Other Income (Expense)

3 Months Ended

Mar. 31, 2016

Other Income and Expenses [Abstract]

Other Income (Expense)

Other Income (Expense)

Other income (expense) consists of the following:

	Three Months Ended March 31,
	2016			2015
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	189		$	2,257
Accretion income	464			621
Total net investment income from available-for-sale securities	653			2,878
Interest income from investments in special purpose entities	2,050			2,003
Interest accrued on notes receivable and other interest	27			331
Total investment income, net	2,730			5,212
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(2,190		)	(2,188		)
Interest expense	(845		)	(688		)
Total interest expense	(3,035		)	(2,876		)
Claim settlement	12,548			—
Other income, net
Accretion income from retained interest investments	241			211
Hunting lease income	199			210
Other income, net	12			156
Other income, net	452			577
Total other income	$	12,695		$	2,913

Investment income, net

Interest and dividend income includes interest income accrued or received 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 securities.

Interest income from investments in special purpose entities primarily includes interest accrued or received on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by NFTF.

Interest expense

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

Claim settlement

Claim settlement during the three months ended March 31, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 7, Claim Settlement Receivable for further discussion.

Other income, 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% to 11.4%. Hunting lease income is recognized as income over the term of the lease.