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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
Interest Income |  |
Residential loans | $ 50,231 | $ 34,362
Real estate securities | 25,695 | 19,817
Other interest income | 693 | 449
Total interest income | 76,619 | 54,628
Interest Expense |  |
Short-term debt | (13,435) | (4,453)
Asset-backed securities issued | (11,401) | (3,530)
Long-term debt | (16,678) | (13,048)
Total Interest Expense | (41,514) | (21,031)
Net Interest Income | 35,105 | 33,597
Non-interest Income |  |
Mortgage banking activities, net | 26,576 | 17,604
Mortgage servicing rights income, net | 957 | 1,713
Investment fair value changes, net | 1,609 | 1,551
Other income | 1,161 | 1,184
Realized gains, net | 9,363 | 5,703
Total non-interest income, net | 39,666 | 27,755
Operating expenses | (23,030) | (18,226)
Net Income before Provision for Income Taxes | 51,741 | 43,126
Provision for income taxes | (4,896) | (6,157)
Net Income | $ 46,845 | $ 36,969
Basic earnings per common share (in dollars per share) | $ 0.60 | $ 0.47
Diluted earnings per common share (in dollars per share) | 0.50 | 0.43
Regular dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.28
Basic weighted average shares outstanding (in shares) | 75,396,649 | 76,738,202
Diluted weighted average shares outstanding (in shares) | 108,194,597 | 97,946,137

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