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Preneed Trust Investments (Tables)
 6 Months Ended
Jun. 30, 2015
Preneed Trust Investments [Abstract]  
Components of preneed cemetery trust investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2014 and June 30, 2015 were as follows (in thousands):
 
December 31, 2014
 
June 30, 2015
Preneed cemetery trust investments, at fair value
$
74,198

 
$
74,144

Less: allowance for contract cancellation
(2,226
)
 
(2,250
)
Preneed cemetery trust investments, net
$
71,972

 
$
71,894
Cost and fair market values associated with preneed cemetery trust investments
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2014 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
5,591

 
$
—

 
$
—

 
$
5,591

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
347

 
9

 
—

 
356

Foreign debt
2
 
5,874

 
—

 
(237
)
 
5,637

Corporate debt
2
 
30,108

 
362

 
(2,167
)
 
28,303

Preferred stock
2
 
19,154

 
199

 
(325
)
 
19,028

Mortgage backed securities
2
 
1

 
—

 
—

 
1

Common stock
1
 
13,128

 
2,357

 
(966
)
 
14,519

Trust securities
 
 
$
74,203

 
$
2,927

 
$
(3,695
)
 
$
73,435

Accrued investment income
 
 
$
763

 
 
 
 
 
$
763

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
74,198

Market value as a percentage of cost
 
 
 
 
 
 
 
 
99.0
%
The cost and fair market values associated with preneed cemetery trust investments at June 30, 2015 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
7,339

 
$
—

 
$
—

 
$
7,339

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
474

 
—

 
(93
)
 
381

Foreign debt
2
 
5,609

 
19

 
(270
)
 
5,358

Corporate debt
2
 
27,123

 
211

 
(1,746
)
 
25,588

Preferred stock
2
 
16,771

 
47

 
(576
)
 
16,242

Common stock
1
 
17,700

 
2,262

 
(1,436
)
 
18,526

Trust securities
 
 
$
75,016

 
$
2,539

 
$
(4,121
)
 
$
73,434

Accrued investment income
 
 
$
710

 
 
 
 
 
$
710

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
74,144

Market value as a percentage of cost
 
 
 
 
 
 
 
 
97.9
%
Estimated maturities of fixed preneed cemetery trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
147

Due in one to five years
6,607

Due in five to ten years
5,725

Thereafter
35,090

Total
$
47,569
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments
Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2015 and December 31, 2014, are shown in the following tables (in thousands):
 
June 30, 2015
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
381

 
$
(93
)
 
$
—

 
$
—

 
$
381

 
$
(93
)
Foreign debt
3,258

 
(270
)
 
—

 
—

 
3,258

 
(270
)
Corporate debt
16,980

 
(948
)
 
4,968

 
(798
)
 
21,948

 
(1,746
)
Preferred stock
10,992

 
(393
)
 
4,362

 
(183
)
 
15,354

 
(576
)
Common stock
6,273

 
(1,193
)
 
784

 
(243
)
 
7,057

 
(1,436
)
Total temporary impaired securities
$
37,884

 
$
(2,897
)
 
$
10,114

 
$
(1,224
)
 
$
47,998

 
$
(4,121
)
 
December 31, 2014
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Foreign debt
$
5,629

 
$
(237
)
 
$
—

 
$
—

 
$
5,629

 
$
(237
)
Corporate debt
18,051

 
(778
)
 
2,016

 
(1,389
)
 
20,067

 
(2,167
)
Preferred stock
10,342

 
(289
)
 
3,236

 
(36
)
 
13,578

 
(325
)
Common stock
6,904

 
(911
)
 
65

 
(55
)
 
6,969

 
(966
)
Total temporary impaired securities
$
40,926

 
$
(2,215
)
 
$
5,317

 
$
(1,480
)
 
$
46,243

 
$
(3,695
)
Preneed cemetery trust investment security transactions
Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2015 were as follows (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
2014
 
2015
 
2014
 
2015
Investment income
$
889

 
$
774

 
$
1,432

 
$
1,291

Realized gains
1,161

 
1,316

 
1,700

 
1,674

Realized losses
(640
)
 
(92
)
 
(828
)
 
(890
)
Expenses and taxes
(384
)
 
(775
)
 
(942
)
 
(1,094
)
Increase in deferred preneed cemetery receipts held in trust
(1,026
)
 
(1,223
)
 
(1,362
)
 
(981
)
 
$
—

 
$
—

 
$
—

 
$
—
Purchases and sales of investments in preneed cemetary trusts
Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
2014
 
2015
 
2014
 
2015
Purchases
$
(13,498
)
 
$
(5,848
)
 
$
(21,658
)
 
$
(12,855
)
Sales
$
14,383

 
$
7,441

 
$
22,921

 
$
10,193
Components of preneed funeral trust investments
The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2014 and June 30, 2015 were as follows (in thousands):
 
December 31, 2014
 
June 30, 2015
Preneed funeral trust investments, at market value
$
100,579

 
$
98,972

Less: allowance for contract cancellation
(2,972
)
 
(2,970
)
Preneed funeral trust investments, net
$
97,607

 
$
96,002
Estimated maturities of fixed preneed funeral trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
693

Due in one to five years
7,006

Due in five to ten years
6,170

Thereafter
35,087

Total
$
48,956
Cost and fair market values associated with preneed funeral trust investments
The cost and fair market values associated with preneed funeral trust investments at June 30, 2015 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
20,586

 
$
—

 
$
—

 
$
20,586

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S treasury debt
1
 
2,035

 
34

 
(14
)
 
