Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2016 and 2015 (dollars in thousands):

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2016				2015				2016				2015
Federal statutory tax rate	$	39,472	35.0	%	$	42,501	35.0	%	$	48,971	35.0	%	$	90,357	35.0	%
REIT and other non-taxable income		(39,171)	(34.7)	%		(40,510)	(33.3)	%		(48,135)	(34.4)	%		(75,482)	(29.2)	%
State income taxes		72	0.1	%		179	0.1	%		(23)	—	%		2,180	0.8	%
Federal benefit of state tax deduction		(25)	(0.1)	%		(63)	(0.1)	%		8	—	%		(763)	(0.3)	%
Valuation allowance		—	—	%		1,618	1.3	%		—	—	%		2,873	1.1	%
Other		358	0.3	%		67	0.1	%		(21)	—	%		578	0.2	%
Effective tax rate	$	706	0.6	%	$	3,792	3.1	%	$	800	0.6	%	$	19,743	7.6	%