Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Cash Flow, Supplemental Disclosures

The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2012, 2011, and 2010:



	For the Year Ended December 31,
	2012		2011		2010
	(in thousands)
Cash paid during the period for:
Interest	$	112,663	$	101,288	$	78,245
Income taxes	21,500		26,568		15,174
Non-cash activity:
Real estate owned acquired through loan liquidation	2,280		4,605		5,001
Loans acquired and securitized as Farmer Mac Guaranteed Securities	32,736		22,406		8,594
Purchases of investment securities traded, not yet settled	—		162,674		—
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	32,736		22,406		1,408,965
Transfers of available-for-sale Farmer Mac I Guaranteed Securities to loans held for investment in consolidated trusts, upon the adoption of new consolidation guidance	—		—		5,385
Transfers of trading Farmer Mac Guaranteed Securities - Rural Utilities to loans held for investment in consolidated trusts, upon the adoption of new consolidation guidance	—		—		451,448
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		—		414,462
Transfers of loans held for sale to loans held for investment	—		878,798		—

Earnings Per Share

The following schedule reconciles basic and diluted EPS for the years ended December 31, 2012, 2011, and 2010:



	For the Year Ended December 31,
	2012						2011						2010
	Net Income		Weighted-Average Shares	$ per Share			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	$	43,894	10,479	$	4.19		$	13,784	10,335	$	1.33		$	22,080	10,229	$	2.16
Effect of dilutive securities (1):
Stock options, SARs and restricted stock			540	(0.21		)			467	(0.05		)			386	(0.08		)
Diluted EPS	$	43,894	11,019	$	3.98		$	13,784	10,802	$	1.28		$	22,080	10,615	$	2.08

(1)

For the years ended December 31, 2012, 2011, and 2010, stock options and SARs of 317,253, 703,624, and 1,485,404, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2012, 2011, and 2010, contingent shares of non-vested restricted stock of 79,300, 76,340, and 115,125, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met.