EQUITY (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2013 and 2012.

	For the three months ended September 30,				For the nine months ended September 30,
(in thousands)	2013		2012		2013		2012
Net income from continuing operations	$	73,042	$	1,111	$	106,927	$	5,632
Net income (loss) from discontinued operations		274		(393)		5,215		1,342
Net income to common shareholder	$	73,316	$	718	$	112,142	$	6,974

Basic weighted-average shares ⁽¹⁾		42,290		42,304		42,380		42,207
Common stock equivalents ^{(2) (3) (4)}		1,626		76		1,443		207
Diluted weighted-average shares		43,916		42,380		43,823		42,414

	⁽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 September 30, 2013, 2,128,125 stock options were in the money and had a dilutive impact of 1,470,198 shares and 1,373,840 shares for the three months and nine months ended September 30, 2013, respectively. In addition, 260,417 unvested employee deferred shares had a dilutive impact of 156,251 and 69,826 shares for the three and nine months ended September 30, 2013, respectively.

	⁽³⁾	At September 30, 2012, 850,000 stock options were in the money and had a dilutive impact of 75,508 shares and 206,967 shares for the three months and nine months ended September 30, 2012, respectively. There were no unvested employee deferred shares at September 30, 2012.

	⁽⁴⁾	For the three months and nine months ended September 30, 2013, the average number of options excluded from the calculations of diluted earnings per share was 302,287 and 456,803, respectively, because of their anti-dilutive effect. For the three months and nine months ended September 30, 2012, the average number of options excluded from the calculations of diluted earnings per share was 1,512,031 and 1,060,535, 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 September 30, 2013 and December 31, 2012:

(in thousands)	September 30, 2013		December 31, 2012
Noncontrolling interests in:
LIHTC Funds	$	343,962	$	379,407
SA Fund		130,915		122,641
Lower Tier Property Partnerships		14,470		10,777
IHS		(1,451)		(1,034)
Total	$	487,896	$	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 September 30, 2013.

	Unrealized Gains on Bonds Available- for-Sale			Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at July 1, 2013	$	119,239		$	(333)	$	118,906
Unrealized net holding (losses) gains arising during period		(5,259)			43		(5,216)
Reversal of unrealized gains on sold/redeemed bonds		(76,362)	⁽¹⁾		-		(76,362)
Reclassification of unrealized losses to income		939			-		939
Reclassification of unrealized gains to operations due to consolidation of funds and ventures		(2,411)	⁽¹⁾		-		(2,411)
Net current period other comprehensive income		(83,093)			43		(83,050)
Balance at September 30, 2013	$	36,146		$	(290)	$	35,856

⁽¹⁾

Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the nine months ended September 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		(16,792)			44		(16,748)
Reversal of unrealized gains on sold/redeemed bonds		(76,960)	⁽¹⁾		-		(76,960)
Reclassification of unrealized losses to income		1,772			-		1,772
Reclassification of unrealized gains to operations due to consolidation of funds and ventures		(10,895)	⁽¹⁾		-		(10,895)
Net current period other comprehensive income		(102,875)			44		(102,831)
Balance at September 30, 2013	$	36,146		$	(290)	$	35,856

⁽¹⁾

Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.