counter party 4 [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	78		460
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Assets Presented in the Balance Sheet	78		460
Financial Instruments	-78	[1]	-460	[1]
Cash Collateral Received	0	[1]	0	[1]
Net Amount	0		0
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	8,908	[2]	2,862	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	8,908	[1]	2,862	[1]
Financial Instruments	-78	[3]	-460	[3]
Cash Collateral Pledged	-8,830	[3]	-2,402	[3]
Net Amount	0		0
Derivative Counterparties [Member]	'		'
Offsetting of derivative assets [Abstract]	'		'
Gross Amounts of Recognized Assets	78		5,005
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Assets Presented in the Balance Sheet	78		5,005
Financial Instruments	-78	[1]	-5,005	[1]
Cash Collateral Received	0	[1]	0	[1]
Net Amount	0		0
Offsetting Financial Liabilities and Derivative Liabilities [Member]	'		'
Offsetting of financial liabilities and derivative liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities	12,820,997	[2]	12,504,401	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	12,820,997	[1]	12,504,401	[1]
Financial Instruments	-12,789,187	[3]	-12,492,609	[3]
Cash Collateral Pledged	-31,672	[3]	-11,792	[3]
Net Amount	138		0
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	12,789,109	[2]	12,487,604	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	12,789,109	[1]	12,487,604	[1]
Financial Instruments	-12,789,109	[3]	-12,487,604	[3]
Cash Collateral Pledged	0	[3]	0	[3]
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	31,888	[2]	16,797	[2]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	31,888	[1]	16,797	[1]
Financial Instruments	-78	[3]	-5,005	[3]
Cash Collateral Pledged	-31,672	[3]	-11,792	[3]
Net Amount	$138		$0
[1]	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
[2]	Amounts include accrued interest of $9.9 million and $5.5 million on interest rate swap agreements and $2.3 million and $4.7 million on repurchase arrangements and similar borrowings, included in bAccounts payable and accrued expensesb on the face of the Balance Sheets as of June 30, 2014 and December 31, 2013, respectively.
[3]	Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty 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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	$227,902	'	$219,143	'
Other comprehensive income (loss) before reclassifications	3,494	'	7,531	'
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	5,384	4,416	10,106	9,850
Other comprehensive income (loss)	8,878	-46,853	17,637	-46,645
Ending Balance	236,780	'	236,780	'
Gains and Losses on Cash Flow Hedges [Member]	'	'	'	'
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	-14,239	'	-6,305	'
Other comprehensive income (loss) before reclassifications	-12,998	'	-25,654	'
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	5,384	'	10,106	'
Other comprehensive income (loss)	-7,614	'	-15,548	'
Ending Balance	-21,853	'	-21,853	'
Unrealized Gains and Losses on Available-for-sale Securities [Member]	'	'	'	'
Accumulated other comprehensive income (loss) [Line Items]	'	'	'	'
Beginning Balance	242,141	'	225,448	'
Other comprehensive income (loss) before reclassifications	16,492	'	33,185	'
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	0	'	0	'
Other comprehensive income (loss)	16,492	'	33,185	'
Ending Balance	$258,633	'	$258,633	'

UNSECURED_BORROWINGS_Trusts_De

UNSECURED BORROWINGS - Trusts (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Junior subordinated notes maturity term	'30 years		'
Issuance of common securities	'		$3,100,000
Remaining issue costs	2,200,000		'
Junior subordinated notes borrowings outstanding	100,000,000		100,000,000
Average rate (in hundredths)	0.85%	[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	35,000,000		'
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	40,000,000		'
Average rate (in hundredths)	0.85%	[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	$25,000,000		'
Average rate (in hundredths)	0.88%	[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 notes associated with Capstead Mortgage Trusts I and II and September 2016 for the notes associated with Capstead Mortgage Trust III, 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.

