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Note 3 - Marketable Equity Securities
 12 Months Ended
Dec. 31, 2013
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 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, 2013, 2012 and 2011, the evaluation resulted in an impairment charges of approximately $29,000, $70,000 and $315,000, respectively, being reported in the Company’s non-operating income in its statement of operations.


The following table sets forth cost, market value and unrealized gain/(loss) on equity securities classified as available-for-sale and equity securities classified as trading as of December 31, 2013 and 2012.


   

2013

   

2012

 
   

(in thousands)

 

Available-for-sale securities

               

Fair market value

  $ 20,810     $ 17,188  

Cost

    10,881       10,361  

Unrealized gain

  $ 9,929     $ 6,827  
                 

Trading securities

               

Fair market value

  $ 165     $ 132  

Cost

    157       158  

Unrealized gain (loss)

  $ 8     $ (26 )
                 

Total

               

Fair market value

  $ 20,975     $ 17,320  

Cost

    11,038       10,519  

Unrealized gain

  $ 9,937     $ 6,801  

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, 2013 and 2012.


   

2013

   

2012

 
   

(in thousands)

 

Available-for-sale securities

               

Gross unrealized gains

  $ 9,946     $ 6,960  

Gross unrealized losses

    17       133  
                 

Net unrealized gains

  $ 9,929     $ 6,827  

As of December 31, 2013 and 2012, the total net unrealized gains, net of deferred income taxes, in accumulated other comprehensive income was approximately $6,160,000 and $4,235,000, respectively.


For the year ended December 31, 2013, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $1,897,000, net of deferred income taxes. For the year ended December 31, 2012, the Company had net unrealized losses in market value on securities classified as available-for-sale of approximately $459,000, net of deferred income taxes.


As of December 31, 2013, the Company's marketable securities that are classified as trading had gross recognized gains of approximately $8,000 and had no gross recognized losses. As of December 31, 2012, the Company's marketable securities that were classified as trading had gross recognized losses of approximately $26,000 and had no gross recognized gains. The following table shows recognized gains (losses) in market value for securities classified as trading during 2013, 2012 and 2011.


   

2013

   

2012

   

2011

 
   

(in thousands)

 

Trading securities

                       

Recognized (loss) gain at beginning of period

  $ (26 )   $ (16 )   $ 14  

Recognized gain (loss) at end of period

    8       (26 )     (16 )
                         

Change in net recognized gain (loss)

  $ 34     $ (10 )   $ (30 )

During 2013 and 2012, there were no reclassifications of marketable securities between trading and available for sale.


The following table shows the Company’s realized gains during 2013, 2012 and 2011 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.


   

2013

   

2012

   

2011

 
   

(in thousands)

 

Realized gains

                       

Sale proceeds

  $ 857     $ 4,554     $ 1,137  

Cost of securities sold

    290       2,183       289  
                         

Realized gains

  $ 567     $ 2,371     $ 848  
                         

Realized gains, net of taxes

  $ 346     $ 1,437     $ 526  

The following table shows the Company’s investments’ approximate gross unrealized losses and fair value at December 31, 2013 and 2012. As of December 31, 2013 and 2012, there were no investments that had been in a continuous unrealized loss position for twelve months or longer.


   

2013

   

2012

 
   

(in thousands)

 
   

Fair Value

   

Unrealized

Losses

   

Fair Value

   

Unrealized

Losses

 
                                 

Equity securities – Available for sale

  $ 397     $ 17     $ 1,567     $ 133  

Equity securities – Trading

    -       -       129       26  
                                 

Totals

  $ 397     $ 17     $ 1,696     $ 159  

The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2013 and 2012, the Company had outstanding borrowings of $10,017,000 and $10,711,000 under its margin account, respectively.