Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2017 and 2016 (dollars in thousands):

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2017				2016				2017				2016
Federal statutory tax rate	$	46,439	35.0	%	$	39,472	35.0	%	$	82,094	35.0	%	$	48,971	35.0	%
REIT and other non-taxable income		(37,000)	(27.9)	%		(39,171)	(34.7)	%		(73,425)	(31.2)	%		(48,135)	(34.4)	%
State income taxes		20	—	%		72	0.1	%		(119)	(0.1)	%		(23)	—	%
Federal benefit of state tax deduction		(7)	—	%		(25)	(0.1)	%		42	—	%		8	—	%
Valuation allowance		—	—	%		—	—	%		—	—	%		—	—	%
Other		—	—	%		358	0.3	%		(123)	(0.1)	%		(21)	—	%
Effective tax rate	$	9,452	7.1	%	$	706	0.6	%	$	8,469	3.6	%	$	800	0.6	%