CAPITAL_TRANSACTIONS_Details

CAPITAL TRANSACTIONS (Details) (USD $)	3 Months Ended			6 Months Ended		0 Months Ended	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jan. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Aug. 05, 2014	31-May-13	Aug. 05, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
						Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable Preferred Stock, Series E [Member]	Cumulative Redeemable preferred Stock, Series E issuance one [Member]	Cumulative Redeemable Preferred Stock, Series E issuance two [Member]	Series A And Series B Preferred Stock [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	'	'	'	'
Reduction in income per share (in dollars per share)	'	'	'	'	'	'	'	'	'	'	($0.21)
Cash used for redemption of preferred stock	'	'	'	'	'	'	'	'	'	'	207,000,000
Redemption preference premiums paid	0	19,924,000	'	0	19,924,000	'	'	'	'	'	19,924,000
Proceeds from Issuance of Redeemable Preferred Stock	'	'	'	'	'	572,000	164,300,000	'	12,500,000	13,800,000	'
Cash on hand paid to redeem preferred stock	'	'	'	'	'	'	42,700,000	'	'	'	'
Additional shares issued (in shares)	'	'	'	'	'	24,000	'	'	522,000	578,000	'
Average cost per share (in dollars per share)	'	'	'	'	'	'	'	$23.78	$23.97	$23.96	'
Common shares repurchased (in shares)	'	'	3,600,000	'	'	'	'	'	'	'	'
Common shares repurchased	'	'	42,400,000	'	'	'	'	'	'	'	'
Common stock repurchase program	'	'	$100,000,000	'	'	'	'	'	'	'	'

DISCLOSURES_REGARDING_FAIR_VAL2

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Balance Sheet Location (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014
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	$13,711,400	$13,475,874	$5,920	$6,898	$6,000	$7,000	'
Interest rate swap agreements at fair value	78	5,005	78	5,005	78	5,005	'
Financial liabilities [Abstract]	'	'	'	'	'	'	'
Repurchase arrangements with initial terms of greater than 120 days, Fair Value	'	'	557,320	36,299	557,500	36,300	'
Unsecured borrowings	'	'	100,000	100,000	100,600	101,000	'
Interest rate swap agreements	'	'	$21,979	$11,304	$21,979	$11,304	'

DISCLOSURES_REGARDING_FAIR_VAL3

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value and Related Disclosures for Debt Securities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Residential Mortgage Securities Classified as held-to-Maturity [Member]	'	'
Held-to-maturity securities disclosure [Abstract]	'	'
Held-to-maturities, Amortized Cost Basis	$4,096	$4,376
Held-to-maturities, Gains	154	211
Held-to-maturities, Losses	0	0
Held-to-maturities, Fair Value	4,250	4,587
Fannie Mae/Freddie Mac [Member] | Agency Securities Classified as Available-for-sale [Member]	'	'
Available-for-sale securities disclosure Items [Abstract]	'	'
Available-for-sale securities, Amortized Cost Basis	10,934,131	11,019,116
Available-for-sale securities, Gross Unrealized Gains	250,607	224,456
Available-for-sale securities, Gross Unrealized Losses	4,680	12,468
Available-for-sale securities, Fair Value	11,180,058	11,231,104
Ginnie Mae [Member] | Agency Securities Classified as Available-for-sale [Member]	'	'
Available-for-sale securities disclosure Items [Abstract]	'	'
Available-for-sale securities, Amortized Cost Basis	2,508,620	2,220,035
Available-for-sale securities, Gross Unrealized Gains	18,771	18,384
Available-for-sale securities, Gross Unrealized Losses	6,065	4,924
Available-for-sale securities, Fair Value	$2,521,326	$2,233,495

DISCLOSURES_REGARDING_FAIR_VAL4

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Securities in Unrealized Loss Position (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Continuous unrealized loss position, fair value [Abstract]	'	'
One year or greater	$666,397	$39,030
Less than one year	1,020,846	2,857,724
Continuous unrealized loss position, Fair Value, Total	1,687,243	2,896,754
Continuous unrealized loss position, aggregate loss [Abstract]	'	'
One year or greater	6,537	380
Less than one year	4,208	17,012
Unrealized Losses, Total	$10,745	$17,392

