Capstead Mortgage (CMO) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	CAPSTEAD MORTGAGE CORP
Entity Central Index Key	766701
Current Fiscal Year End Date	-19
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		95,812,050
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

CONSOLIDATED_BALANCE_SHEETS_UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Residential mortgage investments ($13.59 and $13.48 billion pledged under repurchase arrangements at March 31, 2015 and December 31, 2014, respectively)	$14,150,084	$13,908,104
Cash collateral receivable from interest rate swap counterparties	61,669	53,139
Interest rate swap agreements at fair value	285	1,657
Cash and cash equivalents	205,615	307,526
Receivables and other assets	114,229	118,643
Total Assets	14,531,882	14,389,069
Liabilities
Repurchase arrangements and similar borrowings	12,938,508	12,806,843
Interest rate swap agreements at fair value	37,791	27,034
Unsecured borrowings	100,000	100,000
Common stock dividend payable	30,701	34,054
Accounts payable and accrued expenses	28,583	30,367
Total Liabilities	13,135,583	12,998,298
Stockholders' equity
Common stock - $0.01 par value; 250,000 shares authorized: 95,812 and 95,848 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	958	958
Paid-in capital	1,325,633	1,325,340
Accumulated deficit	-346,465	-346,885
Accumulated other comprehensive income	221,586	227,422
Stockholders' equity	1,396,299	1,390,771
Total Liabilities and Equity	14,531,882	14,389,069
Redeemable Preferred Stock [Member] | Cumulative Redeemable Preferred Stock, Series E [Member]
Stockholders' equity
Cumulative Preferred Stock	$194,587	$183,936

CONSOLIDATED_BALANCE_SHEETS_UN1

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Residential mortgage investments	$13,590,000	$13,480,000
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)	95,812	95,848
Common stock, shares outstanding (in shares)	95,812	95,848
Preferred stock, par value (in dollars per share)	$0.10	$0.10
Preferred stock, shares authorized (in shares)	100,000	100,000
Cumulative Redeemable Preferred Stock, Series E [Member]
Preferred stock, dividend rate (in hundredths)	7.50%
Redeemable Preferred Stock [Member] | Cumulative Redeemable Preferred Stock, Series E [Member]
Preferred stock, dividend rate (in hundredths)	7.50%
Preferred stock, shares issued (in shares)	8,050	7,618
Preferred stock, shares outstanding (in shares)	8,050	7,618
Preferred stock, aggregate liquidation preference	$201,247	$190,454

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Residential mortgage investments	$58,645	$59,445
Other	94	61
Interest income	58,739	59,506
Interest expense:
Repurchase arrangements and similar borrowings	-19,214	-15,407
Unsecured borrowings	-2,123	-2,122
Interest expense	-21,337	-17,529
Net interest income (expense)	37,402	41,977
Other revenue (expense):
Salaries and benefits	-1,049	-1,132
Short-term incentive compensation	-692	-540
Long term incentive compensation	-608	-626
Other general and administrative expense	-1,149	-1,203
Miscellaneous other revenue (expense)	53	-85
Operating expenses	-3,445	-3,586
Net income	33,957	38,391
Net income available to common stockholders:
Net income	33,957	38,391
Less preferred stock dividends	-3,742	-3,238
Net income (loss) available to common stockholders, basic, total	$30,215	$35,153
Net income per common share:
Basic and diluted (in dollars per share)	$0.32	$0.37
Weighted average common shares outstanding:
Basic (in dollars per share)	95,469	95,349
Diluted (in dollars per share)	95,674	95,538
Cash dividends declared per share:
Common (in dollars per share)	$0.31	$0.34
Series E Preferred [Member]
Cash dividends declared per share:
Series E Preferred (in dollars per share)	$0.47	$0.47

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income	$33,957	$38,391
Amounts related to available-for-sale securities:
Change in net unrealized gains	6,107	16,693
Amounts related to cash flow hedges:
Change in net unrealized losses	-18,391	-12,656
Reclassification adjustment for amounts included in net income	6,448	4,722
Other comprehensive income (loss)	-5,836	8,759
Comprehensive income	$28,121	$47,150

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income	$33,957	$38,391
Noncash items:
Amortization of investment premiums	25,078	22,288
Amortization of equity-based awards	724	718
Other depreciation and amortization	33	37
Change in measurable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	185	0
Net change in receivables, other assets, accounts payable and accrued expenses	-1,131	-37
Net cash provided by operating activities	58,846	61,397
Investing activities:
Purchases of residential mortgage investments	-959,548	-669,003
Interest receivable acquired with the purchase of residential mortgage investments	-1,534	-1,121
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	703,688	617,074
Net cash used in investing activities	-257,394	-53,050
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	29,887,321	31,981,126
Principal payments on repurchase arrangements and similar borrowings	-29,755,657	-31,873,771
Increase in cash collateral receivable from interest rate swap Counterparties	-8,530	-10,494
Proceeds from issuance of preferred shares	10,651	1,336
Other capital stock transactions	-429	-512
Dividends paid	-36,719	-33,095
Net cash provided by financing activities	96,637	64,590
Net change in cash and cash equivalents	-101,911	72,937
Cash and cash equivalents at beginning of period	307,526	413,356
Cash and cash equivalents at end of period	$205,615	$486,293

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2015
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	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 ¾ BASIS OF PRESENTATION
	Interim Financial Reporting and Reclassifications
	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2015.  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, 2014.
	Recent Accounting Pronouncements
	In June 2014 the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures (“ASU 2014-11”).  ASU 2014-11 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.  ASU 2014-11 also introduces new disclosure requirements and is effective for periods beginning after December 15, 2014.  The Company adopted ASU 2014-11 in the current quarter.  As the Company has not entered into any repurchase-to-maturity or linked transactions, the provisions of this ASU had no effect on the Company’s results of operations, financial condition, or cash flows.

NET_INCOME_PER_COMMON_SHARE

NET INCOME PER COMMON SHARE	3 Months Ended
	Mar. 31, 2015
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 dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the weighted average number of shares of common stock outstanding, calculated excluding unvested stock awards.  Participating securities include any unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.
	Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence.  Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result.
	Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts):
		Quarter Ended March 31
		2015			2014
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income	$	33,957		$	38,391
	Preferred stock dividends		(3,742	)		(3,238	)
	Earnings participation of unvested equity awards		(34	)		(24	)
		$	30,181		$	35,129
	Denominator for basic net income per common share:
	Weighted average common stock outstanding		95,825			95,777
	Average unvested stock awards outstanding		(356	)		(428	)
			95,469			95,349
		$	0.32		$	0.37
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Numerator for basic net income per common share	$	30,181		$	35,129
	Denominator for diluted net income per common share:
	Denominator for basic net income per common share		95,469			95,349
	Net effect of dilutive equity awards		205			189
			95,674			95,538
		$	0.32		$	0.37

