AVAILABLE FOR SALE SECURITIES

12 Months Ended

Dec. 31, 2017

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 RESI common stock for $48.2 million. This investment is classified as available for sale and reflected in the consolidated balance sheets at fair value at the respective balance sheet dates ($49.2 million and $45.8 million as of December 31, 2017 and 2016, respectively). 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 years ended December 31, 2017 and 2016, we earned dividends of $2.5 million and $2.3 million, respectively, related to this investment (no comparative amount in 2015). In addition, during the year ended December 31, 2016, we incurred expenses of $3.4 million related to this investment (no comparative amounts in 2017 and 2015).