SUMMARY OF QUARTERLY INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2013

SUMMARY OF QUARTERLY INFORMATION (UNAUDITED)

SUMMARY OF QUARTERLY INFORMATION (UNAUDITED)

NOTE 16. SUMMARY OF QUARTERLY INFORMATION (UNAUDITED)

        The following is a presentation of the quarterly results of operations for the years ended December 31, 2013 and 2012:

	2013
(amounts in thousands, except per share information)	Fourth Quarter		Third Quarter		Second Quarter			First Quarter
Total revenues	$	139,510	$	128,702	$	137,244		$	140,450
Total investment costs and expenses		81,586		77,877		65,193			81,049
Total other income		33,244		6,226		37,235			74,220
Total other expenses		22,259		17,147		23,196			34,827
Income before income taxes		68,909		39,904		86,090			98,794
Income tax expense (benefit)		33		18		(42	)		458
Net income	$	68,876	$	39,886	$	86,132		$	98,336
Preferred share distributions		6,891		6,891		6,891			6,738
Net income available to common shareholders	$	61,985	$	32,995	$	79,241		$	91,598
Net income per common share:
Basic(1)	$	0.30	$	0.16	$	0.39		$	0.46
Diluted(1)	$	0.30	$	0.16	$	0.39		$	0.46
Weighted average number of common shares outstanding:
Basic		204,154		204,134		204,108			197,153
Diluted		204,154		204,134		204,108			197,153

(1)

Summation of the quarters' earnings per share may not equal the annual amounts due to the averaging effect of the number of shares and share equivalents throughout the year.

	2012
(amounts in thousands, except per share information)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Total revenues	$	133,655	$	143,334	$	140,550	$	137,934
Total investment costs and expenses		72,568		70,900		67,115		107,792
Total other income		37,398		73,043		16,543		78,838
Total other expenses		21,391		33,196		18,570		25,000
Income before income taxes		77,094		112,281		71,408		83,980
Income tax expense (benefit)		81		317		203		(4,068	)
Net income	$	77,013	$	111,964	$	71,205	$	88,048
Net income per common share:
Basic(1)	$	0.43	$	0.63	$	0.40	$	0.49
Diluted(1)(2)	$	0.40	$	0.61	$	0.39	$	0.48
Weighted average number of common shares outstanding:
Basic		177,906		177,862		177,809		177,775
Diluted		202,371		183,431		181,642		182,247

(1)

Summation of the quarters' earnings per share may not equal the annual amounts due to the averaging effect of the number of shares and share equivalents throughout the year.

(2)

The fourth quarter of 2012 diluted EPS includes the impact of the convertible senior notes settled in common shares using the if-converted method (refer to Notes 3 and 7 to these consolidated financial statements).