Note 7 - Investments in Marketable Securities

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

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

Note

7

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Inve

stments 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:

	June 30, 2016				December 31, 2015
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	141,756	$	30,176	$	116,168
Restricted investments available for sale:
Corporate debt securities		73,194		75,118		71,960		71,143
Commercial mortgage–backed securities		56,751		56,903		61,645		60,910
U.S. Treasury securities		24,814		25,373		21,123		21,033
State and municipal securities		15,111		15,666		16,446		16,780
	$	200,046	$	314,816	$	201,350	$	286,034

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

(in thousands, except share amounts)

:

	June 30, 2016						December 31, 2015
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	122,445		1,630,642	$	24,734	$	99,257

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

	June 30, 2016				December 31, 2015
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	43,077	$	43,936	$	23,291	$	23,273
1 to 5 years		70,519		71,159		74,747		74,671
6 to 10 years		55,279		56,977		71,442		70,223
Over 10 years		995		988		1,694		1,699
	$	169,870	$	173,060	$	171,174	$	169,866

Gross unrealized gains related to available for sale securities are $115,280,000 and $86,921,000 as of June 30, 2016 and December 31, 2015, respectively. Gross unrealized losses related to available for sale securities are $510,000 and $2,237,000 as of June 30, 2016 and December 31, 2015, 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, 2016 or for the year ended December 31, 2015.

Proceeds from the sale of securities during the six months ended June 30, 2016 and 2015 were $25,697,000 and $28,296,000, respectively. Investment gains of $540,000 and $421,000 were realized on these sales during the six months ended June 30, 2016 and 2015, respectively.