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Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating activities    
Net income $ 134,766 $ 80,546
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of premium related to mortgage-backed securities 30,610 20,534
Amortization related to interest rate swap agreements 151 110
Share based compensation expense 401 690
Hedge ineffectiveness 386 261
Gain on sale of mortgage-backed securities (4,405) (1,044)
Changes in operating assets and liabilities:    
(Increase) decrease in accrued interest receivable (22,529) 4,055
Increase in other assets (1,200) (4,299)
Decrease in accrued interest payable (606) (475)
Increase (decrease) in accounts payable and other liabilities 125 (687)
Net cash provided by operating activities 137,699 99,691
Investing activities    
Purchases of mortgage-backed securities (8,394,241) (1,137,688)
Principal repayments of mortgage-backed securities 1,267,891 1,323,000
Sale of mortgage-backed securities 360,203 30,529
Net cash (used in) provided by investing activities (6,766,147) 215,841
Financing activities    
Issuance of common stock, net of cost of issuance 817,736 32,974
Cash dividends paid (104,188) (87,206)
Increase in restricted cash (84,047) (33,653)
Proceeds from repurchase agreements 72,246,435 35,332,262
Principal repayments on repurchase agreements (66,126,901) (35,695,782)
Net cash provided by (used in) financing activities 6,749,035 (451,405)
Net increase (decrease) in cash and cash equivalents 120,587 (135,873)
Cash and cash equivalents, beginning of period 112,626 225,828
Cash and cash equivalents, end of period 233,213 89,955
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 62,709 47,593
Supplemental schedule of non-cash financing activities    
Obligation to brokers incurred for purchase of mortgage-backed securities $ 260,415 $ 850,634