Shareholders Equity (Tables)

6 Months Ended

Jun. 30, 2012

The following table details the primary components of accumulated other comprehensive loss as of June 30, 2012, and significant activity for the six months ended June 30, 2012 (in thousands):

Accumulated Other Comprehensive Loss	Market on Interest Rate Hedges			Deferred Gains on Settled Hedges			Other-than-Temporary Impairments			Unrealized Gains on Securities			Total

Total as of December 31, 2011		($27,423	)		$56			($16,578	)		$3,361			($40,584	)

Unrealized gain on derivative financial instruments		3,749			—			—			—			3,749
Ineffective portion of cash flow hedges (1)		2,481			—			—			—			2,481
Amortization of net unrealized gains on securities		—			—			—			(765	)		(765	)
Amortization of net deferred gains on settlement of swaps		—			(56	)		—			—			(56	)
Other-than-temporary impairments of securities (2)		—			—			203			—			203
Deconsolidation of CT Legacy Assets (3)		—			—			3,879			(2,586	)		1,293

Total as of June 30, 2012		($21,193	)		$—			($12,496	)		$10			($33,679	)

Allocation to non-controlling interest (3)														—

Accumulated other comprehensive loss as of June 30, 2012														($33,679	)


(1)	As a result of the deconsolidation of CT Legacy Assets in the first quarter of 2012, the balance of accumlated other comprehensive income related to cash flow hedges of CT Legacy Assets was reclassified to interest expense.
(2)	Represents other-than-temporary impairments of securities in excess of credit losses, including amortization of prior other-than-temporary impairments of $391,000.
(3)	As further described in Note 1 above, we deconsolidated CT Legacy Assets in the first quarter of 2012. As a result, the balances of accumulated other comprehensive income related to CT Legacy Assets, including those allocable to noncontrolling interests are no longer included in our consolidated financial statements.

Activity relating to noncontrolling interests

The following table describes activity relating to noncontrolling interests for the six months ended June 30, 2012 (in thousands):

	Noncontrolling Interests

December 31, 2011		($18,515	)

Net income attributable to noncontrolling interests		75,137
Other comprehensive income attributable to noncontrolling interests		10
Distributions to noncontrolling interests		(7	)

June 30, 2012		$56,625

Basic and Diluted earnings per share, or EPS, based on the weighted average of both restricted and unrestricted class A common stock outstanding

The following table sets forth the calculation of Basic and Diluted earnings per share, or EPS, based on the weighted average of both restricted and unrestricted class A common stock outstanding, for the three and six months ended June 30, 2012 (in thousands, except share and per share amounts):

	Three Months Ended June 30, 2012						Six Months Ended June 30, 2012
	Net		Wtd. Avg.		Per Share		Net		Wtd. Avg.		Per Share
	Income		Shares		Amount		Income		Shares		Amount
Basic EPS:
Net income allocable to common stock		$2,283		22,893,522		$0.10		$68,836		22,865,819		$3.01
Effect of Dilutive Securities:
Warrants outstanding for the purchase of common stock		—		1,533,335				—		1,487,570
Diluted EPS:
Net income per share of common stock and assumed conversions		$2,283		24,426,857		$0.09		$68,836		24,353,388		$2.83

The following table sets forth the calculation of Basic and Diluted EPS based on the weighted average of both restricted and unrestricted class A common stock outstanding, for the three and six months ended June 30, 2011 (in thousands, except share and per share amounts):

	Three Months Ended June 30, 2011								Six Months Ended June 30, 2011
	Net			Wtd. Avg.		Per Share			Net		Wtd. Avg.		Per Share
	Income			Shares(1)		Amount			Income		Shares(1)		Amount
Basic EPS:
Net (loss) income allocable to common stock		($1,845	)		22,723,146		($0.08	)		$252,740		22,580,143		$11.19
Effect of Dilutive Securities:
Warrants outstanding for the purchase of common stock		—			—					—		1,444,079
Diluted EPS:
Net income (loss) per share of common stock and assumed conversions		($1,845	)		22,723,146		($0.08	)		$252,740		24,024,222		$10.52


(1)	Diluted EPS excludes 3.5 million warrants which were not dilutive for the period. These instruments could potentially impact Diluted EPS in future periods, depending on changes in our stock price.