Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Cash Flow, Supplemental Disclosures

The following table sets forth information regarding certain cash and non-cash transactions for the six months ended June 30, 2012 and 2011:



	For the Six Months Ended
	June 30, 2012		June 30, 2011
	(in thousands)
Cash paid during the period for:
Interest	$	55,131	$	49,261
Income taxes	13,500		11,500
Non-cash activity:
Real estate owned acquired through loan liquidation	—		2,639
Loans acquired and securitized as Farmer Mac Guaranteed Securities	12,301		8,729
Consolidation of Farmer Mac I Guaranteed Securities from off-balance sheet to loans held for investment in consolidated trusts and to debt securities of consolidated trusts held by third parties	12,301		8,729
Deconsolidation of loans held for investment in consolidated trusts and debt securities of consolidated trusts held by third parties - transferred to off- balance sheet Farmer Mac I Guaranteed Securities	460,261		—
Transfers of loans held for sale to loans held for investment	—		878,798

Schedule of Earnings Per Share, Basic and Diluted

The following schedules reconcile basic and diluted EPS for the three and six months ended June 30, 2012 and 2011:



	For the Three Months Ended
	June 30, 2012							June 30, 2011
	Net Loss			Weighted-average Shares	$ per Share			Net Income		Weighted-average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net (loss)/income attributable to common stockholders	$	(4,291	)	10,468	$	(0.41	)	$	5,170	10,343	$	0.50
Effect of dilutive securities(1):
Stock options, SARs and restricted stock				—	—					376	(0.02		)
Diluted EPS	$	(4,291	)	10,468	$	(0.41	)	$	5,170	10,719	$	0.48

(1)

For the three months ended June 30, 2012 and 2011, stock options and SARs of 1,270,777 and 652,234, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2012 and 2011, contingent shares of non-vested restricted stock of 146,311 and 170,760, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met.



	For the Six Months Ended
	June 30, 2012						June 30, 2011
	Net Income		Weighted-average Shares	$ per Share			Net Income		Weighted-average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders	$	17,912	10,417	$	1.72		$	23,493	10,314	$	2.28
Effect of dilutive securities(1):
Stock options, SARs and restricted stock			545	(0.09		)			378	(0.08		)
Diluted EPS	$	17,912	10,962	$	1.63		$	23,493	10,692	$	2.20

(1)

For the six months ended June 30, 2012 and 2011, stock options and SARs of 469,577 and 705,515, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2012 and 2011, contingent shares of non-vested restricted stock of 92,800 and 148,380, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met.