Note 7 - Investments in Marketable Securities

6 Months Ended

Jun. 30, 2012

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 7 – Investments in Marketable Securities

Our investments in marketable securities are classified as available for sale securities.  Realized gains and losses from securities sales are determined on the specific identification of the securities.

Marketable securities and restricted marketable securities consist of the following:

	June 30, 2012				December 31, 2011
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	97,602	$	30,176	$	85,051
Restricted investments available for sale:
Corporate debt securities		32,446		33,364		33,426		34,074
Commercial mortgage–backed securities		29,711		30,593		33,275		33,904
U.S. Treasury securities		14,216		14,571		7,778		8,070
State and municipal securities		8,435		8,910		7,270		7,577
	$	114,984	$	185,040	$	111,925	$	168,676

Included in the available for sale marketable equity securities are the following:

(in thousands, except share amounts)

	June 30, 2012						December 31, 2011
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	83,032		1,630,642	$	24,734	$	71,716

The amortized cost and estimated fair value of debt securities classified as available for sale, by contractual maturity, are as follows:

	June 30, 2012				December 31, 2011
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	7,704	$	7,775	$	5,280	$	5,298
1to   5 years		54,256		55,588		44,923		45,734
6to   10 years		21,998		23,180		21,993		22,768
Over 10 years		850		895		9,553		9,825
	$	84,808	$	87,438	$	81,749	$	83,625

Gross unrealized gains related to available for sale securities are $70,160,000 and $57,138,000 as of June 30, 2012 and December 31, 2011, respectively.

Proceeds from the sale of investments in marketable securities during the six months ended June 30, 2012 and 2011 were $33,871,000 and $23,532,000, respectively.  Investment gains of $987,000 and $164,000 were realized on these sales during the six months ended June 30, 2012 and 2011, respectively.