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QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2013
QUARTERLY RESULTS (UNAUDITED) [Abstract]  
QUARTERLY RESULTS
NOTE 13 ¾ QUARTERLY RESULTS (UNAUDITED)
 
Summarized quarterly results of operations were as follows (in thousands, except per share amounts).
 
 
 
First Quarter
  
Second Quarter
  
Third Quarter
  
Fourth Quarter
 
Year Ended December 31, 2013
 
  
  
  
 
Interest income on residential mortgage investments (before investment premium amortization)
 
$
86,867
  
$
85,214
  
$
85,674
  
$
83,254
 
Investment premium amortization
  
(28,399
)
  
(33,642
)
  
(39,031
)
  
(24,800
)
Related interest expense
  
(18,468
)
  
(16,749
)
  
(15,759
)
  
(15,392
)
 
  
40,000
   
34,823
   
30,884
   
43,062
 
Other interest income (expense) (a)
  
(2,010
)
  
(2,015
)
  
(2,074
)
  
(2,066
)
Other revenue (expense)
  
(3,072
)
  
(2,914
)
  
(4,108
)
  
(4,023
)
Net income
 
$
34,918
  
$
29,894
  
$
24,702
  
$
36,973
 
 
Basic net income per common share (b)
 
$
0.31
  
$
0.04
  
$
0.23
  
$
0.35
 
Diluted net income per common share (b)
 
 
0.31
  
 
0.04
  
 
0.23
  
 
0.35
 
 
Year Ended December 31, 2012
                
Interest income on residential mortgage investments (before investment premium amortization)
 
$
84,229
  
$
87,486
  
$
90,614
  
$
90,279
 
Investment premium amortization
  
(18,496
)
  
(21,699
)
  
(27,151
)
  
(29,331
)
Related interest expense
  
(14,103
)
  
(16,451
)
  
(17,875
)
  
(20,672
)
 
  
51,630
   
49,336
   
45,588
   
40,276
 
Other interest income (expense) (a)
  
(1,972
)
  
(1,946
)
  
(1,968
)
  
(1,904
)
Other revenue (expense)
  
(4,488
)
  
(4,055
)
  
(3,583
)
  
(3,288
)
Net income
 
$
45,170
  
$
43,335
  
$
40,037
  
$
35,084
 
 
Basic net income per common share
 
$
0.45
  
$
0.40
  
$
0.35
  
$
0.31
 
Diluted net income per common share
 
 
0.44
  
 
0.40
  
 
0.35
  
 
0.31
 
 
(a)Consists principally of interest on unsecured borrowings and is presented net of earnings of related statutory trusts.  These affiliates were dissolved in December 2013.
(b)Includes $0.23 associated with redemption preference premiums paid and other one-time effects of the second quarter’s preferred capital transactions.