C. Investment in Securities

Effective with the Company’s adoption of ASU 2016-01 on January 1, 2018, the Company carries all investments in equity securities at fair value through net income (“FVTNI”) which approximates market value. The Company has no securities that qualify for the equity method or for consolidation of the investee of for which the Company has elected the practicality exception to fair value measurement.

Investments in securities at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following:

	March 31, 2018				December 31, 2017				March 31, 2017
			Estimated				Estimated				Estimated
	Cost		Market Value		Cost		Market Value		Cost		Market Value
	(In thousands)
Securities carried at FVTNI (trading securities for comparative periods):
Common stocks	$	17,467	$	31,291	$	26	$	34	$	20	$	24
Mutual Funds		12		11		11		11		-		-
Closed-end funds		99		105		-		-		-		-
Total securities carried at FVTNI		17,578		31,407		37		45		20		24

Available for sale securities:
Common stocks		-		-		17,441		36,637		18,739		33,058
Closed-end funds		-		-		99		108		99		108
Total available for sale securities		-		-		17,540		36,745		18,838		33,166

Total investments in securities	$	17,578	$	31,407	$	17,577	$	36,790	$	18,858	$	33,190

There were no securities sold, not yet purchased at March 31, 2018, December 31, 2017 and March 31, 2017.

Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents. The portion of investments in securities held for resale in anticipation of short-term market movements were classified as trading securities for the periods ended December 31, 2017 and March 31, 2017. Securities carried at FVTNI for the March 31, 2018 period-end and trading securities in the periods ending December 31, 2017 and March 31, 2017 are stated at fair value, with any unrealized gains or losses reported in current period earnings. Available for sale (“AFS”) investments for the periods ended December 31, 2017 and March 31, 2017 are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary (“OTT”) which were recorded as realized losses in the condensed consolidated statements of income.

Effective January 1, 2018, the Company adopted ASU 2016-01, which eliminated available for sale accounting and resulted in the reclassification of $12.1 million, net of tax, out of accumulated comprehensive income and into retained earnings in the condensed consolidated statement of financial condition. As a result, for the three months ended March 31, 2018, changes in the fair value of the Company’s entire investment portfolio are now recorded in the net gain (loss) from investments line in the condensed consolidated statements of income rather than through other comprehensive income.

The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three months ended March 31, 2017 (in thousands). (No disclosure is needed for the three months ended March 31, 2018 due to the adoption of ASU 2016-01.)

Amount			Affected Line Items	Reason for
Reclassified			in the Statements	Reclassification
from AOCI			Of Income	from AOCI
Three months ended
March 31, 2017

	$	-	Net gain from investments	Realized gain on sale of AFS securities
		-	Other operating expenses/net gain from investments	Realized gain on donation of AFS securities
		-	Income before income taxes
		-	Income tax provision
	$	-	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 March 31, 2017. (No disclosures are required as of March 31, 2018 due to the adoption of ASU 2016-01.)

	December 31, 2017
				Gross			Gross			Estimated
				Unrealized			Unrealized			Market
	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

	March 31, 2017
				Gross			Gross			Estimated
				Unrealized			Unrealized			Market
	Cost			Gains			Losses			Value
	(In thousands)
Common stocks		$	18,739		$	14,319		$	-		$	33,058
Closed-end funds			99			9			-			108
Total available for sale securities		$	18,838		$	14,328		$	-		$	33,166

A net unrealized loss, net of taxes, for the three months ended March 31, 2017 of $2.6 million has been included in other comprehensive income, a component of equity, at March 31, 2017. There were no sales of investments available for sale for the three months ended March 31, 2017. There were no realized losses on the sale of investments available for sale for the three months ended March 31, 2017. The basis on which the cost of a security sold is determined using specific identification. Accumulated other comprehensive income in the condensed consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities.

There were no investments classified as available for sale that were in an unrealized loss position at December 31, 2017 or March 31, 2017.

For the three months ended March 31, 2017, there were no losses on available for sale securities that were deemed to be other than temporary.