Note 3 - Marketable Equity 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]

3. MARKETABLE EQUITY SECURITIES

The Company accounts for its marketable securities in accordance with ASC Topic 320, Investments-Debt and Equity Securities. ASC Topic 320 requires companies to classify their investments as trading, available-for-sale or held-to-maturity. The Company’s investments in marketable securities are classified as either trading or available-for-sale and consist of equity securities. Management determines the appropriate classification of these securities at the time of purchase and re-evaluates such designation as of each balance sheet date. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income.

Marketable equity securities classified as available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses, declines in value judged to be other-than-temporary on available-for-sale securities, and increases or decreases in value on trading securities, if any, are included in the determination of net income. A quarterly evaluation is performed in order to judge whether declines in value below cost should be considered temporary and when losses are deemed to be other-than-temporary. Several factors are considered in this evaluation process including the severity and duration of the decline in value, the financial condition and near-term outlook for the specific issuer and the Company’s ability to hold the securities.

For the years ended December 31, 2014, 2013 and 2012, the evaluation resulted in impairment charges of approximately $1,000, $29,000 and $70,000, respectively, being reported in the Company’s non-operating income in its statements of operations.

The following table sets forth cost, market value and unrealized gain on equity securities classified as available-for-sale and equity securities classified as trading as of December 31, 2014 and 2013.

	2014		2013
	(in thousands)
Available-for-sale securities
Fair market value	$	24,592	$	20,810
Cost		14,272		10,881
Unrealized gain	$	10,320	$	9,929
Trading securities
Fair market value	$	303	$	165
Cost		157		157
Unrealized gain	$	146	$	8
Total
Fair market value	$	24,895	$	20,975
Cost		14,429		11,038
Unrealized gain	$	10,466	$	9,937

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities that are classified as available-for-sale as of December 31, 2014 and 2013.

	2014		2013
	(in thousands)
Available-for-sale securities
Gross unrealized gains	$	10,710	$	9,946
Gross unrealized losses		390		17
Net unrealized gains	$	10,320	$	9,929

As of December 31, 2014 and 2013, the total net unrealized gains, net of deferred income taxes, in accumulated other comprehensive income was approximately $6,402,000 and $6,160,000, respectively.

For the years ended December 31, 2014 and 2013, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $237,000 and $1,897,000, net of deferred income taxes, respectively.

For the years ended December 31, 2014, 2013 and 2012, the Company recognized dividends of approximately $896,000, $781,000, and $838,000 in non-operating income in its statements of operations, respectively.

As of December 31, 2014, the Company's marketable securities that are classified as trading had gross recognized gains of approximately $146,000 and had no gross recognized losses. As of December 31, 2013, the Company's marketable securities that were classified as trading had gross recognized gains of approximately $8,000 and had no gross recognized losses.

The following table shows recognized gains (losses) in market value for securities classified as trading during 2014, 2013 and 2012.

	2014		2013			2012
	(in thousands)
Trading securities
Recognized gain (loss) at beginning of period	$	8	$	(26	)	$	(16	)
Recognized gain (loss) at end of period		146		8			(26	)
Change in net recognized gain (loss)	$	138	$	34		$	(10	)

During 2014 and 2013, there were no reclassifications of marketable securities between trading and available for sale.

The following table shows the Company’s realized gains during 2014, 2013 and 2012 on certain securities which were held as available-for-sale. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income.

	2014		2013		2012
	(in thousands)
Realized gains
Sale proceeds	$	1,720	$	857	$	4,554
Cost of securities sold		818		290		2,183
Realized gains	$	902	$	567	$	2,371
Realized gains, net of taxes	$	546	$	346	$	1,437

The following table shows the Company’s investments’ approximate gross unrealized losses and related fair value of securities in a loss position at December 31, 2014 and 2013. As of December 31, 2014 and 2013, there were no investments that had been in a continuous unrealized loss position for twelve months or longer.

	2014				2013
	(in thousands)
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Equity securities – Available for sale	$	3,961	$	390	$	397	$	17
Equity securities – Trading		-		-		-		-
Totals	$	3,961	$	390	$	397	$	17

The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2014 and 2013, the Company had outstanding borrowings of $11,723,000 and $10,017,000 under its margin account, respectively. The weighted average interest rate on margin account borrowings was 0.76% as of December 31, 2014 and 2013.