RESIDENTIAL_MORTGAGE_INVESTMEN

RESIDENTIAL MORTGAGE INVESTMENTS	3 Months Ended
	Mar. 31, 2015
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 Premiums		Amortized Cost Basis		Carrying		Net			Average
			Principal						Amount (a)		WAC (b)			Yield(b)
			Balance
	31-Mar-15
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	1,335	$	4	$	1,339	$	1,340		6.64	%		6.02	%
	ARMs			10,381,104		334,577		10,715,681		10,958,273		2.51			1.76
	Ginnie Mae ARMs			3,061,079		106,549		3,167,628		3,183,873		2.6			1.45
				13,443,518		441,130		13,884,648		14,143,486		2.53			1.69
	Residential mortgage loans:
	Fixed-rate			1,701		1		1,702		1,702		6.92			5.67
	ARMs			2,891		12		2,903		2,903		3.73			3.22
				4,592		13		4,605		4,605		4.91			4.12
	Collateral for structured financings			1,961		32		1,993		1,993		8.11			7.75
			$	13,450,071	$	441,175	$	13,891,246	$	14,150,084		2.53			1.7
	31-Dec-14
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	1,660	$	4	$	1,664	$	1,665		6.63	%		6.52	%
	ARMs			10,230,419		328,781		10,559,200		10,800,332		2.51			1.68
	Ginnie Mae ARMs			2,983,659		103,911		3,087,570		3,099,168		2.63			1.58
				13,215,738		432,696		13,648,434		13,901,165		2.54			1.66
	Residential mortgage loans:
	Fixed-rate			1,848		2		1,850		1,850		6.96			5.65
	ARMs			3,046		13		3,059		3,059		3.73			3.18
				4,894		15		4,909		4,909		4.95			4.09
	Collateral for structured financings			1,997		33		2,030		2,030		8.11			7.86
			$	13,222,629	$	432,744	$	13,655,373	$	13,908,104		2.54			1.66
	(a)	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9).
	(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 290 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 investments based on 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 investments have months to roll of less than 18 months while longer-to-reset ARM investments have months to roll of 18 months or greater.  As of March 31, 2015, the average months to roll for the Company’s $7.85 billion (amortized cost basis) in current-reset ARM investments was 6.3 months while the average months to roll for the Company’s $6.03 billion (amortized cost basis) in longer-to-reset ARM investments was 40.0 months.

REPURCHASE_ARRANGEMENTS_AND_SI

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS	3 Months Ended
	Mar. 31, 2015
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS [Abstract]
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS	NOTE 5 ¾ REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS
	Capstead 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 such 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 and are accounted for as borrowings.  The Company maintains the beneficial interest in the specific securities pledged during the term of each repurchase arrangement and receives the related principal and interest payments.  The amount borrowed is generally equal to the fair value of the securities 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 paydown 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 have previously pledged collateral returned to the Company.
	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
	31-Mar-15
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	9,272,091	$	18,895		$	8,841,149		0.34	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			1,812,699		3,583			1,720,366		0.35
	Agency Securities (greater than 90 days)			2,506,501		6,071			2,375,000		0.61
	Similar borrowings:
	Collateral for structured financings*			1,993		–			1,993		8.11
			$	13,593,284	$	28,549		$	12,938,508		0.39
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges (see NOTE 6)										0.59
	31-Dec-14
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	10,401,080	$	24,045		$	9,878,889		0.35	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			1,205,570		2,248			1,150,924		0.35
	Agency Securities (greater than 90 days)			1,874,892		4,640			1,775,000		0.56
	Similar borrowings:
	Collateral for structured financings*			2,030		–			2,030		8.11
			$	13,483,572	$	30,933		$	12,806,843		0.38
	Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.58
	*	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
			31-Mar-15					31-Dec-14
			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		$	12,988,083		0.59	%	$	12,843,636		0.56	%

USE_OF_DERIVATIVE_FINANCIAL_IN

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	3 Months Ended
	Mar. 31, 2015
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 6 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 ended March 31, 2015 Capstead entered into swap agreements with notional amounts of $700 million.  These swap agreements require fixed-rate interest payments averaging 0.71% for two-year periods commencing on various dates between January 2015 and April 2015.  Also during the current quarter, $1.10 billion notional amount of swaps requiring fixed-rate interest payments averaging 0.50% matured, while $500 million notional amount of forward-starting swaps requiring fixed-rate interest payments averaging 0.72% moved into current-pay status.
	At March 31, 2015, 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:
	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
	Third quarter 2016			700,000				0.56
	Fourth quarter 2016			800,000				0.66
	First quarter 2017			1,000,000				0.72
	(average expiration: 12 months)			7,100,000				0.54
	Forward-starting contracts:
	Second quarter 2017 (average expiration: 24 months)			200,000				0.72
	(average expiration: 12 months)		$	7,300,000
	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 30, 2015 and September 15, 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 7).
	Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 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.  Related net interest payable at the balance sheet date is recorded separately.  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		31-Mar				31-Dec
			Location		2015				2014
	Balance sheet-related
	Swap agreements in a gain position (an asset) related to:
	Borrowings under repurchase arrangements		(a)		$	285			$	1,657
	Swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements		(a)			(10,682	)			(6,332	)
	Unsecured borrowings		(a)			(27,109	)			(20,702	)
	Related net interest payable		(b)			(7,902	)			(9,516	)
					$	(45,408	)		$	(34,893	)
	(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 $14.8 million at March 31, 2015.
	(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets.
			Location of				Quarter Ended March 31
			Gain or (Loss)Recognized in
			Net Income				2015				2014
	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						$	(6,448	)		$	(4,722	)
	Amount of loss recognized (ineffective portion)							(309	)			(58	)
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives			*			$	(6,757	)		$	(4,780	)
	Other comprehensive income-related
	Amount of loss recognized in Other comprehensive income (effective portion)						$	(18,391	)		$	(12,656	)
	*	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 5 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				Gross				Net Amounts			Gross Amounts Not Offset
							Amounts				of Assets			in the Balance Sheet(a)
			Amounts of				Offset in				Presented in			Financial			Cash			Net
			Recognized				the Balance				the Balance			Instruments			Collateral			Amount
			Assets				Sheet				Sheet						Received
	31-Mar-15
	Counterparty 4		$	14			$	271			$	285		$	(285	)	$	–		$	–
	31-Dec-14
	Counterparty 2		$	–			$	95			$	95		$	(95	)	$	–		$	–
	Counterparty 4			1,128				434				1,562			(1,562	)		–			–
			$	1,128			$	529			$	1,657		$	(1,657	)	$	–		$	–
			Offsetting of Financial Liabilities and Derivative Liabilities
			Gross				Gross				Net Amounts			Gross Amounts Not Offset
							Amounts				of Liabilities			in the Balance Sheet (c)
			Amounts of				Offset in				Presented in			Financial			Cash			Net
			Recognized				the Balance				the Balance			Instruments			Collateral			Amount
			Liabilities(b)				Sheet				Sheet (a)						Pledged
31-Mar-15
Derivatives by counterparty:
Counterparty 1		$	29,838			$	–			$	29,838		$	–		$	(29,838	)	$	–
Counterparty 2			4,346				–				4,346			–			(4,250	)		96
Counterparty 4			11,238				271				11,509			(285	)		(11,224	)		–
			45,422				271				45,693			(285	)		(45,312	)		96
Repurchase arrangements and similar borrowings			12,945,117				–				12,945,117			(12,945,117	)		–			–
		$	12,990,539			$	271			$	12,990,810		$	(12,945,402	)	$	(45,312	)	$	96
31-Dec-14
Derivatives by counterparty:
Counterparty 1		$	24,533			$	–			$	24,533		$	–		$	(24,533	)	$	–
Counterparty 2			4,042				95				4,137			(95	)		(4,042	)		–
Counterparty 3			736				–				736			–			(736	)		–
Counterparty 4			6,710				434				7,144			(1,562	)		(5,582	)		–
			36,021				529				36,550			(1,657	)		(34,893	)		–
Repurchase arrangements and similar borrowings			12,812,947				–				12,812,947			(12,812,947	)		–			–
		$	12,848,968			$	529			$	12,849,497		$	(12,814,604	)	$	(34,893	)	$	–
(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 $7.9 million and $9.5 million on interest rate swap agreements and $6.6 million and $6.1 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of March 31, 2015 and December 31, 2014, 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 ended March 31, 2015 were as follows (in thousands):
		Gains and Losses				Unrealized Gains				Total
		on Cash Flow				and Losses on
		Hedges				Available-for-Sale
						Securities
Balance at December 31, 2014		$	(25,309	)		$	252,731			$	227,422
Activity for the quarter ended March 31, 2015:
Other comprehensive income (loss) before reclassifications			(18,391	)			6,107				(12,284	)
Amounts reclassified from accumulated other comprehensive income			6,448				–				6,448
Other comprehensive income (loss)			(11,943	)			6,107				(5,836	)
Balance at March 31, 2015		$	(37,252	)		$	258,838			$	221,586

