Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Cash Flow, Supplemental Disclosures

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



	For the Nine Months Ended
	September 30, 2012		September 30, 2011
	(in thousands)
Cash paid during the period for:
Interest	$	90,588	$	78,598
Income taxes	16,500		20,568
Non-cash activity:
Real estate owned acquired through loan liquidation	1,130		2,723
Loans acquired and securitized as Farmer Mac Guaranteed Securities	24,008		10,656
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	24,008		10,656
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 nine months ended September 30, 2012 and 2011:



	For the Three Months Ended
	September 30, 2012						September 30, 2011
	Net Income		Weighted-Average Shares	$ per Share			Net Loss			Weighted-Average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income/(loss) attributable to common stockholders	$	16,381	10,492	$	1.56		$	(23,032	)	10,354	$	(2.22	)
Effect of dilutive securities(1):
Stock options, SARs and restricted stock			504	(0.07		)				—	—
Diluted EPS	$	16,381	10,996	$	1.49		$	(23,032	)	10,354	$	(2.22	)

(1)

For the three months ended September 30, 2012 and 2011, stock options and SARs of 296,873 and 1,294,066, 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 September 30, 2012 and 2011, contingent shares of non-vested restricted stock of 106,300 and 196,076, 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 Nine Months Ended
	September 30, 2012						September 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	$	34,293	10,442	$	3.28		$	461	10,328	$	0.04
Effect of dilutive securities(1):
Stock options, SARs and restricted stock			532	(0.16		)			387	—
Diluted EPS	$	34,293	10,974	$	3.12		$	461	10,715	$	0.04

(1)

For the nine months ended September 30, 2012 and 2011, stock options and SARs of 412,009 and 685,921, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the nine months ended September 30, 2012 and 2011, contingent shares of non-vested restricted stock of 97,300 and 150,353, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met.