Note 7 - Investments in Marketable Securities

3 Months Ended

Mar. 31, 2015

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 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 8 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:

	March 31, 2015				December 31, 2014
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	134,795	$	30,176	$	132,535
Restricted investments available for sale:
Corporate debt securities		65,803		66,887		68,594		68,916
Commercial mortgage–backed securities		59,353		59,711		63,351		63,252
U.S. Treasury securities		15,860		16,070		14,623		14,728
State and municipal securities		9,977		10,341		11,074		11,377
	$	181,169	$	287,804	$	187,818	$	290,808

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

	March 31, 2015						December 31, 2014
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	115,792		1,630,642	$	24,734	$	114,080

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

	March 31, 2015				December 31, 2014
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	12,306	$	12,391	$	11,161	$	11,190
1 to 5 years		82,130		83,104		83,542		84,028
6 to 10 years		56,557		57,514		58,863		58,872
Over 10 years		-		-		4,076		4,183
	$	150,993	$	153,009	$	157,642	$	158,273

Gross unrealized gains related to available for sale securities are $106,864,000 and $103,814,000 as of March 31, 2015 and December 31, 2014, respectively. Gross unrealized losses related to available for sale securities are $229,000 and $824,000 as of March 31, 2015 and December 31, 2014, 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 three months ended March 31, 2015 or the year ended December 31, 2014.

Proceeds from the sale of investments in restricted marketable securities during the three months ended March 31, 2015 and 2014 were $15,408,000 and $24,453,000, respectively. Investment gains of $341,000 and $136,000 were realized on these sales during the three months ended March 31, 2015 and 2014, respectively.