Note 7 - Investments in Marketable Securities

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

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 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, 2014				December 31, 2013
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	132,535	$	30,176	$	105,009
Restricted investments available for sale:
Corporate debt securities		68,594		68,916		65,852		65,006
Commercial mortgage-backed securities		63,351		63,252		46,977		45,856
U.S. Treasury securities		14,623		14,728		22,932		22,841
State and municipal securities		11,074		11,377		8,123		8,300
	$	187,818	$	290,808	$	174,060	$	247,012

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

	December 31, 2014						December 31, 2013
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	114,080		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:

	December 31, 2014				December 31, 2013
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	11,161	$	11,190	$	9,279	$	9,324
1 to 5 years		83,542		84,028		91,787		92,011
6 to 10 years		58,863		58,872		40,387		38,335
Over 10 years		4,076		4,183		2,431		2,333
	$	157,642	$	158,273	$	143,884	$	142,003

Gross unrealized gains related to available for sale securities are $103,814,000 and $75,702,000 as of December 31, 2014 and 2013, respectively. Gross unrealized losses related to available for sale securities were $824,000 and $2,750,000 as of December 31, 2014 and 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 impairments for the years ended December 31, 2014 and 2013.

Proceeds from the sale of investments in marketable securities during the years ended December 31, 2014, 2013 and 2012 were $48,786,000, $81,389,000, and $62,649,000, respectively. Net investment gains of $379,000, $39,000, and $1,640,000 were realized on these sales during the years ended December 31, 2014, 2013, and 2012, respectively.