EQUITY (Tables)

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the three and six months ended June 30, 2013 and 2012.

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2013		2012		2013		2012
Net (loss) income from continuing operations	$	(869)	$	2,092	$	34,880	$	5,558
Net income from discontinued operations		418		322		3,945		698
Net (loss) income to common shareholder	$	(451)	$	2,414	$	38,825	$	6,256

Basic weighted-average shares ⁽¹⁾		42,406		42,194		42,426		42,158
Common stock equivalents ⁽²⁾ ⁽³⁾ ⁽⁴⁾		1,406		240		1,280		258
Diluted weighted-average shares		43,812		42,434		43,706		42,416

⁽¹⁾

Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.

⁽²⁾

At June 30, 2013, 2,128,125 stock options were in the money and had a dilutive impact of 1,354,122 shares and 1,254,647 shares for the three months and six months ended June 30, 2013, respectively. In addition, 312,500 unvested employee deferred shares had a dilutive impact of 51,511 and 25,898 shares for the three and six months ended June 30, 2013, respectively.

⁽³⁾

At June 30, 2012, 850,000 stock options were in the money and had a dilutive impact of 240,457 shares and 258,192 shares for the three months and six months ended June 30, 2012, respectively. There were no unvested employee deferred shares at June 30, 2012.

⁽⁴⁾

For the three months and six months ended June 30, 2013, the average number of options excluded from the calculations of diluted earnings per share was 579,117 and 625,334, respectively, because of their anti-dilutive effect. For the three months and six months ended June 30, 2012, the average number of options excluded from the calculations of diluted earnings per share was 1,331,591 and 832,306, respectively, because of their anti-dilutive effect.

Non Controlling Interest [Table Text Block]

A significant component of equity is comprised of outside investor interests in entities that the Company consolidates. In addition to the preferred shares discussed above, the Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at June 30, 2013 and December 31, 2012:

(in thousands)	June 30, 2013		December 31, 2012
Noncontrolling interests in:
LIHTC Funds	$	357,273	$	379,407
SA Fund		124,346		122,641
Lower Tier Property Partnerships		16,759		10,777
IHS		(1,268)		(1,034)
Total	$	497,110	$	511,791

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the three months ended June 30, 2013.

	Unrealized Gains on Bonds Available- for-Sale			Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at April 1, 2013	$	150,021		$	(347)	$	149,674
Unrealized net holding (losses) gains arising during period		(22,362)			14		(22,348)
Reversal of unrealized gains on sold/redeemed bonds		(416)	⁽¹⁾		-		(416)
Reclassification of unrealized losses to income		480			-		480
Reclassification of unrealized gains to operations due to consolidation of funds and ventures		(8,484)	⁽¹⁾		-		(8,484)
Net current period other comprehensive income		(30,782)			14		(30,768)
Balance at June 30, 2013	$	119,239		$	(333)	$	(118,906)

⁽¹⁾

Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations. There is no applicable income tax on the realized gains.

The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the six months ended June 30, 2013.

	Unrealized Gains on Bonds Available- for-Sale			Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at January 1, 2013	$	139,021		$	(334)	$	138,687
Unrealized net holding (losses) gains arising during period		(11,533)			1		(11,532)
Reversal of unrealized gains on sold/redeemed bonds		(598)	⁽¹⁾		-		(598)
Reclassification of unrealized losses to income		833			-		833
Reclassification of unrealized gains to operations due to consolidation of funds and ventures		(8,484)	⁽¹⁾		-		(8,484)
Net current period other comprehensive income		(19,782)			1		(19,781)
Balance at June 30, 2013	$	119,239		$	(333)	$	(118,906)

⁽¹⁾