Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v2.4.0.8
Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Income Statement [Abstract]        
Interest income $ 47,486 $ 72,947 $ 171,642 $ 223,765
Interest expense 20,555 28,411 65,263 88,038
Net interest income 26,931 44,536 106,379 135,727
Impairment (Reversal)        
Valuation allowance (reversal) on loans (12,998) 4,094 (11,473) (8,160)
Other-than-temporary impairment on securities    (236) 4,405 16,506
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)    1,156 44 (1,913)
Total Impairment (12,998) 5,014 (7,024) 6,433
Net interest income after impairment/reversal 39,929 39,522 113,403 129,294
Other Revenues        
Rental income 21,149 6,660 44,344 7,684
Care and ancillary income 3,763 1,411 8,081 1,411
Total other revenues 24,912 8,071 52,425 9,095
Other Income (Loss)        
Gain on settlement of investments, net 1,388 229,239 6,451 232,885
Gain on extinguishment of debt 3,359 2,345 4,565 23,127
Equity in earnings of Local Media Group 1,045    1,045   
Other income, net 1,963 2,424 9,554 1,650
Total other income (loss) 7,755 234,008 21,615 257,662
Expenses        
Loan and security servicing expense 908 1,054 2,963 3,256
Property operating expenses 15,804 5,043 32,576 5,500
General and administrative expense 9,356 4,020 23,507 11,023
Management fee to affiliate 7,166 6,852 24,879 17,459
Depreciation and amortization 7,732 2,385 15,881 2,389
Total Expenses 40,966 19,354 99,806 39,627
Income from continuing operations 31,630 262,247 87,637 356,424
Income (loss) from discontinued operations (2,386) 10,974 33,343 20,707
Net Income 29,244 273,221 120,980 377,131
Preferred dividends (1,395) (1,395) (4,185) (4,185)
Income Available to Common Stockholders $ 27,849 $ 271,826 $ 116,795 $ 372,946
Income Per Share of Common Stock        
Basic $ 0.09 $ 1.65 $ 0.44 $ 2.77
Diluted $ 0.09 $ 1.63 $ 0.43 $ 2.74
Income from continuing operations per share of common stock, after preferred dividends        
Basic $ 0.10 $ 1.59 $ 0.32 $ 2.62
Diluted $ 0.10 $ 1.57 $ 0.31 $ 2.59
Income (loss) from discontinued operations per share of common stock        
Basic $ (0.01) $ 0.06 $ 0.12 $ 0.15
Diluted $ (0.01) $ 0.06 $ 0.12 $ 0.15
Weighted Average Number of Shares of Common Stock Outstanding        
Basic 293,373,891 164,237,757 262,792,986 134,619,858
Diluted 301,027,917 166,429,120 269,057,682 135,869,332
Dividends Declared per Share of Common Stock $ 0.10 $ 0.22 $ 0.49 $ 0.62