Note 8 - Investments in Marketable Securities

12 Months Ended

Dec. 31, 2012

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

Note 8 - Investments in Marketable Securities

Our investments in marketable securities include 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:

	December 31, 2012				December 31, 2011
(in thousands)	Amortized Cost		Fair Value		Amortized  Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	107,250	$	30,176	$	85,051
Restricted investments available for sale:
Corporate debt securities		61,453		62,876		33,426		34,074
Commercial mortgage-backed securities		47,194		48,063		33,275		33,904
U.S. Treasury securities		16,218		16,604		7,778		8,070
State and municipal securities		7,213		7,664		7,270		7,577
	$	162,254	$	242,457	$	111,925	$	168,676

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

(in thousands, except share amounts)

	December 31, 2012						December 31, 2011
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	92,180		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:

	December 31, 2012				December 31, 2011
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	8,868	$	8,918	$	5,280	$	5,298
1 to 5 years		80,910		82,801		44,923		45,734
6 to 10 years		40,670		41,856		21,993		22,768
Over 10 years		1,630		1,632		9,553		9,825
	$	132,078	$	135,207	$	81,749	$	83,625

Gross unrealized gains related to available for sale securities are $80,296,000 and $57,138,000 as of December 31, 2012 and 2011, respectively.  Gross unrealized losses related to available for sale securities were $93,000 and $387,000 as of December 31, 2012 and 2011, respectively.

Proceeds from the sale of investments in marketable securities during the years ended December 31, 2012, 2011 and 2010 were $62,649,000, $46,266,000, and $43,849,000, respectively.  Net investment gains of $1,640,000, $754,000, and $891,000 were realized on these sales during the years ended December 31, 2012, 2011, and 2010, respectively.