COMPENSATION_PROGRAMS_Other_Co

COMPENSATION PROGRAMS - Other Compensation Programs (Detail) (USD $)	3 Months Ended			6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share Based Compensation Programs [Line Items]	'	'	'	'	'
Accounts payable and accrued expenses total	'	'	'	$667,000	'
Annual incentive compensation program accruals	175,000	'	'	492,000	'
DER issued and outstanding (in shares)	654,000	'	'	654,000	'
Dividend Equivalent Rights Payable	222,000	'	'	222,000	'
Annual incentive compensation	-397,000	'	-326,000	-937,000	-880,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	'	1-Jul-15	'	'	'
DER expense for the period	222,000	'	'	445,000	'
Performance-Based Stock Awards Vesting After Three Year [Member]	'	'	'	'	'
Share Based Compensation Programs [Line Items]	'	'	'	'	'
Share awards vesting period	'	'	'	'3 years	'
Stock Options [Member]	'	'	'	'	'
Share Based Compensation Programs [Line Items]	'	'	'	'	'
Exercisable option awards outstanding (in shares)	67,500	'	'	67,500	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	'	'	'	'3 years 7 months 6 days	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$11.35	'	'	$11.35	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$121,000	'	'	$121,000	'
Long-Term Equity-Based Awards [Member]	'	'	'	'	'
Share Based Compensation Programs [Line Items]	'	'	'	'	'
Issuance of common shares pursuant to future equity-based awards(in shares)	5,000,000	'	'	5,000,000	'

COMPENSATION_PROGRAMS_Schedule

COMPENSATION PROGRAMS - Schedule of Restricted Stock Awards (Detail) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 31, 2013

Feb. 29, 2012

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Jan. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Remaining Shares Vesting In: 2014 [Member]

Year 2013 One [Member]

Year 2013 Two [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Performance-Based Stock Awards [Member]

Long-term Equity Based Awards [Member]

Long-term Equity Based Awards [Member]

Long-term Equity Based Awards [Member]

Stock Awards Activity [Member]

Stock Awards Activity [Member]

Performance Based Stock Awards Vesting In Three Year [Member]

Performance Based Stock Awards Vesting In Three Year [Member]

Performance Based Stock Awards Vesting After Three Year [Member]

Year 2008 [Member]

Year 2008 [Member]

Year 2008 [Member]

Year 2008 [Member]

Year 2008 [Member]

Year 2008 [Member]

Year 2009 [Member]

Year 2009 [Member]

Year 2009 [Member]

Year 2009 [Member]

Year 2009 [Member]

Year 2009 [Member]

Year 2010 [Member]

Year 2010 [Member]

Year 2010 [Member]

Year 2010 [Member]

Year 2010 [Member]

Year 2011 [Member]

Year 2011 [Member]

Year 2011 [Member]

Year 2011 [Member]

Year 2012 [Member]

Year 2012 [Member]

Year 2012 [Member]

Year 2012 [Member]

Minimum [Member]

Maximum [Member]

December 31 2015 [Member]

Remaining Shares Vesting In: 2014 [Member]

Remaining Shares Vesting In: 2015 [Member]

Remaining Shares Vesting In: 2016 [Member]

December 31 2016 [Member]

Remaining Shares Vesting In: 2014 [Member]

Remaining Shares Vesting In: 2015 [Member]

Remaining Shares Vesting In: 2016 [Member]

December 31 2017 [Member]

Remaining Shares Vesting In: 2014 [Member]

Remaining Shares Vesting In: 2015 [Member]

Remaining Shares Vesting In: 2016 [Member]

December 31 2018 [Member]

Remaining Shares Vesting In: 2014 [Member]

Remaining Shares Vesting In: 2015 [Member]

Remaining Shares Vesting In: 2016 [Member]

December 31 2019 [Member]

Remaining Shares Vesting In: 2014 [Member]

Remaining Shares Vesting In: 2015 [Member]

Remaining Shares Vesting In: 2016 [Member]

December 31 2015 [Member]

December 31 2015 [Member]

December 31 2015 [Member]

December 31 2016 [Member]

December 31 2016 [Member]

December 31 2016 [Member]

December 31 2017 [Member]

December 31 2017 [Member]

December 31 2017 [Member]

December 31 2018 [Member]

December 31 2018 [Member]

December 31 2018 [Member]

December 31 2019 [Member]

December 31 2019 [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)

$13.16

'

'

'

'

'

$13.02

$12.34

'

'

$10.18

[1]

'

'

'

'

'

$14.33

[2]

'

'

'

'

$12.44

[3]

'

'

'

$12.72

'

'

'

$11.67

'

'

'

$12.45

'

'

'

'

'

'

'

