Investments

Our investments in privately held entities are primarily accounted for under the cost method. Our investments in publicly traded companies are principally marketable equity securities that are accounted for as “available-for-sale” marketable equity securities that are carried at their fair values. Investments in “available-for-sale” marketable equity securities with gross unrealized losses as of September 30, 2015, 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; accordingly, there are no other-than-temporary impairments in accumulated other comprehensive income related to “available-for-sale” marketable equity securities as of September 30, 2015, or December 31, 2014.

The following table summarizes our investments as of September 30, 2015, and December 31, 2014 (in thousands):



	September 30, 2015			December 31, 2014
“Available-for-sale” marketable equity securities, cost basis	$	31,399		$	21,898
Unrealized gains	107,518			53,625
Unrealized losses	(3,650		)	(1,258		)
“Available-for-sale” marketable equity securities, at fair value	135,267			74,265
Investments accounted for under cost method	195,303			162,124
Total investments	$	330,570		$	236,389

The following table outlines our investment income (loss), 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,
	2015			2014			2015			2014
Investment gains	$	8,658		$	3,256		$	22,368		$	9,481
Investment losses	(3,280		)	(3,485		)	(11,157		)	(8,725		)
Investment income (loss)	$	5,378		$	(229	)	$	11,211		$	756