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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The benefit (provision) for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The Company's benefit (provision) for income taxes for the years ended December 31, 2012, 2011 and 2010 is summarized as follows:
| 2012 |  | 2011 |  | 2010
Current: |  |  |  |  |
Federal | $ | (371 | ) |  | $ | (440 | ) |  | $ | — |
State and local | (1,157 | ) |  | (1,080 | ) |  | (1,072 | )
NOL utilized | 401 |  |  | 566 |  |  | — |
Deferred: |  |  |  |  |
Federal | 141 |  |  | 1,399 |  |  | (418 | )
State and local | 45 |  |  | 400 |  |  | (53 | )
| $ | (941 | ) |  | $ | 845 |  |  | $ | (1,543 | )
Net deferred tax assets of $858 and $672 are included in other assets on the accompanying Consolidated Balance Sheets at December 31, 2012 and 2011, respectively. These net deferred tax assets relate primarily to differences in the timing of the recognition of income (loss) between GAAP and tax and net operating loss carry forwards. The income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:
| 2012 |  | 2011 |  | 2010
Federal provision at statutory tax rate (34%) | $ | (573 | ) |  | $ | (580 | ) |  | $ | (388 | )
State and local taxes, net of federal benefit | (110 | ) |  | (100 | ) |  | (31 | )
Other | (258 | ) |  | 1,525 |  |  | (1,124 | )
| $ | (941 | ) |  | $ | 845 |  |  | $ | (1,543 | )
For the years ended December 31, 2012, 2011 and 2010, the “other” amount is comprised primarily of state taxes of $1,043, $954 and $1,072, respectively, and the write-off of deferred tax liabilities of $0, $3,535 and $0, respectively, relating to the transfer of certain assets of the Company's taxable subsidiaries. As of December 31, 2012 and 2011, the Company has estimated net operating loss carry forwards for federal income tax reporting purposes of $1,635 and $2,735, respectively, which would begin to expire in tax year 2026. As of December 31, 2012 and 2011, a valuation allowance of $0 and $712, respectively, has been recorded against deferred tax assets based upon projected future taxable income. A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2012, is as follows:
| 2012 |  | 2011 |  | 2010
Total dividends per share | $ | 0.525 |  |  | $ | 0.46 |  |  | $ | 0.40 |
Ordinary income | 95.68 | % |  | 47.33 | % |  | 99.11 | %
15% rate - qualifying dividend | 0.99 | % |  | 1.11 | % |  | 0.89 | %
15% rate gain | — |  |  | — |  |  | — |
25% rate gain | — |  |  | — |  |  | — |
Return of capital | 3.33 | % |  | 51.56 | % |  | — | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
A summary of the average taxable nature of the Company's dividend on shares of its Series B Preferred for each of the years in the three-year period ended December 31, 2012, is as follows:
| 2012 |  | 2011 |  | 2010
Total dividends per share | $ | 1.341667 |  |  | $ | 2.0125 |  |  | $ | 2.0125 |
Ordinary income | 98.98 | % |  | 97.70 | % |  | 99.11 | %
15% rate - qualifying dividend | 1.02 | % |  | 2.30 | % |  | 0.89 | %
15% rate gain | — |  |  | — |  |  | — |
25% rate gain | — |  |  | — |  |  | — |
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2012, is as follows:
| 2012 |  | 2011 |  | 2010
Total dividends per share | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |
Ordinary income | 98.98 | % |  | 97.70 | % |  | 99.11 | %
15% rate - qualifying dividend | 1.02 | % |  | 2.30 | % |  | 0.89 | %
15% rate gain | — |  |  | — |  |  | — |
25% rate gain | — |  |  | — |  |  | — |
Return of capital | — |  |  | — |  |  | — |
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
A summary of the average taxable nature of the Company's dividend on shares of its Series D Cumulative Redeemable Preferred Stock for the years in the three-year period ended December 31, 2012, is as follows:
| 2012 |  | 2011 |  | 2010
Total dividends per share | $ | 1.8875 |  |  | $ | 1.76498 | (1) |  | $ | 2.01002 | (1)
Ordinary income | 98.98 | % |  | 97.70 | % |  | 99.11 | %
15% rate - qualifying dividend | 1.02 | % |  | 2.30 | % |  | 0.89 | %
15% rate gain | — |  |  | — |  |  | — |
25% rate gain | — |  |  | — |  |  | — |
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
_________ (1)Of the total dividend paid in January 2011, $0.12252 is allocated to 2010 and $0.349355 is allocated to 2011.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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