Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

	Year Ended December 31
	2011			2010			2009
Income taxes computed at the federal statutory rate	$	37,171		$	44,414		$	45,242
Benefit of REIT status		(37,183	)		(44,437	)		(45,237	)
Income taxes computed on income of Capstead's sole taxable REIT subsidiary		(12	)		(23	)		5
Change in net deferred income tax assets		22			23			(6	)
Other		(10	)		–			1
Income tax provision	$	–		$	–		$	–

Components Of Deferred Tax Assets And Liabilities

	December 31
	2011		2010
Deferred income tax assets:
Alternative minimum tax credit (a)	$	1,940	$	1,940
Net operating loss carryforwards (b)		60		36
Other		23		25
		2,023		2,001
Deferred income tax liabilities		–		–
Net deferred tax assets	$	2,023	$	2,001
Valuation allowance (c)	$	2,023	$	2,001

(a)        Alternative tax credit carryforwards can be utilized to offset payment of federal income taxes on future taxable income, if any, earned by this subsidiary, subject to certain limitations.

(b)        Excludes $3.4 million in remaining net operating loss carryforwards which expire after 2019. To the extent these carryforwards are utilized in future periods, the benefit will reduce actual taxes payable.

(c)        Because this subsidiary is not expected to earn significant amounts of taxable income, related net deferred tax assets are fully reserved at December 31, 2011.