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Organization and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2013
Investments' Gross Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Position, Aggregated by Investment Category and Length of Time

The following table shows our investments’ gross unrealized losses and fair value of those individual securities that have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012, aggregated by investment category and length of time (dollar amounts in thousands):

September 30, 2013

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

Description of
Securities

 

Number
of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Number of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Number
of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

Agency MBS             

 

 

  211

 

 

$

  4,756,633

 

 

$

(116,219

)

 

 

  206

 

 

$

  227,816

 

 

$

(4,319

)

 

 

  417

 

 

$

  4,984,449

 

 

$

(120,538

)

December 31, 2012

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

Description of
Securities

 

Number
of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Number of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Number
of
Securities

 

 

Fair Value

 

 

Unrealized
Losses

 

Agency MBS             

 

 

  68

 

 

$

  907,972

 

 

$

(2,457

)

 

 

  207

 

 

$

  283,638

 

 

$

(4,117

)

 

 

  275

 

 

$

  1,191,610

 

 

$

(6,574

)

 
Computation of Earnings Per Share

The computation of EPS for the three and nine months ended September 30, 2013 and 2012 is as follows (amounts in thousands, except per share data):

 

 

Net Income
Available to
Common
Stockholders

 

  

Average
Shares

 

  

Earnings
per
Share

 

For the three months ended September 30, 2013

 

 

 

  

 

 

 

  

 

 

 

Basic EPS             

$

  16,579

  

  

 

  142,380

  

  

$

  0.12

  

Effect of dilutive securities             

 

  394

  

  

 

  3,907

  

  

 

  0.00

  

Diluted EPS             

$

  16,973

  

  

 

  146,287

  

  

$

  0.12

  

For the three months ended September 30, 2012

 

 

 

  

 

 

 

  

 

 

 

Basic EPS             

$

  20,528

  

  

 

  139,209

  

  

$

  0.15

  

Effect of dilutive securities             

 

  412

  

  

 

  3,939

  

  

 

  0.00

  

Diluted EPS             

$

  20,940

  

  

 

  143,148

  

  

$

  0.15

  

 

 

Net Income
Available to
Common
Stockholders

 

  

Average
Shares

 

  

Earnings
per
Share

 

For the nine months ended September 30, 2013

 

 

 

  

 

 

 

  

 

 

 

Basic EPS             

$

  60,323

  

  

 

  143,176

  

  

$

  0.42

  

Effect of dilutive securities             

 

  1,200

  

  

 

  3,942

  

  

 

  0.00

  

Diluted EPS             

$

  61,523

  

  

 

  147,118

  

  

$

  0.42

  

For the nine months ended September 30, 2012

 

 

 

  

 

 

 

  

 

 

 

Basic EPS             

$

  72,540

  

  

 

  137,120

  

  

$

  0.53

  

Effect of dilutive securities             

 

  1,311

  

  

 

  4,132

  

  

 

(0.01

)

Diluted EPS             

$

  73,851

  

  

 

  141,252

  

  

$

  0.52