UNSECURED_BORROWINGS

UNSECURED BORROWINGS	3 Months Ended
	Mar. 31, 2015
UNSECURED BORROWINGS [Abstract]
UNSECURED BORROWINGS	NOTE 7 ¾ UNSECURED BORROWINGS
	Unsecured borrowings consist of 30-year junior subordinated notes issued in 2005 and 2006 and maturing in 2035 and 2036.  Included in Receivables and other assets are $2.1 million in remaining issue costs at March 31, 2015 associated with the original issuance of these notes.  Note balances and related weighted average interest rates as of March 31, 2015 and December 31, 2014 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes maturing in:
	Oct-35		$	35,000		8.31	%
	Dec-35			40,000		8.46
	Sep-36			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 October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.
	The notes maturing in October 2035 are currently redeemable, in whole or in part, without penalty, at the Company’s option.  The notes maturing in December 2035 are redeemable, in whole or in part, without penalty, at the Company’s option anytime on or after December 15, 2015.  The notes maturing in September 2036 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	3 Months Ended
	Mar. 31, 2015
CAPITAL TRANSACTIONS [Abstract]
CAPITAL TRANSACTIONS	NOTE 8 ¾ CAPITAL TRANSACTIONS
	During the quarter ended March 31, 2015, Capstead issued an additional 432,000 shares of its 7.50% Series E Cumulative Redeemable Preferred Stock through an at-the-market continuous offering program at an average price of $24.67, net of underwriting fees and other costs, for net proceeds of $10.7 million.  Amounts raised subsequent to quarter-end under this program have been minimal.

DISCLOSURES_REGARDING_FAIR_VAL

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 9 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 ASU 2010-06, Fair Value Measurements and Disclosures (Topic 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 6 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):
		31-Mar-15				31-Dec-14
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	4,605	$	4,700	$	4,909	$	5,000
	Interest rate swap agreements		285		285		1,657		1,657
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		2,375,000		2,376,100		2,128,517		2,128,400
	Unsecured borrowings		100,000		100,300		100,000		100,500
	Interest rate swap agreements		37,791		37,791		27,034		27,034
	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
	31-Mar-15
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,715,709	$	243,152	$	559	$	10,958,302
	Ginnie Mae		3,167,628		20,148		3,903		3,183,873
	Residential mortgage securities classified as held-to-maturity		3,304		98		–		3,402
	31-Dec-14
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,559,231	$	243,351	$	2,218	$	10,800,364
	Ginnie Mae		3,087,570		16,755		5,157		3,099,168
	Residential mortgage securities classified as held-to-maturity		3,663		124		–		3,787
		31-Mar-15				December 31, 2014
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	530,711	$	3,405	$	706,839	$	5,320
	Less than one year		407,266		1,057		1,095,724		2,055
		$	937,977	$	4,462	$	1,802,563	$	7,375
	Capstead’s investment strategy involves managing a leveraged portfolio of relatively 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 March 31, 2015.

COMPENSATION_PROGRAMS

COMPENSATION PROGRAMS	3 Months Ended
	Mar. 31, 2015
COMPENSATION PROGRAMS [Abstract]
COMPENSATION PROGRAMS	NOTE 10 ¾ COMPENSATION PROGRAMS
	The compensation committee of Capstead’s board of directors (the “Committee”) is responsible for establishing, implementing, and monitoring the Company’s compensation program and practices.  In 2013 the Committee replaced an absolute return-based, discretionary bonus program and an absolute return-based stock award program with largely nondiscretionary and formulaic, target-based annual and long-term incentive compensation programs for key executives with multiple, pre-established performance goals and defined threshold, target and maximum awards as a percentage of base salary.
	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 are made pursuant to the Company’s Amended and Restated 2014 Flexible Incentive Plan, approved by stockholders in May 2014.  At March 31, 2015, this plan had 4,432,739 shares of common stock remaining available for future issuances.
	Short-term Incentive Compensation Programs
	As more fully described in the Company’s proxy statement, the Committee periodically reviews Capstead’s annual incentive compensation program, establishing and implementing desired changes in performance metrics, composition of the mortgage REIT industry peer group used for measurement purposes and each participating officer’s targeted award opportunity.  Under the provisions of the program in effect for 2015 and 2014, awards are made based on (a) economic return (change in book value plus dividends) measured on a relative basis, and, to a lesser extent, on an absolute return basis, (b) relative operating cost efficiency (operating expenses divided by Unsecured borrowings and Stockholders’ equity), and (c) each participating officer’s attainment of stated goals and objectives.  Each participating officer has a targeted award opportunity equal to 125% of his base salary.  Under the terms of the program, each performance metric is assigned a weighting and the Company’s performance relative to each metric is calculated separately. No awards can be earned for performance below the defined threshold returns and awards are capped for performance above the defined maximum return levels.  Included in Accounts payable and accrued expenses at March 31, 2015 are annual incentive compensation accruals for all employees totaling $489,000.  Recognized in Short-term incentive compensation are $489,000 and $318,000 related to annual incentive compensation for all employees for the quarters ended March 31, 2015 and 2014, respectively.
	The Committee administers an additional performance-based short-term incentive compensation program for key executives that provides for quarterly cash payments equal to per share dividends declared on Capstead’s common stock multiplied by a notional amount of non-vesting shares of common stock (“Dividend Equivalent Rights” or “DERs”).  DERs 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.  In December 2014 the Committee extended the term of the 654,000 outstanding DERs to December 31, 2015.  Included in Accounts payable and accrued expenses are first quarter 2015 DERs distribution amounts totaling $203,000 that were paid in April 2015.  Recognized in Short-term incentive compensation are $203,000 and $222,000 related to the DERs program for the quarters ended March 31, 2015 and 2014, respectively.
	Long-term Equity-based Awards – Performance-based RSUs
	The Committee adopted a new performance-based long-term incentive compensation program for key executives in December 2013.  The program provides for the grant of performance-based RSUs that are convertible into common shares following three-year performance periods, contingent 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).  The absolute economic return metric measures performance against defined 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 shares of common stock the units can convert into for each of the metrics, if any, can range from one-half of a share per unit if that metric’s minimum threshold of performance is met, to two 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 shares of common stock based on the number of shares ultimately issued, if any.
	Pursuant to this program, in January 2015 and December 2013 the Committee granted 247,512 and 242,505 RSUs with three-year performance periods ending December 31, 2017 and 2016, respectively.  Initial grant date fair values of $8.83 and $12.45 were assigned to each unit of the January 2015 and December 2013 grants, respectively.  In the fourth quarter of 2014 the three-year compensation cost estimate for the December 2013 grant was reduced to $7.21 per unit.  Recognized in Long-term incentive compensation are $328,000 and $251,000 related to the RSUs for the quarters ended March 31, 2015 and 2014, respectively.
	Long-term Equity-based Awards – Stock Awards
	Under an absolute return performance-based stock award program terminated in 2013, the Committee granted common stock awards to all employees with staggered three-year vesting periods.  These awards vest if annualized returns in excess of established return levels are generated during three-year measurement periods.  Vesting can be deferred and a new three-year measurement period 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.  Grants made under this program totaling 125,221 shares with an average grant date fair value of $12.58 vested in February 2015 pertaining to initial measurement periods ending December 31, 2014.  Remaining grants under this program totaling 133,571 and 69,849 shares with average grant date fair values of $12.17 and $11.67 are scheduled to vest in February 2016 and 2017, respectively, assuming performance criteria and service conditions are met.
	In December 2014 and 2013 respectively, the Committee granted service-based stock awards for 37,237 and 35,703 shares of common stock with grant date fair values of $12.47 and $12.34 to employees not awarded RSUs.  These awards vest January 2, 2018 and January 2, 2017, respectively, assuming service conditions are met.  In January 2014 the remaining 22,164 shares associated with 2007 service-based stock awards issued to all employees vested.  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 July 2014, director stock awards for 35,000 shares with a grant date fair value of $13.16 were granted that vest in July 2015, assuming service conditions are met.  In April 2014, director grants awarded in 2013 for 28,000 shares with a grant date fair value of $13.02 vested.
	Performance-based and service-based stock award activity for quarter ended March 31, 2015 is summarized below:
		Number of			Weighted Average
		Shares			Grant Date
					Fair Value
	Unvested stock awards outstanding at December 31, 2014		436,581			12.29
	Vestings		(125,221	)		12.58
	Unvested stock awards outstanding at March 31, 2015		311,360			12.18
	During the quarters ended March 31, 2015 and 2014, the Company recognized in Long-term incentive compensation $280,000 and $375,000, 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 $115,000 and $92,000 related to amortization of the grant date fair value of service-based director stock awards during the quarters ended March 31, 2015 and 2014, respectively.
	All service-based stock awards receive dividends on a current basis without risk of forfeiture if the related awards do not vest.  Outstanding performance-based stock awards defer the payment of dividends accruing between the grant dates and the end of related performance periods.  If these awards do not vest, the related accrued dividends will be forfeited.
	Long-term Equity-based Awards – Option Awards
	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 Capstead’s common shares on the dates of grant, all of which were prior to 2010.  No option award activity occurred during the quarter ended March 31, 2015.  All outstanding option awards are exercisable at March 31, 2015.  These awards totaled 40,000 shares with a weighted average remaining contractual term of 3.2 years and an aggregate intrinsic value of $13,000.  The fair value of these awards was estimated on the dates of grant using a Black-Scholes option pricing model and was expensed over the related vesting periods.
	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 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 nearly all of Capstead’s current employees.  During the quarters ended March 31, 2015 and 2014, the Company recognized in Salaries and benefits $75,000 and $64,000 related to contributions to these plans, respectively.

