Note 8 - Investments in Marketable Securities

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

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 are classified as available for sale securities. Realized gains and losses from securities sales are recognized in results of operations upon disposition of the securities using the specific identification method on a trade date basis. Refer to Note 9 for a description of the Company's methodology for determining the fair value of marketable securities.

Marketable securities and restricted marketable securities consist of the following:

	June 30, 2014				December 31, 2013
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	117,618	$	30,176	$	105,009
Restricted investments available for sale:
Corporate debt securities		66,364		66,761		65,852		65,006
Commercial mortgage–backed securities		54,404		54,267		46,977		45,856
U.S. Treasury securities		13,880		13,905		22,932		22,841
State and municipal securities		11,941		12,285		8,123		8,300
	$	176,765	$	264,836	$	174,060	$	247,012

Included in the available for sale marketable equity securities are the following (in thousands, except share amounts):

	June 30, 2014						December 31, 2013
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	102,013		1,630,642	$	24,734	$	91,479

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

	June 30, 2014				December 31, 2013
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	11,789	$	11,849	$	9,279	$	9,324
1 to 5 years		86,787		87,807		91,787		92,011
6 to 10 years		47,045		46,724		40,387		38,335
Over 10 years		968		838		2,431		2,333
	$	146,589	$	147,218	$	143,884	$	142,003

Gross unrealized gains related to available for sale securities are $89,049,000 and $75,702,000 as of June 30, 2014 and December 31, 2013, respectively. Gross unrealized losses related to available for sale securities are $978,000 and $2,750,000 as of June 30, 2014 and December 31, 2013, respectively. For the marketable securities in gross unrealized loss positions, (a) it is more likely than not that the Company will not be required to sell the investment securities before recovery of the unrealized losses, and (b) the Company expects that the contractual principal and interest will be received on the investment securities. As a result, the Company recognized no other-than-temporary impairment during the six months ended June 30, 2014 or the year ended December 31, 2013.

Proceeds from the sale of investments in restricted marketable securities during the six months ended June 30, 2014 and 2013 were $27,641,000 and $38,150,000, respectively. Investment gains of $172,000 and $384,000 were realized on these sales during the six months ended June 30, 2014 and 2013, respectively.