Investments

We hold equity investments in certain publicly traded companies and investments in certain privately held entities and limited partnerships primarily involved in the science and technology industries. All of our equity investments in actively traded public companies are considered available-for-sale and are reflected in the accompanying consolidated balance sheets at fair value. Our investments in privately held entities are primarily accounted for under the cost method.

Investments in available-for-sale equity securities with gross unrealized losses as of June 30, 2016, 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 equity securities as of June 30, 2016, or December 31, 2015.

The following table summarizes our investments as of June 30, 2016, and December 31, 2015 (in thousands):



	June 30, 2016			December 31, 2015
Available-for-sale equity securities, cost basis	$	36,469		$	20,022
Unrealized gains	78,400			118,392
Unrealized losses	(2,322		)	(793		)
Available-for-sale equity securities, at fair value	112,547			137,621
Investments accounted for under cost method	247,503			215,844
Total investments	$	360,050		$	353,465

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Investment gains	$	14,715		$	7,773		$	20,606		$	13,710
Investment losses	(5,039		)	(5,652		)	(6,821		)	(7,877		)
Investment income	$	9,676		$	2,121		$	13,785		$	5,833