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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES |
Schedule of reconciliation of financial statement net income to federal taxable income | The following unaudited table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):
|  | 2012 Estimate |  | 2011 Actual |  | 2010 Actual |
--- | --- | --- | --- | --- | --- | --- | ---
Net income |  | $ | 32,320 |  | $ | 13,724 |  | $ | 9,306 |
Straight line rent adjustments |  |  | (1,354 | ) |  | (1,419 | ) |  | (693 | )
Financial statement gain on sale in excess of tax gain |  |  | (315 | ) |  | 61 |  |  | 557 |
Rent received in advance, net |  |  | 111 |  |  | (78 | ) |  | 205 |
Financial statement adjustment for above/below market leases |  |  | 2 |  |  | 31 |  |  | (442 | )
Non-deductible portion of restricted stock expense |  |  | 341 |  |  | 300 |  |  | 249 |
Federal excise tax, non-deductible |  |  | 290 |  |  | — |  |  | — |
Financial statement depreciation in excess of tax depreciation |  |  | 1,021 |  |  | 1,042 |  |  | 1,051 |
Property acquisition costs—capitalize for tax purposes |  |  | 823 |  |  | 268 |  |  | 1,010 |
Other adjustments |  |  | (68 | ) |  | (516 | ) |  | 542 |
Federal taxable income |  | $ | 33,171 |  | $ | 13,413 |  | $ | 11,785 |
Schedule of reconciliation of cash dividends paid with the dividends paid deduction | The following unaudited table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):
|  | 2012 Estimate |  | 2011 Actual |  | 2010 Actual |
--- | --- | --- | --- | --- | --- | --- | ---
Dividends paid |  | $ | 24,255 |  | $ | 14,758 |  | $ | 14,123 |
Dividend reinvestment plan(a) |  |  | 256 |  |  | 153 |  |  | 108 |
|  |  | 24,511 |  |  | 14,911 |  |  | 14,231 |
Less: Spillover dividends designated to previous year |  |  | — |  |  | (1,448 | ) |  | (3,844 | )
Plus: Dividends designated from following year |  |  | 8,710 |  |  | — |  |  | 1,448 |
Dividends paid deduction(b) |  | $ | 33,221 |  | $ | 13,463 |  | $ | 11,835 |
(a) Amount reflects the 5% discount on common stock purchased through the dividend reinvestment plan. (b) Dividends paid deduction is slightly higher than federal taxable income in 2012, 2011 and 2010 to account for adjustments made to federal taxable income as a result of the impact of the alternative minimum tax.

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