AVAILABLE FOR SALE SECURITIES

12 Months Ended

Dec. 31, 2016

Available-for-sale Securities [Abstract]

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES

During the year ended December 31, 2016, we purchased 4.1 million shares of Residential common stock for $48.2 million. This investment is classified as available for sale and reflected in the condensed consolidated balance sheets at fair value at the balance sheet date ($45.8 million as of December 31, 2016) (no comparative amount as of December 31, 2015). Unrealized gains and losses on available for sale securities are reflected in other comprehensive income, unless there is an impairment that is other than temporary. In the event that a decline in market value is other than temporary, we would record a charge to earnings and a new cost basis in the investment would be established. During the year December 31, 2016, we incurred expenses of $3.4 million and earned dividends of $2.3 million related to this investment (no comparative amounts in 2015).