NET_INCOME_PER_COMMON_SHARE_Ta

NET INCOME PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
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 for the indicated periods (dollars in thousands, except per share amounts):
		Quarter Ended March 31
		2015			2014
	Basic net income per common share
	Numerator for basic net income per common share:
	Net income	$	33,957		$	38,391
	Preferred stock dividends		(3,742	)		(3,238	)
	Earnings participation of unvested equity awards		(34	)		(24	)
		$	30,181		$	35,129
	Denominator for basic net income per common share:
	Weighted average common stock outstanding		95,825			95,777
	Average unvested stock awards outstanding		(356	)		(428	)
			95,469			95,349
		$	0.32		$	0.37
	Diluted net income per common share
	Numerator for diluted net income per common share:
	Numerator for basic net income per common share	$	30,181		$	35,129
	Denominator for diluted net income per common share:
	Denominator for basic net income per common share		95,469			95,349
	Net effect of dilutive equity awards		205			189
			95,674			95,538
		$	0.32		$	0.37

RESIDENTIAL_MORTGAGE_INVESTMEN1

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
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 Premiums		Amortized Cost Basis		Carrying		Net			Average
			Principal						Amount (a)		WAC (b)			Yield(b)
			Balance
	31-Mar-15
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	1,335	$	4	$	1,339	$	1,340		6.64	%		6.02	%
	ARMs			10,381,104		334,577		10,715,681		10,958,273		2.51			1.76
	Ginnie Mae ARMs			3,061,079		106,549		3,167,628		3,183,873		2.6			1.45
				13,443,518		441,130		13,884,648		14,143,486		2.53			1.69
	Residential mortgage loans:
	Fixed-rate			1,701		1		1,702		1,702		6.92			5.67
	ARMs			2,891		12		2,903		2,903		3.73			3.22
				4,592		13		4,605		4,605		4.91			4.12
	Collateral for structured financings			1,961		32		1,993		1,993		8.11			7.75
			$	13,450,071	$	441,175	$	13,891,246	$	14,150,084		2.53			1.7
	31-Dec-14
	Agency Securities:
	Fannie Mae/Freddie Mac:
	Fixed-rate		$	1,660	$	4	$	1,664	$	1,665		6.63	%		6.52	%
	ARMs			10,230,419		328,781		10,559,200		10,800,332		2.51			1.68
	Ginnie Mae ARMs			2,983,659		103,911		3,087,570		3,099,168		2.63			1.58
				13,215,738		432,696		13,648,434		13,901,165		2.54			1.66
	Residential mortgage loans:
	Fixed-rate			1,848		2		1,850		1,850		6.96			5.65
	ARMs			3,046		13		3,059		3,059		3.73			3.18
				4,894		15		4,909		4,909		4.95			4.09
	Collateral for structured financings			1,997		33		2,030		2,030		8.11			7.86
			$	13,222,629	$	432,744	$	13,655,373	$	13,908,104		2.54			1.66
	(a)	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9).
	(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)	3 Months Ended
	Mar. 31, 2015
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
	31-Mar-15
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	9,272,091	$	18,895		$	8,841,149		0.34	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			1,812,699		3,583			1,720,366		0.35
	Agency Securities (greater than 90 days)			2,506,501		6,071			2,375,000		0.61
	Similar borrowings:
	Collateral for structured financings*			1,993		–			1,993		8.11
			$	13,593,284	$	28,549		$	12,938,508		0.39
	Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges (see NOTE 6)										0.59
	31-Dec-14
	Borrowings with maturities of 30 days or less:
	Agency Securities		$	10,401,080	$	24,045		$	9,878,889		0.35	%
	Borrowings with maturities greater than 30 days:
	Agency Securities (31 to 90 days)			1,205,570		2,248			1,150,924		0.35
	Agency Securities (greater than 90 days)			1,874,892		4,640			1,775,000		0.56
	Similar borrowings:
	Collateral for structured financings*			2,030		–			2,030		8.11
			$	13,483,572	$	30,933		$	12,806,843		0.38
	Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges										0.58
	*	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
			31-Mar-15					31-Dec-14
			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		$	12,988,083		0.59	%	$	12,843,636		0.56	%