Total original grants (in shares)

35,000

'

'

'

'

'

28,000

[4]

35,703

'

'

140,658

[1]

'

'

'

'

'

110,917

[2]

'

'

'

'

128,766

[3]

'

'

'

132,490

'

'

'

145,399

'

'

'

242,505

'

'

'

'

'

'

'

Forfeited

'

'

'

'

'

'

'

'

'

'

5,464

[1]

'

'

'

'

'

4,571

[2]

'

'

'

'

5,759

[3]

'

'

'

5,050

'

'

'

5,697

'

'

'

'

'

'

'

'

'

'

'

Expected issuance of common stock for award program (in shares)

364,344

'

364,344

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

485,010

'

'

'

'

'

Remaining shares vesting in period (shares)

'

'

'

'

'

22,164

'

'

'

'

'

0

[1]

0

[1]

0

[1]

'

'

'

0

[2]

0

[2]

0

[2]

'

'

61,499

[3]

0

[3]

0

[3]

'

63,722

63,718

0

'

0

69,853

69,849

'

'

'

'

'

'

'

'

Equity instruments other than options, nonvested, number of shares [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested stock awards outstanding at beginning of period (in shares)

'

'

528,931

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vestings (in shares)

'

'

-164,587

'

'

'

'

'

-67,595

-67,599

'

'

'

'

-52,915

-53,431

'

'

'

'

-61,508

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested stock awards outstanding at end of period (in shares)

364,344

'

364,344

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

485,010

'

'

'

'

'

Percentage of performance based awards granted, actual (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

50.00%

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)

'

'

$12.51

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vestings (in dollars per share)

'

'

$13.23

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested stock awards outstanding at end of period (in dollars per share)

$12.19

'

$12.19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Salaries and benefits

$985,000

$886,000

$2,117,000

$1,887,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$372,000

$747,000

$252,000

$503,000

'

Other general and administrative expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000

122,000

'

'

'

Common stock dividend payable

33,831,000

'

33,831,000

'

30,872,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

1,400,000

'

'

'

Total of Unrecognized compensation expense for unvested stock award

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,000,000

'

'

$2,100,000

$2,100,000

'

'

'

Compensation cost not yet recognized, period for recognition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year 3 months 18 days

'

'

'

Performance-based awards vested (in shares)

'

'

164,587

'

'

'

'

'

67,595

67,599

'

'

'

'

52,915

53,431

'

'

'

'

61,508

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected compensation expense related to stock based compensation awards

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

625,000

5,400,000

'

'

'

'

'

Expected issuance of common stock for award program (in shares)

364,344

'

364,344

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

485,010

'

'

'

'

'

[1]

The absolute return metrics for the three-year measurement periods ending December 31, 2012 and 2011 were met resulting in the vesting of 67,595 shares associated with the second 50% of this grant in January 2013 and 67,599 shares associated with the first 50% of this grant in February 2012.

[2]

The absolute return metrics for the three-year measurement periods ending December 31, 2013 and 2012 were met resulting in the vesting of 52,915 shares associated with the second 50% of this grant in January 2014 and 53,431 shares associated with the first 50% of this grant in January 2013.

[3]

The absolute return metric for the first three-year measurement period ending December 31, 2013 was met resulting in the vesting of 61,508 shares associated with the first 50% of this grant in January 2014.

[4]

In December 2013 the Committee granted service-based stock awards to employees that were not awarded performance-based restricted stock units. These awards vest on January 2, 2017.

COMPENSATION_PROGRAMS_Schedule1

COMPENSATION PROGRAMS - Schedule of Stock Option Award Activity (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014
COMPENSATION PROGRAMS [Abstract]	'
Option awards outstanding at beginning of period (in shares)	77,500
Weighted Average Exercise Price, option awards outstanding at beginning of year (in dollars per share)	$11.75
Expirations (in shares)	-10,000
Weighted Average Exercise Price, expirations (in dollars per share)	$14.41
Weighted Average Exercise Price, Option awards outstanding at end of year (in dollars per share)	$11.35
Option awards outstanding at end of period (in shares)	67,500

COMPENSATION_PROGRAMS_Defined_

COMPENSATION PROGRAMS - Defined Contribution Plans (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
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	$55,000	$119,000