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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

-16.0%

Aug 1 5:00 PM EST

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To: Covenant who wrote (1236)

5/15/2012 11:49:05 PM

From: Covenant

1 Recommendation of 1876

The change in unrealized gain on mortgage securities – available-for-sale in the condensed consolidated statements of comprehensive income is not shown net of taxes

How many of the rubes reading the financial statements will notice this? Management found a way to make the financial statements look better through a GAAP loophole. These items are almost always presented net of taxes.

NOVASTAR FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; dollars in thousands)



	For the Three Months Ended March 31,
	2012		2011
Net income	$	64,825	$	2,273
Other comprehensive income (loss):
Change in unrealized gain on mortgage securities – available-for-sale (Note 11)	242		(173		)
Total comprehensive income	65,067		2,100
Comprehensive income attributable to noncontrolling interests
Net income attributable to noncontrolling interests	35		490
Total comprehensive income attributable to NFI	$	65,032	$	1,610

See notes to condensed consolidated financial statements.

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