| Accumulated Other Comprehensive Loss |
The following table details the primary components of accumulated other comprehensive loss as of September 30, 2012, and significant activity for the nine months ended September 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
|
|
|
5,853 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
5,853 |
|
|
Ineffective portion of cash flow
hedges (1)
|
|
|
2,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2,481 |
|
|
Amortization of net unrealized gains
on securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(770 |
) |
|
|
|
(770 |
) |
|
Amortization of net deferred gains
on settlement of swaps
|
|
|
— |
|
|
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(56 |
) |
|
Other-than-temporary impairments
of securities (2)
|
|
|
— |
|
|
|
— |
|
|
|
409 |
|
|
|
— |
|
|
|
|
409 |
|
|
Deconsolidation of CT Legacy
Asset (3)
|
|
|
— |
|
|
|
— |
|
|
|
3,879 |
|
|
|
(2,586 |
) |
|
|
|
1,293 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as of September 30, 2012
|
|
|
($19,089 |
) |
|
|
$— |
|
|
|
($12,290 |
) |
|
|
$5 |
|
|
|
|
($31,374 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation to non-controlling interest (3)
|
|
|
|
|
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss as of September 30, 2012
|
|
|
|
|
|
|
|
($31,374 |
) |
| |
|
|
|
(1)
|
As a result of the deconsolidation of CT Legacy Asset in the first quarter of 2012, the balance of accumlated other comprehensive income related to cash flow hedges of CT Legacy Asset 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 $248,000.
|
| (3) |
As further described in Note 1 above, we deconsolidated CT Legacy Asset in the first quarter of 2012. As a result, the balances of accumulated other comprehensive income related to CT Legacy Asset, 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 nine months ended September 30, 2012 (in thousands):
| |
|
Noncontrolling
Interests
|
|
| |
|
|
|
|
December 31, 2011
|
|
|
($18,515 |
) |
| |
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
81,038 |
|
|
Other comprehensive income attributable to
noncontrolling interests
|
|
|
10 |
|
|
Distributions to noncontrolling interests
|
|
|
(8 |
) |
| |
|
|
|
|
|
September 30, 2012
|
|
|
$62,525 |
|
|
| 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 nine months ended September 30, 2012 (in thousands, except share and per share amounts):
| |
|
Three Months Ended
September 30, 2012
|
|
|
Nine Months Ended
September 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
|
|
|
$6,999 |
|
|
|
23,173,426 |
|
|
|
$0.30 |
|
|
|
$75,835 |
|
|
|
22,969,103 |
|
|
|
$3.30 |
|
|
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants outstanding for the
purchase of common stock
|
|
|
— |
|
|
|
1,442,600 |
|
|
|
|
|
|
|
— |
|
|
|
1,472,958 |
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share of
common stock and assumed
conversions
|
|
|
$6,999 |
|
|
|
24,616,026 |
|
|
|
$0.28 |
|
|
|
$75,835 |
|
|
|
24,442,061 |
|
|
|
$3.10 |
|
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 nine months ended September 30, 2011 (in thousands, except share and per share amounts):
| |
|
Three Months Ended
September 30, 2011
|
|
|
Nine Months Ended
September 30, 2011
|
|
| |
|
Net
|
|
|
Wtd. Avg.
|
|
|
Per Share
|
|
|
Net
|
|
|
Wtd. Avg.
|
|
|
Per Share
|
|
| |
|
Income
|
|
|
Shares
|
|
|
Amount
|
|
|
Income
|
|
|
Shares
|
|
|
Amount
|
|
|
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income allocable to
common stock
|
|
|
$13,722 |
|
|
|
22,730,080 |
|
|
|
$0.60 |
|
|
|
$266,464 |
|
|
|
22,630,672 |
|
|
|
$11.77 |
|
|
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants outstanding for the
purchase of common stock
|
|
|
— |
|
|
|
1,391,893 |
|
|
|
|
|
|
|
— |
|
|
|
1,426,702 |
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share of
common stock and assumed
conversions
|
|
|
$13,722 |
|
|
|
24,121,973 |
|
|
|
$0.57 |
|
|
|
$266,464 |
|
|
|
24,057,374 |
|
|
|
$11.08 |
|
|