Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

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 (benefit) provision for the three months ended March 31, 2017 and 2016 (dollars in thousands):

	For the Three Months Ended March 31,
	2017				2016
Federal statutory tax rate	$	35,655	35.0	%	$	9,499	35.0	%
REIT and other non-taxable income		(36,425)	(35.8)	%		(8,964)	(33.0)	%
State income taxes		(139)	(0.1)	%		(95)	(0.4)	%
Federal benefit of state tax deduction		49	—	%		33	0.1	%
Valuation allowance		—	—	%		—	—	%
Other		(123)	(0.1)	%		(379)	(1.4)	%
Effective tax rate	$	(983)	(1.0)	%	$	94	0.3	%