USE_OF_DERIVATIVE_FINANCIAL_IN1

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, 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:
	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
	Third quarter 2016			700,000				0.56
	Fourth quarter 2016			800,000				0.66
	First quarter 2017			1,000,000				0.72
	(average expiration: 12 months)			7,100,000				0.54
	Forward-starting contracts:
	Second quarter 2017 (average expiration: 24 months)			200,000				0.72
	(average expiration: 12 months)		$	7,300,000
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		31-Mar				31-Dec
			Location		2015				2014
	Balance sheet-related
	Swap agreements in a gain position (an asset) related to:
	Borrowings under repurchase arrangements		(a)		$	285			$	1,657
	Swap agreements in a loss position (a liability) related to:
	Borrowings under repurchase arrangements		(a)			(10,682	)			(6,332	)
	Unsecured borrowings		(a)			(27,109	)			(20,702	)
	Related net interest payable		(b)			(7,902	)			(9,516	)
					$	(45,408	)		$	(34,893	)
	(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 $14.8 million at March 31, 2015.
	(b)	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets.
			Location of				Quarter Ended March 31
			Gain or (Loss)Recognized in
			Net Income				2015				2014
	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						$	(6,448	)		$	(4,722	)
	Amount of loss recognized (ineffective portion)							(309	)			(58	)
	Increase in interest expense and decrease in Net income as a result of the use of Derivatives			*			$	(6,757	)		$	(4,780	)
	Other comprehensive income-related
	Amount of loss recognized in Other comprehensive income (effective portion)						$	(18,391	)		$	(12,656	)
	*	Included in “Interest expense:  Repurchase arrangements and similar borrowings” on the face of the Statements of Income.
Schedule of Offsetting Disclosures for Asset Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding	The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands):
			Offsetting of Derivative Assets
			Gross				Gross				Net Amounts			Gross Amounts Not Offset
							Amounts				of Assets			in the Balance Sheet(a)
			Amounts of				Offset in				Presented in			Financial			Cash			Net
			Recognized				the Balance				the Balance			Instruments			Collateral			Amount
			Assets				Sheet				Sheet						Received
	31-Mar-15
	Counterparty 4		$	14			$	271			$	285		$	(285	)	$	–		$	–
	31-Dec-14
	Counterparty 2		$	–			$	95			$	95		$	(95	)	$	–		$	–
	Counterparty 4			1,128				434				1,562			(1,562	)		–			–
			$	1,128			$	529			$	1,657		$	(1,657	)	$	–		$	–
Schedule of Offsetting Disclosures for Liability Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding			Offsetting of Financial Liabilities and Derivative Liabilities
			Gross				Gross				Net Amounts			Gross Amounts Not Offset
							Amounts				of Liabilities			in the Balance Sheet (c)
			Amounts of				Offset in				Presented in			Financial			Cash			Net
			Recognized				the Balance				the Balance			Instruments			Collateral			Amount
			Liabilities(b)				Sheet				Sheet (a)						Pledged
	31-Mar-15
	Derivatives by counterparty:
	Counterparty 1		$	29,838			$	–			$	29,838		$	–		$	(29,838	)	$	–
	Counterparty 2			4,346				–				4,346			–			(4,250	)		96
	Counterparty 4			11,238				271				11,509			(285	)		(11,224	)		–
				45,422				271				45,693			(285	)		(45,312	)		96
	Repurchase arrangements and similar borrowings			12,945,117				–				12,945,117			(12,945,117	)		–			–
			$	12,990,539			$	271			$	12,990,810		$	(12,945,402	)	$	(45,312	)	$	96
	31-Dec-14
	Derivatives by counterparty:
	Counterparty 1		$	24,533			$	–			$	24,533		$	–		$	(24,533	)	$	–
	Counterparty 2			4,042				95				4,137			(95	)		(4,042	)		–
	Counterparty 3			736				–				736			–			(736	)		–
	Counterparty 4			6,710				434				7,144			(1,562	)		(5,582	)		–
				36,021				529				36,550			(1,657	)		(34,893	)		–
	Repurchase arrangements and similar borrowings			12,812,947				–				12,812,947			(12,812,947	)		–			–
			$	12,848,968			$	529			$	12,849,497		$	(12,814,604	)	$	(34,893	)	$	–
	(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 $7.9 million and $9.5 million on interest rate swap agreements and $6.6 million and $6.1 million on repurchase arrangements and similar borrowings, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of March 31, 2015 and December 31, 2014, 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 ended March 31, 2015 were as follows (in thousands):
			Gains and Losses				Unrealized Gains				Total
			on Cash Flow				and Losses on
			Hedges				Available-for-Sale
							Securities
	Balance at December 31, 2014		$	(25,309	)		$	252,731			$	227,422
	Activity for the quarter ended March 31, 2015:
	Other comprehensive income (loss) before reclassifications			(18,391	)			6,107				(12,284	)
	Amounts reclassified from accumulated other comprehensive income			6,448				–				6,448
	Other comprehensive income (loss)			(11,943	)			6,107				(5,836	)
	Balance at March 31, 2015		$	(37,252	)		$	258,838			$	221,586

UNSECURED_BORROWINGS_Tables

UNSECURED BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2015
UNSECURED BORROWINGS [Abstract]
Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates	Note balances and related weighted average interest rates as of March 31, 2015 and December 31, 2014 (calculated including issue cost amortization) were as follows (dollars in thousands):
			Borrowings		Average
			Outstanding		Rate *
	Junior subordinated notes maturing in:
	Oct-35		$	35,000		8.31	%
	Dec-35			40,000		8.46
	Sep-36			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 October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, 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)	3 Months Ended
	Mar. 31, 2015
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):
		31-Mar-15				31-Dec-14
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Financial assets:
	Residential mortgage loans	$	4,605	$	4,700	$	4,909	$	5,000
	Interest rate swap agreements		285		285		1,657		1,657
	Financial liabilities:
	Repurchase arrangements with initial terms of greater than 120 days		2,375,000		2,376,100		2,128,517		2,128,400
	Unsecured borrowings		100,000		100,300		100,000		100,500
	Interest rate swap agreements		37,791		37,791		27,034		27,034
Fair Value and Related Disclosures for Debt Securities		Amortized		Gross Unrealized
		Cost Basis		Gains		Losses		Fair Value
	31-Mar-15
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,715,709	$	243,152	$	559	$	10,958,302
	Ginnie Mae		3,167,628		20,148		3,903		3,183,873
	Residential mortgage securities classified as held-to-maturity		3,304		98		–		3,402
	31-Dec-14
	Agency Securities classified as available-for-sale:
	Fannie Mae/Freddie Mac	$	10,559,231	$	243,351	$	2,218	$	10,800,364
	Ginnie Mae		3,087,570		16,755		5,157		3,099,168
	Residential mortgage securities classified as held-to-maturity		3,663		124		–		3,787
Securities in Unrealized Loss Position		31-Mar-15				December 31, 2014
		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss
	Securities in an unrealized loss position:
	One year or greater	$	530,711	$	3,405	$	706,839	$	5,320
	Less than one year		407,266		1,057		1,095,724		2,055
		$	937,977	$	4,462	$	1,802,563	$	7,375

COMPENSATION_PROGRAMS_Tables

COMPENSATION PROGRAMS (Tables)	3 Months Ended
	Mar. 31, 2015
COMPENSATION PROGRAMS [Abstract]
Schedule of Performance and Service-Based Stock Award Activity	Performance-based and service-based stock award activity for quarter ended March 31, 2015 is summarized below:
		Number of			Weighted Average
		Shares			Grant Date
					Fair Value
	Unvested stock awards outstanding at December 31, 2014		436,581			12.29
	Vestings		(125,221	)		12.58
	Unvested stock awards outstanding at March 31, 2015		311,360			12.18

NET_INCOME_PER_COMMON_SHARE_Co

NET INCOME PER COMMON SHARE - Components of Computation of Basic and Diluted Net Income Per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator for basic net income per common share [Abstract]
Net income	$33,957	$38,391
Preferred stock dividends	-3,742	-3,238
Earnings participation of unvested equity awards	-34	-24
Numerator for basic net income per common share	30,181	35,129
Denominator for basic net income per common share [Abstract]
Weighted average common stock outstanding (in shares)	95,825	95,777
Average unvested stock awards outstanding (in shares)	-356	-428
Denominator for basic net income per common share (in shares)	95,469	95,349
Basic net income per common share (in dollars per share)	$0.32	$0.37
Numerator for diluted net income per common share [Abstract]
Numerator for basic net income per common share	$30,181	$35,129
Denominator for diluted net income per common share [Abstract]
Denominator for basic net income per common share	95,469	95,349
Net effect of dilutive equity awards	205	189
Denominator for diluted net income per common share (in shares)	95,674	95,538
Diluted net income per common share (in dollars per share)	$0.32	$0.37

