Note 5 - Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2015

Disclosure Text Block [Abstract]

Comprehensive Income (Loss) Note [Text Block]

5. Accumulated Other Comprehensive Income

The following table sets forth our changes in accumulated other comprehensive income (“AOCI”):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
	(Dollars in thousands)
Unrealized gains (losses) on available-for-sale marketable securities 1 :
Beginning balance	$	1,589		$	5,346		$	2,775		$	7,655
Other comprehensive income (loss) before reclassifications		(2,853	)		(4,836	)		(3,753	)		(3,236	)
Amounts reclassified from AOCI 2		1,714			1,862			1,428			(2,047	)
Ending balance	$	450		$	2,372		$	450		$	2,372
Unrealized gains on available-for-sale metropolitan district bond securities 1 :
Beginning balance	$	9,814		$	4,510		$	7,680		$	3,920
Other comprehensive income before reclassifications		913			490			3,047			1,080
Amounts reclassified from AOCI		-			-			-			-
Ending balance	$	10,727		$	5,000		$	10,727		$	5,000
Total ending AOCI	$	11,177		$	7,372		$	11,177		$	7,372

(1) All amounts net-of-tax.

(2) See separate table below for details about these reclassifications which include gains or losses on sales of available-for-sale securities sold as well as any other-than-temporary impairments taken on available-for-sale securities during the period.

The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income related to available for sale securities:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Affected Line Item in the Statements of Operations	2015			2014			2015			2014
	(Dollars in thousands)
Homebuilding interest and other income	$	(620	)	$	1,167		$	(495	)	$	7,528
Other-than-temporary impairment of marketable securities		(2,176	)		(4,293	)		(2,176	)		(4,293	)
Financial services interest and other income		31			99			368			94
Income before income taxes		(2,765	)		(3,027	)		(2,303	)		3,329
Provision for income taxes		1,051			1,165			875			(1,282	)
Net income	$	(1,714	)	$	(1,862	)	$	(1,428	)	$	2,047