Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company's benefit (provision) for income taxes for the years ended December 31, 2013, 2012 and 2011 is summarized as follows:

	2013			2012			2011
Current:
Federal	$	(1,445	)	$	(371	)	$	(440	)
State and local	(1,675		)	(1,156		)	(1,043		)
NOL utilized	586			401			566
Deferred:
Federal	(595		)	141			1,399
State and local	(130		)	45			400
	$	(3,259	)	$	(940	)	$	882

Statutory Accounting Practices Disclosure

The income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:

	2013			2012			2011
Federal provision at statutory tax rate (34%)	$	164		$	(573	)	$	(580	)
State and local taxes, net of federal benefit	22			(110		)	(100		)
Other	(3,445		)	(257		)	1,562
	$	(3,259	)	$	(940	)	$	882

Summary of Average Taxable Nature of Dividends

A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2013, is as follows:

	2013			2012			2011
Total dividends per share	$	0.60		$	0.525		$	0.46
Ordinary income	35.53		%	95.68		%	47.33		%
Qualifying dividend	4.11		%	0.99		%	1.11		%
Capital gain	2.09		%	—			—
25% rate gain	—			—			—
Return of capital	58.27		%	3.33		%	51.56		%
	100.00		%	100.00		%	100.00		%

A summary of the average taxable nature of the Company's dividend on shares of its Series B Cumulative Redeemable Preferred Stock for each of the years in the three-year period ended December 31, 2013, is as follows:

	2013		2012			2011
Total dividends per share	$	—	$	1.341667		$	2.0125
Ordinary income	—		98.98		%	97.70		%
15% rate - qualifying dividend	—		1.02		%	2.30		%
15% rate gain	—		—			—
25% rate gain	—		—			—
	—		100.00		%	100.00		%

A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2013, is as follows:

	2013			2012			2011
Total dividends per share	$	3.25		$	3.25		$	3.25
Ordinary income	85.14		%	98.98		%	97.70		%
Qualifying dividend	9.85		%	1.02		%	2.30		%
Capital gain	5.01		%	—			—
25% rate gain	—			—			—
Return of capital	—			—			—
	100.00		%	100.00		%	100.00		%

A summary of the average taxable nature of the Company's dividend on shares of its Series D Cumulative Redeemable Preferred Stock for the years in the three-year period ended December 31, 2013, is as follows:

	2013			2012			2011
Total dividends per share	$	1.043368		$	1.8875		$	1.76498	(1)
Ordinary income	85.14		%	98.98		%	97.70		%
Qualifying dividend	9.85		%	1.02		%	2.30		%
Capital gain	5.01		%	—			—
25% rate gain	—			—			—
	100.00		%	100.00		%	100.00		%

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(1)Of the total dividend paid in January 2011, $0.12252 was allocated to 2010 and $0.349355 was allocated to 2011.