NET_INCOME_PER_COMMON_SHARE_Po

NET INCOME PER COMMON SHARE - Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share (Details) (7.50% Cumulative Redeemable Preferred Stock, Series E [Member])	3 Months Ended
	Mar. 31, 2015
Schedule of Earning Per Share, Basic, by Common Class [Line Items]
Preferred stock dividend rate (in hundredths)	7.50%
Redeemable Preferred Stock [Member]
Schedule of Earning Per Share, Basic, by Common Class [Line Items]
Preferred stock dividend rate (in hundredths)	7.50%

RESIDENTIAL_MORTGAGE_INVESTMEN2

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	$13,450,071		$13,222,629
Investment Premiums	441,175		432,744
Amortized Cost Basis	13,891,246		13,655,373
Carrying Amount	14,150,084	[1]	13,908,104	[1]
Net WAC (in hundredths)	2.53%	[2]	2.54%	[2]
Average Yield (in hundredths)	1.70%	[2]	1.66%	[2]
Agency Securities [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	13,443,518		13,215,738
Investment Premiums	441,130		432,696
Amortized Cost Basis	13,884,648		13,648,434
Carrying Amount	14,143,486	[1]	13,901,165	[1]
Net WAC (in hundredths)	2.53%	[2]	2.54%	[2]
Average Yield (in hundredths)	1.69%	[2]	1.66%	[2]
Agency Securities [Member] | Fixed-Rate [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	1,335		1,660
Investment Premiums	4		4
Amortized Cost Basis	1,339		1,664
Carrying Amount	1,340	[1]	1,665	[1]
Net WAC (in hundredths)	6.64%	[2]	6.63%	[2]
Average Yield (in hundredths)	6.02%	[2]	6.52%	[2]
Agency Securities [Member] | ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	10,381,104		10,230,419
Investment Premiums	334,577		328,781
Amortized Cost Basis	10,715,681		10,559,200
Carrying Amount	10,958,273	[1]	10,800,332	[1]
Net WAC (in hundredths)	2.51%	[2]	2.51%	[2]
Average Yield (in hundredths)	1.76%	[2]	1.68%	[2]
Agency Securities [Member] | Ginnie Mae ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	3,061,079		2,983,659
Investment Premiums	106,549		103,911
Amortized Cost Basis	3,167,628		3,087,570
Carrying Amount	3,183,873	[1]	3,099,168	[1]
Net WAC (in hundredths)	2.60%	[2]	2.63%	[2]
Average Yield (in hundredths)	1.45%	[2]	1.58%	[2]
Residential Mortgage Loans [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	4,592		4,894
Investment Premiums	13		15
Amortized Cost Basis	4,605		4,909
Carrying Amount	4,605	[1]	4,909	[1]
Net WAC (in hundredths)	4.91%	[2]	4.95%	[2]
Average Yield (in hundredths)	4.12%	[2]	4.09%	[2]
Residential Mortgage Loans [Member] | Fixed-Rate [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	1,701		1,848
Investment Premiums	1		2
Amortized Cost Basis	1,702		1,850
Carrying Amount	1,702	[1]	1,850	[1]
Net WAC (in hundredths)	6.92%	[2]	6.96%	[2]
Average Yield (in hundredths)	5.67%	[2]	5.65%	[2]
Residential Mortgage Loans [Member] | ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	2,891		3,046
Investment Premiums	12		13
Amortized Cost Basis	2,903		3,059
Carrying Amount	2,903	[1]	3,059	[1]
Net WAC (in hundredths)	3.73%	[2]	3.73%	[2]
Average Yield (in hundredths)	3.22%	[2]	3.18%	[2]
Collateral For Structured Financings [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance	1,961		1,997
Investment Premiums	32		33
Amortized Cost Basis	1,993		2,030
Carrying Amount	$1,993	[1]	$2,030	[1]
Net WAC (in hundredths)	8.11%	[2]	8.11%	[2]
Average Yield (in hundredths)	7.75%	[2]	7.86%	[2]
[1]	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9).
[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 "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.

RESIDENTIAL_MORTGAGE_INVESTMEN3

RESIDENTIAL MORTGAGE INVESTMENTS - Additional Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Schedule of Residential Mortgage Investments [Line Items]
Mortgage securities weighted average contractual maturity, months	290 months
Current-Reset ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Available for sale ARM securities	7,850,000
Agency securities average months to roll, months	6 months 9 days
Current-Reset ARMs [Member] | Maximum [Member]
Schedule of Residential Mortgage Investments [Line Items]
Agency securities months to roll	18 months
Longer-To-Reset ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Available for sale ARM securities	6,030,000
Agency securities average months to roll, months	40 months
Longer-To-Reset ARMs [Member] | Minimum [Member]
Schedule of Residential Mortgage Investments [Line Items]
Agency securities months to roll	18 months

REPURCHASE_ARRANGEMENTS_AND_SI2

REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	$13,590,000		$13,480,000
Borrowings Outstanding	12,938,508		12,806,843
Average borrowings adjusted amount	12,988,083		12,843,636
Average borrowings rates adjusted for effects related cash flow derivatives (in hundredths)	0.59%		0.56%
Quarter-End Borrowing Rates Adjusted For Effects Of Related Derivatives Held As Cash Flow Hedges [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average Borrowing Rates (in hundredths)	0.59%
Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average Borrowing Rates (in hundredths)			0.58%
Agency Securities [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	13,593,284		13,483,572
Accrued Interest Receivable	28,549		30,933
Borrowings Outstanding	12,938,508		12,806,843
Average Borrowing Rates (in hundredths)	0.39%		0.38%
Agency Securities [Member] | Borrowings With Maturities Of 30 Days Or Less [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	9,272,091		10,401,080
Accrued Interest Receivable	18,895		24,045
Borrowings Outstanding	8,841,149		9,878,889
Average Borrowing Rates (in hundredths)	0.34%		0.35%
Agency Securities [Member] | Borrowings With Maturities of 31 to 90 Days [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	1,812,699		1,205,570
Accrued Interest Receivable	3,583		2,248
Borrowings Outstanding	1,720,366		1,150,924
Average Borrowing Rates (in hundredths)	0.35%		0.35%
Agency Securities [Member] | Borrowings With Maturities Greater Than 90 Days [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	2,506,501		1,874,892
Accrued Interest Receivable	6,071		4,640
Borrowings Outstanding	2,375,000		1,775,000
Average Borrowing Rates (in hundredths)	0.61%		0.56%
Agency Securities [Member] | Similar Borrowings [Member]
Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral Carrying Amount	1,993	[1]	2,030	[1]
Accrued Interest Receivable	0	[1]	0	[1]
Borrowings Outstanding	$1,993	[1]	$2,030	[1]
Average Borrowing Rates (in hundredths)	8.11%	[1]	8.11%	[1]
[1]	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.

