Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Taxes

Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision

The following table is a reconciliation of our U.S. federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands):

	For the Three Months Ended March 31,
	2016				2015
Federal statutory tax rate	$	9,499	35.0	%	$	47,856	35.0	%
REIT and other non-taxable income		(8,964)	(33.0)	%		(34,972)	(25.6)	%
State income taxes		(95)	(0.4)	%		2,001	1.5	%
Federal benefit of state tax deduction		33	0.1	%		(700)	(0.5)	%
Valuation allowance		—	—	%		1,255	0.9	%
Other		(379)	(1.4)	%		511	0.4	%
Effective tax rate	$	94	0.3	%	$	15,951	11.7	%