2,055

Municipal bonds
2
 
453

 
—

 
(89
)
 
364

Foreign debt
2
 
5,302

 
18

 
(252
)
 
5,068

Corporate debt
2
 
26,321

 
263

 
(1,663
)
 
24,921

Preferred stock
2
 
16,679

 
129

 
(547
)
 
16,261

Mortgage backed securities
2
 
284

 
5

 
(2
)
 
287

Common stock
1
 
16,479

 
2,198

 
(1,308
)
 
17,369

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
4,926

 
635

 
(42
)
 
5,519

Fixed income
2
 
2,281

 
13

 
(91
)
 
2,203

Other investments
2
 
3,654

 
—

 
(31
)
 
3,623

Trust securities
 
 
$
99,000

 
$
3,295

 
$
(4,039
)
 
$
98,256

Accrued investment income
 
 
$
716

 
 
 
 
 
$
716

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
98,972

Market value as a percentage of cost
 
 
 
 
 
 
 
 
99.2
%
The cost and fair market values associated with preneed funeral trust investments at December 31, 2014 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
17,501

 
$
—

 
$
—

 
$
17,501

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. treasury debt
1
 
2,037

 
32

 
(15
)
 
2,054

U.S. agency obligations
2
 
30

 
—

 
—

 
30

Foreign debt
2
 
4,653

 
—

 
(188
)
 
4,465

Corporate debt
2
 
24,761

 
469

 
(1,718
)
 
23,512

Preferred stock
2
 
16,166

 
256

 
(261
)
 
16,161

Mortgage backed securities
2
 
309

 
8

 
(3
)
 
314

Common stock
1
 
10,544

 
1,926

 
(783
)
 
11,687

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
14,126

 
1,370

 
(181
)
 
15,315

Fixed income
2
 
5,351

 
115

 
(72
)
 
5,394

Other investments
2
 
3,560

 
—

 
(29
)
 
3,531

Trust securities
 
 
$
99,038

 
$
4,176

 
$
(3,250
)
 
$
99,964

Accrued investment income
 
 
$
615

 
 
 
 
 
$
615

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
100,579

Market value as a percentage of cost
 
 
 
 
 
 
 
 
100.9
%
Schedule of fair market value and unrealized loss on preneed funeral trust investments
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2015 and December 31, 2014 are shown in the following tables (in thousands):
 
June 30, 2015
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. debt
$
1

 
$
—

 
$
836

 
$
(14
)
 
$
837

 
$
(14
)
Municipal bonds
364

 
(89
)
 
—

 
—

 
364

 
(89
)
Foreign debt
3,066

 
(252
)
 
—

 
—

 
3,066

 
(252
)
Corporate debt
15,896

 
(863
)
 
4,970

 
(801
)
 
20,866

 
(1,664
)
Preferred stock
10,243

 
(365
)
 
4,329

 
(182
)
 
14,572

 
(547
)
Mortgage backed securities
104

 
(1
)
 
18

 
(1
)
 
122

 
(2
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
5,545

 
(1,051
)
 
809

 
(257
)
 
6,354

 
(1,308
)
Equity and other
1,154

 
(40
)
 
33

 
(1
)
 
1,187

 
(41
)
Fixed income
484

 
(10
)
 
937

 
(81
)
 
1,421

 
(91
)
Other investments
—

 
—

 
11

 
(31
)
 
11

 
(31
)
Total temporary impaired securities
$
36,857

 
$
(2,671
)
 
$
11,943

 
$
(1,368
)
 
$
48,800

 
$
(4,039
)
 
December 31, 2014
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. debt
$
500

 
$
—

 
$
836

 
$
(15
)
 
$
1,336

 
$
(15
)
Foreign debt
4,471

 
(188
)
 
—

 
—

 
4,471

 
(188
)
Corporate debt
14,310

 
(617
)
 
1,598

 
(1,101
)
 
15,908

 
(1,718
)
Preferred stock
8,300

 
(232
)
 
2,597

 
(29
)
 
10,897

 
(261
)
Mortgage backed securities
—

 
—

 
51

 
(3
)
 
51

 
(3
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
5,594

 
(739
)
 
53

 
(44
)
 
5,647

 
(783
)
Equity and other
4,204

 
(180
)
 
6

 
(1
)
 
4,210

 
(181
)
Fixed income
888

 
(19
)
 
1,026

 
(53
)
 
1,914

 
(72
)
Other investments
—

 
—

 
42

 
(29
)
 
42

 
(29
)
Total temporary impaired securities
$
38,267

 
$
(1,975
)
 
$
6,209

 
$
(1,275
)
 
$
44,476

 
$
(3,250
)
Preneed funeral trust investment security transactions
Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2015 were as follows (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
2014
 
2015
 
2014
 
2015
Investment income
$
846

 
$
872

 
$
1,491

 
$
1,428

Realized gains
2,937

 
2,279

 
3,431

 
2,573

Realized losses
(538
)
 
(245
)
 
(736
)
 
(870
)
Expenses and taxes
(493
)
 
(574
)
 
(898
)
 
(834
)
Increase in deferred preneed funeral receipts held in trust
(2,752
)
 
(2,332
)
 
(3,288
)
 
(2,297
)
 
$
—

 
$
—

 
$
—

 
$
—
Purchases and sales of investments in preneed funeral trusts
Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
2014
 
2015
 
2014
 
2015
Purchases
$
(22,526
)
 
$
(5,856
)
 
$
(29,517
)
 
$
(11,345
)
Sales
$
22,612

 
$
20,435

 
$
30,149

 
$
22,738