Investments

9 Months Ended

Sep. 30, 2013

Investments [Abstract]

Investments [Text Block]

3. INVESTMENTS

Investments in marketable equity securities comprised the following:

	As of
	September 30,		December 31,
(in thousands)	2013		2012
Total cost	$	193,159	$	195,832
Net unrealized gains		264,810		184,255
Total Fair Value	$	457,969	$	380,087

There were no newinvestments in marketable equity securities during the first nine months of 2013. The Company invested $45.0 million in marketable equity securities during the first nine months of 2012. During the first nine months of 2013 and 2012, the proceeds from sales of marketable equity securities were $3.6 million and $2.0 million, respectively, and net realized gains on such sales were $0.9 million and $0.5 million, respectively.

As of September 30, 2013, the Company has a $7.0 million unrealized loss on its investment in Strayer Education, Inc., a publicly traded company. At September 30, 2013, the investment has been in an unrealized loss position for under six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value and the potential recovery period, and the ability and intent to hold the investment and concluded that the unrealized loss is not other-than-temporary as of September 30, 2013. If any impairment is considered other-than-temporary, the investment will be written down to its fair market value with a corresponding charge to the Consolidated Statement of Operations.