Other Income (Expense)

3 Months Ended

Mar. 31, 2015

Other Income and Expenses [Abstract]

Other Income (Expense)

Other Income (Expense)

Other income (expense) consists of the following:

	Three Months Ended   March 31,
	2015			2014
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	2,257		$	524
Accretion income	621			112
Realized losses on the sale of investments	—			(401		)
Total net investment income from available-for-sale securities	2,878			235
Interest income from investments in special purpose entities (Note 5)	2,003			—
Interest accrued on notes receivable	331			39
Total investment income, net	5,212			274
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5)	(2,188		)	—
Interest expense	(688		)	(639		)
Total interest expense	(2,876		)	(639		)
Other, net
Accretion income from retained interest investments	211			211
Hunting lease income	210			380
Other income, net	156			185
Other, net	577			776
Total other income	$	2,913		$	411

Investment income, net

Interest and dividend income includes interest income accrued on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock investments. Accretion income includes the amortization of the premium or discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale security. Realized losses on the sale of investments include the loss recognized on the sale of an available-for-sale security prior to maturity. See Note 4, Investments.

Interest income from investments in special purpose entities primarily includes interest accrued on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by special purpose entity. See Note 5, AgReserves Sale.

Interest expense

Interest expense includes interest expense related to the Company’s Community Development District debt and the construction loan in the Pier Park North joint venture. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by the Senior Notes issued by special purpose entity, are amortized based on the effective interest method at an effective rate of 4.9%.

Other, net

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.6%. Hunting lease income is recognized as income over the term of the lease.