Note 11 - Marketable Securities

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

11. Marketable Securities :

Effective

January 1, 2018,

in accordance with the adoption of ASU

2016

-

01,

the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. In addition, the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities. Also, during the year ended

December 31, 2018,

the Company recognized a net loss on changes in fair value of its available-for-sale marketable securities of

$3.5

million in Other income, net on the Company’s Consolidated Statements of Income.

The following is a summary of amounts recorded on the Consolidated Financial Statements for marketable securities at

December 31, 2018

and

2017

 (in thousands):

	December 31, 2018		December 31, 2017
Available-for-sale:
Equity securities	$	9,045	$	11,936
Held-to-maturity:
Debt securities		1,257		1,329
Total marketable securities	$	10,302	$	13,265

During

2017,

the Company acquired available-for-sale marketable equity securities for an aggregate purchase price of

$9.8

million.

As of

December 31, 2018,

the contractual maturities of debt securities classified as held-to-maturity are within the next

five

years. Actual maturities

may

differ from contractual maturities as issuers

may

have the right to prepay debt obligations with or without prepayment penalties.