LONG-TERM INVESTMENTS

Long-term investments accounted for at cost:



	June 30, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Investment partnerships	$	15,540	$	15,837	$	4,776	$	6,199
Real estate partnership	827		1,365		899		1,293
Investments accounted for at cost	$	16,367	$	17,202	$	5,675	$	7,492

The Company received a distribution of $207 for the three and six months ended June 30, 2012, respectively, from a real estate partnership. The Company recognized a gain of $135 for the three and six months ended June 30, 2012. The company received distributions of $53,333 and $62,219 for the three and six months ended June 30, 2011, respectively, primarily from the liquidation of two long-term investments. The Company received an additional distribution of $2,775 in July 2011. The Company recognized a gain of $19,475 and $23,611 for the three and six months ended June 30, 2011, respectively.

Long-term investment partnerships accounted for under the equity method:



	June 30, 2012		December 31, 2011
Investment partnerships	$	5,552	$	16,499

In January 2012, the Company invested $5,000 in an investment partnership with an underlying investment in a hedge fund. In April 2011, the Company invested $10,000 in an investment partnership with an underlying investment in a hedge fund. The Company accounted for these investments and an investment in another limited partnership under the equity method. During the second quarter the Company's ownership percentages fell below the percentage required for equity method accounting for the two investment partnerships and are now accounted for under the cost method.

The Company had an equity loss of $1,215 and $1,329 for the three and six months ended June 30, 2012, respectively, related to the limited partnerships accounted for under the equity method. The Company recorded an equity loss of $154 and equity income of $609 related to the limited partnership for the three and six months ended June 30, 2011, respectively.

The carrying value of the investments was approximately $5,552 as of June 30, 2012 which approximated the investments' fair value. The carrying value of the investments was $16,499 as of December 31, 2011 which approximated the investments' fair value.