Investment in Securities

12 Months Ended

Dec. 31, 2016

Investment in Securities [Abstract]

Investment in Securities

	2016				2015
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Common stocks	$	51	$	54	$	385	$	368
Total trading securities		51		54		385		368
Available for sale securities:
Common stocks		18,739		37,131		17,898		32,607
Closed-end funds		99		100		-		-
Total available for sale securities		18,838		37,231		17,898		32,607
Total investments in securities	$	18,889	$	37,285	$	18,283	$	32,975

Securities sold, not yet purchased at December 31, 2016 and 2015 consisted of the following:

	2016				2015
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Common stocks	$	-	$	-	$	123	$	129
Total securities sold, not yet purchased	$	-	$	-	$	123	$	129

The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2016 and 2015 (in thousands):

Amount						Affected Line Item	Reason for
Reclassified						in the Statements	Reclassification
from AOCI						of Income	from AOCI
Twelve months ended December 31,
2016			2015
$	4		$	6		Net gain from investments	Realized gain on sale of AFS securities
	1,251			4,485		Other operating expenses	Donation of AFS securities
	1,255			4,491		Income before income taxes
	(464	)		(1,662	)	Income tax benefit
$	791		$	2,829		Net income

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2016 and December 31, 2015:

	December 31, 2016
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Common stocks	$	18,739	$	18,392	$	-	$	37,131
Closed-end funds		99		1		-		100
Total available for sale securities	$	18,838	$	18,393	$	-	$	37,231

	December 31, 2015
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Common stocks	$	17,898	$	14,709	$	-	$	32,607
Total available for sale securities	$	17,898	$	14,709	$	-	$	32,607

Increases in unrealized gains, net of taxes, for AFS securities for the year ended December 31, 2016 of $2.3 million  have been included in other comprehensive income at December 31, 2016.  Increases in unrealized losses, net of taxes, for AFS securities for the years ended December 31, 2015 and 2014 of $5.5 million and $0.6 million have been included in other comprehensive income at December 31, 2015 and 2014, respectively. The amount reclassified from other comprehensive income for the years ended December 31, 2016, 2015 and 2014 was $0.8 million, $2.8 million and $4.6 million, respectively. Proceeds from sales of investments available for sale were approximately $0.4 million, $0.1 million and $3.9 million for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, gross gains on the sale of investments available for sale amounted to $4,000, $6,000 and $0.6 million, respectively, and were reclassed from other comprehensive income into the consolidated statements of income. There were no losses on the sale of investments available for sale for the years ended December 31, 2016, 2015 and 2014. The basis on which the cost of a security sold is determined is specific identification. Accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities.

GBL has an established accounting policy and methodology to determine other-than-temporary impairment on available for sale securities.  Under this policy, available for sale securities are evaluated for other than temporary impairments and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income.  Management reviews all available for sale securities whose cost exceeds their market value to determine if the impairment is other than temporary.  Management uses qualitative factors such as diversification of the investment, the amount of time that the investment has been impaired, the intent to sell and the severity of the decline in determining whether the impairment is other than temporary.  

There were no investments classified as available for sale that were in an unrealized loss position at either December 31, 2016 or December 31, 2015.

For the years ended December 31, 2016, 2015 and 2014 there were no losses on available for sale securities that were deemed to be other than temporary.