USE_OF_DERIVATIVE_FINANCIAL_IN2

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Swap Agreements (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2010	Dec. 31, 2014
Notional Disclosures [Abstract]
Derivative instruments unrealized losses to be recognized	$14,800,000
Interest Rate SWAP Currently-Paying Contracts [Member]
Notional Disclosures [Abstract]
Notional Amount	7,100,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.54%
Derivative, average remaining maturity	12 months
Interest Rate SWAP Currently-Paying Contracts [Member] | Second Quarter 2015 [Member]
Notional Disclosures [Abstract]
Notional Amount	200,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.43%
Interest Rate SWAP Currently-Paying Contracts [Member] | Third Quarter 2015 [Member]
Notional Disclosures [Abstract]
Notional Amount	400,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.47%
Interest Rate SWAP Currently-Paying Contracts [Member] | Fourth Quarter 2015 [Member]
Notional Disclosures [Abstract]
Notional Amount	1,200,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.45%
Interest Rate SWAP Currently-Paying Contracts [Member] | First Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional Amount	1,700,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.51%
Interest Rate SWAP Currently-Paying Contracts [Member] | Second quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional Amount	1,100,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.47%
Interest Rate SWAP Currently-Paying Contracts [Member] | Third Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional Amount	700,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.56%
Interest Rate SWAP Currently-Paying Contracts [Member] | Fourth Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional Amount	800,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.66%
Interest Rate SWAP Currently-Paying Contracts [Member] | First Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional Amount	1,000,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.72%
Interest Rate SWAP Forward-Starting Contracts [Member]
Notional Disclosures [Abstract]
Notional Amount	7,300,000,000
Derivative, average remaining maturity	12 months
Interest Rate SWAP Forward-Starting Contracts [Member] | Second Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional Amount	200,000,000
Average Fixed Rate Payment Requirement (in hundredths)	0.72%
Derivative, average remaining maturity	24 months
Interest Rate Swap Agreements [Member]
Derivative Instruments And Hedging Activities [Line Items]
SWAP agreement notional amount during period	700,000,000	100,000,000
SWAP agreement average interest rate during period (in hundredths)	0.71%	4.09%
Swap agreement notional amount expiring during period	1,100,000,000
SWAP agreements notional amount beginning during the period	500,000,000
SWAP agreement average interest rate expiring during period (in hundredths)	0.50%
SWAP agreements average interest rate beginning during period (in hundredths)	0.72%
Notional Disclosures [Abstract]
Payment term of LIBOR interest rate agreement	2 years	20 years
Accrued Interest	7,900,000		9,500,000
Interest Rate Swap Expired One [Member]
Notional Disclosures [Abstract]
Payment term of LIBOR interest rate agreement	2 years
Repurchase Arrangements And Similar Borrowings [Member]
Notional Disclosures [Abstract]
Accrued Interest	$6,600,000		$6,100,000

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 (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Balance sheet-related [Abstract]
Interest rate swap agreements at fair value, net assets (liability)	($45,408)				($34,893)
Income statement-related [Abstract]
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	6,448		4,722
Other Comprehensive Income (Loss) [Member]
Other comprehensive income related [Abstract]
Amount of loss recognized in Other comprehensive income (effective portion)	-18,391		-12,656
Interest Expense [Member]
Income statement-related [Abstract]
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions	-6,448		-4,722
Amount of loss recognized (ineffective portion)	-309		-58
Increase in interest expense and decrease in Net income as a result of the use of Derivatives	-6,757	[1]	-4,780	[1]
Other Liabilities [Member]
Balance sheet-related [Abstract]
Related net interest payable	-7,902	[2]			-9,516	[2]
Borrowings Under Repurchase Arrangements [Member] | Other Assets [Member]
Balance sheet-related [Abstract]
Swap agreements in a gain position (an asset) related to borrowings	285	[3]			1,657	[3]
Borrowings Under Repurchase Arrangements [Member] | Other Liabilities [Member]
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings	-10,682	[3]			-6,332	[3]
Unsecured Borrowings [Member] | Other Liabilities [Member]
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings	($27,109)	[3]			($20,702)	[3]
[1]	Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the Statements of Income.
[2]	Included in "Accounts payable and accrued expenses" 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 $14.8 million at March 31, 2015.

USE_OF_DERIVATIVE_FINANCIAL_IN4

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Offsetting Assets (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets	$285		$1,657
Net Amounts of Assets Presented in the Balance Sheet	45,408		34,893
Cash Collateral Received	61,669		53,139
Offsetting Derivatives Assets [Member] | Counterparty 2 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets			0
Gross Amounts Offset in the Balance Sheet			95
Net Amounts of Assets Presented in the Balance Sheet			95
Financial Instruments			-95	[1]
Cash Collateral Received			0	[1]
Net Amount			0
Offsetting Derivatives Assets [Member] | Counter party 4 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets	14		1,128
Gross Amounts Offset in the Balance Sheet	271		434
Net Amounts of Assets Presented in the Balance Sheet	285		1,562
Financial Instruments	-285	[1]	-1,562	[1]
Cash Collateral Received	0	[1]	0	[1]
Net Amount	0		0
Offsetting Derivatives Assets [Member] | Derivative Counterparties [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets	14		1,128
Gross Amounts Offset in the Balance Sheet	271		529
Net Amounts of Assets Presented in the Balance Sheet	285		1,657
Financial Instruments	-285	[1]	-1,657	[1]
Cash Collateral Received	0	[1]	0	[1]
Net Amount	$0		$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.

USE_OF_DERIVATIVE_FINANCIAL_IN5

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Offsetting Liabilities (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	$37,791		$27,034
Offsetting Financial Liabilities and Derivative Liabilities [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	12,990,539	[1]	12,848,968	[1]
Gross Amounts Offset in the Balance Sheet	271		529
Net Amounts of Liabilities Presented in the Balance Sheet	12,990,810	[2]	12,849,497	[2]
Financial Instruments	-12,945,402	[3]	-12,814,604	[3]
Cash Collateral Pledged	-45,312	[3]	-34,893	[3]
Net Amount	96		0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 1 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	29,838	[1]	24,533	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	29,838	[2]	24,533	[2]
Financial Instruments	0	[3]	0	[3]
Cash Collateral Pledged	-29,838	[3]	-24,533	[3]
Net Amount	0		0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 2 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	4,346	[1]	4,042	[1]
Gross Amounts Offset in the Balance Sheet	0		95
Net Amounts of Liabilities Presented in the Balance Sheet	4,346	[2]	4,137	[2]
Financial Instruments	0	[3]	-95	[3]
Cash Collateral Pledged	-4,250	[3]	-4,042	[3]
Net Amount	96		0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 3 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities			736	[1]
Gross Amounts Offset in the Balance Sheet			0
Net Amounts of Liabilities Presented in the Balance Sheet			736	[2]
Financial Instruments			0	[3]
Cash Collateral Pledged			-736	[3]
Net Amount			0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counter party 4 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	11,238	[1]	6,710	[1]
Gross Amounts Offset in the Balance Sheet	271		434
Net Amounts of Liabilities Presented in the Balance Sheet	11,509	[2]	7,144	[2]
Financial Instruments	-285	[3]	-1,562	[3]
Cash Collateral Pledged	-11,224	[3]	-5,582	[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	45,422	[1]	36,021	[1]
Gross Amounts Offset in the Balance Sheet	271		529
Net Amounts of Liabilities Presented in the Balance Sheet	45,693	[2]	36,550	[2]
Financial Instruments	-285	[3]	-1,657	[3]
Cash Collateral Pledged	-45,312	[3]	-34,893	[3]
Net Amount	96		0
Repurchase Arrangements and Similar Borrowings [Member] | Offsetting Financial Liabilities and Derivative Liabilities [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	12,945,117	[1]	12,812,947	[1]
Gross Amounts Offset in the Balance Sheet	0		0
Net Amounts of Liabilities Presented in the Balance Sheet	12,945,117	[2]	12,812,947	[2]
Financial Instruments	-12,945,117	[3]	-12,812,947	[3]
Cash Collateral Pledged	0	[3]	0	[3]
Net Amount	$0		$0
[1]	Amounts include accrued interest of $7.9 million and $9.5 million on interest rate swap agreements and $6.6 million and $6.1 million on repurchase arrangements and similar borrowings, included in "Accounts payable and accrued expenses" on the face of the Balance Sheets as of March 31, 2015 and December 31, 2014, respectively.
[2]	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.
[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_IN6

