B. Investments in Securities

Investments in securities at December 31, 2017 and 2016 consisted of the following:

	2017				2016
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Common stocks	$	26	$	34	$	51	$	54
Mutual Funds		11		11		-		-
Total trading securities		37		45		51		54

Available for sale securities:
Common stocks		17,441		36,637		18,739		37,131
Closed-end funds		99		108		99		100
Total available for sale securities		17,540		36,745		18,838		37,231

Total investments in securities	$	17,577	$	36,790	$	18,889	$	37,285

There were no securities sold, not yet purchased at December 31, 2017 and 2016.

The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2017 and 2016 (in thousands):

Amount							Affected Line Item	Reason for
Reclassified							in the Statements	Reclassification
from AOCI							of Income	from AOCI
Twelve months ended December 31,
2017				2016

	$	62		$	4		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,063			1,251		Other operating expenses	Donation of AFS securities
		3,125			1,255		Income before income taxes
		(1,156	)		(464	)	Income tax expense
	$	1,969		$	791		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, 2017 and December 31, 2016:

	December 31, 2017
				Gross			Gross
				Unrealized			Unrealized			Fair
	Cost			Gains			Losses			Value
	(In thousands)
Common stocks		$	17,441		$	19,196		$	-		$	36,637
Closed-end Funds		$	99		$	9		$	-		$	108
Total available for sale securities		$	17,540		$	19,205		$	-		$	36,745

	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

Increases in unrealized gains, net of taxes, for AFS securities for the year ended December 31, 2017 and 2016 of $0.5 million and $2.3 million have been included in other comprehensive income at December 31, 2017 and 2016, respectively. Increases in unrealized losses, net of taxes, for AFS securities for the year ended December 31, 2015 of $5.5 million have been included in other comprehensive income at December 31, 2015. The amount reclassified from other comprehensive income for the years ended December 31, 2017, 2016 and 2015 was $2.0 million, $0.8 million and $2.8 million, respectively. Proceeds from sales of investments available for sale were approximately $4.2 million, $0.4 million and $0.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. For the years ended December 31, 2017, 2016 and 2015, gross gains on the sale of investments available for sale amounted to $62,000, $4,000 and $6,000, 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, 2017, 2016 and 2015. 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, 2017 or December 31, 2016.

For the years ended December 31, 2017, 2016 and 2015 there were no losses on available for sale securities that were deemed to be other than temporary.

All of our investments within the Investments in securities line item on the consolidated statement of financial condition are pledged as collateral against a margin loan outstanding with an unaffiliated broker included in the Payable to brokers line item on the consolidated statements of financial condition. Certain of the investments within the Investments in securities line item are also pledged against the AC 1.6% Note due February 28, 2018.