Investments

We hold investments in certain publicly traded companies and privately held entities, including limited partnerships, involved primarily in life science and related industries. Our investments in publicly traded companies are accounted for as “available for sale” securities and are carried at their fair values. Investments in “available for sale” securities with gross unrealized losses as of September 30, 2014, had been in a continuous unrealized loss position for less than 12 months. We have the ability and intent to hold these investments for a reasonable period of time sufficient for the recovery of our investment. We believe that these unrealized losses are temporary, and accordingly have not recognized other-than-temporary impairments related to “available for sale” securities as of September 30, 2014. As of September 30, 2014, and December 31, 2013, there were no unrealized losses in our investments in privately held entities, including limited partnerships.

The following table summarizes our investments as of September 30, 2014, and December 31, 2013 (in thousands):



	September 30, 2014				December 31, 2013
“Available-for-sale” marketable equity securities, cost basis	$	15,119			$	2,879
Unrealized gains	17,150			⁽¹⁾	2,177
Unrealized losses	(1,452		)		(587		)
“Available-for-sale” marketable equity securities, at fair value	30,817				4,469
Investments accounted for under cost method	146,760				135,819
Total investments	$	177,577			$	140,288

(1)

The increase in our investments during the nine months ended September 30, 2014, includes an increase in unrealized gains of approximately $13.6 million related to our investments in publicly traded life science companies. These unrealized gains are a component of our comprehensive income, within our stockholders’ equity, and have not been recognized in the accompanying consolidated statement of income for the nine months ended September 30, 2014.

The following table outlines our investment (loss) income, which is classified in other income in the accompanying consolidated statements of income (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Investment gains	$	3,256		$	2,050	$	9,481		$	4,716
Investment losses	(3,485		)	—		(8,725		)	(529		)
Investment (loss) income	$	(229	)	$	2,050	$	756		$	4,187