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Changes in AOCI (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	$227,422
Other comprehensive income (loss) before reclassifications	-12,284
Amounts reclassified from accumulated other comprehensive income	6,448
Other comprehensive income (loss)	-5,836	8,759
Ending Balance	221,586
Gains and Losses on Cash Flow Hedges [Member]
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	-25,309
Other comprehensive income (loss) before reclassifications	-18,391
Amounts reclassified from accumulated other comprehensive income	6,448
Other comprehensive income (loss)	-11,943
Ending Balance	-37,252
Unrealized Gains and Losses on Available-for-sale Securities [Member]
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	252,731
Other comprehensive income (loss) before reclassifications	6,107
Amounts reclassified from accumulated other comprehensive income	0
Other comprehensive income (loss)	6,107
Ending Balance	$258,838

UNSECURED_BORROWINGS_Details

UNSECURED BORROWINGS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Junior subordinated notes maturity term	30 years
Remaining issue costs	$2,100,000
Junior subordinated notes borrowings outstanding	100,000,000		100,000,000
Average rate (in hundredths)	8.49%	[1]
Effective borrowing rate considering cash flow hedges	7.56%
October 2035 [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	31-Oct-35
Junior subordinated notes, earliest redemption option exercise date	30-Oct-15
December 2035 [Member]
Debt Instrument [Line Items]
Junior subordinated notes borrowings outstanding	40,000,000
Average rate (in hundredths)	8.46%	[1]
Junior subordinated notes, maturity period	31-Dec-35
Junior subordinated notes, earliest redemption option exercise date	15-Dec-15
September 2036 [Member]
Debt Instrument [Line Items]
Junior subordinated notes borrowings outstanding	$25,000,000
Average rate (in hundredths)	8.78%	[1]
Junior subordinated notes, maturity period	30-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 October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

CAPITAL_TRANSACTIONS_Details

CAPITAL TRANSACTIONS (Details) (Cumulative Redeemable Preferred Stock, Series E [Member], USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015
Cumulative Redeemable Preferred Stock, Series E [Member]
Class of Stock [Line Items]
Additional shares issued (in shares)	432,000
Preferred stock, dividend rate (in hundredths)	7.50%
Average cost per share (in dollars per share)	$24.67
Proceeds from Issuance of Redeemable Preferred Stock	$10.70

DISCLOSURES_REGARDING_FAIR_VAL2

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Balance Sheet Location (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Financial assets [Abstract]
Residential mortgage loans	14,150,084	$13,908,104
Interest rate swap agreements at fair value	285	1,657
Carrying Amount [Member]
Financial assets [Abstract]
Residential mortgage loans	4,605	4,909
Interest rate swap agreements at fair value	285	1,657
Financial liabilities [Abstract]
Repurchase arrangements with initial terms of greater than 120 days	2,375,000	2,128,517
Unsecured borrowings	100,000	100,000
Interest rate swap agreements	37,791	27,034
Fair Value [Member]
Financial assets [Abstract]
Residential mortgage loans	4,700	5,000
Interest rate swap agreements at fair value	285	1,657
Financial liabilities [Abstract]
Repurchase arrangements with initial terms of greater than 120 days	2,376,100	2,128,400
Unsecured borrowings	100,300	100,500
Interest rate swap agreements	37,791	$27,034
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment Repurchase Agreement Initial Term	120 days

DISCLOSURES_REGARDING_FAIR_VAL3

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value and Related Disclosures for Debt Securities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	$3,304	$3,663
Held-to-maturities, Gross Unrealized Gains	98	124
Held-to-maturities, Gross Unrealized Losses	0	0
Held-to-maturities, Fair Value	3,402	3,787
Agency Securities Classified as Available-for-sale [Member] | Fannie Mae/Freddie Mac [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	10,715,709	10,559,231
Available-for-sale securities, Gross Unrealized Gains	243,152	243,351
Available-for-sale securities, Gross Unrealized Losses	559	2,218
Available-for-sale securities, Fair Value	10,958,302	10,800,364
Agency Securities Classified as Available-for-sale [Member] | Ginnie Mae [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	3,167,628	3,087,570
Available-for-sale securities, Gross Unrealized Gains	20,148	16,755
Available-for-sale securities, Gross Unrealized Losses	3,903	5,157
Available-for-sale securities, Fair Value	$3,183,873	$3,099,168

DISCLOSURES_REGARDING_FAIR_VAL4

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Securities in Unrealized Loss Position (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Securities in an unrealized loss position, fair value [Abstract]
One year or greater	$530,711	$706,839
Less than one year	407,266	1,095,724
Fair Value, Total	937,977	1,802,563
Securities in an unrealized loss position, aggregate loss [Abstract]
One year or greater	3,405	5,320
Less than one year	1,057	2,055
Unrealized Losses, Total	$4,462	$7,375

COMPENSATION_PROGRAMS_Other_Co

COMPENSATION PROGRAMS - Other Compensation Programs (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share Based Compensation Programs [Line Items]
Short-term incentive compensation program accruals	$489,000
Annual incentive compensation expense	489,000	318,000
DER issued and outstanding (in shares)	654,000
Dividend Equivalent Rights Payable	203,000
DER expense for the period	$203,000	$222,000
Targeted award opportunity on base salary	125.00%
Long-Term Equity-Based Awards [Member]
Share Based Compensation Programs [Line Items]
Common shares available for future issuances	4,432,739
Share awards vesting period	3 years

COMPENSATION_PROGRAMS_Schedule

COMPENSATION PROGRAMS - Schedule of Restricted Stock Awards (Details) (USD $)	3 Months Ended	1 Months Ended	3 Months Ended		12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2015	Jan. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Jan. 31, 2014	Dec. 31, 2014	Jul. 31, 2014	Apr. 30, 2014
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Unvested stock awards outstanding at beginning of period (in shares)	436,581	436,581
Vestings (in shares)	-125,221
Unvested stock awards outstanding at end of period (in shares)	311,360
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)	$12.29	$12.29
Vestings (in dollars per share)	$12.58
Unvested stock awards outstanding at end of period (in dollars per share)	$12.18
February 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)	$11.67
Total original grants (in shares)	69,849
Long-term Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)		$8.83	$7.21		$12.45
Total original grants (in shares)		247,512			242,505
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Long term incentive compensation expense	$328,000			$251,000
Long-term Equity Based Awards [Member] | February 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)	$12.58
Total original grants (in shares)	125,221
Long-term Equity Based Awards [Member] | February 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)	$12.17
Total original grants (in shares)	133,571
Service-Based Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)					$12.34		$12.47
Total original grants (in shares)					35,703	22,164	37,237
Service-Based Stock Awards [Member] | Director Stock Award [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
Total original grants (in shares)								35,000	28,000
Stock Awards Activity [Member]
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Long term incentive compensation expense	280,000			375,000
Other general and administrative expense	$115,000			$92,000

COMPENSATION_PROGRAMS_Schedule1

COMPENSATION PROGRAMS - Schedule of Stock Option Award Activity (Details) (Employee Stock Option [Member], USD $)	3 Months Ended
	Mar. 31, 2015
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable option awards outstanding(in shares)	40,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted average remaining contractual term (in years)	3 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, intrinsic value	$13,000
Share awards contractual term	10 years

COMPENSATION_PROGRAMS_Defined_

COMPENSATION PROGRAMS - Defined Contribution Plans (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 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	$75,000	$64,000