Note 4 - Investments

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

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

4. Investments

As of June 30, 2015 and December 31, 2014, investments totaled $1,495,000 and $2,840,000 respectively, which consisted of marketable securities.

The following provides information regarding the Company’s marketable securities as of June 30, 2015 and December 31, 2014:

	June 30,		December 31,
	2015		2014
Cost basis	$	342,000	$	327,000
Gains previously recognized on warrants		380,000		380,000
Gains included in accumulated other comprehensive income		773,000		2,133,000
Fair value	$	1,495,000	$	2,840,000

No marketable securities were sold during the three and six months ended June 30, 2015. Marketable securities were sold during the year ended December 31, 2014, which resulted in $440,000 of proceeds and realized gains included in earnings of $379,000, $245,000 net of tax. The change in unrealized loss of $541,000 and unrealized gains of $563,000 for the three months ended June 30, 2015 and 2014, respectively in the statements of comprehensive income (loss) are presented net of tax for the quarters ended June 30, 2015 and 2014, respectively. The tax benefit on the unrealized loss was $285,000, and the tax expense on unrealized gains was $232,000 for the quarters ended June 30, 2015 and 2014, respectively. The change in unrealized loss of $869,000 and unrealized gains of $1,005,000 for the six months ended June 30, 2015 and 2014, respectively in the statements of comprehensive income (loss) are presented net of tax for the six months ended June 30, 2015 and 2014, respectively. The tax benefit on the unrealized loss was $490,000, and the tax expense on unrealized gains was $387,000 for the six months ended June 30, 2015 and 2014, respectively.

The Company held warrants to purchase common stock in an entity that were exercisable for up to 167,500 shares of the entity. During 2014, all warrants were exercised. The following provides information regarding the Company’s investment in common stock warrants for the six months ended June 30, 2015 and 2014:

	For the Six Months Ended
	June 30,
	2015		2014
Beginning balance	$	-	$	350,000
Fair value change in common stock warrants		-		30,000
Fair value of warrants exercised		-		(380,000	)
Ending balance	$	-	$	-