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Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 2015
Available-for-sale Securities [Abstract]  
INVESTMENT SECURITIES AVAILABLE FOR SALE
INVESTMENT SECURITIES AVAILABLE FOR SALE

The components of investment securities available for sale at December 31, 2015 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable equity securities
$
47,502

 
$
19,833

 
$
(62
)
 
$
67,273

Mutual funds invested in fixed income securities
20,126

 
—

 
(15
)
 
20,111

Marketable debt securities
94,540

 
52

 
—

 
94,592

Total investment securities available for sale
$
162,168

 
$
19,885

 
$
(77
)
 
$
181,976


The components of investment securities available for sale at December 31, 2014 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable equity securities
$
46,695

 
$
32,018

 
$
(1,104
)
 
$
77,609

Mutual funds invested in fixed income securities
61,485

 
—

 
(1,659
)
 
59,826

Marketable debt securities
130,111

 
2,470

 
(916
)
 
131,665

Total investment securities available for sale
$
238,291

 
$
34,488

 
$
(3,679
)
 
$
269,100



The table below summarizes the maturity dates of marketable debt securities at December 31, 2015.

Investment Type:
Fair Value
 
Under 1 Year
 
1 Year up to 5 Years
 
More than 5 Years
U.S. Government securities
$
28,132

 
$
—

 
$
28,132

 
$
—

Corporate securities
41,561

 
2,154

 
39,347

 
60

U.S. mortgage-backed securities
5,790

 
636

 
5,003

 
151

Commercial mortgage-backed securities
8,728

 
5,739

 
715

 
2,274

U.S. asset-backed securities
8,276

 
2,342

 
5,934

 
—

Index-linked U.S. bonds
2,105

 
—

 
2,105

 
—

Total marketable debt securities by maturity dates
$
94,592

 
$
10,871

 
$
81,236

 
$
2,485



The available-for-sale investment securities with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:

 
In loss position for
 
 
 
 
 
Less than 12 months
 
12 months or more
 
 
 
 
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Total Fair Value
 
Total Unrealized Losses
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
5,938

 
$
(62
)
 
$
—

 
$
—

 
$
5,938

 
$
(62
)
Mutual funds invested in fixed income securities
10,053

 
(15
)
 

 

 
10,053

 
(15
)
 
$
15,991

 
$
(77
)
 
$
—

 
$
—

 
$
15,991

 
$
(77
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
6,599

 
$
(138
)
 
$
3,534

 
$
(966
)
 
$
10,133

 
$
(1,104
)
Mutual funds invested in fixed income securities
59,826

 
(1,659
)
 
—

 
—

 
59,826

 
(1,659
)
Marketable debt securities

 

 

 

 

 

   U.S. Government securities
22,375

 
(18
)
 
—

 
—

 
22,375

 
(18
)
   Corporate securities
30,896

 
(204
)
 
7,224

 
(131
)
 
38,120

 
(335
)
   U.S. mortgage-backed securities
3,370

 
(26
)
 
—

 
—

 
3,370

 
(26
)
   Commercial mortgage-backed securities
11,332

 
(46
)
 
5,176

 
(432
)
 
16,508

 
(478
)
   U.S. asset-backed securities
15,228

 
(29
)
 
—

 
—

 
15,228

 
(29
)
   Index-linked U.S. bonds
2,098

 
(30
)
 
—

 
—

 
2,098

 
(30
)
 
$
151,724

 
$
(2,150
)
 
$
15,934

 
$
(1,529
)
 
$
167,658

 
$
(3,679
)


Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Unrealized losses
from equity and debt securities are due to market price movements. The Company believes the unrealized losses associated with the Company's equity securities will be recovered in the future.

Gross realized gains and losses on available-for-sale investment securities were as follows:

 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Gross realized gains on sales
 
$
13,727

 
$
275

 
$
5,538

Gross realized losses on sales
 
(2,589
)
 
(286
)
 
(386
)
Gains (losses) on sale of investment securities available for sale
 
$
11,138

 
$
(11
)
 
$
5,152

 
 
 
 
 
 
 
Gross realized losses on other-than-temporary impairments
 
$
(12,846
)
 
$
—

 
$
—

 
 
 
 
 
 
 


The Company recorded an “Other-than-temporary-impairment” charge of $12,846 for the year ended December 31, 2015. The largest component of this total charge was $6,895 related to Morgans Hotel Group Co., a company where Vector's President and Chief Executive Officer also serves as Chairman of the Board of Directors.
Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company's investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of obligations of the Company.
Proceeds from investment securities sales totaled $270,576, $154,615 and $117,021 and proceeds from early redemptions by issuers totaled $14,230, $2,779 and $708 for the years ended December 31, 2015, 2014 and 2013, respectively, mainly from sales of Corporate securities and U.S. Government securities.