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INCOME TAXES | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES |
INCOME TAXES | NOTE 13—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. Reconciliation between Financial Statement Net Income and Federal Taxable Income (Unaudited): The following table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):
|  | 2015 Estimate |  | 2014 Actual |  | 2013 Actual |
Net income |  | $ | 20,517 |  | $ | 22,116 |  | $ | 17,875 |
Straight-line rent adjustments |  |  | (971 | ) |  | (1,480 | ) |  | (1,025 | )
Book gain on sale—(in excess of) less than tax gain |  |  | (530 | ) |  | 10,522 |  |  | 1,391 |
Rent received in advance, net |  |  | (73 | ) |  | (180 | ) |  | 691 |
Adjustments for above/below market leases |  |  | (581 | ) |  | (253 | ) |  | (144 | )
Non-deductible portion of restricted stock expense |  |  | 613 |  |  | (149 | ) |  | 357 |
Federal excise tax, non-deductible |  |  | 174 |  |  | 302 |  |  | 45 |
Book depreciation in excess of tax depreciation |  |  | 4,219 |  |  | 2,970 |  |  | 1,686 |
Property acquisition costs—capitalized for tax purposes |  |  | 798 |  |  | 417 |  |  | 850 |
Impairment loss |  |  | — |  |  | 1,093 |  |  | 62 |
Other adjustments |  |  | (317 | ) |  | 26 |  |  | (111 | )
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Federal taxable income |  | $ | 23,849 |  | $ | 35,384 |  | $ | 21,677 |
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Reconciliation between Cash Dividends Paid and Dividends Paid Deduction (Unaudited): The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):
|  | 2015 Estimate |  | 2014 Actual |  | 2013 Actual |
Dividends paid |  | $ | 26,179 |  | $ | 24,117 |  | $ | 21,999 |
Dividend reinvestment plan(a) |  |  | 228 |  |  | 197 |  |  | 230 |
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|  |  | 26,407 |  |  | 24,314 |  |  | 22,229 |
Less: Spillover dividends designated to previous year |  |  | (18,177 | ) |  | (7,107 | ) |  | (7,659 | )
Plus: Dividends designated from following year |  |  | 15,619 |  |  | 18,177 |  |  | 7,107 |
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Dividends paid deduction |  | $ | 23,849 |  | $ | 35,384 |  | $ | 21,677 |
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(a) | Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 3: 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 4: 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 5: 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 + Details
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