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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES |
Schedule of reconciliation of financial statement net income to federal taxable income | The following table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):
|  | 2014 Estimate |  | 2013 Actual |  | 2012 Actual |
Net income |  | $ | 22,116 |  | $ | 17,875 |  | $ | 32,320 |
Straight line rent adjustments |  |  | (1,473 | ) |  | (1,025 | ) |  | (919 | )
Book gain on sale—less than (in excess of) tax gain |  |  | 10,504 |  |  | 1,391 |  |  | (445 | )
Rent received in advance, net |  |  | (172 | ) |  | 691 |  |  | 97 |
Adjustments for above/below market leases |  |  | (217 | ) |  | (144 | ) |  | 6 |
Restricted stock expense-tax (in excess of) book |  |  | (149 | ) |  | 357 |  |  | 341 |
Federal excise tax, non-deductible |  |  | 302 |  |  | 45 |  |  | 290 |
Book depreciation in excess of tax depreciation |  |  | 2,901 |  |  | 1,686 |  |  | (208 | )
Property acquisition costs—capitalized for tax purposes |  |  | 425 |  |  | 850 |  |  | 836 |
Impairment charge |  |  | 1,093 |  |  | 62 |  |  | — |
Other adjustments |  |  | (19 | ) |  | (111 | ) |  | (201 | )
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Federal taxable income |  | $ | 35,311 |  | $ | 21,677 |  | $ | 32,117 |
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Schedule of reconciliation of cash dividends paid with the dividends paid deduction | The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):
|  | 2014 Estimate |  | 2013 Actual |  | 2012 Actual |
Dividends paid |  | $ | 24,117 |  | $ | 21,999 |  | $ | 24,252 |
Dividend reinvestment plan(a) |  |  | 197 |  |  | 230 |  |  | 256 |
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|  |  | 24,314 |  |  | 22,229 |  |  | 24,508 |
Less: Spillover dividends designated to previous year |  |  | (7,107 | ) |  | (7,659 | ) |  | — |
Plus: Dividends designated from following year |  |  | 18,104 |  |  | 7,107 |  |  | 7,659 |
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Dividends paid deduction(b) |  | $ | 35,311 |  | $ | 21,677 |  | $ | 32,167 |
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(a) | Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.
(b) | Dividends paid deduction is slightly higher than federal taxable income in 2012 to account for an adjustment made to federal taxable income as a result of the impact of the alternative minimum tax.

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