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QUARTERLY RESULTS (Tables)
 12 Months Ended
Dec. 31, 2014
QUARTERLY RESULTS (UNAUDITED) [Abstract]  
Summarized Quarterly Results Of Operations
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, 2014
        
Interest income on residential mortgage investments (before investment premium amortization)
 
$
81,733
  
$
82,233
  
$
82,146
  
$
82,509
 
Investment premium amortization
  
(22,288
)
  
(25,141
)
  
(28,284
)
  
(26,159
)
Related interest expense
  
(15,407
)
  
(15,542
)
  
(16,099
)
  
(18,107
)
   
44,038
   
41,550
   
37,763
   
38,243
 
Other interest income (expense) (a)
  
(2,061
)
  
(2,045
)
  
(2,044
)
  
(2,023
)
Other revenue (expense)
  
(3,586
)
  
(2,941
)
  
(3,328
)
  
(2,746
)
Net income
 
$
38,391
  
$
36,564
  
$
32,391
  
$
33,474
 
Basic and diluted net income per common share
 
$
0.37
  
$
0.35
  
$
0.30
  
$
0.31
 
                 
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 and diluted net income per common share (b)
 
$
0.31
  
$
0.04
  
$
0.23
  
$
0.35
 
 
(a)Consists principally of interest on unsecured borrowings and includes other interest income and is presented net of earnings of related statutory trusts.  The trusts were dissolved in December 2013.
 
(b)Includes $0.23 associated with redemption preference premiums paid and other one-time effects of the second quarter 2013 preferred capital transactions.