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QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2015
QUARTERLY RESULTS (UNAUDITED) [Abstract]  
QUARTERLY RESULTS (UNAUDITED)
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, 2015
            
Interest income on residential mortgage investments (before investment premium amortization)
 
$
83,723
  
$
83,398
  
$
83,808
  
$
86,250
 
Investment premium amortization
  
(25,078
)
  
(33,057
)
  
(34,323
)
  
(28,732
)
Related interest expense
  
(19,214
)
  
(20,098
)
  
(22,272
)
  
(23,937
)
   
39,431
   
30,243
   
27,213
   
33,581
 
Other interest income (expense) *
  
(2,029
)
  
(2,023
)
  
(2,034
)
  
(2,027
)
Other revenue (expense) **
  
(3,445
)
  
(3,276
)
  
(4,112
)
  
(3,197
)
Net income
 
$
33,957
  
$
24,944
  
$
21,067
  
$
28,357
 
                 
Basic and diluted net income per common share
 
$
0.32
  
$
0.22
  
$
0.18
  
$
0.26
 
                 
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) *
  
(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
 
 
  *Consists principally of interest on unsecured borrowings.
 
**Consists of general and administrative expenses, including compensation-related costs, and miscellaneous other revenue (expenses).