Effective July 1, 2020, we adopted ASU 2016-01 which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Additionally, on a quarterly basis, management is required to make a qualitative assessment of whether the investment is impaired. During the three months ended September 30, 2020, the Company did not recognize any fair value adjustments for equity securities without readily determinable fair values.

The Company adopted the standard on July 1, 2020 on equity securities purchased them in second quarter of 2021, so no prospective basis existed for these equity investments. The purchase of these equity investments was recorded in the Consolidated Balance Sheets in the second quarter of 2021. See Note 10 for further information.

As of September 30, 2020, the carrying values of our equity securities were included in the following line items in our consolidated balance sheet:

	(In thousands)
	Fair Value with Changes Recognized in Income		Measurement Alternative - No Readily Determinable Fair Value
Marketable securities	$	3,013	$	-
Total equity securities	$	3,013	$	-

The calculation of net unrealized gains and losses for the period that relate to equity securities still held at September 30, 2020 is as follows (in thousand):

	Six Months Ended
	September 30, 2020
Net gains recognized during the period related to equity securities	$	(45	)
Unrealized gains recognized during the period related to equity securities still held at the end of the period	$	(45	)